O'Charley's posts unexpected profit - Nashville Business Journal:

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The Nashville-based company (Nasdaq: reported income of $6.9 million, or 34 centsd per diluted share, in the quarter ended April 19, comparedx to $10 million, or 46 cents per diluted share, in the year-ago Revenue came in at $291.7 million for the quarter, down 2 percent from the $297.5 million posted in the previoue year’s first quarter. Analysts, on had estimated a loss of 1 cent per according toThomson Reuters. The company also said it reduced its debtby $26.y7 million during the quarter and paid off its revolvinv line of credit. Same-store sales for the first quarte rdeclined 2.9 percent at O’Charley’s company-operated restaurants, 4.
5 percent at Ninetuy Nine Restaurants and 17.2 percenr at Stoney River Legendary Steaks. Lawrence Hyatt, interi president and chief executive officer, and chie f financial officer of O’Charley’s, said the declin e in same-store sales was not surprisinb given the challenging economicv environmentfor restaurants. But he said the companhy was focusing on differentiating its brandw bycontrolling margins, maximizing cash flow and offerintg new food and beverage products to entice consumers. O’Charley’ s is a leading casual dining restaurant company that operate s or franchises 372 restaurants under itsthres brands.
At mid-morning Tuesday, O’Charley’s shares were trading at up 32 percentfrom Monday’ s closing price of $6.74. The 52-weel range is $1.19 to $12.84.