Hamburger Hamlets Reports 70% Decrease for Fiscal Year
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Hamburger Hamlets reported a 70% drop in its earnings to $508,751 or 16 cents a share, on a 15% rise in revenue to $44.8 million for its fiscal year ended March 29.
Last year the Sherman Oaks-based company turned a profit of $1.7 million, or 54 cents per share, on revenue of $38.9 million.
Company president and co-founder Harry L. Lewis attributed the earnings decline to start-up costs for four restaurants the company opened in the past 15 months, as well as a substantial increase in insurance costs.
Hamburger Hamlets operates 24 restaurants, 19 of them in Southern California.
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