March 21, 2005

Chain Update

Following is an overview of several announcements made by chain operators.

Kokopelli Mexican Grill Franchise Co. entered into a 12-unit development agreement covering Nevada. Seven of the units as planned for the Las Vegas area and five for the Reno area.

Sonic released financial results for its fiscal second quarter, which closed on Feb. 28. The firm reported revenue of $132.6 million for the quarter, up 19% from the same period a year earlier. Sonic’s net income reached $12.6 million, a 28% year-over-year increase. System-wide same-store sales growth for the period was 7%.

Checker’s Drive-In Restaurants announced its fourth-quarter and full-year financial results for the periods that closed on Jan. 3. The chain’s total revenue for the quarter reached $60.6 million, a 4.1% increase vs. the year-ago period. Net income for the quarter, after a series of one-time charges and benefits, was $3.4 million. For the full year, total revenue reached $194.2 million, a 2.1% increase from fiscal 2003. Net income for the year reached $10.7 million.

Cosi reported its financial results for its fiscal year that ended on Jan. 3. Sales for the year reached $110.6 million, a 3% increase over the pervious year. The company reported a net loss of $18.4 million, vs. a $26.5 million net loss for its fiscal 2003. For the fourth quarter, Cosi posted a net loss of $6.6 million on sales of $28.5 million.

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