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Friday, Mar 29, 2024

Cheesecake in Slump

The Cheesecake Factory Inc. reported net income dipped 16 percent to $18.1 million or $0.23 per diluted share in the third quarter as sales at restaurants open at least a year fell. For the third quarter of 2005, Cheesecake Factory reported net income of $21.7 million or $0.28 per share. Before the impact of stock option expenses, Cheesecake’s net dropped by 3 percent. Calabasas Hills-Cheesecake Factory reported revenues grew 11 percent to $325.3 million for the third quarter of 2006, compared to $294 million in the comparable period a year ago. The restaurant chain had delayed its filings for the second and third quarters of 2006 as it reviewed its stock option practices. For the second quarter, Cheesecake Factory reported net income of $23.4 million or $0.30 per diluted share versus $23.1 million or $0.29 per share in the second quarter of 2005, on revenues of $322.6 million. Comparable restaurant sales in the second quarter dipped by 8 percent. Overall, the chain reported a 12 percent increase in revenues for the second quarter.

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