Planet Hollywood Still Seeing Red

ORLANDO-The increased $16 average check at Planet Hollywood International’s 25 restaurants is helping the 25-unit, locally based restaurant chain stanch the flow of red ink. The company only lost 79.7 million on operations in fiscal 2000, an improvement from a $194 million loss in fiscal 1999.

But the chain’s diminishing cash flow concerns analysts, especially after the company reported in a new Securities and Exchange Commission filing that it had $5.4 million on hand at Dec. 31, 2000, down from $14.1 million in the comparable 1999 period.

Still, Planet Hollywood officials remain confident its three revolving lines of credit will support its reorganization plans. The firm had used $4.1 million of $16.8 million available at year end 2000, according to the SEC filing.