Ultimate Franchise Systems Inc. is in the red for the second quarter. The restaurant management company posted a loss of $726,665 or 2 cents a share on revenue of $819,849.

The company, based in nearby Longwood, lost $357,623 or 2 cents a diluted share on revenue of $1.2 million in the previous fiscal year.

Company officials attributed the second-quarter decline to the sale of 80% of its holdings in the Mountain Mike’s restaurant chain. Ultimate recently purchased a 100-unit, Tennessee-based hamburger chain that is expected to increase revenue. The company onws the Sobik’s brand in Florida.

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