Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROANOKE, VA-In the company’s latest earnings statement, CEO and president of steak restaurateur Western Sizzlin Corp., James C. Verney, said the company continues review its real estate opportunities for franchise and company-owned operations.

With a total of 144 units in 21 states in the third quarter, the company operates under names of Western Sizzlin Steak & More, Western Sizzlin Wood Grill, Great American Steak & Buffet Company and Quincy Steakhouses. Hoping to spur additional sales and traffic, the company is remodeling two company-owned restaurants in Northern Virginia, and there are plans to open a new prototypical franchised Western Sizzlin in Arkansas sometime next year.

Western Sizzlin also obtained financing during the quarter to open from its joint venture partner, W & K Foods to operate a “Wood Grill by Western Sizzlin” restaurant in Harrisnburg, VA. This location is scheduled to open mid 2006.

During the quarter ended Sept. 30, net income totaled $203,548 compared to net income of $199,530 at the same period last year. Revenues rang in at $4.8 million compared to $5.7 million for the third quarter of 2004, while earnings per share remained flat at 2 cents.

In the past nine months, net income fell to $378,992 compared to net income of $540,707 for 2004. Revenues were also disappointing at $15.2 million or 3 cents per share, down from $16.6 million or 5 cents per share last year. Year-to-date, there have been 12 franchise closures and three openings.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.