J. Alexander’s faces material adverse effects
Posted on August 13, 2009 at 8:09 amThe Nashville-based restaurant company (Ticker: JAX) says the slide in its same-store sales could result in it falling short of bank loan covenants. (Search here for ‘Risk factors.’) The company will try to get waivers if that happens, but…
However, if these efforts were not successful, the unused portion of the Company’s revolving bank line of credit would not be available for borrowing and amounts outstanding under the Company’s bank loans would become immediately due and payable, and there could be a material adverse effect on the Company’s financial condition and operations.
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J. Alexander’s looks for the silver lining
Posted on July 28, 2009 at 8:03 amAnd, after a second quarter that saw average guest counts fall 7 percent and losses come in at $796,000, it comes in the form of easier comps.
“Although the quick-service segment is performing relatively well, do not see any signals of a near-term recovery in our segment. We expect the final two quarters of 2009 will continue to pose challenges for our industry segment, although our sales comparisons do become somewhat easier due to the significant declines we experienced in the last half of 2008.
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Light in the casual-dining tunnel?
Posted on April 8, 2009 at 9:19 amA number of Tennessee-based restaurant stocks are trading significantly higher this morning after Ruby Tuesday said its expected 2009 loss will be smaller than previously expected. Maryville-based Ruby Tuesday (Ticker: RT) has spiked almost 50 percent, while O’Charley’s (Ticker: CHUX) is up 16 percent and Cracker Barrel (Ticker: CBRL) and J. Alexander’s (Ticker: JAX) have added at least 3 percent.
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New J. Alexander investor is a ‘Berkshire for small companies’
Posted on March 23, 2009 at 11:37 pmMill Road Capital, an investment fund out of Connecticut, steps forward and claims ownership of 7.4 percent of the Nashville-based restaurant company. (It’s the back end of the deal disclosed by locally based Solidus a week ago.) Mill Road manages about $250 million and focuses “exclusively on friendly investments” in small public companies.
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Top J. Alexander’s shareholder sells chunk of stake
Posted on March 15, 2009 at 11:22 pmGreen Hills-based Solidus last week sold 500,000 shares of J. Alexander’s – more than a quarter of its stake – to a private investor. The transaction still leaves Solidus with about 19 percent of the company (Ticker: JAX). No details on the buyer, but given the size of the transaction – about 7.4 percent of the restaurant company’s total shares – the investor will soon have to step forward.
Disclosure: Solidus is also the largest investor in SouthComm Inc., the parent of NashvillePost.com.
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J. Alexander’s feels the recession’s bite
Posted on March 13, 2009 at 1:37 amThe restaurant chain (Ticker: JAX) posted a fourth-quarter loss of almost $700,000 as same-store sales fell 8.7 percent. CEO Lonnie Stout and his team are taking some small steps to goose those numbers in ‘09.
The Company recently implemented a modest menu price increase of approximately 2%, which it believes will help to mitigate somewhat the earnings pressures resulting from declining same store sales. J. Alexander’s Corporation has also initiated several cost reduction measures which it does not believe will negatively affect guest experiences or perceptions.
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Another dividend bites the dust
Posted on January 6, 2009 at 4:07 pmJ. Alexander’s joins local companies Brookdale, O’Charley’s and Louisiana-Pacific in cutting its spending. The company (Ticker: JAX) will save about $700,000 as a result.
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