Buffets reports $11.88 million third-quarter operating loss

By Caroline Salls

Pittsburgh, Nov. 6 - Buffets Holdings, Inc. reported an $11.88 million operating loss for the quarter ended Sept. 24 on $324.32 million of restaurant sales, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed a decline from a $9.6 million operating income posted for the quarter ended Sept. 19, 2007 on $384.71 million of restaurant sales.

The net loss for the third quarter of 2008 was $52.65 million, widening from a $5.78 million third-quarter 2007 net loss.

The company had $46.88 million of cash and cash equivalents at Sept. 24, compared with $11.56 million at Sept. 19, 2007.

Buffets Holdings, a steak-buffet restaurant company based in Eagan, Minn., operates restaurants under the names Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain. The company filed for bankruptcy on Jan. 22, 2008 in the U.S. Bankruptcy Court for the District of Delaware, and its Chapter 11 case number is 08-10141.

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