Buffets posts $383.1 million operating loss for year ended July 2

By Caroline Salls

Pittsburgh, Sept. 30 - Buffets Holdings, Inc. reported a $383.1 million operating loss for the year ended July 2 on $1.588 billion in sales, according to a 10-K filed with the Securities and Exchange Commission.

The operating loss showed a significant decline from a $20.56 million operating income posted for the year ended June 27, 2007, when the company recorded $1.419 billion in sales.

According to the filing, the increase in sales resulted primarily from the company's acquisition of Ryan's.

The net loss for the latest period was $530.65 million, widening from a $116.74 million net loss for the previous period.

Cash and cash equivalents on July 2 were $68.67 million, compared with $4.67 million at June 27, 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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