Grill Concepts to Restate Past Earnings

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Grill Concepts Inc. said Wednesday that it is restating some financial results to fix accounting regarding its $2.8 million purchase of Hotel Restaurant Properties Inc. last fall.


The Los Angeles-based casual dinning restaurant chain owner said its consolidated financial results for the third quarter of fiscal 2006, when the company reported a $445,000 loss; the first quarter of fiscal 2007, when it reported a $55,000 loss, and the 2006 fiscal year, when it reported a $3.5 million profit, should no longer be relied upon.


Grill Concepts said it will file the amendments “as soon as possible.”


Shares in Grill Concepts gained 7 cents, or 1.1 percent, to $6.53 in afternoon trading Wednesday on the Nasdaq.

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