99 Cents Only Stores on late Wednesday issued a mixed quarterly earnings report as a special board committee continues to evaluate a $1.34 billion management buyout offer.

After the markets closed, the Los Angeles discount retailer reported net income of $17.9 million (25 cents per share) for the quarter ended April 2, compared with $16.9 million (24 cents) a year earlier. Total consolidated sales rose 11.5 percent to more than $378 million, with same-store sales up 0.5 percent.

Analysts surveyed by Thomson Reuters on average expected per-share profit of 26 cents on revenue of $373 million.

For fiscal 2012, the company expects same-store sales to grow in the low single-digit percentages and plans to open at least 16 stores, most of them in California.

In March, 99-Cent Only announced that it had received a $19.09-per-share offer from the family that controls more than a third of shares. The Schiffer-Gold family, which includes chain founder David Gold, has backing from West Los Angeles-based buyout specialist Leonard Green & Partners L.P. A committee of outside directors is evaluating the proposal.

The company’s largest independent shareholder, FBR Capital Markets, which controls 5.5 percent of shares, on Monday wrote to the board expressing concern that management would use the company’s cash to help finance the deal, and that competing bids may not be seriously considered by the board committee.

“We believe that the special committee could not justify accepting an offer below a $21.75 to $23.50 price range, and could potentially achieve a price significantly above this range if it conducts the appropriate sales process,” FBR said in the letter.

Shares on Thursday closed down 5 cents, or less than 1 percent, to $20.32 on the New York Stock Exchange. The closing price, more than $1 above the bid price, indicates investors believe management will have to raise its offer.