CKE Restaurants Inc. late Tuesday said it moved from a profit to a loss in its fiscal first quarter, hurt by one time losses and lower sales in its core California market.

After the markets closed, the Carpinteria operator of the Carl’s Jr. and Hardee’s fast food chains reported a net loss of $3.1 million (-6 cents per share) for the quarter ended May 17, compared with net income of $14.4 million (26 cents) a year earlier.

Revenue fell 2.6 percent to $435 million. Same-store sales at company-operated Carl’s Jr. restaurants, most of them in California, were down 6.1 percent, while the Hardee’s outlets were down 1.2 percent.

“In our first quarter, the U.S. economic downturn and particularly high unemployment rates in California and among our core target audience of young men, continued to impact same-store sales,” Chief Executive Andrew Puzder said in a statement.

Analysts surveyed by Thomson Reuters on average expected the company to report per-share profit of 18 cents on revenue of $435 million.

The loss included $20.9 million in transaction fees and costs, which analysts did not include in their forecasts. CKE in April accepted a $694 million takeover offer from affiliates of Apollo Management, and has scheduled a shareholders meeting June 30 to vote on the offer.

Shares earlier closed down 1 cent, or less than a percent, to $12.46 on the New York Stock Exchange.