Newriders Posts $4-Million Loss for Quarter on 12% Dip in Revenue
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Newriders Inc., the Newport Beach-based operator of Easy-riders Cafe restaurants, recorded a net loss of $4 million, or 23 cents a share, for the second quarter. Revenue declined 12% to $610,000 from $694,000. The net loss for the six months totaled $5.2 million, or 30 cents a share.
The company said it incurred substantial one-time legal and accounting expenses associated with its intended business combination with Paisano Publications and its affiliated companies, and the El Paso Bar-B-Que chain of restaurants.
The company provided no additional results for the six months this year or for the second quarter and first half a year ago.
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