Aided by tax benefits, Hamburger Hamlets Inc. reported a 33% increase in profit during the third quarter ended Dec. 29.
The company's earnings were $373,000, or 52 cents a share, up from $280,000, or 39 cents a share, for the same period the year before. Sales were down 1% to $9.3 million, at least partly because the company's Encino restaurant, one of its 23 outlets, was closed for remodeling.
The higher profit was attributed mostly to an investment tax credit stemming from the opening of a new Hamburger Hamlet in Westwood. Paul Brockman, the company's chief financial officer, called the results good considering the intense competition in the restaurant business.