Shells Seafood Restaurants today released its first-quarter results, with revenues of $10.7 million, a 20.4 percent decrease compared to $13.4 million in the first quarter of last year.
However, the Florida chain's net income increased to $120,000 from $35,000 in 2007.
"The first quarter of 2008 continued to be challenging for both Shells and most casual dining restaurants within Florida, generally due to an increasingly difficult economy," says CEO Mark Bernstein. "Although first-quarter sales continued to decline, we diligently reduced our operating and administrative expenses in the midst of a broad range of externally driven cost increases. As a result, we achieved an improvement in net income in comparison to the first quarter of last year."
Shells Seafood Restaurant operates 23 full-service restaurants throughout Florida.
