Naugles Inc. Restates Net Income for Periods
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Naugles Inc., the Orange-based fast food chain, said that it has restated the net income for both its second quarter and for six months for fiscal 1987, which ended Jan. 31.
The company said it posted net income of $2.04 million for the second quarter, approximately $214,000 more than the $1.8 million it reported in February.
Net income for the six months totaled $1.5 million, compared to the $1.3 million previously reported.
Revenues of $43.8 million for the quarter and $99.8 million for the six months remained unchanged.
Christopher R. Thomas, vice president of finance at Naugles, said the restatement was made because “outside auditors identified the availability of additional tax benefits” as a result of the company’s proposed merger with Collins Foods International Inc.
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