J. Alexander's Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2009. For the quarter, the company reported net sales of $32,423,000 compared to $32,361,000 recorded in the third quarter of 2008. The loss before income taxes was $2,608,000 compared to a loss before income taxes of $2,421,000 in the third quarter of 2008. The net loss was $1,319,000 compared to a net loss of $1,995,000 and the loss per share was $0.22 compared to $1,995,000 or loss per share of $0.30 in the third period of 2008. Operating income was $2,130,000 compared to $2,063,000 for the same period of last year. Loss before income taxes was $2,608,000 compared to $2,421,000 for the same period of last year. For the nine months, the company reported net loss of $1,663,000 or $0.26 per diluted share on net sales of $105,198,000 compared to net income of $804,000 or $0.12 per diluted share on net sales of $104,614,000 for the same period of last year. Operating loss was $2,193,000 compared to operating income of $1,561,000 for the same period of last year. Loss before income taxes was $3,592,000 compared to income before income taxes of $461,000 for the same period of last year.

J. Alexander's Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 28, 2009. For the quarter, the company reported operating loss of $974,000, or $0.13 per diluted share, loss before income taxes of $1,431,000 on net sales of $34,710,000 compared to operating income of $1,319,000, or $0.18 per diluted share, income before income taxes of $950,000 on net sales of $34,767,000 for the same period last year. The continuing decline in same store sales, which were down by approximately $2,300,000, coupled with losses in newer restaurants, were again the primary issues impacting its financial performance. Net loss was $796,000 or $0.13 per diluted share compared to net income of $1,223,000 or $0.18 per diluted share in the second period of 2008. For the six months, the company reported operating loss of $63,000, or $0.05 per diluted share, loss before income taxes of $984,000 on net sales of $72,775,000 compared to operating income of $3,624,000, or $0.41 per diluted share, income before income taxes of $3,624,000 on net sales of $72,253,000 for the same period last year. The company recorded a net loss of $344,000 or $0.05 per diluted share, as compared to net income of $2,799,000 or $0.41 per diluted share, posted in the comparable two quarters of 2008.

J. Alexander's Corp. announced that it had successfully closed new senior secured credit facilities with Pinnacle National Bank and repurchased 808,000 shares of its common stock from Solidus Company, L.P. and an affiliate at a price of $3.60 per share, using proceeds of a term loan under the credit facilities. The new credit facilities consist of a three-year $5,000,000 revolving line of credit, which may be used for general corporate purposes, and a $3,000,000 term loan, which funded the stock repurchase. The revolving line of credit replaces the company's previous line of credit. The credit facilities will be secured by liens on certain personal property of the company and its subsidiaries, subsidiary guaranties and a negative pledge on certain real property. Amounts borrowed will bear interest at an annual rate of 30-day LIBOR plus an initial margin of 450 basis points, with a minimum interest rate of 4.6%. Scheduled term loan payments are interest only for six months and monthly payments of principal plus interest over the remainder of the five-year term. The credit facilities are subject to other customary terms and covenants.