Even if you get rid of pre-opening expenses (since they are normally only recurring for a growing company) and the exit from Arkansas (or wherever), this company lost more money this quarter than the comparable quarter last year. How is that a business model? And, how is it resolved by opening more restaurants?
Before things broke down, margins were 17-18%. It was a race to get to 25 stores which was the point where the wort house was supposed to pencil.
Going from here, because of their deal with United, overhead should drop by another couple of percent. Part of it is because the stores will be financed at a lower interest rate, the other is that because of the change in the lease structure, they'll get better finance terms on the FF&E.
However, before any of this can happen, the company not only needs to get margins back to normal, but needs to be able to raise capital to reduce their reliance on debt.
When ran well, they are easily cash flow positive.