In the first quarter of 2017, the Hawaiian Tropic Cafe, one of the country’s largest, saw a record $1.7 billion in revenue, according to a new report.
But that’s not even half of the $1 billion it made in the same period last year, which was the last time the chain was profitable.
It was the first time since 2008 that it was profitable, and it did it while its restaurant revenues dropped from $1,966 million in the fourth quarter of 2016 to $1 of $1 in the first three months of 2017.
Hawaiian Trop and Tropicana, the other chain that made the list, both had a combined total of $2.3 billion in profits in the year ending in March.
The Hawaiian Trop, which opened in 2004 and has been in business for over 50 years, saw revenue rise nearly 10% in the last quarter.
Hawaiian Tropical saw revenue fall nearly 11% in that same period, while Tropicamania lost 9%.
The Hawaiian Trop had a profit of $731 million in 2017.
The restaurant chain was up from $730 million in 2016.
Hawaiian had a net loss of $16 million.
It closed out the year with $1 million in debt and $1 for every $1 it made.
Hawaiian’s financial woes came after the chain’s chief executive, Robert Cone, left in February, the company said in a statement.
Hawaiian, which has been expanding into Hawaii, Florida, and Puerto Rico, was founded by Fred and Marion Kaufmann in 1928.
Its current owners include the late Fred Kaufman.