The oysters and beer kept flowing at Monty's in Coconut Grove last year.
That's the word from a recent stock filing by the iconic restaurant's parent company, HMG/Courtland Properties. The Coconut Grove company is publicly traded but relies on a few businesses for revenue, including a 50 percent share of Monty's, the Grove Isle hotel and spa, and marinas in both places.
As a result, its financial disclosure forms offer a rare look into the ledger of a popular local restaurant. According to the company's 10-K, food and beverage sales at Monty's dipped a bit in 2007 -- down less than 1 percent to $6.34 million. Food and beverage are the restaurant's biggest expense, costing $1.2 million in 2007. Labor came in second at $1.2 million.
The bar spent about $220,000 on bands. It all led to a $400,000 loss in 2007, better than 2006's $692,000. ''I know our business has been very steady,'' said Maurice Wiener, chairman of the closely-held company. ``I know our first quarter has picked up. Some restaurants do better in softer times. [Monty's] is kind of positioned in the middle.''
Monty's leases its site from Miami and the restaurant listed $651,000 in rental costs last year.
BANKING
FINANCIAL PROVIDERS DONATING TREES
To help educate consumers about the environmental benefits of online banking, BankAtlantic and Fiserv, a provider of information technology services to the financial industry, have teamed up to donate a tree for every BankAtlantic customer who signs up for online bill payment and pays at least one bill online before May 31 at www.BankAtlantic.com. With assistance from the Arbor Day Foundation, BankAtlantic and Fiserv will plant up to 10,000 trees in forests throughout Florida.
According to a 2007 study by Javelin Strategy and Research, if all U.S. households viewed and paid bills online, it would save 16.5 million trees each year.
INSURANCE
GROUP WEIGHS IN ON CATASTROPHE FUND
While many Florida lawmakers and officials are keen on the idea of creating a national catastrophe insurance fund, it's not a plan that would win support in all quarters.
Americans for Smart Natural Catastrophe Policy, a newly formed coalition of consumer, environmental and industry groups, plans to lobby state and federal regulators and lawmakers to develop ways to help people already living in vulnerable areas to better protect their property. It would urge tax credits, loans or grants to help low-income residents make their property stronger to weather storms.
But the group also opposes any measure that would subsidize consumers who build on property in hurricane-prone areas, like South Florida.
In March, the coalition sent letters to all U.S. senators to urge them to block any expansion of the National Flood Insurance Program, set to expire Sept. 30. The U.S. House has passed legislation to continue the program; the Senate expected to consider a similar bill before the end of May.
