Big City Bagels, Inc. Announces 1998 Third Quarter Results.HICKSVILLE Hicksville, uninc. city (1990 pop. 40,174), Nassau co., SE N.Y., on Long Island; founded 1648. It is chiefly residential, with electronic and metal products manufacturing and some nearby truck farming. Hicksville also has a major retail shopping complex. , N.Y.--(BUSINESS WIRE)--Nov. 13, 1998--Big City Bagels, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap: BIGC BIGC Beijing Institute of Graphic Communication (China) ) announced today results for the third quarter ended September September: see month. 30, 1998. Revenues for the quarter ended September 30, 1998 were $696,934 a 1% decrease from revenues of $705,893 reported for the third quarter of 1997. The Company reported a net loss of ($682,802) or ($0.47) per share, for the quarter ended September 30, 1998 compared with a net loss of ($519,848) or ($0.49) per share for the third quarter of 1997. There were 1,450,382 and 1,066,370 weighted average common shares outstanding for the 1998 and 1997 quarters, respectively. The statement of operations See Income statement. for the third quarter of 1998 follows. Big City Bagels, Inc. operates and franchises upscale bagel/deli cafes specializing in oversized o·ver·size n. 1. A size that is larger than usual. 2. An oversize article or object. adj. o·ver·size also o·ver·sized Larger in size than usual or necessary. , fresh-baked bagels, gourmet sandwiches, soups, salads, fresh-baked breads and other breakfast and lunch products. Currently, products are distributed through 20 retail stores (4 Company-owned, 16 franchises) and wholesale foodservice/commercial outlets. Certain of the matters discussed in this press release contain forward looking statements. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are based on the Company's current expectations and are subject to a number of risks and uncertainties that could cause actual results in the future to differ materially from those projected or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in any forward-looking statements made by, or on behalf of, the Company. The Company assumes no obligation to update any forward-looking statements contained herein or that may be made from time to time, or on behalf of the Company. -0-
Big City Bagels, Inc. and Subsidiary
Financial Highlights
(UNAUDITED)
Three Months Ended
September 30
(Unaudited)
1998 1997
Revenues $ 696,934 $ 705,893
Net Loss ($ 682,802) ($ 519,848)
Net loss per common share ($0.47) ($0.49)
Weighted Average Common
Shares Outstanding 1,450,382 1,066,370
Nine Months Ended
September 30
(Unaudited)
1998 1997
Revenues $ 2,724,970 $ 2,100,066
Net Loss ($2,730,280) ($1,999,486)
Net loss per common share ($2.00) ($1.97)
Weighted Average Common
Shares Outstanding 1,366,208 1,013,165
Refer to the Company's Quarterly Report on Form 10-QSB for the quarter ended Sept. 30, 1998 for a more detailed financial summary. |
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