Big City Bagels, Inc. Reports First 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. , NY--(BUSINESS WIRE)--May 14, 1999-- Big City Bagels, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: BIGC BIGC Beijing Institute of Graphic Communication (China) ) announced today results for its first quarter ended March 31, 1999. Revenues for the quarter ended March 31, 1999 were $557,627, compared to revenues of $1,015,326 for the quarter ended March 31, 1998. The Company reported a net loss of $(439,782), or $(0.08) per share for the quarter ended March 31, 1999, compared with a net loss of $(664,540), or $(0.50) per share, for the quarter ended March 31, 1998. There were 5,316,890 and 1,337,340 weighted average common shares outstanding for the 1999 and 1998 quarters, respectively. During the first quarter, the Company successfully reduced losses by approximately 34 percent, while simultaneously decreasing SG&A expenses by approximately 42 percent, as compared to its performance during the corresponding period in 1998. These results reflect the Company's strategy of selling and closing unprofitable company-owned stores and reducing SG&A expenses. Big City Bagels has completed its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and is continuing to negotiate with VillageNet, Inc. and Intelligent Computer Solutions, Inc., in connection with the proposed merger with these companies. However, there can be no assurance that definitive transaction documents will be executed, or if executed, that the transaction will be completed. This press release contains 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. that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. Such risks and uncertainties are described in the Company's filings with the SEC, including its Prospectus dated April 3, 1998, and its reports on Form 10-KSB for the year ended December December: see month. 31,1998, and on Form 10-QSB for the quarter ended March 31, 1999. This release, and prior releases, are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com. -0-
BIG CITY BAGELS, INC.
FINANCIAL HIGHLIGHTS
Three Months Ended
March 31,
(Unaudited)
1999 1998
---------------- -----------------
Revenues $ 557,627 $ 1,015,326
Net loss (439,782) (664,540)
Net loss per common share (0.08) (0.50)
Weighted average
common shares outstanding 5,316,890 1,337,340
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