Boston Restaurant Associates, Inc. Announces 69% Increase in First Quarter Earnings.Business Editors BOSTON--(BUSINESS WIRE)--Sept. 11, 2002 Boston Restaurant Associates, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BRAI) (BSE See Bombay Stock Exchange. BSE See Boston Stock Exchange (BSE). : BNR BNR Bulgarian National Radio BNR Banca Nationala a României (National Bank of Romania) BNR Biological Nutrient Removal (sewage treatment) BNR Bell Northern Research BNR Body Not Recovered BNR Big Nerd Ranch ) announced today earnings of $159,160 for the first quarter of fiscal 2003 versus $94,142 a year earlier. Revenues were $5,629,978 versus $5,985,901 a year earlier, a decline of 5.9%. According to George Chapdelaine, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President, "We were pleased by the higher earnings for the period, a result of our emphasis on cost controls, in particular improved margins within our Polcari's restaurants. It is worth noting that our EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become continues to improve to $517,181, an increase of 9.2% from $473,691 a year earlier. The lackluster New England economy, and unusually warm weather during the summer, impacted our results. Mr. Chapdelaine continued, "We are working on a number of sales initiatives to counter the generally sluggish economy in our markets, including renewed emphasis on our operating standards to improve even further the dining experience that we provide our customers. At the same time we are investigating prospective new locations for both of our dining concepts, Pizzeria Regina and Polcari's. We intend to expand in a controlled fashion within our prime New England marketplace. Our company has never been in better shape either operationally or financially. |
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