Cluckcorp International announces year end results.SAN ANTONIO--(BUSINESS WIRE)--April 1, 1997--Cluckcorp International Inc. (NASDAQ Smallcap: ROTI, ROTIW) announced today that revenues from restaurant operations for the year ended Dec. 29, 1996 were $263,000 versus $226,000 for the prior year, while total revenues were $263,000 versus $276,000 for the year earlier. Net loss was $2,011,000 for the year ended Dec. 29, 1996 versus $924,000 for the previous year. The additional loss for the current year resulted primarily from increases in general and administrative expenses of approximately $700,000 and interest expense of $300,000. Currently, the company has four restaurants opened in the San Antonio/Corpus Christi, Texas area versus one restaurant opened as of last year. Four additional restaurants are planned for the same area in 1997. The company's Harvest Rotisserie Restaurants offer quick service, home made meals. The menu features oak roasted chicken and rotisserie roasted turkey plus roast glazed ham, meatloaf, sandwiches and approximately 20 side dishes and desserts. Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed in the company's period reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update these forward-looking statements. CONTACT: Cluckcorp International Inc., San Antonio 210/824-2496 |
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