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MAIN STREET AND MAIN INC. ANNOUNCES THIRD QUARTER RESULTS

 SCOTTSDALE, Ariz., Nov. 17 /PRNewswire/ -- Main Street and Main Inc. (NASDAQ-NMS: MAIN) today announced results for the third quarter. As expected, the company reported a net loss of $249,000, or $.02 per share, for its third quarter ended Sept. 30, 1993, from net income of $117,000 for the comparable quarter in 1992. Revenue increased substantially to $41,598,000 in the third quarter of 1993 from $25,274,000 in the third quarter of 1992. The increase in revenue was due largely to the acquisition of Dairy Maid Foods in October 1992.
 Joe Panter, chief financial officer, stated: "The reduced margins and net loss reported in the third quarter are attributable to the rapid growth of operations acquired by the company in the last year. We believe we have now taken the appropriate steps to correct the problems inherent in this rapid expansion."
 Panter added, "We are extremely excited about our recently announced plans to acquire all 20 T.G.I. Friday's restaurants in California, to open at least 38 new Friday's restaurants in California and three additional states, and to participate with TGI Friday's Inc. in the development of other restaurant concepts. With this in mind, the company is considering various alternatives to maximize stockholder value by separating our restaurant operations from the dairy and food distribution business."
 Main Street and Main is involved primarily in the areas of restaurant ownership and management and food processing and distribution. The company's restaurant division owns and operates 14 domestic T.G.I. Friday's restaurants, with three currently under development, as well as two Friday's restaurants in Seoul, South Korea.
 MAIN ST. & MAIN INC.
 Summary of Consolidated Financial Data
 (In Thousands, Except Per Share Data)
 (Unaudited)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Operating Data:
 Revenues $41,598 $25,274 $110,465 $46,195
 Net income before
 income taxes and
 cumulative effect
 of change in
 accounting principle ($474) $202 $888 $707
 Net income/(loss) ($249) $117 $548 $742(a)
 Net income/(loss)
 per share ($0.02) $0.01 $0.04 $0.07(a)
 Weighted average number
 of shares outstanding 13,317 11,068 13,141 10,556
 (a) Includes income of $328,000, or $0.03 per share, related to the cumulative effect of change in accounting principle to reflect the impact of the implementation of SFAS 109 as of the beginning of 1992.
 -0- 11/17/93
 /CONTACT: Robert McGeorge, VP-corporate development of Main St. & Main, 602-951-3200/
 (MAIN)


CO: Main St. & Main Inc. ST: Arizona IN: LEI SU: ERN

EH-JB -- SD005 -- 5580 11/17/93 14:46 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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