DISCUS ANNOUNCES THIRD QUARTER RESULTS
DISCUS ANNOUNCES THIRD QUARTER RESULTS BLOOMINGTON, Minn., Nov. 11 /PRNewswire/ -- Discus Corporation
(NASDAQ: DISC), a Bloomington, Minn.-based restaurant company today reported profits for both the third quarter and for the first nine months of 1991. For the quarter ended Sept. 29, 1991, the company earned $68,082 or $0.03 per share compared to a profit of $106,103 or $0.05 per share during the third quarter of 1990. Sales decreased 7.5 percent to $3,545,461 during the third quarter of 1991 from $3,831,677 in the year-ago period.
For the first nine months of 1991 the company earned $145,238 or $0.07 per share which represents a $278,130 improvement compared to a loss of $(132,892) or $(0.06) per share in the year-ago period. Sales decreased 8.1 percent to $10,386,784 for the first nine months of 1991 from $11,301,495 in the year-ago period. Mike Platt, Discus' president, stated, "We are pleased to report a profit during the third quarter despite the continuing recession." Platt noted the company achieved lower food, labor and other controllable restaurant cost percentages during the first nine months of 1991 compared to 1990 despite lower sales levels. The company believes sales were negatively impacted during the first nine months of 1991 by the economic recession, and during the first part of the year, by the war in the Persian Gulf and significantly lower advertising and promotion expenditures. Discus Corporation operates nine Fuddruckers restaurants in Minneapolis, and St. Paul, Minn; Milwaukee, Wis.; St. Louis, Mo.; and Omaha, Neb. DISCUS CORPORATION CONDENSED STATEMENT OF EARNINGS (In thousands, except per-share data) Three Months Ended Sept. 29, 1991 Sept. 30, 1990 Restaurant sales $3,545 $3,832 Percentage change (7.5) -- Net income $68 $106 Net income per share $0.03 $0.05 Weighted average shares outstanding 2,060 2,060 Nine Months Ended Sept. 29, 1991 Sept. 30, 1990 Restaurant sales $10,387 $11,301 Percentage change (8.1) -- Net income (loss) $145 $(133) Net income (loss) per share $0.07 $(0.06) Weighted average shares outstanding 2,060 2,060 -0- 11/11/91 /CONTACT: Mike Platt or Steve Jones of Discus Corporation, 612-831-2326, ext. 228 or 227/ (DISC) CO: Discus Corporation ST: Minnesota IN: LEI SU: ERN AL -- MN017 -- 3066 11/11/91 13:09 EST
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|Date:||Nov 11, 1991|
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