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EDUCATION ALTERNATIVES, INC., REPORTS FIRST QUARTER OPERATING RESULTS

EDUCATION ALTERNATIVES, INC., REPORTS FIRST QUARTER OPERATING RESULTS
 MINNEAPOLIS, Nov. 4 /PRNewswire/ -- Education Alternatives, Inc. (NASDAQ: EAIN), today reported a net loss of $441,577, or $.13 per share, for the first quarter ended Sept. 30, 1991, compared to a net loss of $492,618, or $.40 per share, for the same quarter of the prior fiscal year. Revenues for the quarter ended Sept. 30, 1991, totaled $596,131 versus $372,246 for the quarter ended Sept. 30, 1990.
 John T. Golle, chairman and chief executive officer of the company, said that the loss for the first quarter of fiscal 1992 was consistent with the company's business plan. The significant increase in revenue reflects an increase in school management fees and expense reimbursements resulting from the company's restructuring in March 1991. As part of the restructuring, the company's strategic focus was changed from owning and operating schools to providing management services to public and private schools, including the two Tesseract Schools. The net loss for the quarter results from increased product development costs and the addition of professional staff to perform consulting services and product development.
 Golle further stated that the company continues to aggressively pursue management and consulting contracts with a number of school districts and state governments. "While these efforts have not yet been translated into financial results, we continue to be optimistic about increasing our management and consulting services during fiscal 1992. The national attention given the company with the opening of the South Pointe Elementary School in Dade County, Fla.; the agreement to provide a proprietary training program to two schools in the Granite (Utah) School District; and the strategic alliance with Johnson Controls World Services, Inc., are key steps in positioning the company to successfully obtain significant management and consulting contracts," said Golle.
 Education Alternatives, Inc., provides school management and consulting services and proprietary educational products to public and private schools. The company's products and services are based upon an educational system developed and in use at the two Tesseract Schools, which the company manages, in Eagan, Minn., and Paradise Valley, Ariz. In the past four school years, students in these schools have consistently advanced in excess of 1.5 grade levels per year, based on the results of standardized achievement tests.
 EDUCATION ALTERNATIVES, INC.
 SUMMARIZED FINANCIAL DATA
 First Quarter Ended
 9/30/91 9/30/90
 Revenues $596,131 $372,246
 Net loss $(441,577) $(492,618)
 Net loss per share $(.13) $(.40)
 Weighted average shares outstanding 3,498,595 1,219,562
 NOTE: Weighted average common shares outstanding used to compute the fiscal 1992 loss per share includes conversion of all of the company's convertible preferred stock to common stock and the issuance of 1,663,690 shares of common stock in the company's initial public offering in May 1991. Pro forma net loss per share for the quarter ended Sept. 30, 1990, assuming the conversion of convertible preferred stock and common stock issuance on July 1, 1990, would have been $.14 per share.
 -0- 11/4/91
 /CONTACT: John T. Golle (chairman & CEO) of Education Alternatives, 612-885-5572/
 (EAIN) CO: Education Alternatives, Inc. ST: Minnesota IN: SU: ERN JS -- MN017 -- 0907 11/04/91 16:40 EST
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Publication:PR Newswire
Date:Nov 4, 1991
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