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MAIL BOXES COAST TO COAST ANNOUNCES THIRD QUARTER EARNINGS

     MAIL BOXES COAST TO COAST ANNOUNCES THIRD QUARTER EARNINGS
    LOS ANGELES, Nov. 14 /PRNewswire/ -- Mail Boxes Coast to Coast Inc. (NASDAQ: MBCC) reported today total revenue of $393,307 and other income of $622,002 resulting in net income of $427,515 or earnings of 6 cents per share for the nine-month period ended Sept. 30, 1991, compared to total revenues of $592,652 and other income of $356,588 resulting in net income of $81,199 or earnings of 1 cent per share for the nine-month period ended Sept. 30, 1990.  The company also reported total revenues of $106,898 and other income of $7,447 resulting in a net loss of ($75,456) or a loss of (1 cent) per share for the three-month period ended Sept. 30, 1991 compared to total revenues of $214,677 and other income of $101,042 resulting in net income of $17,767 or earnings of 0.003 cents per share for the three-month period ended Sept. 30, 1990.
    The net income was primarily due to the sale of the company's Manhattan, N.Y. area franchise at a gain of $608,910, plus increased royalty revenue, and a substantial reduction in the company's expenses.  In June of 1991, the company sold its Manhattan area franchise to an unrelated party for a total selling price of $700,000.  Although the company reported a net loss of ($75,456) for the three-month period ended Sept. 30, 1991, compared to net income of $17,767 for the three-month period ended Sept. 30, 1990, the 1990 net income of $17,767 was attributable to a one-time gain on the sale of the company's Brooklyn and Staten Island, N.Y. area franchise at a gain of $94,823.
    The company stated that although the revenues decreased $199,345 for the nine-month period ended Sept. 30, 1991, and $107,779 for the three-month period ended Sept. 30, 1991, compared to 1990, the decrease is directly attributable to a decrease in construction revenues of $170,792 and $57,716 for the nine- and three-month period ended Sept. 30, 1991, as compared to the period ended Sept. 30, 1990. The company further explained that the decrease in construction revenues was offset by related decreases in construction costs of $185,979 and $74,157, therefore having no material effect on net income.  Overall, the company's expenses decreased 15 percent or $94,268 and 18 percent or $33,994 for the nine- and three-month period ended Sept. 30, 1991 as compared with the period ended Sept. 30, 1990.  Without the one-time expense in 1991 of a contract termination of a former officer of the company, which to date for the first nine months of 1991 was $76,110, the company's expenses would have been further decreased to a total of $170,338, or 28 percent compared to the first nine months of 1990.
    Gary M. Williams, president and chief executive officer of MBCC, stated, "With the sale of the company's New York area franchise completed and our focus on the Los Angeles area franchise, the company increased royalties in the Los Angeles area to $154,300 from $124,138, or 24 percent for the first nine months of 1991 compared to the first nine months of 1990.
                      MAIL BOXES COAST TO COAST
                        Condensed Income Data
                           Nine Months Ended      Three Months Ended
                              Sept. 30,                Sept. 30,
                           1991        1990        1991         1990
    Revenues:          $393,307    $592,652    $106,898     $214,677
    Costs & expenses:   587,794     868,041     189,801      297,952
    Operation loss     (194,487)   (275,389)    (82,903)     (83,275)
    Other income:       622,002     356,588       7,447      101,042
    Net income (loss)  $427,515     $81,199    ($75,456)     $17,767
    Net income (loss)
      per common share   $0.061      $0.012     ($0.011)      $0.003
    Weighted average
      number of
      common shares
      outstanding     6,957,905   6,700,000   7,007,970    6,700,000
    -0-                           11/14/91
    /CONTACT:  Gary M. Williams, president of Mailboxes Coast to Coast, 818-956-5400/
    (MBCC) CO:  Mailboxes Coast to Coast ST:  California IN: SU:  ERN KJ-SE -- LA001 -- 4276 11/14/91 09:04 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 14, 1991
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