MAIN ST. & MAIN ANNOUNCES THIRD QUARTER PROFIT
MAIN ST. & MAIN ANNOUNCES THIRD QUARTER PROFIT SCOTTSDALE, Ariz., Nov. 15 /PRNewswire/ -- Main St. & Main Inc.
(NASDAQ: MAIN, MAIN-U) (the "company") announced today that it had net income of $51,000 for its third quarter ended Sept. 30, 1991 as compared with a loss of $251,000 for the comparable quarter in 1990. Revenues also increased to $4,472,000 in the third quarter of 1991 from $2,647,000 in the comparable quarter in 1990.
The third quarter of 1991 represents the second consecutive quarter in which the company has achieved overall profitability. The company's corporate overhead, as a percent of revenues, decreased in the third quarter of 1991, reflecting the company growth to seven T.G.I. Friday's restaurants from its initial start of four. The company also stated that its seventh T.G.I. Friday's restaurant in Scottsdale which opened in October has exceeded expectations. The company is currently evaluating additional restaurant locations to satisfy its commitment to open at least two new T.G.I. Friday's restaurants during 1992. "We are very proud of the progress we have made as a company this year," said Steven Sherman, chairman and chief executive officer. "The goal and objective of our management team has been to build a foundation for rapid growth. We believe that with seven operating restaurants, the company is solidly in the black and will remain profitable and growing." Sherman further stated, "The company has cash reserves in excess of $4 million which will enable the company to grow its core business and acquire additional business operations." Main St. & Main Inc. is an Arizona-based hospitality and entertainment company which operates seven T.G.I. Friday's restaurants in its exclusive development territories in Arizona, Nevada, New Mexico, Oregon, Washington and El Paso, Texas. MAIN ST. & MAIN INC. Summary Consolidated Financial Data (Unaudited) Three Period from Quarter ended quarters inception Sept. 30, Oct. 1, ended (Feb. 23, 1990) 1991 1990 Sept. 30, through 1991 Oct. 1, 1990 Operating data: Revenues $10,632,000 $4,151,000 $4,472,000 $2,647,000 Net income ($74,000) ($493,000) $51,000 ($251,000) Share earnings ($0.01) ($0.10) $0.01 ($0.05) Average shares outstanding: Primary 6,763,451 4,974,982 7,193,050 5,567,227 Fully diluted --- --- 7,939,726 --- Dec. 31, 1990 Sept. 30, 1991 Balance Sheet Data: Working capital $818,000 $4,512,000 Total assets 4,038,000 10,980,000 Net long-term debt 1,129,000 2,732,000 Shareholders' equity 2,145,000 7,074,000 -0- 11/15/91 R /CONTACT: Joe W. Panter of Main St. & Main, 602-951-3200/ (MAIN MAIN-U) CO: Main St. & Main Inc. ST: Arizona IN: LEI SU: ERN EH-KJ -- SD001 -- 1450 11/15/91 10:30 EST
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|Date:||Nov 15, 1991|
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