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MAIN ST. & MAIN INC. ANNOUNCES 1992 YEAR-END RESULTS

 SCOTTSDALE, Ariz., March 9 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN, MAIN-W) today announced a 367 percent revenue increase to $73.9 million, compared to $15.8 million for 1991. The company also reported a net income of $516,000 for the year ended Dec. 31, 1992, compared to a net loss of $37,000 for 1991. Earnings for the year were increased by a one-time credit of $328,000, to reflect the cumulative effect of a change in accounting for income taxes.
 Revenues for the fourth quarter of 1992 were approximately $27.7 million, as compared to $5.2 million in the fourth quarter of 1991. As expected however, the fourth quarter operating results were negatively impacted by the seasonal nature of the company's ice cream and frozen novelty production and distribution businesses. As a result, the company experienced a net loss of approximately $226,000 for the quarter (after considering restatement of the provision for income taxes for the first three quarters) as compared to net income of $37,000 in the fourth quarter of 1991. The company took advantage of this seasonal lull to begin its consolidation of the frozen food storage and distribution operations of Dairy Maid Foods and Carnation Dairy, as well as adding resources to prepare for the new distribution of Eskimo Pie products in 11 western states, which commences in March 1993.
 Steven Sherman, chairman and chief executive officer, stated: "1992 was a year of accomplishment for Main St. & Main. We are now operating three growing businesses with strong management and the necessary capital to move forward aggressively into 1993. The acquisition of Carnation Dairy Arizona and Dairy Maid Foods, along with the revenues that have been added, has provided for a substantial operating base from which to expand further into our region. The restaurants continue to be consistently profitable and we anticipate further success with the additional openings of five T.G.I. Friday's and two East Side Mario restaurants by year end, which will double our existing restaurant operations. While the earnings for the fourth quarter do not reflect the synergies the company has brought together, management expects to begin to fully realize the benefit from these in the second quarter of 1993."
 The company owns and operates seven T.G.I. Friday's restaurants, produces and distributes dairy products through Carnation Dairy of Arizona and distributes brand name ice cream and frozen novelty and entree products through its Dairy Maid Foods operations.
 MAIN ST. & MAIN INC.
 Summary of Consolidated Financial Data
 (In Thousands, Except Per Share Data)
 Year Ended
 Dec. 31, 1992 Dec. 30, 1991
 Operating Data:
 Revenues $73,929 $15,846
 Net income/(loss) prior
 to accounting change $188 ($37)
 Net income/(loss) $516 ($37)
 Primary earnings/(loss) per share
 before accounting change $.02 ($.01)
 Primary earnings/(loss) per share $.05 ($.01)
 Balance Sheet Data:
 Working capital $5,616 $3,615
 Total assets 38,867 11,124
 Net long-term debt 17,487 2,040
 Shareholders' equity 10,015 7,094
 -0- 3/9/93
 /CONTACT: Robert McGeorge of Main St. & Main, 602-951-3200/
 (MAIN MAIN-W)


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

BP-EH -- SD003 -- 4545 03/09/93 12:54 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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