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MAIN ST. & MAIN INC. ANNOUNCES FIFTH CONSECUTIVE QUARTERLY PROFIT

 MAIN ST. & MAIN INC. ANNOUNCES
 FIFTH CONSECUTIVE QUARTERLY PROFIT
 SCOTTSDALE, Ariz., July 23 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN, MAINU) (the "company") today announced its fifth consecutive quarterly profit. The company earned $405,000 for its second quarter ended June 30, 1992, as compared with net income of $31,000 for the comparable quarter in 1991. Revenues also increased substantially to $15,300,000 in the second quarter of 1992 from $3,220,000 in the second quarter of 1991. The dramatically improved results from the second quarter of 1991 to the second quarter of 1992 resulted from the acquisition of T.G.I. Friday's restaurants in Portland, Ore., and Seattle in June 1991, the opening of the Scottsdale, T.G.I. Friday's restaurant in October 1991, the opening of a Fiddlesticks family entertainment center in March 1992, and the acquisition of Carnation Dairy Arizona on May 15, 1992.
 Steven Sherman, chairman and chief executive officer, commented: "We are extremely pleased with the businesses in which we are engaged, the performance of those businesses and the contributions of our employees. Our performance is particularly gratifying in the current weak economic climate and substantiates our view that well- run, basic businesses will produce strong results. Management is committed to the expansion of the company's businesses and the enhancement of shareholder value."
 Main St. & Main Inc. owns and operates Carnation Dairy Phoenix, seven T.G.I. Friday's restaurants and a Fiddlesticks family entertainment park.
 MAIN ST. & MAIN INC.
 Summary of Consolidated Financial Data
 Six Months 26-Week
 Ended Period Ended Quarter ended
 June 30, July 1, June 30, July 1,
 1992 1991 1992 1991
 (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 Operating data:
 Revenues $20,944,000 $6,160,000 $15,304,000 $3,220,000
 Net income $505,000 ($125,000) $405,000 $31,000
 Share earnings $.05 ($.02) $.04 $.01
 Primary average
 shares
 outstanding 10,244,000 6,550,960 10,270,000 6,560,550
 June 30, Dec. 30, July 1,
 1992 1991 1991
 (Unaudited) (Unaudited)
 Balance Sheet Data:
 Working capital $3,221,000 $3,615,000 $128,000
 Total assets 30,934,000 11,124,000 5,436,000
 Net long-term debt 11,620,000 2,040,000 2,119,000
 Shareholders' equity 8,295,000 7,094,000 2,054,000
 -0- 7/23/92
 /CONTACT: Joe Panter of Main St. & Main, 602-951-3200/
 (MAIN MAINU) CO: Main St. & Main Inc. ST: Arizona IN: LEI SU: ERN


BP-JL -- LA007 -- 2324 07/23/92 09:34 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
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