MAIN ST. & MAIN INC. ANNOUNCES FIRST QUARTER PROFIT
MAIN ST. & MAIN INC. ANNOUNCES FIRST QUARTER PROFIT SCOTTSDALE, Ariz., May 21 /PRNewswire/ -- Main St. & Main Inc.
(NASDAQ: MAIN, MAIN U) (the "company") today announced its fourth consecutive quarterly profit. The company earned $100,000 on sales of $5,617,000 in the first quarter of 1992, compared with a loss of $156,000 on sales of $2,940,000 in the first quarter of 1991. Management attributed the sales growth to the addition of T.G.I. Friday's restaurants in Seattle, Portland, Ore., and Scottsdale, none of which were owned or operated by the company in the first quarter of 1991. Management also stated that the growth in sales, relatively constant operating costs and a reduction in general and administrative expenses contributed to the improved results.
Steven Sherman, chairman and chief executive officer, commented: "We are very pleased with the first quarter performance. With the opening of our Fiddlesticks family entertainment center and our just completed acquisition of Carnation Dairy, we now have a stronger, more diverse operating base." Main St. & Main Inc. is engaged in the business of acquiring, developing and operating enterprises in the food and entertainment industries, including enterprises in the business of casual dining and family entertainment centers. MAIN ST. & MAIN INC. Summary of Consolidated Financial Data Quarter Ended March 30, 1992 April 1, 1991 (unaudited) (unaudited) Operating data: Revenues $5,617,000 $2,940,000 Net income $100,000 ($156,000) Share earnings $.01 ($.02) Primary average shares outstanding 9,736,000 6,541,000 March 30, 1992 Dec. 30, 1991 (unaudited) Balance sheet data: Working capital $2,995,000 $3,615,000 Total assets 12,216,000 11,124,000 Net long-term debt 2,027,000 2,040,000 Shareholders' equity 7,194,000 7,094,000 -0- 5/21/92 /CONTACT: Joe Panter of Main St. & Main, 602-951-3200/ (MAIN MAIN U) CO: Main St. & Main Inc. ST: Arizona IN: LEI SU: ERN
DM-AL -- LA001 -- 2678 05/21/92 09:30 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||May 21, 1992|
|Previous Article:||CYTRX ANNOUNCES PATENT APPLICATION|
|Next Article:||AMERICAN PRESIDENT COMPANIES ANNOUNCES PRELIMINARY 1992 FIRST QUARTER RESULTS|