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MAIN ST. & MAIN INC. ANNOUNCES FIRST QUARTER RESULTS AND THE COMPLETION OF WARRANT CONVERSION

 SCOTTSDALE, Ariz., April 29 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN) (the "company") announced pre-tax income of approximately $371,000, with net income of $215,000 on sales of $30,228,000 in the first quarter of 1993, compared with $100,000 net income on sales of $5,617,000 in the first quarter of 1992. The 438 percent increase in revenues and the 115 percent increase in net income resulted from the company's acquisitions of its food processing and distribution businesses and the additional customer base added since the acquisitions.
 The company has also just raised $8,200,000 through the conversion of 1,645,000 warrants to purchase common stock, bringing the total shares of common stock outstanding to approximately 13 million. The company plans to use the proceeds for the development and acquisition of T.G.I. Friday's restaurants and for working capital.
 Steven Sherman, chairman and chief executive officer, commented: "As we continue to be focused on Main St. & Main's long-term financial position, we also take great pride in the strides we have made in such a short period of time. We are pleased to have achieved an operating profit for the first quarter and remain optimistic that we can do much better when the ice cream season kicks in during the second quarter. We also believe that there are strong synergies in our distribution, storage and processing businesses that should yield better results in the next quarter. The $8.2 million proceeds of the warrant offering provide us with the financial resources to further our growth and increase our profits."
 Main St. & Main is a food company with operations in service, distribution and processing. Its principal operating companies include T.G.I. Friday's restaurants, Carnation Dairy of Arizona and Dairy Maid Foods.
 MAIN ST. & MAIN INC.
 Summary of Consolidated Financial Data
 Quarter Ended
 March 31, 1993 March 30, 1992
 (Unaudited) (Unaudited)
 Operating Data:
 Revenues $30,228,000 $5,617,000
 Pre-tax income $371,000 $100,000
 Net income $215,000 $100,000
 Share earnings $.02 $.01
 Weighted average shares
 outstanding 12,258,149 9,736,000
 March 31, 1993 Dec. 31, 1992
 (Unaudited)
 Balance Sheet Data:
 Working capital $6,674,000 $5,835,000
 Total assets 44,459,000 39,162,000
 Net long-term debt 18,593,000 17,487,000
 Shareholders' equity 11,490,000 10,016,000
 -0- 4/29/93
 /CONTACT: Robert McGeorge, VP-corporate development of Main St. & Main, 602-951-3200/
 (MAIN)


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

BP-LS -- SD003 -- 2425 04/29/93 08:02 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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