MAIN ST. & MAIN INC. ANNOUNCES FOURTH QUARTER PROFIT
MAIN ST. & MAIN INC. ANNOUNCES FOURTH QUARTER PROFIT SCOTTSDALE, Ariz., April 3 /PRNewswire/ -- Main St. & Main Inc.
(NASDAQ: MAIN, MAIN U) (the "company") today announced its third consecutive quarterly profit. The company earned $37,000 on sales of $5,214,000 in the fourth quarter of 1991, compared with a loss of $245,000 on sales of $2,684,000 in the fourth quarter of 1990. Revenues for the year ending Dec. 30, 1991, were $15,846,000, compared to $6,835,000 in 1990. Management indicated that the growth in sales without a significant increase in overhead allowed the company to reduce its net loss to $37,000 for 1991 as compared to a loss of $738,000 in 1990.
Steven Sherman, chairman and chief executive officer, commented: "I am pleased with the trend we established in 1991. Achieving profitability was very important to us. In the coming year, we will continue to develop our food and entertainment concepts while exploring new acquisition opportunities." The company also stated that its previously announced acquisition of Carnation Dairies is expected to be finalized in the second quarter. 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 Period From Inception Feb. 23, Year Ended Year Ended Quarter Ended Dec. 30 Dec. 30, Dec. 31, Dec. 31, 1991 1990 1991 1990 (Unaudited) (Unaudited) Operating Data: Revenues $15,846,000 $6,835,000 $5,214,000 $2,684,000 Net income ($37,000) ($738,000) $37,000 ($245,000) Share earnings ($.005) ($.134) $.004 ($.037) Primary average shares outstanding 7,507,283 5,489,098 9,730,605 6,523,547 Dec. 30, Dec. 31, 1991 1990 Balance Sheet Data: Working capital $3,615,000 $818,000 Total assets 11,124,000 4,039,000 Net long-term debt 2,040,000 1,130,000 Shareholders' equity 7,094,000 2,146,000 -0- 4/3/92 /CONTACT: Joe Panter of Main St. & Main, 602-951-3200/ (MAIN MAIN U) CO: Main St. & Main Inc. ST: Arizona IN: FOD ENT SU: ERN
DM-CH -- LA022 -- 4905 04/03/92 14:46 EST
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|Date:||Apr 3, 1992|
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