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MAIN ST. & MAIN INC. ANNOUNCES SECOND QUARTER RESULTS

 SCOTTSDALE, Ariz., July 21 /PRNewswire/ -- Main St. & Main Inc. (NASDAQ: MAIN) today announced pre-tax income of $991,000, with net income of $582,000 on revenues of $38,639,000 for the second quarter of 1993, as compared to net income of $239,000 on revenues of $15,304,000 in the second quarter of 1992. The 153 percent increase in revenue and the 144 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.
 Lou Carlo, president of Main St. Food Co., said, "This marks the first quarter in which we are beginning to realize substantial contributions from our distribution business. These results are particularly positive considering the expenses incurred during the quarter as a result of our greatly expanded sales base. Additionally, during this critical transition period, we have stepped up our service levels to ensure for solid relationships that should provide further economic opportunities in the near term. As the Food Company continues to expand at such a rapid pace, we plan to increase our current storage facilities at the end of this ice cream season. This expansion will make for a more efficient operation by dramatically reducing the cost of additional storage and inventory related expanses."
 Steven Sherman, chairman and chief executive officer of Main St. & Main Inc. stated, "The revenue increases on the food processing and distribution side have been spectacular, but the maturing process will take time. We fully realize that you cannot have a bottom line without a solid top line, and we look forward to a full year of consolidated operations of the food companies. I have great confidence in the food division's management and its ability to establish a solid earnings track record."
 Sherman continued, "The restaurant division is now the largest T.G.I. Friday's franchisee with 12 T.G.I. Friday's restaurants. These operations continue to provide great cash flows and the confidence to aggressively develop our nine-state territory over the next few years."
 The company owns and operates 12 T.G.I. Friday's restaurants domestically and manages two T.G.I. Friday's in Seoul, South Korea, 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)
 (Unaudited)
 Six Months Ended Quarter Ended
 June 30, June 30,
 1993 1992 1993 1992
 Operating Data:
 Revenues $68,867 $20,921 $38,639 $15,304
 Pre-tax income $1,362 $505 $991 $405
 Net income $797 $625(a) $582 $239
 Weighted average
 number of shares
 outstanding 12,823 10,244 13,719 10,293
 Net income per share $.06 $.06 $.04 $.02
 (a) Includes income of $328,000 related to the cumulative effect of change in accounting principle to reflect the impact of the implementation of SFAS 109 as of the beginning of 1992.
 -0- 7/21/93
 /CONTACT: Robert McGeorge of Main St. & Main, 602-951-3200/
 (MAIN)


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

EH-JB -- SD005 -- 4037 07/21/93 14:15 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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