MAIN ST. & MAIN INC. ANNOUNCES THIRD QUARTER RESULTS
MAIN ST. & MAIN INC. ANNOUNCES THIRD QUARTER RESULTS SCOTTSDALE, Ariz., Nov. 10 /PRNewswire/ -- Main St. & Main Inc.
(NASDAQ: MAIN, MAIN-W) (the "company") announced its sixth consecutive quarterly profit. The company earned $202,000 for its third quarter ended Sept. 30, 1992, an increase of approximately 400 percent from $51,000 for the comparable quarter in 1991. Revenues also increased substantially to $25,274,000 in the third quarter of 1992 from $4,472,000 in the third quarter of 1991. The increase in both revenues and net income from the third quarter of 1991 to the third quarter of 1992 reflects the acquisition of Carnation Dairy Arizona on May 15, 1992.
Steven Sherman, chairman and chief executive officer, stated: "Within the last six months, we have acquired two substantial food companies with solid historical operating performances. These businesses operate separately, but we anticipate that considerable economies of scale will take place within the storage and distribution of our frozen food products. Although the earnings for this quarter do not accurately reflect the synergies we have brought together, we are very excited about expanding our operations and expect to see these economies within the first and second quarters of 1993. We also plan to open at least four new T.G.I. Friday's restaurants in 1993, with the first opening scheduled for Glendale, Ariz. in March 1993. Main St. and Main Inc. owns and operates seven T.G.I. Friday's restaurants; Carnation Dairy Arizona; and completed the acquisition of Dairy Maid Foods on Oct. 1, 1992. Dairy Maid is a distributor of frozen foods for many well-known national brand name frozen foods including ice cream and frozen novelty dessert products in Arizona, California and Mexico. -0- 11/10/92 /CONTACT: Robert McGeorge of Main St. & Main, 602-951-3200/ (MAIN, MAIN-W) CO: Main St. & Main Inc. ST: Arizona IN: REA LEI SU: ERN
EH -- SD002 -- 9169 11/10/92 10:11 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 10, 1992|
|Previous Article:||/C O R R E C T I O N -- THE LIMITED, INC./|
|Next Article:||AIRCO/BOC PROVIDES SOLUTION TO LOW-LEVEL TRANSIENT IMPURITIES|