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MASCOTT ANNOUNCES EXPANSION OF CINNABON INTO NEW ENGLAND; ADDITIONAL WILLIE MAYS GRILLED & ROASTED CHICKEN LOCATIONS; THIRD QUARTER EARNINGS

MASCOTT ANNOUNCES EXPANSION OF CINNABON INTO NEW ENGLAND; ADDITIONAL WILLIE MAYS GRILLED & ROASTED CHICKEN LOCATIONS; THIRD QUARTER EARNINGS
 LIVINGSTON, N.J., Jan. 27 /PRNewswire/ -- Mascott Corporation (NASDAQ: DINE) announced today that it has acquired the exclusive territory rights to own and operate Cinnabon bakery franchises in the State of Maine, Massachusetts, New Hampshire, Vermont and a substantial portion of Connecticut. As part of the transaction, Mascott has acquired the one existing Cinnabon bakery in New England, located in Watertown, Mass. Mascott expects to open a second Cinnabon bakery in Massachusetts in April 1992. Its further expansion plans call for the opening of an additional three to five bakeries in New England and one to three bakeries in New Jersey during the next 12 months.
 Also, in addition to the opening of its first Willie Mays Grilled and Roasted Chicken in the Menlo Park Mall, Edison, N.J., in November 1991, the corporation intends to open two additional Willie Mays Chicken locations during the spring of this year. The first will be located in the newly-constructed Crystal Run Galleria, located in Middletown, N.Y. It is expected that the second will be located in a major regional shopping mall in the New York/New Jersey metropolitan area.
 The corporation also announced today a net loss for the fiscal quarter ended Dec. 1, 1991, of $208,000 ($.03 per share) on net sales of $1,326,000, compared with a net loss for the fiscal quarter ended Nov. 30, 1990 of $266,000 ($.04 per share) on net sales of $986,000. For the nine months ended Dec. 1, 1991, the corporation had a net loss of $348,000 ($.05 per share) on net sales of $4,160,000 compared with a net loss for the nine months ended Nov. 30, 1990, of $532,000 ($.08 per share) on net sales of $3,183,000.
 In commenting on these events and results, Scott M. Gillman, the chief executive officer of the corporation, stated, "Our disappointing third quarter results are substantially a result of losses generated by our restaurant division. To date, our Cinnabon division has generated an excellent return on investment. We are hopeful that we will achieve similar results in our new bakeries to be opened in New England and New Jersey. In addition, we are optimistic that the expansion of our Willie Mays Grilled and Roasted Chicken concept will be successful and enable our company to achieve significant profitability in the future."
 Mascott Corporation currently owns and operates Markers Restaurant & Bar and Markers Express located in Jersey City, N.J., and Markers Restaurant & Bar located in Somers Point, N.J. In addition, the corporation currently operates six Cinnabon bakery franchises and one Willie Mays Grilled and Roasted Chicken location.
 -0- 1/27/92
 /CONTACT: Scott M. Gillman, CEO of Mascott Corporation, 201-535-1000/
 (DINE) CO: Mascott Corporation ST: New Jersey IN: LEI SU: ERN TNM


KD-KW -- NY067 -- 3796 01/27/92 13:26 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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