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TUBBY'S, INC. POSTS HIGHER REVENUES, NET LOSS

 FRASER, Mich., March 5 /PRNewswire/ -- Tubby's, Inc. (NASDAQ: TUBY) posted higher revenues for 1992. Operations incurred a loss due to onetime charges related to expansion.
 Revenues rose 26 percent to $1.6 million from $1.3 million in fiscal 1991. Operating expenses were $1.8 million in fiscal 1992, vs. $1.3 million the year before. The loss on operations was $161,265, compared with operating income of $9,471 in fiscal 1991.
 Three onetime charges to operations totaling $550,000 increased the net loss to $426,345, equivalent to $.03 per share. The year before, the company posted net income of $129,118, or $.01 per share.
 The onetime charges were $253,000 for start-up costs for the new restaurant in Atlanta; noncash charge of $217,000 for a discounted note in exchange for accelerated cash payments of $609,000; and noncash charge of $80,000 to the company's loss provision.
 Alex Bardy, president and CEO, said fiscal 1992 was still a very positive year. Tubby's SubShops and Stuff Yer Face Restaurant franchisees experienced strong sales recovery; the company opened two Tubby's SubShops; launched its first 3-N-One food court comprising a Tubby's SubShop, Stuff Yer Face Restaurant and Angotti's Ice Cream Shoppe at Ohio State University in Columbus; strengthened its management team, improved its menu and developed new franchise committees.
 "We did our groundwork in fiscal 1991 and 1992 and we are now positioned and ready for solid growth and a return to profitability in 1993," Bardy said.
 He noted the company plans to open 12 stores in fiscal 1993.
 "Two new stores have opened since year-end. A new Tubby's SubShop located in Taylor and the company's first Tubby's Express located in the Sears store at Fairlane Mall opened last month. Discussions are under way with prospective franchisees for additional Tubby's SubShops and Stuff Yer Face Restaurants," Bardy said.
 At the close of the year, the company had 54 Tubby's SubShops, three Stuff Yer Face Good Times Restaurants and one Ernesto's Italian restaurant in operation.
 Founded in Michigan, Tubby's, Inc. is the franchiser for Tubby's SubShops, Stuff Yer Face Good Times Restaurant and Angotti Ice Cream stores in Michigan, Georgia, Ohio, Illinois and New Jersey.
 TUBBY'S, INC.
 Years Ended Nov. 30,
 1992 1991
 Revenues $1,622,540 $1,278,515
 Costs & expenses 1,783,805 1,269,044
 Operating income (loss) (161,265) 9,471
 Other income (expenses) (265,080) 173,647
 Income (loss) before taxes (426,345) 183,118
 Provision taxes --- 13,000
 Net income (loss) (426,345) 170,118
 Per-share income (.03) 0.01
 -0- 3/5/93
 /CONTACT: Alex Bardy of Tubby's, Inc., 313-296-1270; or Mike Marcotte of Marcotte PR, 313-656-3873, for Tubby's, Inc./
 (TUBY)


CO: Tubby's, Inc. ST: Michigan IN: LEI SU: ERN

KE-MS -- DE023 -- 3548 03/05/93 15:45 EST
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Publication:PR Newswire
Date:Mar 5, 1993
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