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 STERLING HEIGHTS, Mich., Oct. 18 /PRNewswire/ -- Tubby's, Inc. (NASDAQ: TUBY) posted strong revenue and earnings gains for its third- quarter and nine-month period ended Aug. 31, 1993, Alex Bardy, president and CEO, announced today.
 Revenues for the quarter rose a noteworthy 49 percent to $746,317, from $501,932 in the year-earlier quarter. Net income was $41,604, equivalent to $.002 per share, in sharp contrast to 1992's third-quarter loss of $134,012, or $.008 per share.
 Results for the nine-month period were equally positive. Revenues jumped 74 percent to $1,945,191 -- surpassing revenues for all of last year -- from $1,116,752 at 1992's nine-month mark. Net income was $145,117, or $.008 per share, vs. a net loss of $163,508, or $.010 per share, at the close of 1992's first three quarters.
 Bardy said, "The very encouraging operating results reflect the energy and enthusiasm of our new management team at the 25-year-old company.
 Revenue growth, he noted, resulted from two areas:
 -- Systemwide sales among Tubby's SubShops were up as a result of new store designs, popular new menu items and successful advertising campaigns.
 -- Significant revenues are now being generated by new corporate- owned SubShops, opened as part of the company's strategic growth plan. These include the Specialty SubShop opened last year in the Sears store at upscale Fairlane Towne Center in the Detroit suburb of Dearborn.
 Bardy said the company will open four additional corporate-owned Specialty SubShops in Sears stores in Michigan and Ohio within 45 days.
 Bardy also said the fourth quarter is proving robust and the company fully expects to see continued strong revenue growth through yearend.
 Tubby's, Inc., founded in Michigan, is the franchiser for Tubby's SubShops and Stuff-Yer-Face Restaurants with 58 stores in Michigan, Ohio, Illinois and New Jersey. The company also operates corporate- owned Specialty SubShops in Sears stores with five units scheduled to open by yearend.
 Three months and nine months ended Aug. 31, 1993
 Three Months Nine Months
 Ended Aug. 31 Ended Aug. 31
 1993 1992 1993 1992
 Revenues $746,317 $501,932 $1,945,191 $1,116,752
 Costs and expenses 695,874 438,308 1,930,789 1,169,694
 Operating income
 (loss) 50,443 63,624 14,402 (52,942)
 Other (21,839) (197,636) 117,715 (110,566)
 Net income $41,604 ($134,012) $145,117 ($163,508)
 Per share $0.002 ($0.008) $0.008 ($0.010)
 -0- 10/18/93
 /CONTACT: Kevin Sullivan of Tubby's, 313-978-8829; or Mike Marcotte of Marcotte PR, 313-656-3873, for Tubby's/

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

SB-ML -- DE012 -- 3289 10/18/93 10:35 EDT
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Publication:PR Newswire
Date:Oct 18, 1993

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