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TUBBY'S REVENUES HIT RECORD HIGH

 DETROIT, July 13 /PRNewswire/ -- Tubby's, Inc. (NASDAQ: TUBY) posted record revenues and an earnings turnaround for its second quarter and first half ended May 31, 1993, Alex Bardy, Tubby's president and CEO announced.
 Revenues for the quarter rose 91 percent to $605,187, from $316,819 in 1992's second quarter. Bardy said the positive revenue growth reflects continued strong systemwide sales, additional SubShops online, and higher vendor- and franchise-fee income.
 Net income was $55,982, equivalent to $0.003 per share, showing a sharp recovery from 1992's second-quarter net loss of $15,419, or $0.001 per share. Bardy noted that net income was helped by a gain of $152,090 from the sale of the company's headquarters building. The majority of the proceeds of $470,000 was used for debt reduction which will improve cash flow and reduce interest expense. The company will move to nearby Sterling Heights, Mich., next month.
 For the first half, revenues rose 95 percent, to a record $1,198,874, from $614,820 the year before. Aided by the gain on sale of the headquarters building, the company posted a net profit of $103,513, equivalent to $0.006 per share, versus a net loss of $29,496, equal to $0.002 per share at fiscal 1992's midpoint.
 Bardy said the company is expanding and upgrading the Cafe Express at Sears Fairlane. He noted that openings at four additional Sears/Cafe Express sites are planned for September and October. Two of the sites -- in Grand Rapids, Mich., and Dayton, Ohio -- will open new markets for the company.
 Bardy said the company expects to continue its momentum into the third quarter and second half.
 TUBBY'S, INC.
 3 Months Ended 6 Months Ended
 May 31 May 31
 1993 1992 1993 1992
 Revenues $605,187 $316,819 $1,198,874 $ 614,820
 Costs & Expenses 697,397 374,211 1,234,915 731,386
 Operating
 Income (Loss) (92,210) (57,392) (36,041) (116,566)
 Other Income
 (Expense) 148,192 41,973 139,554 87,070
 Net Income (Loss) 55,982 (15,419) 103,513 (29,496)
 Per Share $ 0.003 $(0.001) $ 0.006 $ (0.002)
 Founded in Michigan, Tubby's, Inc. is the franchisor for Tubby's SubShops and Stuff Yer Face Restaurants with 58 stores in Michigan, Ohio, Illinois and New Jersey. The company also operates Cafe Express SubShops in Sears stores with five stores expected to be online by fiscal yearend.
 -0- 7/13/93
 /CONTACT: Alex Bardy, president and CEO of Tubby's, Inc., 313-296-1270; or Mike Marcotte of Marcotte PR Counselors, 313-656-3873, for Tubby's, Inc.
 (TUBY)


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

DD-ML -- DE002 -- 0779 07/13/93 09:45 EDT
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Publication:PR Newswire
Date:Jul 13, 1993
Words:449
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