Eateries, Inc. owns, operates and franchises 73 restaurants under the names Garfield's Restaurant and Pub, Garcia's Mexican Restaurants, and Pepperoni Grill and Italian Bistro Restaurants in 26 states. They just reported earnings of 0.14, up 133% over 0.06 for the same qtr. last year. Sales increased by 66% to 23.6 million for the quarter.
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In November 1997, Eateries, Inc. acquired 17 Mexican restaurants from Famous Restaurants, Inc. for approximately $8.6 million and the assumption of certain payables. In February 1998, Eateries sold three of these restaurants for $5.3 million to Chevy's Mexican Restaurants. The proceeds received from this transaction were used to pay down debt from the acquisition. In connection with this transaction, the Company entered into an agreement to sell one additional unit subject to the transfer of the liquor license associated with that restaurant. Management anticipates this sale will be finalized in the second quarter.
Eateries, Inc. Chairman & President, Vincent Orza, was recently quoted as saying, ''The sale of these four restaurants to Chevy's presented Eateries the opportunity to return to a nearly debt free status in 1998. As a result of the strength of the Company's balance sheet, management is aggressively pursuing another acquisition. It is our desire to acquire another 20-50 unit American, Mexican or Italian chain restaurant concept that will fit well with our existing operations.''
For additional information, contact Vincent F. Orza, Jr. or Corey Gable at 3240 W. Britton Road, Oklahoma City, Oklahoma 73120 or call
405/755-3607 or FAX: 405-751-7348.
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