(BSNS WIRE) Eat at Joe's, Ltd. Announces Second Consecutive Quarter of P
Eat at Joe's, Ltd. Announces Second Consecutive Quarter of Positive Cash Flow
on an Operating Basis
Business Editors
TORONTO--(BUSINESS WIRE)--May 19, 1999--Eat At Joe's, Ltd. (OTC
BB:JOES;BERLIN:JOS), is pleased to announce that "the company reported
its second consecutive profitable quarter on an operating basis for
the first quarter ended March 31, 1999, with a gain in sales to
$846,995 from $147,347 for the comparable quarter of 1998," stated
Gino Naldini, President and Chief Operating Officer of Eat at Joe's,
Ltd. Net operating profit for the quarter was $39,461, compared with
an operating loss of ($372,638) for the same period in 1998.
Gary Usling, Chief Financial Officer of Eat at Joe's, Ltd.,
stated that, "when interpreting the first quarter 1999 financial
information, it is important to note that the company produced an
overall operating profit of $39,461. The continued increase in revenue
and operating profitability was primarily due to economic efficiencies
that continue to be implemented within existing units and the further
reduction in General Administrative Expenses. The financial statements
reflected a loss of ($168,809) due to non-cash expenses, such as
accrued interest payments and depreciation/amortization. The ($54,144)
in accrued interest payments will be paid in stock and the ($154,306)
depreciation/amortization expense is a non-cash expense to the
company."
"The opening of the Koo Koo Roo Humbertown location in Toronto
has marked the company's first step toward reaching our commitment of
doubling the number of operating units in 1999. The company
anticipates that within 45 days, two additional Koo Koo Roo units
operated by the company's Canadian subsidiary, will come underneath
the Eat at Joe's, Ltd. umbrella. We are strategically positioning
ourselves and working diligently toward increasing shareholder value
in the coming months. Mr. Naldini and I continue to cut General
Administrative Expenses while consolidating operating entities
wherever possible. On the acquisition front, we anticipate news before
reporting second quarter earnings," said Usling.
Eat at Joe's serves home-cooked American meals at eight
diner-style restaurants in southern New Jersey, Pennsylvania and
Baltimore, Maryland. Two additional restaurants are under
construction, while others are in planning stages.
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EAT AT JOE'S, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
September 30,
1999 1998
--------------------------------
Revenues $ 846,995 $ 147,347
Net Loss From
Continuing Operations $(114,665) $(394,589)
---------------------------------
Net Loss $(168,809) $(488,252)
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Net Loss Per Common Share-
Basic and Diluted $ (0.01) $ (0.04)
Weighted Average Number
of Common Shares Outstanding 17,946,689 12,733,805
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Except for historical matter contained herein, the matters
discussed in this press release are forward-looking statements and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect assumptions and involve risks and uncertainties which may
affect Eat at Joe's, Ltd.'s business and prospects and cause actual
results to differ materially from these forward-looking statements.
For further information, please contact:
Porter, LeVay & Rose, Inc. Eat at Joe's, Ltd.
Seven Penn Plaza 670 White Plains Rd., Ste. 120
New York, NY 10001 Scarsdale, NY 10583
(212) 564-4700 (914) 725-2700
ATTN: Charles Southworth ATTN: Amanda E. Johnson
Account Executive Investor Relations
Visit the Eat at Joe's Website at: eatatjoesltd.com
--30--cl/ph*
CONTACT: Eat at Joe's, Ltd.
Amanda E. Johnson, Investor Relations
914/725-2700
or
Porter, LeVay & Rose, Inc.
Charles Southworth, Account Executive
212/564-4700 |
