AAFG news out. Closing on acquistion soon. At it's dip,now.
Jimbo
(PR NEWSWIRE) DJ: All American Announces Second Quarter Results; Losses Na
DJ: All American Announces Second Quarter Results; Losses Narrow; Sets Closing
For Benny's
SOUTH PLAINSFIELD, N.J., June 22 /PRNewswire/ -- Goldberg's New York Bagels,
the franchised bagel chain of All American Food Group, Inc. (Nasdaq: AAFG)
announced today its results for its second fiscal quarter ending April 30,
1998. The net loss for the period was $513,834, a 60% reduction from the net
loss recorded during the first quarter. The improved results, according to
Andrew Thorburn, the company's CEO were the result of the successful
restructuring program announced three months ago. "The combination of a 46%
increase in revenue, and greater operating efficiencies have put the Company
solidly on the road to profitability. With continued progress, and the
upcoming closing of our Benny's Bagels acquisition, we are projecting a
profitable operations result for our fourth quarter, ending October 31,
1998.
The Company also announced that based on its continuing due diligence, it
was on track to close its previously announced acquisition of Benny's
Bagels, a Dallas, TX-based bagel chain, on July 8, 1998.
This press release contains forward-looking statements. The Company's
actual performance might differ materially from that projected in such
forward-looking statements for numerous reasons, including those contained
in the Company's Annual Report on Form 10-KSB and other periodic reports
filed with the Securities and Exchange Commission.
/CONTACT: Andy Thorburn, All American Food Group, Inc., 908-757-3022; or
Paul Cornell, Stockbroker Relations, Inc., 813-636-0590/
11:11 EDT
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