News Published By: BusinessWire
Headline: Eat at Joe's Ltd., OTC, Reports 115% Revenue Increase and 25%
Decrease in Losses in the Second Quarter vs. Immediately Preceding Quarter;
'Company's First True Operating Period' Expects Profitability in Fourth
Quarter
CHERRY HILL, N.J.--(BUSINESS WIRE)--Aug. 18, 1998--Eat at Joe's
Ltd. (OTC BB:JOES), "reflecting the first three and six month full
operating periods since opening our first restaurant last November,
today reported revenue increase of 115% and a 25% decrease in losses in
the second quarter ended June 30, 1998, as compared to the immediately
preceding quarter," it was announced Tuesday by Joseph Fiore, chairman
and chief executive officer.
Said Fiore: "Although we are reporting results of the like 1997
quarter and half year, the true comparison is with the first quarter of
1998 since that was the first full quarter in which the company had an
ongoing operation.
"Eat at Joe's now operates six theme restaurants with six more
planned for opening by year end, and an aggressive new store program
scheduled for 1999. Each of our units open more than 30 days achieved
profitability within the first month of operations, and supports our
confidence that as a company we will begin to achieve profitability
within the fourth quarter of 1998," Fiore said.
Revenues for the second quarter ended June 30, 1998 were $316,397,
as against no revenues in the same period the year before. Net loss in
the second quarter amounted to ($266,444) or ($0.02) per share, on
12,733,805 shares outstanding, as compared with no revenues and a loss
of ($128,245) or ($0.01) per share, on 12,478,977 shares outstanding in
the second quarter of 1997, which was the company's pre-operating
period.
For the six months ended June 30, 1998, revenues totaled $463,744,
and the net loss was ($622,854) or ($0.05) per share on 12,733,805
shares outstanding, against no revenues and a loss of ($167,097) or
($0.02) per share on 9,466,549 shares outstanding in the first half of
1997, which was the company's pre-operating period.
Fiore stated that, "the true comparison, however, is between the
second quarter and the immediately preceding period, and in the latest
quarter revenues rose 115% to $316,397 from $147,347 and losses
decreased 25% to ($266,444) or ($0.02) per share from ($356,410) or
($0.03) per share. We expect this trend to continue."
Eat at Joe's is a diversified restaurant organization initially
building a new chain of 1950's style diners featuring quality,
home-cooked American meals at affordable prices in an appealing and fun
atmosphere.
Except for historical matters 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. *T
EAT AT JOE'S LTD.
Condensed Statement of Operations
Unaudited
3 Months Ended June 30, 6 Months Ended June 30,
1998 1997 1998 1997
---- ---- ---- ----
Revenues $ 316,397 $ -- $ 463,744 $ --
Net Loss $ (266,444) $ (128,245) $ (622,854) $(167,097)
Net (Loss) Per Share $ (0.02) $ (0.01) $ (0.05) $
(0.02) Weighted Average Number of Common Shares 12,733,805
12,478,977 12,733,805 9,466,549
Visit the Eat at Joe's Website at: eatatjoesltd.com *T
CONTACT: The Wall Street Group Inc.
Ron Stabiner, VP, 212/888-4848
or
World Vision Financial Group
Orville Baldridge, CEO, 888/345-6060
or
Eat at Joe's Ltd.
Joseph Fiore, chairman & CEO, 914/725-2700
KEYWORD: NEW JERSEY NEW YORK
INDUSTRY KEYWORD: FOODS/BEVERAGES RESTAURANTS RETAIL
TRAVEL/AIRLINES EARNINGS
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