Eat at Joe's Ltd., OTC, Reports 158% Revenue Increase in the Third Quarter
Business Wire - November 17, 1998 12:05
CHERRY HILL, N.J.--(BUSINESS WIRE)--Nov. 17, 1998--Eat at Joe's Ltd. (OTC BB: JOES), "after a 158% increase in revenue
and an 82% reduction in operating losses for its third quarter ended September 30, 1998 versus the immediately preceding
second quarter, Eat at Joe's remains on target toward reaching profitability on an operating basis in the current fourth quarter,"
stated Joseph Fiore, chairman and chief executive officer. Fiore noted that although the company is reporting results of the like
1997 third quarter, the true comparison is with the second quarter of 1998 since the company had no revenues in the year ago
1997 third quarter.
Revenues for the third quarter ended Sept. 30, 1998, increased 158% to $817,129 versus $316,397 for the immediately
preceding second quarter, and against no revenue for the comparable third quarter period in 1997.
Net loss from continuing operations decreased 82% to $47,858 versus an operating loss of $266,479 for the immediately
preceding second quarter, and an operating loss of $217,208 for the year ago 1997 third quarter.
The net loss for the third quarter ended Sept. 30, 1998, was $255,740, or $.02 per share, on a weighted average of 12,823,854
shares then outstanding, versus a net loss of $216,113, or $.01 per share, in the year ago third quarter on a weighted average of
12,478,428 shares then outstanding. Included in the 1998 third quarter net loss is a preferred dividend payment of $129,647.
For the nine months ended Sept. 30, 1998, Eat at Joe's reported revenue of $1,280,873 compared with no revenue for the first
nine months of 1997. Net loss from the continuing operations for the 1998 nine months was $771,485 versus net loss from
continuing operations of $386,237 for the like 1997 period.
The net loss, after preferred dividend payments of $721,302, was $1,669,626, or $.13 per share, on 12,766,448 weighted
average shares outstanding. This compares with a net loss for the 1997 nine month period of $383,230, or $.02 per share, on
10,475,680 weighted average shares then outstanding.
"With eight restaurants now open and fully operational, and three additional restaurants currently under construction, Eat at Joe's
is on target with its goal of 10-12 restaurants to be opened in its first full year of operation. The new units are in Plymouth Meeting
Mall, Pa.; Owings Mills Mall, Md.; and Neshaminy Mall, Bensalem, Pa.," Fiore said.
Eat at Joe's Ltd. and Subsidiaries
Consolidated Statement of Operations
---------------------------------
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
---- ---- ---- ----
Revenues $ 817,129 $ -- $ 1,280,873 $ --
Net Loss
From
Continuing
Operations $ (47,858) $ (217,208) $ (771,485) $ (386,237)
----------- ----------- ------------ -----------
Net Loss $ (126,093) $ (216,113) $ (948,324) $ (383,230)
=========== =========== ============ ===========
Less:
Preferred
Dividends $ (129,647) $ -- $ (721,302) $ --
----------- ---------- ------------ -----------
Net Loss
To Common
Stockholders $ (255,740) $ (216,113) $(1,669,626) $ (383,230)
========== =========== ============ ===========
Net Loss
Per Common
Share -
Basic and
Diluted $ (0.02) $ (0.01) $ (0.13) $ (0.02)
============ =========== =========== ==========
Weighted
Average Number
of Common
Shares
Outstanding 12,823,854 12,478,428 12,766,448 10,475,680
========== ========== ========== ==========
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 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:
The Wall Street Group Inc.
32 East 57th St.
New York, N.Y. 10022
212/888-4848
Attn: Ron Stabiner
vice-president
Eat At Joe's Ltd.
Financial Division
670 White Plains Road, Suite 120
Scarsdale, N.Y. 10583 914/725-2700
Attn: Joseph Fiore
chairman & CEO
Visit the Eat At Joe's Website at: eatatjoesltd.com.
CONTACT: The Wall Street Group Inc.
Ron Stabiner, V.P., 212/888-4848
or
Eat At Joe's Ltd.
Financial Division
Joseph Fiore, chairman & CEO, 914/725-2700 |
