Industry News | April 5, 2001

New World Announces Preliminary Results

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New York Coffee-Manhattan Bagel, Inc. releases preliminary, unaudited operating results for fiscal 2000.

Earnings before interest, taxes, depreciation, and amortization for the year ended December 31, 2000 advanced 36.7% to $7.98 million, or 17.5% of revenues, from $5.85 million, or 14.6% of revenues, in 1999. Total revenues increased 14.5% to $45.7 million from $39.9 million in 1999.

The release of the preliminary operating results coincides with the company's filing for an extension with the Securities and Exchange Commission on the issuance of its Form 10-KSB annual report for 2000. New World, its auditors and other outsie advisors are in the process of resolving the calculation of earnings per share. The audited results for the year are expected to be released around April 16.

New World Coffee-Manhattan Bagel, Inc. currently franchises, licenses or owns stores under its four brands in 26 states and Washington, D.C. The company is vertically integrated in bagel manufacturing and coffee roasting, with plants in New Jersey, California, and Connecticut.