On December 20, New World Coffee-Manhattan Bagel, Inc. (Nasdaq: NWCI – news) reported consolidated net revenues of $6.2 million for the eight weeks ended November 21, 1999, an increase of 209% from consolidated net revenues of $2.0 million for the same period in fiscal 1998.
Manufacturing revenues increased to approximately $4.2 million for the current period from $87,000 for the corresponding 1998 period, while franchise related revenues increased to $814,000 from $38,000, and Company store revenues decreased to $1.2 million from $1.9 million due primarily to the sale of Company-owned stores. New World is in the process of selling its company-owned stores to franchisees.
The figures for the 1999 period include the results of Manhattan Bagel Company, Inc., which the Company acquired in November 1998.
For the 47 weeks ending November 21, 1999, consolidated revenues increased 158% to $35.8 million from $13.9 million a year earlier.
Year-to-date manufacturing revenues increased to $22.6 million from $410,000 in the corresponding 1998 period, while franchise related revenues advanced to $5.1 million from $2.3 million, and Company store revenues declined to $8.1 million from $11.1 million.
New World Coffee-Manhattan Bagel Inc. currently franchises, licenses or owns stores under its four brands in 27 states and Washington, D.C. The Company is vertically integrated in bagel dough and cream cheese manufacturing, and coffee roasting, with plants in New Jersey, California and Connecticut.
