Industry News | May 5, 2000

Popeye's Announces 1Q Results

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Interfoods of America Inc. (OTCBB:IFDA), the Miami-based Popeye's Chicken & Biscuits franchisee announced on February 14 its first quarter results for the quarter ended Dec. 31, 1999.

The company reported total revenue of $12,494,584 compared to total revenue of $6,042,873 for the quarter ended Dec. 31, 1998, an increase of 107%. The increase in revenue was attributable to comparable sales increases of 11.1% for stores owned and operated at least one full year and sales generated by the company's acquisition of 19 stores in Missouri and Louisiana and the opening of five additional new stores during last year. EBITDA for the company increased to $1,192,153 for the quarter as compared to a negative of $25,606. The company posted a profit after tax of $306,284 or .05 per share for the quarter as compared to a loss of $160,381 or .01 per share for the first quarter ended Dec. 31, 1998.

"We certainly are pleased with our results for the first quarter and are very excited about the results that can be achieved, once the January acquisition of 37 new stores in Mississippi and Louisiana are absorbed," stated Robert S. Berg, chairman and chief executive officer.

Popeye's Chicken & Biscuitst offers unique Cajun, or New Orleans, style chicken along with side dishes that include red beans and rice, shrimp and crawfish, as well as mashed potatoes and gravy. The brand has a presence in 40 states and 23 countries worldwide.