Industry News | February 14, 2001

Popeyes Announces First Quarter Results

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Interfoods of America, Inc., (OTCBB:IFDA). Interfoods of America Inc., the Miami-based Popeyes Chicken & Biscuits Franchisee announced its first quarter results for the quarter ended December 31, 2000. The company reported total revenues of $36,842,626 compared to total revenue of $12,494,684 for the quarter ended December 31, 1999, an increase of 195%. The increase in revenue was primarily attributable to the sales generated by the company's acquisition of 37 restaurants in Mississippi and Louisiana in January and 73 restaurants in Central and Northern Florida and Georgia in September of Fiscal Year 2000. Store sales for those stores owned and operated at least one full year were comparable to the prior year. EBITDA for the company increased to $4,409,717 for the quarter as compared to $1,069,393 for quarter ended December 31, 1999. The company reported net income after tax of $363,913 or .07 per share for the quarter ended December 31, 2000 as compared to $306,284 or .05 per share for the prior year. "We certainly are pleased with our results for the first quarter and are very excited about the results that can be achieved, once the restaurants that were acquired last fiscal year are fully absorbed into our unique and proven system of operating stores,'' stated Robert S. Berg, Chairman and CEO of Interfoods of America, Inc. Popeyes Chicken & Biscuits is the second-largest chicken chain in the world in terms of sales. It 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.