Industry News | August 23, 2000

Popeyes Franchisee Announces Another Record Quarter

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Interfoods of America, Inc. (OTCBB:IFDA), the Miami-based Popeyes Chicken & Biscuits franchisee, announced its third quarter results for the quarter ended June 30, 2000.

Revenue for the third quarter increased to $20,906,917 from $11,849,198 in the same period last year. The Company reported net income for the third quarter of $299,917 or $0.06 per share compared to a net profit of $85,099 or $0.01 per share a year ago. Revenue for the nine-month period ended June 30, 2000 increased to $53,367,081 from $25,325,019 in the same period last year. The net income for the nine-month period ended June 30, 2000 was $895,032 or $0.16 per share compared to a net loss of $264,673 or $0.05 per share a year ago.

"We're very happy with the growth performance of our stores even though we have been gearing up for the acquisition of 71 Popeyes restaurants from the RMS Family Restaurant system, late in the fourth quarter," said Robert S. Berg, chairman and chief executive officer. "We do not expect the fourth quarter results to compare favorably to the third quarter due to the one time closing expenses that are associated with this acquisition. As of this acquisition, we will be the largest Popeyes franchisee in the world and will have 163 restaurants is six markets.''

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, and well as mashed potatoes and gravy. The brand has a presence in 40 states and 23 countries worldwide.