Industry News | May 10, 2000

Popeye's Franchisee Announces Record Revenue

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Interfoods of America, Inc., (OTCBB:IFDA), the Miami-based Popeye's Chicken & Biscuits franchisee announced its second quarter results for the quarter ended March 31, 2000.

Revenue for the second quarter increased to $19,965,480 from $7,432,948 in the same period last year. The Company reported net income for the second quarter of $288,831 or $0.05 per share compared to a net loss of $189,391 or $0.03 per share a year ago.Revenue for the six-month period ended March 31, 2000 increased to $32,460,164 from $13,475,821 in the same period last year. The net income for the six-month period ended March 31, 2000 was $595,115 or $0.10 per share compared to a net loss of $349,772 or $0.06 per share a year ago.

"We are thrilled with our performance during the second quarter, especially taking into account the fact that we absorbed 37 stores in January," says Robert S. Berg, chairman and CEO. "It is a credit to our team to be able to continually absorb our acquisition successfully."

Interfoods of America, Inc. is the largest Popeye's Chicken & Biscuits franchise partner in the United States with 91 restaurants located in five states. Through the development of new restaurants and the acquisition of existing restaurants, Interfoods of America, Inc. has grown from 11 restaurants in the Miami area to 91 restaurants in six markets over the past few years.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.