Industry News | August 15, 2001

Popeyes Franchisee Announces Third 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, 2001.

Revenue for the third quarter increased to $38,479,463 from $20,906,917 in the same period last year. The Company reported net income for the third quarter of $308,267 or $0.06 per share compared to $299,917 or $0.06 per share a year ago. Revenue for the nine-month period ended June 30, 2001 increased to $113,324,587 from $53,367,081 in the same period last year. The net income for the nine-month period ended June 30, 2001 was $1,108,083 or $0.22 per share compared to $895,032 or $0.16 per share a year ago.

The company comparable store sales for stores owned or open more than one year were flat for the third quarter and reflects an increase of 1.7 percent for the first nine months of fiscal 2001.

"The company is pleased with its results for the quarter, however, very poor weather in the company's Louisiana and Mississippi markets during April impacted the quarter's results in a negative way,'' stated Robert S. Berg, Chairman and Chief Executive Officer.

Interfoods of America, Inc. is the largest Popeyes Chicken & Biscuits franchise partner in the United 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 166 restaurants in seven states over the past five years.