Industry News | January 24, 2001

Popeyes Franchisee Announces Year-End Results

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1/24/01--Interfoods of America, Inc., (OTCBB:IFDA), franchisee of Popeyes Chicken and Biscuits locations, recently reported year end results. For the year ended September 30, 2000, the company had total revenues of $77,589,129 compared to total revenue of $37,796,392 for the year ended September 30, 1999, an increase of 105%. 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. The remaining sales increase was due to an increase in comparable sales of 10.4% for the year, for stores owned and operated at least one full year. EBITDA for the company increased to $7,166,037 for Fiscal Year 2000 as compared to $1,837,812 for Fiscal Year 1999.

"We are pleased with the growth of the company over the past year which has exceeded our revenue and profit goals. The comparable store sales increases of 10.4% is exceptional, however comparable store sales increases for Fiscal Year 2001 are not expected to be as great as Fiscal Year 2000,'' stated Robert S. Berg, Chairman and CEO of Interfoods of America, Inc.

General and administrative expenses for Fiscal Year 2000 were $7,192,666 or 9.3% of sales compared to $3,992,330 or 10.6% for Fiscal Year 1999. The increase was primarily attributable to expenses related to the indirect costs of recent acquisitions of additional stores that were not capitalized and additional personnel needed to support the current growth.

The company reported net income $381,134 or .07 per share for Fiscal Year 2000 as compared to a loss of $146,324 or .03 per share for Fiscal Year 1999.

Popeye's 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.