Industry News | May 16, 2001

Quizno's Profitable in 2Q

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The Quizno's Corporation (Nasdaq: QUIZ), which franchises and owns and operates Quizno's Subs restaurants, announced it posted a profit of $360,619, or $.12 per diluted share, in the 2nd quarter of fiscal 2001 ending March 31, compared to a profit of $129,709, or $.03 per diluted share, for the same period ended March 31, 2000.

The company reported a loss of $1.7 million, or $.66 per diluted share, for the first six months of this fiscal year, compared to a profit of $515,143, or $.14 per diluted share, for the comparable six months of 2000. The loss was due to non-recurring expenses of $3.4 million posted in the 1st quarter of 2001. The company's core business of franchise operations and company restaurants has remained profitable in 2001 year-to-date.

Total revenue in the 2nd quarter was $13.3 million, up 37 percent over $9.7 million in the same quarter of 2000. Year-to-date revenue is up 39 percent to $25.7 million in the six months ending March 31, 2001, compared to $18.5 million for the six months ended March 31, 2000.

A total of 113 new Quizno's Subs restaurants opened in the 2nd quarter, including 15 internationally, and 116 new franchises, including 7 international, were sold. Today there are more than 1,200 Quizno's operating throughout the U.S. and Puerto Rico as well as in eight foreign countries.

Domestic system wide sales grew to $87.8 million in the recent quarter, up 37 percent over the $63.9 million in the same quarter of 2000. Same store sales increased 9.5 percent in the 2nd quarter fiscal 2001 over the 2nd quarter fiscal 2000.

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