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Main Street Restaurant Group Inc. Announces 2005 Third Quarter Results.

Article Excerpt
PHOENIX -- Main Street Restaurant Group Inc. (NASDAQ: MAIN), the world's largest franchisee of T.G.I. Friday's restaurants, the owner and operator of the Bamboo Club - Asian Bistro, the Redfish Seafood Grill and Bar restaurant concepts and operator of one Alice Cooper'stown restaurant, today announced its operating results for the third quarter ended Sept. 26, 2005.

For the quarter, the company generated revenues of $59.1 million, a 7.8% increase compared with the year-ago quarter. The sales gain was primarily due to a company-wide same-store sales increase of 8.1%, the majority of which resulted from higher customer traffic. In the third quarter of last year, company-wide same store sales grew 1.1%.

For the third quarter, the company reported a net loss of $(236,000), or $0.01 per fully diluted share, compared with net income of $117,000 (as restated), or $0.01 per fully diluted share in the same quarter last year.

The company's operating cash flow, known as EBITDA, was $3.2 million for the three months ended Sept. 26, 2005, compared with $3.5 million in the third quarter last year. The computation of quarterly and year-to-date EBITDA can be found in Appendix A, attached to this press release.

For the nine months ended Sept. 26, 2005, revenues were $182.2 million, an increase of 6.9% over revenues of $170.5 million for the same period last year. Same store sales increased 8.5%. Fully diluted earnings for the nine-month period were $0.16 per share on a higher share count versus $0.14 for the comparable period in 2004. EBITDA for the first nine months of 2005 was $13.3 million, a 10.8% increase over the $12.0 million from the comparable period of 2004.

Bill Shrader, president and chief executive officer, stated, "Utilizing the regularly scheduled T.G.I. Friday's value-based promotions we...