USA: Austins Steaks & Saloon, Inc. Reports Second Quarter Results
Austins Steaks and Saloon, Inc. (OTC Bulletin Board: STAK) today reported results for its second quarter ended June 30, 2000. Net income for the second quarter of 2000 was $243,360 compared to a net loss of $282,272 for the second quarter of 1999. Year to date net income was $412,151 for the six months ended June 30, 2000 compared with net income of $169,511 for the 1999 six-month period. Revenues for the three and six month periods ended June 30, 2000 were $11,920,918 and $23,044,356, respectively, and represent increases of 16% and 15% over the corresponding amounts of $10,239,162 and $19,983,094 for the respective three and six month periods of 1999."The merger between Austins Steaks and Saloon, Inc. and the WesterN SizzliN Corporation was effective July 1, 1999. The ensuing twelve months has seen the Company undergo a significant amount of changes," commented Victor F. Foti, President and Chief Executive Officer. "The merger, along with our recent short term lease agreement with Franchise Finance Corporation America for 97 Quincy's units has the Company positioned for growth in the second half of 2000 and beyond," continued Foti.Austins Steaks and Saloon, Inc., the parent company of the WesterN SizzliN Corporation operates or franchises 232 units in twenty-four states. For more information on the Company, which trades under the symbol STAK on the OTC Bulletin Board, please contact Robert N. Collis, II, Vice President and Chief Financial Officer.
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