BRAZIL: Brazil Fast Food reports strongly improved 4th quarter and yearly results; reports net operating profit
Brazil Fast Food Corp. (NASDAQ SmallCap: BOBS), the second largest fast-food chain operator in Brazil, with 231 points of sale, today reported operating results for its fourth quarter and year ended December 31, 2000. System-wide gross sales for the chain increased 22.7 percent to R$44.9 million for the fourth quarter of 2000, from R$36.5 million for the same period of the prior year. Same store sales were up 2.8 percent for the fourth quarter of 2000 compared with the previous year's fourth quarter. Total net operating revenue for the fourth quarter of 2000 rose more than 20 percent to R$21.0 million, from R$17.4 million for the same period of the prior year. EBITDA (earnings before interest, taxes, depreciation and amortization) were R$1.6 million for the three months ended December 31, 2000, versus R$85,000 for the fourth quarter of the previous year. The Company's net loss was R$(1.1) million, or R$(0.34) per basic common share, for the fourth quarter of 2000, compared with a net loss of R$(4.4) million, or R$(1.36) per basic common share, for the fourth quarter of 1999. The breakdown of the net loss for the fourth quarter of 2000 and 1999, respectively, is as follows: Income from operations - R$686,000 versus a loss of R$(1.0) million; interest expense - R$(1.5) million versus R$(2.1) million; and foreign exchange loss - R$(278,000) versus R$(1.3) million.
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