USA: Creative Host Services, Inc. Turns Profitable -- Second Quarter 2000 Revenues Increase 16 Percent; EBITDA Increases 48 Percent
Creative Host Services, Inc. (Nasdaq: CHST) today announced its financial performance for the three months ended June 30, 2000. Revenues for second quarter 2000 were $5,191,780, an increase of 16 percent over second quarter 1999 revenues of $4,476,706. For the quarter, Creative Host realized profitability of $146,867 and gained $0.02 per share, compared to breaking even in the second quarter 1999. Second quarter 2000 EBITDA continued its strong growth to $557,432 over second quarter 1999 EBITDA of $376,146, resulting in a 48 percent increase.To date, Creative Host's revenues total $9,678,562, an increase of 11.8 percent over the six-month earnings of 1999, which reached $8,654,802. The Company's gross profit for the six months ended June 30 are reported at $6,626,519, up from $5,995,005 in 1999.The Company's cash position continues to significantly increase as it positions itself for growth through acquisitions. Creative Host is actively pursuing suitable candidates and has recently announced the signing of a letter of intent with GladCo Enterprises, a Pittsburgh-based $10.5 million airport concession company.Sayed Ali, President and Chief Executive Officer of Creative Host Services, Inc., commented, "We are proud of our accomplishment of gaining profitability this quarter and are expecting this trend to continue. I feel these profitable results highlight the hard work management has maintained as we continue on our course of growth through acquisitions and obtaining additional airport restaurant locations."
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