USA: Friendly Ice Cream Corporation reports 67 percent increase in second quarter net income
Friendly Ice Cream Corporation yesterday reported that net income for the second quarter of 2001 was $5.0 million, or $.68 per share, a 67% increase as compared to net income of $3.0 million, or $.40 per share, for the quarter ended July 2, 2000. The growth in second quarter net income was the result of a 1.4% increase in comparable restaurant sales revenue, an improvement of 1.4 percentage points in restaurant margins and $3.8 million in gains from re-franchising sales. Exclusive of restructuring charges, write-downs, gains on franchise sales and dispositions of other properties and equipment, income before income taxes increased by $1.1 million, or 35%, to $4.2 million for the second quarter of 2001 from $3.1 million in the same quarter of 2000.
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