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May 30, 2002

CANADA: Humpty’s says Q1 2002 shows company restoring to profitability

Calgary, Alberta-based Humpty's Restaurants International has released its fiscal results for the Q1 ending 31 March 2002, summarised as follows:                                     Q1  2001               Q1 2002

Calgary, Alberta-based Humpty’s Restaurants International has released its fiscal results for the Q1 ending 31 March 2002, summarised as follows:

                                    Q1  2001               Q1 2002
                              Year Over Year        Year Over Year
Consolidated Revenue:             $2,124,834            $2,155,422
Net Income:                         ($33,278)              $59,641
Net Income/Share:                    ($0.003)                 .004
Shares Outstanding:               15,194,785            15,194,785

The company said that during the three-month period, operating results reflect a considerable improvement year on year. A net income of C$59,641, compareed to a negative net income of C$33,278 in 2001 fiscally represents the measures undertaken in 2001 to restore the company to profitability.

Year on year Q1 combined revenue (franchise revenue and restaurant operations) increased 1.4% through the period from C$2.125m (Q1/01) to C$2.155m (Q1/02). Although franchise revenue decreased 4.4% expenses also decreased by over 10% resulting in a net gain of C$25,751 from 2001. Restaurant operations also improved significantly from Q1 2001 by recording sales increases of 5.5% while decreasing the cost of sales by 1.1%. As a result, restaurant operations produced a surplus of C$16,889 in 2002, compared to a negative amount of C$36,152 in the Q1 2001.

Balance Sheet ratios were consistent with the year-end results and the company said that these should continue to improve throughout fiscal 2002 as it continues to pay down the current portion of its long-term debt.

EBITDA for the period improved noticeably from C$193,115 or C$0.013/share (Q1/01) to C$321,345 or C$0.021/share (Q1/02).

Currently, Humpty controls 57 outlets, located from BC to Ontario. The company said that interest from prospective franchisees continues to be strong however, as stressed at its recent franchisor/franchisee conference, the company will focus in 2002 and beyond more diligently on increasing same store sales.

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