Friendly Ice Cream Corporation, based in Wilbraham, Mass., has reported operating income of $4.1 million for the first quarter of 2002.
Comparable restaurant revenues increased 8.8 percent in the 2002 quarter. Food service and franchise revenues increased 48 percent and 36 percent, respectively, when compared to the prior year. For the three months ended March 31, 2002, the net loss was $1.6 million, or 22 cents per share, as compared to a net loss of $3.2 million, or 43 cents per share, for the three months ended April 1, 2001.
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Total revenues for the first quarter ended March 31, 2002 were $131.5 million as compared to $125.7 million for the first quarter ended April 1, 2001. The company’s strong revenue gains were offset by an $11.9 million reduction in restaurant revenues as a result of the strategic decision to close under-performing restaurants as well as to sell selected company restaurants to franchisees.
