Kahala Corporation, which owns and franchises five quick service restaurants, reported that a total of 10 new outlets opened during the second quarter of 2002. Of those, one Surf City Squeeze juice bar was launched in the Muscat City Center in Oman and another the Sharjah City Center in the United Arab Emirates (UAE). He remaining seven restaurants were opened throughout the US.
Kahalaalso announced its earnings for the second quarter of 2002 of $250,548 or $0.01 per share, compared to earnings of $9,558 or ($0.02) per share, during the second quarter of 2001. For the first six months of 2002, Kahala Corp. reported net income of $367,867 or $0.02 per share, compared to net income of $119,473 or ($0.04) during the same six-month period of 2001.
The net loss per share, despite the positive earnings, for both the three and six month periods ending June 30, 2001 was caused by dividends paid on the company's preferred stock during such periods of 2001. The company's board of directors approved the suspension of the quarterly dividends payable on all three of the company's outstanding classes of preferred stock effective December 1, 2001 until further notice.
Kahala Corp. owns and franchises the following quick service restaurants: Ranch*1, Surf City Squeeze, Frullati Cafe and Bakery, Rollerz and Tahi Mana. Ranch*1 specializes in the sale of grilled chicken products. Both Surf City Squeeze and Frullati Cafe and Bakery are franchisers of juice bars/smoothie stores and healthy food cafes throughout the United States, Canada and the Middle East.
Rollerz is a franchiser and operator of retail stores serving rolled sandwiches and blended fruit drinks/smoothies, and Tahi Mana is a franchiser and operator of scaled down health food supplements stores centered around a juice bar, primarily in health clubs and other strategic retail locations. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
