Afton Food Group reports positive numbers for 2001

May 8, 2002

BURLINGTON, Ontario -- Afton Food Group Ltd. (TSE: AFF) announced its system sales rose 4.9 percent to CAN $176.3 million (U.S. $112.2 million), and revenue increased 4.8 percent to CAN $30.9 million (U.S. $19.7 million) for the 12 months ended December 31, 2001.

Earnings before income tax, depreciation and amortization decreased 7 percent to CAN $7.2 million (U.S. $4.4 million) from CAN $7.8 million (U.S. $4.8 million) in the same period a year ago.

In April, Afton announced its plan to merge with Pizza Delight Corp. The combined operations would position the merged company among the top-five restaurant chains in Canada, with in excess of 700 locations and approximately CAN $400 million (U.S. $255 million) in system sales.

Afton brands include: 241 Pizza, Robin's Donuts, Ruffage, Donut Delite Cafe and Mrs. Powell's Bakery Eatery.

Topics: Public Companies

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