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TurboChef reports losses amid revenue increases

August 18, 2002

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DALLAS -- TurboChef Technologies (Nasdaq:TRBO), a maker of high-speed ovens for the foodservice industry, reported that revenues for the second quarter 2002 (ended June 30) were $905,000, compared to $778,000 in the same period in 2001.

Operating expenses in the quarter rose to $2.2 million, compared to $1.8 million in the same quarter last year. The company's net loss for the quarter was $1.8 million, compared to a net loss of $1.6 million for the same period last year.

TurboChef's six-month revenues for the period ended June 30 were $2.7 million, compared to $1.3 million for the same period last year.

Operating expenses for the period totaled $4.2 million, compared to $3.5 million for the same period last year. Net loss for the period was $3.2 million, compared to $3.3 million for the first six months of 2001.

A company release said the increased costs were associated with direct sales, marketing activities and certain non-recurring items.

The company also reported its C-3 counter-top ovens have been installed in 160 Subway stores. The sandwich chain started using the ovens in select markets last year for baking individual pizzas.