THE QUIZNO'S CORPORATION MORE THAN DOUBLES
PREVIOUS RESTAURANT OPENINGS RECORD IN 2Q 1997
DENVER, Colorado - The QUIZNO'S Corporation (Nasdaq: QUIZ) reported today it
opened a record 40 franchised QUIZNO'S Classic Subs restaurants in the second
quarter ending June 30, 1997. This is more than double the previous record
set for restaurant openings in one quarter which was 19 opened in the third
quarter of 1996.
President & CEO Richard E. Schaden, who released preliminary results for the
second quarter, said the chain is on track to continue a similar pace of
restaurant openings through the rest of the year. Schaden added that the
large volume of openings is due to continuing increased activity by QUIZNO'S
Area Directors, who currently are actively developing 80 markets across the
U.S. and in British Columbia, Canada, and increased visibility for the
QUIZNO'S concept nationwide.
"We are very pleased with the continued growth of the chain during the second
quarter," said Schaden. "We believe we remain on track to become the number
three sub sandwich chain in terms of number of units open and that royalties
will grow to a level sufficient to cover franchise support expenses by the end
of 1997".
In the second quarter, the first college campus QUIZNO'S Express unit began
operating at San Antonio Community College in San Antonio, Texas. In
addition, seven new mall food court units opened, bringing to 22 the number of
mall food court locations open across the country. QUIZNO'S entered seven new
markets; including San Antonio; Redondo Beach, California; Spokane,
Washington; Peoria, Illinois; Florence, Kentucky; Kernersville, North Carolina
and Huntsville, Alabama, which is the first QUIZNO'S opening in Alabama.
Eight QUIZNO'S Classic Subs restaurants opened in Texas, bringing the total
number open here to 16.
In the second quarter of 1997, QUIZNO'S also reported 38 new franchises sold
and three Area Director agreement were signed to develop Springfield, Joplin
and Pittsburgh, Missouri; Charlotte, North Carolina and Greenville, South
Carolina; and Dade and Monroe Counties in Florida. In addition, two Area
Directors expanded their existing agreement to include new areas throughout
Los Angeles County.
The chain, which is expanding nationally, currently has QUIZNO'S Classic Subs
restaurants open in 29 states and Canada, including: Alabama, Arizona,
California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Iowa,
Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Montana, Nebraska,
New Mexico, North Carolina, North Dakota, Ohio, Oregon, Tennessee, Texas,
Utah, Virginia, Washington, Wisconsin and British Columbia, Canada.
QUIZNO'S, a quick-service, Italian-style deli concept which serves signature
oven baked QUIZNO'S Classic Subs, has been a popular Denver-based chain for 16
years and has grown from 18 restaurants open in 1991 when Rick Schaden and his
father, Dick Schaden, purchased the company to more than 200 restaurants open
today.
This release contains forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995) that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties
include the effects of national and regional economic and market conditions,
the eating habits of the American public, cost of labor and employee benefits,
costs of marketing, intensity of competition for locations as well as
customers, perception of food safety, legal claims and the availability of
financing for the Company and its franchisees. Such risks are detailed from
time to time in the Company's reports filed with the SEC, including the report
on Form 10-KSB for the year ended December 31, 1996.
For more information, contact: Deb Leider, QUIZNO'S Communications line, (303)
706-9338 or Sue Hoover, the QUIZNO'S Corporation, (303) 291-0999, ext. 3321