Brazil Fast Food Corp. (NASDAQ SmallCap: BOBS), the second largest fast-food chain operator in Brazil, with 210 point of sales, yesterday reported operating results for its third quarter ended September 30, 2000.

System-wide gross sales for the chain increased 23 percent to R$37.2 million for the third quarter of 2000, from R$30.3 million for the same period of the prior year. Same store sales were up seven percent for the third quarter of 2000 from the previous year’s third quarter. Total net operating revenue for the third quarter of 2000 rose 18 percent to R$17.6 million, from R$14.9 million for the same period of the prior year. EBITDA were R$928,000 for the three months ended September 30 versus R$314,000 for the third quarter of the previous year – an increase of 196 percent. The Company’s net loss was R$(824,000), or R$(.25) per basic and diluted share, for 2000’s third quarter, compared with a net loss of R$(1,959,000), or R$(.61) per basic and diluted share, for the third quarter of 1999. The breakdown of the net loss is as follows: For the third quarter of 2000 and 1999, respectively, the Company reported income from operations of R$14 versus a loss of R$(485), interest expense of R$(683) versus R$(924), and a foreign exchange loss of R$(155) versus R$(550).

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Total net operating revenue for the nine months ended September 30 increased 13 percent to R$50.8 million, from R$45.0 million for the same period of the prior year. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the nine months ended September 30, 2000 were R$2.5 million versus R$986,000 for the same period of 1999 – an increase of 151 percent. System-wide gross sales for the chain increased 23 percent to R$110.1 million for the nine months ended September 30, 2000, from R$89.7 million for the comparable period of the previous year. Same store sales for the first nine months of 2000 increased 10.2 percent from the prior year’s first three quarters. The Company reported a net operating loss of R$(196,000) for the nine months ended September 30, 2000 – an improvement of R$1,184,000 from the R$(1,380,000) net operating loss of for the first nine months of 1999. The net loss for the nine months ended September 30, 2000, was R$(2.2) million, or R$(.69) per basic and diluted share, compared to R$(6.5) million, or R$(2.00) per basic and diluted share for the first nine months of 1999.

Peter van Voorst Vader, president and CEO of Brazil Fast Food Corp., commented, “It is very gratifying to see our strategies affecting our numbers in such a meaningful and positive way. We have continued our focus on expanding our chain and have stepped up our efforts to ensure the success of each individual store with effective marketing campaigns and new services, such as our recently announced Internet-based delivery program. And, of course, we remain committed to offering variety, flexibility and high-quality, great-tasting food.”

Brazil Fast Food currently has 210 point of sales in its chain. Brazil Fast Food Corp., through its wholly owned subsidiary, Venbo Comercio de Alimentos Ltda., a limited liability company that conducts business under the trade name “Bob’s,” owns and operates (both directly and through franchisees) the second largest chain of hamburger fast food restaurants in Brazil. This press release may contain certain forward-looking statements, which are subject to change. Actual results may differ from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company’s financial results are included in the Company’s Form 10-K for the year ended December 31, 1999. 

BRAZIL FAST FOOD CORP.
 Financial Highlights (Unaudited)1
 (In thousands, except shares and earnings per share)
 
 
                               For the Three           For the Nine
                                Months Ended           Months Ended
                             9/30/00    9/30/99     9/30/00    9/30/99
 
 System-Wide Sales          R$37,156   R$30,298   R$110,130   R$89,744
 
 Net Operating Revenue        17,559     14,852      50,828     45,008
 
 EBITDA (2)                      928        314       2,477        986
 
 Income (Loss) From Operations    14       (485)       (196)    (1,380)
 
 Interest Expense               (683)      (924)     (1,893)    (2,960)
 
 Foreign Exchange Gain (Loss)   (155)      (550)       (146)    (2,145)
                                -----      -----       -----     ------
 
 Net Income (Loss)              (824)    (1,959)     (2,235)    (6,485)
 
 Net (loss) Per Share,
   Basic and Diluted          R$(.25)    R$(.61)     R$(.69)   R$(2.00)
 
 Weighted Average
   Shares Outstanding      3,235,290  3,235,290   3,235,290  3,235,290

1. Expressed in Brazilian Reais. 2. Earnings before interest, taxes, depreciation and amortization.

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