HUDSON, Ohio -- Dairy Mart Convenience Stores, Inc. announced revenues for its fiscal 1999 third quarter ended Oct. 31, 1998 increased $7.9 million or 6.7 percent, to $126.2 million from $118.3 million last year.
Continued improvement in profitability yielded net income of $601,000, or $.13 per share, for the third quarter of fiscal 1999, a turnaround from a net loss of $310,000, or $0.07 per share, a year ago. Earnings before interest, taxes, depreciation, and amortization increased to $6.6 million for the current quarter, from $4.4 million in the prior-year third quarter.
Dairy Mart terminated an ATM agreement because of insufficient transaction volume during the third quarter. The agreement, which began in May, 1997, affects approximately 500 Dairy Mart stores. It was originally for five years, but Dairy Mart's former partner in the agreement has agreed to pay Dairy Mart a termination fee in lieu of ongoing payment obligations. Dairy Mart is reviewing alternative ATM programs.
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