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Lucor, Inc. Reports Results for First Quarter

17 May 2000

Lucor, Inc. Reports Results for First Quarter

    RALEIGH, N.C.--May 16, 2000--Lucor, Inc. , the largest Jiffy Lube franchisee in the United States, today announced net sales of $25,709,510 for the first quarter of 2000, up 74% from sales reported for the first quarter of 1999.
    This increase in sales reflects an additional 74 stores over the number owned at the end of the first quarter in 1999. Same store sales were up 6.2% over the previous quarter despite a significant snowstorm that closed and curtailed activity in Virginia and North Carolina with a revenue loss from the storm estimated at $850,000.
    Stephen P. Conway, Chairman and Chief Executive Officer stated, "Although the first quarter results were affected by a number of factors, including unusually bad weather, oil price increases and conversion costs, the operations performed well and we made good progress on our strategic incentives and plans for the year 2000."
    The Company recorded a net loss of $156,632, or $0.06 per share for the first quarter, compared to a net loss of $242,941 or $0.09 for the first quarter 1999.
    Income from operations was $1,160,108 for the first quarter 2000 compared to an operating income of $470,491 for the same period in 1999.
    Lucor ended the quarter with 216 service centers in operation, up 74 stores from the end of the quarter the previous year.
    

                              LUCOR, INC.
                   Consolidated Statements of Income
                              (Unaudited)

  
                                          Three Months Ended
                                   March 31, 2000       March 31, 1999


Net Sales                             $25,709,510          $14,794,700
Cost of Sales                           5,855,020            3,262,580
Gross Profit                           19,854,490           11,532,120

Costs and expenses:
   Direct                               9,821,920            5,392,782
   Operating                            4,886,826            3,016,874
   Depreciation                           932,526              598,730
   Selling, general and 
    administrative                      3,053,109            2,053,243

                                       18,694,381           11,061,629

Income from operations                  1,160,109              470,491
Other income                              161,590               56,592
Interest expense                       (1,409,830)            (735,024)

Loss before provision of 
 income taxes                             (88,131)            (207,941)
Provision for income taxes                 33,500                    0
Net loss                                 (121,631)            (207,941)
Preferred dividend                        (35,000)             (35,000)
Net loss available to common 
 shareholders                           ($156,631)           ($242,941)
Average number of common 
 shares outstanding                     2,834,685            2,823,788
Basic loss per common share 
 outstanding                               ($0.06)              ($0.09)