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/REPEATING FROM AUG. 2 FOR POINTS NEEDED/

 CONSOLIDATED PRODUCTS, INC. REPORTS RECORD REVENUES AND
 OPERATING EARNINGS FOR TWENTY-NINTH CONSECUTIVE QUARTER
 INDIANAPOLIS, Aug. 2 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) reported that its third quarter revenues and operating earnings were at record levels for the twenty-ninth consecutive quarter.
 Net earnings for the forty weeks ended July 7, 1993, were $3,515,292, an increase of 22 percent over the prior year. Primary earnings per share were $.56 ($.51 in the prior year) and fully diluted earnings per share were $.41 ($.37 in the prior year).
 Third quarter net earnings were $1,437,476 reflecting a gain of 11 percent (22 percent exclusive of the prior year net gain resulting from the sale of an existing Steak n Shake unit in Louisville as part of the agreement to franchise the Louisville and Bowling Green, Kentucky, markets). Primary earnings per share were $.22 and fully diluted earnings per share were $.16 for both the current and prior year.
 Earnings per share calculations reflect an increase in the weighted average number of shares outstanding resulting from the company's sale in the first quarter of 495,000 shelf registered shares and 550,795 shares issued in connection with the ten percent stock dividend distributed on Jan. 18, 1993.
 In spite of a general slowdown in retail economic conditions in the third quarter, Steak n Shake's comparable units continued to show increased sales. New restaurants opened this fiscal year are currently producing an increased annual rate of $1,500,000 which is substantially above prior levels for new units and nearly 50 percent greater than the 1992 company-wide average.
 On July 19, 1993, in Ocala, Fla., the company opened its seventh new restaurant this year. Two additional company Steak n Shake restaurants are currently under construction, including the company's third new unit this year in the South Bend/Elkhart, Indiana, market. Upon the opening of this unit, a television marketing program will be initiated. This growth in units follows the plan of grouping stores in media markets to use its highly successful advertising and marketing programs. During the quarter, two of Steak n Shake's newest franchisees each opened their first restaurant in connection with area development agreements which provide for an additional seven units in these two media markets over the next five years.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 TWELVE WEEKS ENDED
 07/07/93 07/01/92
 Net sales $31,437,979 $29,505,547
 Total revenues 31,930,629 30,022,440
 Cost of sales 8,179,508 7,498,909
 Other costs and expenses 20,196,982 19,093,848
 Interest expense 1,166,663 1,262,286
 Earnings before income taxes 2,387,476 2,167,397
 Income taxes 950,000 875,000
 Net earnings $ 1,437,476 $ 1,292,397
 Net earnings per common and common
 equivalent share:
 Primary $.22 $.22(A)
 Fully diluted $.16 $.16(A)
 Weighted average shares outstanding:
 Primary 6,461,920 5,721,704(A)
 Fully diluted 10,047,454 9,399,379(A)
 FORTY WEEKS ENDED
 07/07/93 07/01/92
 Net sales $99,777,990 $93,563,064
 Total revenues 99,896,767 94,593,898
 Cost of sales 25,709,670 24,154,938
 Other costs and expenses 64,358,458 61,315,684
 Interest expense 3,943,347 4,294,083
 Earnings before income taxes 5,885,292 4,829,193
 Income taxes 2,370,000 1,940,000
 Net earnings $ 3,515,292 $ 2,889,193
 Net earnings per common and common
 equivalent share:
 Primary $.56 $.51(A)
 Fully diluted $.41 $.37(A)
 Weighted average shares outstanding:
 Primary 6,276,785 5,640,339(A)
 Fully diluted 9,934,820 9,384,620(A)
 (A) -- Net earnings per share and average shares outstanding have been restated to give effect to the 10 percent stock dividend declared on Dec. 10, 1992, and distributed on Jan. 18, 1993 to shareholders of record on Dec. 31, 1992.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 07/07/93
 (Unaudited) 09/30/92
 ASSETS
 Current assets $17,133,027 $19,359,169
 Property and equipment-net 41,942,820 35,132,356
 Leased property-net 8,387,251 9,441,307
 Other assets 2,982,880 3,129,077
 Total assets $70,445,978 $67,061,909
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $19,837,003 $19,545,458
 Obligations under capital leases 11,453,211 12,741,519
 Long-term debt 17,998,175 20,500,000
 10 Percent Subordinated convertible
 debentures 12,156,400 12,496,000
 Shareholders' equity 9,001,189 1,778,932
 Total liabilities and
 shareholders' equity $70,445,978 $67,061,909
 -0- 8/2/93 R
 /CONTACT: James W. Bear, senior vice president of Consolidated Products, Inc., 317-633-4100/
 (COPIC)


CO: Consolidated Products, Inc. ST: Indiana IN: LEI SU: ERN

KL -- CL002 -- 9261 08/04/93 10:05 EDT
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