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APPLEBEE'S REPORTS SECOND QUARTER EARNINGS MORE THAN DOUBLE YEAR EARLIER

APPLEBEE'S REPORTS SECOND QUARTER EARNINGS MORE THAN DOUBLE YEAR EARLIER
 KANSAS CITY, Mo., Aug. 3 /PRNewswire/ -- Applebee's International, Inc., (NASDAQ: APPB) today reported net earnings of $1,283,000, or 19 cents per share, for its second quarter ended June 28, 1992. This is a 136 percent increase over net earnings of $543,000, or 12 cents per share, for the same period in 1991. Second quarter operating revenue, which includes both company restaurant sales and franchise income, was $13,458,000, compared with $11,107,000 in the second quarter of 1991.
 System-wide comparable restaurant sales increased 10.1 percent during the second quarter. Comparable sales of company-owned and operated restaurants increased 10.9 percent and comparable franchisee sales were up 9.9 percent. Total Applebee's system sales were $96.3 million, compared with $70.9 million in last year's second quarter.
 For the 26 weeks ended June 28, 1992, net earnings were $2,177,000, or 38 cents per share, compared with $1,569,000, or 34 cents per share, in the comparable period last year. However, last year's first quarter included a $782,000 pre-tax gain, or approximately 10 cents per share after tax, from the sale of the company's St. Louis restaurant interests to a franchisee. Without considering this gain, earnings per share for the first six months were up 58 percent.
 Weighted average shares outstanding in this year's second quarter were 6,759,684, compared with 4,611,487 during the same period last year, due to the company's stock offering completed in March. Also, during the second quarter, the company changed its method of accounting for pre-opening costs of company-owned restaurants to more closely approximate the timing of revenue generated by these restaurants. This change did not have a significant effect on net earnings in the quarter.
 As of the date of this release, there are 219 Applebee's restaurants open in 31 states. Of these, 194 are operated by franchisees and 25 by the company. At June 28, 1992, there were 217 restaurants open in 30 states, compared with 174 restaurants in 29 states at the end of the second quarter of 1991. There are currently 13 new Applebee's restaurants under construction and 47 additional sites approved. The company pointed out that, while site approvals do not always result in new restaurant openings, the number of sites approved is a good indicator of new restaurant potential.
 Abe J. Gustin, Jr., Applebee's president and CEO, said, "We had a tremendous second quarter--our 12th consecutive quarter of strong earnings performance. In addition to earnings more than doubling, we are particularly pleased with our 10.1 percent increase in comparable restaurant sales for the entire Applebee's system. We believe this is a strong performance in comparison with the rest of our industry, and is a good indication of the success both we and our franchisees are enjoying in all of the 31 states where we operate.
 "In addition to recently completed arrangements with Bell Atlantic TriCon Leasing, we are continuing to search for financing sources for our franchisees. The combination of this financing for new franchised restaurants, plus the funds raised in our equity offering, which are available for the development of new company-owned restaurants, should allow us to maintain our strong restaurant-opening growth rate throughout the country."
 Applebee's International, Inc., headquartered in Kansas City, develops, franchises and operates a rapidly expanding national chain of restaurants under the trademark Applebee's Neighborhood Grill and Bar.
 APPLEBEE'S INTERNATIONAL, INC. AND SUBSIDIARIES
 (In thousands except share and per share data)
 Condensed Consolidated Statements of Operations
 (Unaudited)
 13 weeks ended 26 weeks ended
 June 28, June 30, June 28, June 30,
 1992 1991 1992 1991
 Company restaurant sales $9,666 $8,594 $18,820 $17,777
 Franchise income 3,792 2,513 6,784 4,665
 Total operating revenue 13,458 11,107 25,604 22,442
 Operating earnings 1,616 792 2,963 2,450
 Other income 448 116 587 179
 Earnings before income taxes 2,064 908 3,550 2,629
 Income taxes 781 365 1,373 1,060
 Net earnings $1,283 $543 $2,177 $1,569
 Earnings per
 common share $0.19 $0.12 $0.38 $0.34
 Weighted average shares
 outstanding 6,760 4,611 5,764 4,611
 Condensed Consolidated Balance Sheets
 June 28, Dec. 29,
 1992 1991
 (Unaudited) (Audited)
 Assets:
 Current Assets $36,807 $12,077
 Property & equipment 9,733 7,843
 Franchise interest
 and rights 8,288 8,637
 Long term investments 6,811 --
 Other assets 1,267 1,414
 Total assets $62,906 $29,971
 Liabilities and stockholders' equity:
 Current liabilities $6,668 $6,195
 Franchise deposits 720 603
 Total stockholders'
 equity 55,518 23,173
 Total liabilities and
 stockholders' equity $62,906 $29,971
 -0- 8/3/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000, for Applebee's; or Sue Carroll of Applebee's, 816-421-2501/
 (APPB) CO: Applebee's International, Inc. ST: Missouri IN: SU: ERN


AL -- MN005 -- 5941 08/03/92 07:01 EDT
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Date:Aug 3, 1992
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