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AU BON PAIN ANNOUNCES FIRST-QUARTER EARNINGS OF 11 CENTS PER SHARE AND SIGNING OF INTERNATIONAL FRANCHISE AGREEMENT

AU BON PAIN ANNOUNCES FIRST-QUARTER EARNINGS OF 11 CENTS PER SHARE AND
 SIGNING OF INTERNATIONAL FRANCHISE AGREEMENT
 BOSTON, May 20 /PRNewswire/ -- Au Bon Pain Co. Inc. (NASDAQ: ABPCA) today announced that net income for the 16 weeks ended April 18, 1992 increased 113 percent to $1,148,000, or 11 cents per share, compared to $540,000, or 8 cents per share for the comparable 1991 quarter. The earnings were bolstered by strong comparable restaurant sales and by development fee income stemming from the signing of an international franchise agreement late in the quarter.
 Revenues increased 35 percent in the first quarter of 1992 to $25 million from $18.5 million in the first quarter of 1991. Restaurant sales increased 33 percent for the 16 weeks ended April 18, 1992 to $22.9 million from $17.2 million for the comparable period of 1991. The increase was principally due to sales in 1992 from the 20 new bakery cafes opened throughout 1991. The increase was also supported by strong comparable restaurant sales throughout the 1992 first quarter. Despite sluggish economic conditions in all of the company's markets, comparable restaurant sales increased 7.4 percent vs. the first quarter of 1991. All markets registered strongly positive comparable sales throughout the first quarter of 1992 (see table). Franchise sales and other revenues increased 58 percent to $2 million in the first quarter of 1992
from $1.3 million in the 1991 first quarter. The increase was principally due to greater franchise-related income, including $400,000 of development fees recognized upon the execution of an international franchise agreement.
 Operating income for the first quarter of 1992 increased 37 percent to $1,987,000 from $1,455,000 for the first quarter of 1991. Operating margin was nominally higher at 8 percent for the quarter from 7.9 percent in the 1991 first quarter, as improvements in restaurant operating expenses, depreciation and general and administrative expenses as a percentage of total revenues more than offset significantly higher food and paper costs. The inflation in food and paper cost, on a percentage basis, was primarily a result of the impact of new food products on food cost at the retail bakery cafes and on the volume of sales sourced out of the company's frozen dough plant. In addition, promotions in effect in the early part of the quarter contributed to the food and paper cost percentage increase.
 Year-to-date, seven company-operated bakery cafes have been opened. Of the 114 bakery cafes currently existing systemwide, 92 are company- operated and 22 are franchised. Throughout the remainder of 1992, 18 additional new company-operated and six new franchised bakery cafes are expected to be opened. In addition, the company has agreed in principle to acquire all 22 bakery cafes operated by Warburton's Inc., which are located in Boston, Chicago and Pittsburgh. It is anticipated that the company's Chicago franchisee, ABP Midwest Inc., will purchase the eight Warburton's bakery cafes located in the Chicago market.
 AU BON PAIN CO., INC.
 Consolidated Statements of Operations
 For the 16 weeks ended
 4/18/92 4/20/91
 Revenues:
 Restaurant sales $22,933,020 $17,207,122
 Franchise sales and
 other revenue 2,018,737 1,280,103
 24,951,757 18,487,225
 Costs and expenses:
 Cost of food and paper
 products 8,560,349 5,936,739
 Restaurant operating expenses 10,987,330 8,324,532
 Depreciation and amortization 1,850,153 1,464,878
 General and administrative 1,566,511 1,305,617
 22,964,343 17,031,766
 Operating income 1,987,414 1,455,459
 Interest expense 50,991 533,982
 Other (income), net (80,643) (54,703)
 Minority interest 100,664 83,820
 Income before provision for
 income taxes 1,916,402 892,360
 Provision for income taxes 768,000 352,000
 Net income $1,148,402 $540,360
 Income per common share 11 cents 8 cents
 Weighted average shares
 outstanding 10,450,958 7,157,083
 Comparable Restaurant Sales
 Company-Operated Restaurants
 1991 1992
 Q1 Q2 Q3 Q4 Q1
 Boston (8.8)pct (11.4)pct (5.6)pct 1.3pct 6.7 pct
 Philadelphia (2.0) (13.8) (2.2) 2.7 11.4
 New York City (7.9) (3.5) 4.0 6.1 9.5
 Washington, DC 26.5 15.1 4.7 8.7 4.6
 Total Company (4.4)pct (7.4)pct (2.6)pct 3.2pct 7.4pct
 First Quarter 1992
 P1 P2 P3 P4
 Boston 6.2 pct 8.0 pct 6.1 pct 6.5 pct
 Philadelphia 7.6 16.3 11.7 9.8
 New York City 6.0 9.6 12.0 10.3
 Washington, DC 7.4 3.1 5.8 2.5
 Total Company 6.4 pct 8.4 pct 7.7 pct 6.9 pct
 -0- 5/20/92
 /CONTACT: Tony Carroll, chief financial officer of Au Bon Pain, 617-423-2100/
 (ABPCA) CO: Au Bon Pain Co., Inc. ST: Massachusetts IN: FOD REA SU: ERN


CN-PB -- NE009 -- 2455 05/20/92 16:08 EDT
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Date:May 20, 1992
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