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BODDIE-NOELL RESTAURANT PROPERTIES, INC. (BNP) RELEASES THIRD QUARTER RESULTS; DECLARES DIVIDEND

 BODDIE-NOELL RESTAURANT PROPERTIES, INC. (BNP)
 RELEASES THIRD QUARTER RESULTS; DECLARES DIVIDEND
 ROCKY MOUNT, N.C., Oct. 8 /PRNewswire/ -- The Board of Directors of Boddie-Noell Restaurant Properties, Inc. (AMEX: BNP) today released earnings for their third quarter ended Sept. 30, 1992.
 Comparable restaurant sales increased 10.1 percent from the third quarter of 1991. For the nine-month period, restaurant sales increased 9.6 percent. This compares to a sales decrease of .7 percent and 3.6 percent, respectively, for the quarter and year-to-date periods last year. The Company expects the sales trend to continue to be favorable in the fourth quarter, though the increase will likely be less than in the earlier quarters. The improvement in sales comparisons throughout the year is primarily attributable to the introduction of fried chicken, now offered in all of the restaurants operated on the properties.
 Revenues for the third quarter were $1,448,746, an increase of 10.5 percent over 1991. Net income increased 17.8 percent to $896,074 or $.31 per share from last year's $760,677 or $.27 per share. For the nine months, revenues increased 4.3 percent to $4,049,996 compared to $3,883,030 in 1991. Net income increased 7.3 percent for the nine months to $2,399,506 or $.84 per share compared to $2,235,305 or $.78 per share last year. Cash available for distribution generated this quarter was up 13.7 percent to $1,094,137 or $.38 per share compared to $962,490 or $.34 per share last year.
 The Board of Directors today also declared a regular quarterly dividend of $.31 per share, to be paid on Nov. 13, 1992 to shareholders of record on Oct. 30, 1992. Based on yesterday's closing price of $14 3/8, the yield on the Company's stock is currently 8.6 percent.
 Following are the Statements of Operations and the Statements of Cash Distributable to Shareholders for the three and nine months ended Sept. 30, 1992 and 1991.
 Three months Nine months
 ended Sept. 30, ended Sept. 30,
 1992 1991 1992 1991
 Revenues
 Rental income $1,439,106 $1,297,112 $4,019,979 $3,832,600
 Interest on
 short-term
 investments 9,640 13,566 30,017 50,430
 ---- ---- ---- ----
 Total revenues 1,448,746 1,310,678 4,049,996 3,883,030
 Expenses
 Depreciation and
 amortization 198,063 201,813 600,439 605,439
 Administrative 42,500 42,500 127,500 127,500
 Interest 258,750 258,750 776,250 776,250
 Advisory fee 53,359 46,938 146,301 138,536
 ---- ---- ---- ----
 Total expenses 552,672 550,001 1,650,490 1,647,725
 ---- ---- ---- ----
 Net income $896,074 $760,677 $2,399,506 $2,235,305
 Add: Depreciation
 and amortization 198,063 201,813 600,439 605,439
 ---- ---- ---- ----
 Cash available for
 distribution 1,094,137 962,490 2,999,945 2,840,744
 Net cash available
 from prior period 1,251,147 1,026,099 1,112,339 1,085,845
 Dividends declared
 and paid (883,500) (883,500) (2,650,500) (2,821,500)
 ---- ---- ---- ----
 Cash available
 for future
 distributions $1,461,784 $1,105,089 $1,461,784 $1,105,089
 ---- ---- ---- ----
 Per share: Net income $0.31 $0.27 $0.84 $0.78
 Cash
 available for
 distribution $0.38 $0.34 $1.05 $1.00
 Cash
 available for
 future
 distributions $0.51 $0.39 $0.51 $0.39
 -0- 10/08/92
 /CONTACT: Debra Baker White, Boddie-Noell Restaurant Properties, Inc., 919-937-2000 Ext. 447/
 (BNP) CO: Boddie-Noell Restaurant Properties, Inc. ST: North Carolina IN: LEI SU: ERNS DIV


SB -- CH009 -- 8041 10/08/92 16:16 EDT
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Date:Oct 8, 1992
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