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CARA OPERATIONS LIMITED ANNOUNCES 1ST QUARTER RESULTS

 TORONTO, July 7 /PRNewswire/ -- On behalf of Cara Operations Limited, the chairman & chief executive officer, M. Bernard Syron and the president & chief operating officer, Gunter B. Otto, reported today Cara's results for the first quarter:
 Twelve weeks ended June 20, 1993 June 21, 1992
 System sales $ 273,618,000 $ 272,141,000
 Net profit $ 4,282,000 $ 4,791,000
 Earnings per share 3.6 cents 4.1 cents
 Swiss Chalet, Grand & Toy, Beaver Foods and Summit have shown sales increases in the quarter but Airport Services showed a decrease.
 The overall drop in profits is primarily due to operating decline and restructuring charges in Airport Services.
 The quarter saw Cara open four Harvey's Restaurants, four Air Terminal Restaurants and 19 Beaver Foods units. During the quarter, $6 million of bank debt was repaid.
 The corporation paid a semi-annual dividend of 4 cents per share on June 28, 1993 to Common and Class A shareholders.
 Cara Operations Limited is a leader in the food services industry and in the retailing and commercial distribution of office products/furniture.
 Family style dining is offered at Swiss Chalet and Steak & Burger Restaurants throughout Canada and in certain Florida and New York State cities. Fast food, featuring charbroiled hamburgers and chicken is served at Harvey's and Harvey's Plus, while Hershel's offers delicatessen fare. Home delivery service for charbroiled chicken and ribs is offered through Swiss Chalet.
 The Airport Services Division provides catering and ancillary services to major Canadian and international airlines through flight kitchens and commissaries across Canada. It also operates restaurants, gift stores and newsstands at airports, hotels and railway stations.
 Office products and furniture are offered through Grand & Toy retail outlets and commercial distribution centers in many major cities in Canada.
 Beaver Foods Limited is the country's largest, most diverse, Canadian-owned contract catering company providing service to corporate and government cafeterias, high schools, colleges, universities, hospitals, nursing homes, institutions and remote resource camps across Canada. Beaver provides these services along with its divisions -- Les Services Alimentaires CVC Inc., Nutricare and CVC Services.
 Summit Foods Distributors Inc. is a full-line wholesale food distribution company operating primarily in Southern Ontario and the Ottawa Valley area through its locations at London, Ottawa and Fingal. Summit services a wide cross section of clients including institutions, healthcare, universities and restaurants.
 -0- 7/7/93
 /CONTACT: Michael Nahirny, senior vice president - finance & administration & chief financial officer of Cara Operations Limited, 416-969-2500/ CO: Cara Operations Limited ST: Ontario IN: FOD SU: ERN


TM -- NY070 -- 9244 07/07/93 17:48 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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