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CHECKERS DRIVE-IN RESTAURANTS, INC. ANNOUNCES A 3-FOR-2 STOCK SPLIT

 CLEARWATER, Fla., May 19 /PRNewswire/ -- Herbert G. Brown, chairman of Checkers Drive-In Restaurants, Inc. (NASDAQ: CHKR), has announced that the company's board of directors today declared a 3-for-2 stock split for shareholders of record on June 8, 1993. The stock split, payable in the form of a stock dividend, will be accomplished by issuing one new share of common stock for each two shares of outstanding common stock held of record on June 8, 1993, with the new shares issued and payable on June 30, 1993. The stock will trade ex-dividend on the following day. Cash will be paid in lieu of fractional shares, with the shares valued for such purpose at the average of the closing bid and asked quotations for the common stock on June 8, 1993. The company currently has approximately 30.2 million shares of common stock outstanding.
 James E. Mattei, president and chief executive officer, recently announced that the company expects to open an additional 25 restaurants in 1993, which represents an increase of approximately 15 percent from the previously forecast number for such restaurant openings. Mattei noted, "The projected increase in 1993 restaurant openings will bring a total of 180 new restaurants into the Checkers' system (75 company- operated and 105 franchised) with a total of 403 restaurants projected to be in operation at the end of 1993 (176 company-operated and 228 franchised). In explanation of the increase in such forecast, Mattei stated that "the company is experiencing significant market acceptance of the Checkers' concept in existing markets and especially in its newly developed markets." The company develops, produces, owns, operates and franchises quick-service "double drive-thru" restaurants under the name "Checkers".
 -0- 5/19/93
 /CONTACT: Herbert G. Brown of Checkers Drive-In Restaurants, 813-441-3500/
 (CHKR)


CO: Checkers Drive-In Restaurants, Inc. ST: Florida IN: LEI SU:

AW-TM -- FL019 -- 0528 05/19/93 18:58 EDT
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Publication:PR Newswire
Date:May 19, 1993
Words:310
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