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CONSOLIDATED PRODUCTS, INC. REPORTS A THIRTY-TWO PERCENT INCREASE IN NET EARNINGS FOR ITS FIRST QUARTER

 INDIANAPOLIS, Jan. 21 /PRNewswire/ -- Consolidated Products, Inc., (NASDAQ: COPIC) announced net earnings increased thirty-two percent to $1,224,163 and revenues increased 5 percent to $29,686,701 for the twelve weeks ended Dec. 23, 1992 as compared to the previous year. The company's first quarter revenues and operating earnings (earnings before interest and income taxes) reached record levels for the twenty-seventh consecutive quarter. Primary earnings per share were $.21 ($.17 in the prior year) and fully diluted earnings per share were $.15 ($.12 in the prior year).
 The record results are again attributable to the continued increase in Steak n Shake's comparable unit sales arising from its ongoing marketing programs, particularly television advertising, and tight management operating controls.
 Currently, seven Steak n Shake units are under construction including two franchise units. All of these units except for one company-operated unit are targeted to be opened during the second quarter. The company stated that it was ahead of its anticipated growth plan both for the company-operated and franchised restaurants. It reported that it was opening eight or more restaurants with an additional five franchised units this fiscal year. The company anticipates its strong earnings trends continuing in fiscal 1993.
 The company sold 495,000 shares of its 500,000 shelf registered shares within a 30 day time period after the necessary SEC filings and approvals were completed on Nov. 16, 1992, raising net proceeds of $3,176,500. As previously reported, the proceeds will be used to fund a finance subsidiary, whose mission is to assist with its franchise growth program.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 TWELVE WEEKS ENDED
 12/23/92 12/18/91
 Net sales $29,300,409 $27,841,177
 Total revenues 29,686,701 28,179,616
 Cost of sales 7,605,892 7,260,245
 Other costs and expenses 18,809,963 18,080,905
 Earnings before interest and income
 taxes 3,270,846 2,838,466
 Interest expense 1,206,683 1,294,427
 Earnings before income taxes 2,064,163 1,544,039
 Income taxes 840,000 615,000
 Net earnings $1,224,163 $ 929,039
 Net earnings per common and common
 equivalent share:
 Primary $.21 $.17(A)
 Fully diluted $.15 $.12(A)
 Weighted average shares outstanding:
 Primary 5,882,376 5,541,141(A)
 Fully diluted 9,592,615 9,253,428(A)
 (A) -- Net earnings per share and average shares outstanding have been restated to give effect to the 10 percent stock dividend declared on Dec. 10, 1992, payable on Jan. 18, 1993 to shareholders of record on Dec. 31, 1992.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 12/23/92
 (Unaudited) 09/30/92
 ASSETS
 Current assets $19,344,349 $19,359,169
 Property and equipment-net 36,257,034 35,132,356
 Leased property-net 9,220,273 9,441,307
 Other assets 3,043,436 3,129,077
 Total assets $67,865,092 $67,061,909
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $18,866,571 $19,545,458
 Obligations under capital leases 12,465,911 12,741,519
 Long-term debt 30,213,900 32,996,000
 Shareholders' equity 6,318,710 1,778,932
 Total liabilities and
 shareholders' equity $67,865,092 $67,061,909
 -0- 1/21/93
 /CONTACT: James W. Bear, senior vice president and treasurer of Consolidated Products, Inc., 317-633-4100/
 (COPIC)


CO: Consolidated Products, Inc. ST: Indiana IN: REA SU: ERN

BM -- CL003 -- 7291 01/21/93 10:04 EST
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Date:Jan 21, 1993
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