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DAKA INTERNATIONAL SELLS $10 MILLION OF PREFERRED STOCK TO AFFILIATES OF FIRST CHICAGO AND EFFECTS A 1-FOR-10 REVERSE STOCK SPLIT

DAKA INTERNATIONAL SELLS $10 MILLION OF PREFERRED STOCK TO AFFILIATES OF
 FIRST CHICAGO AND EFFECTS A 1-FOR-10 REVERSE STOCK SPLIT
 DANVERS, Mass., Jan. 17 /PRNewswire/ -- At today's annual stockholders' meeting of DAKA International, Inc. (NASDAQ: DKAI) the stockholders approved the sale of $10 million of Convertible Preferred Stock to affiliates of First Chicago Corporation and a 1-for-10 reverse split of the company's common stock. The sale of preferred stock, which was finalized today, will have initial conversion price of $4.50, representing approximately 39 perent of the company's common stock on a fully diluted basis, if converted. The reverse stock split will be effective Tuesday, Jan. 21, 1992. The common stock will trade under NASDAQ: DKAId for 30 days.
 William H. Baumhauer, chairman of the board of DAKA, announced that the company is on plan despite a weakened economy. For the six months ended Dec. 28, 1991, the company reported net earnings of $1,830,000, or 53 cents per share, on revenues of $76,233,000 compared with $1,827,000, or 50 cents per share, on revenues of $79,264,000 for the six months ended Dec. 29, 1990. For the second quarter ended Dec. 28, 1991, the company reported net earnings of $1,062,000, or 34 cents per share, on revenues of $41,605,000 compared with $1,582,000, or 44 per cents on revenues of $43,444,000 for the second comparable quarter ended Dec. 29, 1990.
 DAKA International is the holding company daka, Inc. and Fuddruckers, Inc. daka, Inc. operates and manages over 500 foodservice facilities in the eastern half of the United States. Fuddruckers, Inc. operates and franchises 134 Fuddruckers restaurants worldwide.
 -0- 1/17/92
 /CONTACT: David N. Terhune, CFO, of DAKA International, 508-774-9115/
 (DKAI) CO: DAKA International, Inc. ST: Massachusetts IN: LEI SU:


SH -- NE003 -- 0951 01/17/92 11:26 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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