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EDUCATION ALTERNATIVES REPORTS THIRD QUARTER OPERATING RESULTS

 EDUCATION ALTERNATIVES REPORTS THIRD QUARTER OPERATING RESULTS
 MINNEAPOLIS, May 14 /PRNewswire/ -- Education Alternatives, Inc. (NASDAQ: EAIN) today reported a net loss of $407,978 or $.12 per share, for the third quarter ended March 31, 1992, compared to a net loss of $302,498, or $.25 per share, for the same quarter of the prior fiscal year. Revenues for the quarter ended March 31, 1992, totaled $757,810 versus $661,277 for the quarter ended March 31, 1991.
 For the nine months ended March 31, 1992, the company reported a net loss of $1,227,471, or $.35 per share, on revenues of $2,134,708 compared to a net loss of $1,127,831, or $.92 per share, on revenues of $1,653,115 for the same period of the prior fiscal year.
 John T. Golle, chairman and chief executive officer of the company, said that the losses for the third quarter and first nine months of fiscal 1992 were anticipated. The increase in revenue is due to school management fees and expense reimbursements, resulting from the restructuring of the company's Tesseract School operations in March 1991, exceeding prior year tuition revenue of the Tesseract Schools. In addition, current year revenue includes management fees under the company's new professional services agreement with the Duluth, Minn. school district which runs from March 3, 1992, through June 30, 1992. The net loss for the quarter results from unreimbursed costs associated with the company's contract with the School Board of Dade County, Fla., for consulting services to the South Pointe School; incremental staffing to gear-up for potential management contracts; and the addition of professional staff to perform consulting services and product development.
 Education Alternatives, Inc. provides private management of public schools and consulting services to public and private schools.
 EDUCATION ALTERNATIVES OPERATING RESULTS
 Summarized Financial Data
 Third Quarter Ended Nine Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Revenues $757,810 $661,277 $2,134,708 $1,653,115
 Net loss $(407,978) $(302,498)$(1,227,471) $(1,127,831)
 Net loss per share $(.12) $(.25) $(.35) $(.92)
 Weighted average
 shares outstanding 3,498,595 1,231,892 3,498,595 1,227,782
 NOTE: Weighted average common shares outstanding used to compute the fiscal 1992 loss per share includes conversion of all of the company's convertible preferred stock to common stock and the issuance of 1,663,690 shares of common stock in the company's initial public offering in May 1991. Pro forma net loss per share for the quarter and nine-month period ended March 31, 1991, assuming the conversion of convertible preferred stock and common stock issuance on July 1, 1990, would have been $.09 and $.32 per share, respectively.
 -0- 5/14/92
 /CONTACT: John T. Golle of Education Alternatives, 612-885-5572/
 (EAIN) CO: Education Alternatives, Inc. ST: Minnesota IN: SU: ERN


AL -- MN019 -- 0499 05/14/92 17:57 EDT
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Date:May 14, 1992
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