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GROUND ROUND RESTAURANTS, INC, REPORTS EARNINGS INCREASE OF 27 PRECENT

 BOSTON, Jan. 19 /PRNewswire/ -- Ground Round Restaurants, Inc. (AMEX: GRX) reported record quarterly earnings of $1,427,000 (13 cents per share) for the first quarter ended Jan. 3, 1993 on revenues of $62,232,000 compared with earnings of $1,128,000 (10 cents per share) on revenues of $54,395,000 for the comparable quarter ended Dec. 29, 1991.
 "It is gratifying to report record sales and earnings, considering the company has a high concentration of restaurants in the Northeast," said Michael P. O'Donnell, chairman and chief executive officer of the company. "Comparable restaurant sales increased 2.6 percent, total sales for comparable periods increased 7.7 percent, with the remaining 6.7 percent increase in total sales resulting from a 14-week quarter, compared with a 13-week quarter last year," continued O'Donnell.
 "The results are even more significant considering the company is no longer aggressively discounting as was the case in the prior year. The company continues to emphasize execution and is committed to expansion within its target markets. The remodeling program is proceeding according to plan and based upon first quarter results we anticipate that our annual earnings will meet or exceed the company's planned 20 percent rate of growth," said O'Donnell. "Our mission," he said is to be the premier family restaurant in the industry."
 Ground Round operates and franchises 204 restaurants located primarily in the Northeast, MidAtlantic and Midwest regions of the United States, with annual systemwide sales of approximately $300 million.
 -0- 1/19/93
 /CONTACT: Mary Conroy of Ground Round, 617-380-3121/
 (GRX)


CO: Ground Round Restaurants ST: Massachusetts IN: LEI SU: ERN

TM -- NE009 -- 6239 01/19/93 10:44 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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