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GROUND ROUND RESTAURANTS, INC. REPORTS INCREASED THIRD QUARTER EARNINGS

 BOSTON, July 20 /PRNewswire/ -- Ground Round Restaurants, Inc. (NASDAQ: GRXR) reported today a 15 percent increase in third quarter net income. For the nine months ended July 4, 1993, net income is up 16 percent over the comparable period in the prior year. Results are as follows:
 3rd Qtr 1993 3rd Qtr 1992 Nine Mos. 1993 Nine Mos. 1992
 Revenue $55,708,000 $57,600,000 $174,219,000 $169,081,000
 Net Income $1,361,000 $1,180,000 $4,014,000 $3,466,000
 EPS 12 cents 11 cents 36 cents 31 cents
 Total revenue was down 3.3 percent for the third quarter, with comparable restaurant sales down 5.1 percent as the result of reduced advertised discount programs when compared to the prior year quarter.
 "Our increased profitability this quarter is a demonstration of our ability to continue to increase earnings while reducing reliance on advertised discounting to build sales," said Michael P. O'Donnell, chairman and chief executive officer of the company. "We continue to invest in the renovation of our restaurants and the development of our people. I am encouraged by the progress made to date and the long-term benefits that these investments bring to the company.
 "We have eight company and two franchise restaurants targeted to open during the fourth quarter," added O'Donnell, "and we look forward to the contribution to be made by these 10 restaurants."
 Ground Round Restaurants, Inc., operates 159 and franchises 44 full-service casual dining restaurants in the Midwest and Northeast with system-wide sales of over $300 million.
 -0- 7/20/93
 /CONTACT: Mary Conroy, investor relations of Ground Round Restaurants, 617-380-3121/
 (GRXR)


CO: Ground Round Restaurants, Inc. ST: Massachusetts IN: LEI SU: ERN

CM -- NE006 -- 6587 07/20/93 08:53 EDT
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Publication:PR Newswire
Date:Jul 20, 1993
Words:293
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