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KETTLE RESTAURANTS, INC. ANNOUNCES SECOND QUARTER EARNINGS FOR 1993

 HOUSTON, June 17 /PRNewswire/ -- Kettle Restaurants, Inc., today announced that the net loss for the quarter ended April 29, 1993, was $40,000 or $.03 per share compared with a net profit for the quarter ended April 30, 1992, of $202,000 or $.18 per share. The net loss for the two quarters ended April 29, 1993, was $443,000 or $.38 per share compared with a net loss for the two quarters ended April 30, 1992, of $17,000 or $.01 per share.
 Total revenues increased 5.3 percent to $12,491,000 for the quarter ended April 29, 1993, and increased 6.0 percent to $24,239,000 for the two quarters ended April 29, 1993, compared to the same periods the prior year, primarily due to increases in restaurant sales and industrial catering revenues. Restaurant revenues increased 3.4 percent to $9,483,000 for the quarter and increased 6.5 percent to $18,665,000 for the two quarters ended April 29, 1993, compared to the same periods the prior year due, in part, to the acquisition of five franchised stores from franchisees during fiscal 1992 and the first two quarters of 1993. Weighted average sales per restaurant remained relatively unchanged for the two quarters ended April 29, 1993, as compared to the same period in the prior year. Variable operating costs increased 5.6 percent and 3.0 percent for the quarter and two quarters ended April 29, 1993, respectively, compared to the same periods in the prior year. This reflects moderate increases in most components of variable operating costs.
 Franchise fees remained relatively unchanged for the two quarters ended April 29, 1993, as compared to the same period in the prior year. Franchise fees, however, did reflect a 1.8 percent increase in weighted average sales of franchised restaurants which was offset, in part, by the net decrease of three franchised stores during fiscal 1992 and the two quarters ended April 29, 1993. The decrease in lease rental income also reflected, in part, the net reduction of three franchised stores.
 Industrial catering revenues were $440,000 and industrial catering expenses were $376,000 for the two quarters ended April 29, 1993.
 The company has embarked upon a new store development program with the primary focus of expanding its franchise system. To facilitate this expansion, costs associated with additional personnel, promotional materials, program development, and new store building design were incurred resulting in an increase in franchise expenses of approximately $323,000. The new building design should enhance operational efficiency as well as provide an attractive, hospitable dining facility for customers. The wood structure design should reduce overall costs, while the white and blue exterior with additional building signage should enhance customer recognition.
 One new franchised store was added during the second quarter and it is anticipated that three new franchised stores will be added during the third and fourth quarters of fiscal 1993.
 Kettle Restaurants, Inc., is principally engaged in the operation and franchising of 24-hour full-service, family-oriented restaurants. The restaurants offer a wide selection of moderately priced menu items for all meal periods. Kettle and its franchisees operate 166 restaurants in 16 states, primarily in the Sunbelt region.
 Additional information is included in the company's quarterly report on Form 10-Q filed with the Securities and Exchange Commission.
 KETTLE RESTAURANTS, INC.
 (Dollars and shares in thousands, except per share data)
 Periods Quarter Two Quarters
 Ended 4/29/93 4/30/92 4/29/93 4/30/92
 Operating data:
 Restaurant sales $9,483 $9,172 $18,665 $17,519
 Franchise fees 970 977 1,913 1,912
 Lease income 1,301 1,360 2,652 2,836
 Industrial catering
 revenues 438 -- 440 --
 Operating income (loss) (43) 271 (651) (110)
 Net income (loss) $ (40) $ 202 $ (443) $ (17)
 Earnings (loss) per
 share $(.03) $.18 $(.38) $(.01)
 Weighted average common
 and common equivalent
 shares outstanding 1,148 1,148 1,148 1,148
 Number of restaurants
 at end of period:
 Company operated 70 66
 Franchised 96 97
 Total 166 163
 -0- 6/17/93
 /CONTACT: Carlette Woods, chief financial officer and treasurer of Kettle Restaurants, 713-524-3464/


CO: Kettle Restaurants, Inc. ST: Texas IN: LEI SU: ERN

GK-MG -- NY066 -- 3135 06/17/93 13:20 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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