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MAVERICK RESTAURANT REPORTS THIRD QUARTER AND NINE MONTH REVENUES AND EARNINGS

 MAVERICK RESTAURANT REPORTS THIRD QUARTER
 AND NINE MONTH REVENUES AND EARNINGS
 WICHITA, Kan., Nov. 27 /PRNewswire/ -- Maverick Restaurant Corporation (NASDAQ: MAVR) today reported that revenues for its third quarter ended Oct. 31, 1991, were $3,309,902, compared to revenues of $3,525,922 for the third quarter of the prior year. Revenues for the first nine months of 1991 were $10,055,488, compared to revenues of $10,529,857 for the first nine months of the prior year.
 For the third quarter ended Oct. 31, 1991, the company recorded a loss of $122,861, or 2 cents per common share, compared to a loss of $60,848, or 1 cent per common share, for the third quarter of the prior year. For the nine months ended Oct. 31, 1991, the company recorded a loss of $172,389, or 3 cents per common share, compared to earnings of $8,170 for the first nine months of the prior year.
 Maverick Restaurant Corporation President Chris F. Hotze said, "We are obviously disappointed in our overall results for the third quarter. We are particularly concerned with the continued erosion of our top line sales. We believe this is primarily due to depressed economic conditions and continued intense competition for the food dollar in most of our markets. Unfortunately, we don't anticipate these adverse conditions to change anytime in the near future.
 "As we had previously announced, we are testing some concept changes in our restaurants. These are primarily centered around introducing all-you-can-eat breakfast bars and possible expansion of a buffet concept into lunch and dinner dayparts as well. Initial results on breakfast sales seems to be promising but it is too early to predict what the final impact on overall sales will be.
 "Even though we have been successful in eliminating most of our debt over the past few years, the continued decline in sales we've experienced has severely impacted cash flow, leaving us in a tight cash position. As we are in our slowest sales period of the year, we will be concentrating our efforts to boost traffic counts and overall sales while we try to minimize our costs.
 "The next few months will not be easy as we take the steps necessary to make it through these difficult economic conditions."
 Maverick, the largest Grandy's franchisee, currently operates 20 Grandy's restaurants in five states.
 MAVERICK RESTAURANT CORPORATION
 Periods ended Three Months Nine Months
 Oct. 31 1991 1990 1991 1990
 Sales $3,309,902 $3,525,922 $10,055,488 $10,529,857
 Net earns. (loss) $ (122,861) $ (60,848) $ (172,389) $ 8,170
 Earnings (loss) per
 common share $(.02) $(.01) $(.03) --
 Aver. shares outstg. 4,970,000 4,970,000
 -0- 11/27/91
 /CONTACT: Chris F. Hotze, president, or Linn F. Hohl of Maverick Restaurant, 316-685-8281/
 (MAVR) CO: Maverick Restaurant Corporation ST: Kansas IN: LEI SU: ERN


GK-TS -- NY018 -- 7719 11/27/91 12:01 EST
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Publication:PR Newswire
Date:Nov 27, 1991
Words:487
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