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PERKINS FAMILY RESTAURANTS, L.P. REPORTS RECORD THIRD QUARTER NET INCOME

 MEMPHIS, Tenn., Oct. 25 /PRNewswire/ -- Perkins Family Restaurants, L.P. (NYSE: PFR) today reported net income for the third quarter ended Sept. 30, 1993, increased 10.2 percent to $5,713,000 compared to $5,186,000 in the prior year. Net income per limited partnership unit was $.55 for the third quarter of 1993 compared to $.50 in 1992.
 Net income for the nine months ended Sept. 30, 1993, increased 5.9 percent to $13,462,000 compared to $12,706,000 in 1992. Net income per limited partnership unit for the same period was $1.30 compared to $1.23 last year.
 Total revenues for the third quarter and the first nine months of 1993 increased to $59,381,000 and $161,863,000, respectively, compared to $53,010,000 and $149,206,000 in the same periods last year. Same store comparable sales for partnership-operated restaurants increased 3.6 percent for the third quarter and 2.5 percent for the first nine months.
 Three partnership-operated and five franchised restaurants were opened in the third quarter, bringing total 1993 new store openings to fifteen. An additional nine restaurants are under development and are expected to open in the fourth quarter of 1993 and the first quarter of 1994.
 "We are very pleased with the performance of the seven new partnership-operated restaurants opened over the past twelve months, which have averaged first week sales of approximately $56,000. We are optimistic that these restaurants will achieve average annualized sales of approximately $2,000,000. The success of these new restaurants, combined with the increase in comparable store sales and a 16.8 percent increase in franchise revenues were the primary factors contributing to our record third quarter results," said Donald N. Smith, Chairman and Chief Executive Officer.
 As of Sept. 30, 1993, Perkins Family Restaurants, L.P., a Delaware Limited Partnership, owned and operated 126 Perkins Family Restaurants and franchised an additional 296 restaurants in 32 states and Canada.
 PERKINS FAMILY RESTAURANTS, L.P.
 STATEMENTS OF INCOME
 (Unaudited)
 (In Thousands, Except Unit Data)
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 Revenues:
 Food sales $55,008 $49,267 $150,294 $138,647
 Franchise revenues 4,373 3,743 11,569 10,559
 Total revenues 59,381 53,010 161,863 149,206
 Costs and Expenses:
 Cost of sales:
 Food cost 16,337 14,768 44,538 41,134
 Labor and benefits 18,032 15,687 49,547 45,291
 Operating expenses 11,174 9,901 30,711 28,184
 General and administrative 4,581 4,160 13,205 12,297
 Depreciation and
 amortization 3,037 2,700 8,772 7,982
 Interest, net 729 672 2,064 1,830
 Other, net (222) (64) (436) (218)
 Total costs and expenses 53,668 47,824 148,401 136,500
 Net Income $5,713 $5,186 $13,462 $12,706
 Weighted Average Units
 Outstanding 10,279,409 10,263,518 10,268,830 10,260,836
 Net Income Per Unit $.55 $.50 $1.30 $1.23
 Cash Distributions
 Declared Per Unit $.325 $.325 $.975 $.975
 -0- 10/25/93
 /CONTACT: Joe Colonnetta Jr., Vice President-Finance and Treasurer, of Perkins Family Restaurants, 901-766-6400/
 (PFR)


CO: Perkins Family Restaurants, L.P. ST: Tennessee IN: LEI SU: ERN

CM-SB -- CH008 -- 6354 10/25/93 13:05 EDT
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Publication:PR Newswire
Date:Oct 25, 1993
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