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QUANTUM RESTAURANT GROUP REPORTS 1992 RESULTS; SALES RISE, DEBT IS REDUCED SUBSTANTIALLY

 ROSLYN HEIGHTS, N.Y., Jan. 27 /PRNewswire/ -- Quantum Restaurant Group, Inc. (NASDAQ-NMS: QRST) today reported income before extraordinary items of $2,825,000, or $.58 per share, for the year ended Dec. 31, 1992, compared to a net loss of $20,640,000, or $6.30 per share, during 1991 which included certain non-recurring charges and greater interest expense.
 After an extraordinary charge related to the early extinguishment of debt paid with the proceeds from Quantum's initial public offering and a new credit facility, Quantum reported a net loss of $959,000, or $.20 per share, for 1992. These were no extraordinary items in 1991.
 Revenues for 1992 increased 19 percent to $93,070,000 from $78,257,000 for 1991.
 Quantum's initial and second public offerings of common stock closed on June 10, 1992 and Dec. 16, 1992, respectively.
 Total bank debt and note payable decreased from $28,901,000 at Dec. 31, 1991 to $1,492,000 at Dec. 31, 1992.
 At Dec. 31, 1992, Quantum owned and operated 44 full-service restaurants (eight of which opened during 1992) in 22 cities, under the names Morton's of Chicago, Mick's, Peasant Restaurants and Lombardi's.
 Morton's restaurants are premium quality classic steakhouses, featuring U.S.D.A. prime aged beef, and catering to business-oriented clientele. Mick's are casual restaurants, which offer "fun food," such as hamburgers, light pasta, salads, specialty sandwiches and impressive desserts.
 They are noted for their diverse menu, large portions of high- quality food at moderate prices and attractive settings.
 The Peasant Restaurants are upscale "white tablecloth" dinnerhouses, offering well-prepared beef, fish, chicken and pasts dishes, and a variety of signature desserts, at reasonable prices, in elegant settings.
 Quantum opened a Lombardi's white tablecloth restaurant, specializing in Northern Italian cuisine, in Las Vegas in May 1992.
 Allen J. Bernstein, Quantum's president and chief executive officer, said, "It is gratifying to report our improved results, and that our two equity offerings have enabled us to significantly strengthen our balance sheet. We are most pleased with our progress and the direction in which we are headed vis a vis our development and strategic plans."
 Quantum currently owns and operates restaurants in Atlanta; Baltimore/Towson, Md.; Beverly Hills; Boston; Chicago, Oakbrook/Westchester and O'Hare/Rosemont, Ill.; Cincinnati, Cleveland and Columbus, Ohio; Dallas; Denver; Las Vegas; Minneapolis; Nashville; New Orleans; Palm Beach; Philadelphia; San Antonio; Southfield/Detroit, Mich.; Tysons Corner, Va., and Washington, D.C.
 QUANTUM RESTAURANT GROUP, INC.
 (Amounts in thousands, except per share data)
 Year ended Dec. 31 1992 1991
 Restaurant revenues:
 Food and beverage $ 92,684 $ 78,009
 Other 386 248
 Total restaurant revenues 93,070 78,257
 Restaurant expenses:
 Food and beverage costs 31,239 26,571
 Restaurant operating expenses 43,612 37,374
 Depreciation and other non-cash charges 1,257 1,628
 Restructuring charges -- 1,200
 Total restaurant expenses 76,108 66,773
 General and administrative expenses 7,857 7,805
 Marketing and promotional expenses 1,131 1,799
 Other depreciation and amortization
 of intangibles 1,694 3,917
 Compensatory stock agreement charges -- 9,000
 Management agreement buy-out -- 2,700
 Write-off of noncompete agreements -- 1,796
 Interest expense, net 1,866 4,558
 Income (loss) before income taxes
 and extraordinary item 4,414 (20,091)
 Income tax expense 1,589 549
 Income (loss) before extraordinary item 2,825 (20,640)
 Extraordinary item relating to early
 extinguishment of debt (3,784) --
 Net loss after extraordinary item $ (959) (20,640)
 Income (loss) per share:
 Before extraordinary item $ .58 (6.30)
 Extraordinary item relating to early
 extinguishment of debt (.78) --
 Net loss after extraordinary item $ (.20) (6.30)
 Weighted average shares outstanding $ 4,883 3,276
 Number of restaurants at:
 Beginning of period 36 30
 End of period 44 36
 QUANTUM RESTAURANT GROUP, INC.
 (Amounts in thousands, except share data)
 Period ended Dec. 31 1992 1991
 Current assets:
 Cash and cash equivalents $ 710 295
 Restricted cash 54 --
 Accounts receivable 1,018 939
 Inventories 2,323 1,715
 Prepaid expenses and other current assets 2,624 1,573
 Income taxes receivable -- 13
 Total current assets 6,729 4,535
 Property and equipment, at cost:
 Furniture, fixtures and equipment 8,853 7,648
 Leasehold improvements 7,530 7,070
 Construction in progress 1,023 185
 Total property and equipment, at cost 17,406 14,903
 Less accumulated depreciation & amortization 6,585 5,826
 Net property and equipment 10,821 9,077
 Intangible assets, net of accumulated
 amortization of $2,204 in 1992 and
 $1,617 in 1991 21,117 21,704
 Deferred financing fees, net of accumulated
 amortization of $736 in 1991 -- 1,483
 Other assets and deferred expenses, net of
 accumulated amortization of $1,161 in
 1992 and $1,235 in 1991 2,742 1,568
 Total $ 41,409 38,367
 Current liabilities:
 Bank overdraft $ 909 1,010
 Accounts payable and accrued expenses 8,008 7,178
 Accrued income taxes 931 424
 Accrued management agreement buy-out -- 2,700
 Note payable -- 1,000
 Current portion of bank debt -- 1,781
 Total current liabilities 9,848 14,093
 Bank debt, less current maturities 1,492 26,120
 Other liabilities 1,719 2,171
 Total liabilities 13,059 42,384
 Common stock warrants -- 325
 Stockholders' equity (deficit):
 Preferred stock $.01 par value per share.
 Authorized 3,000,000 shares, no shares
 issued or outstanding -- --
 Common Stock, $.01 par value per share.
 Authorized 9,000,000 shares, issued and
 outstanding 6,357,413 and 2,931,701
 shares in 1992 and 1991 64 29
 Nonvoting common stock, $.01 par value per
 share. Authorized 3,000,000 shares, no
 shares issued or outstanding -- --
 Additional paid-in capital 61,329 27,713
 Accumulated deficit (33,043) (32,084)
 Total stockholders equity (deficit) 28,350 (4,342)
 Total $ 41,409 38,367
 -0- 1/27/93
 /CONTACT: Thomas J. Baldwin, senior vice president - finance, of Quantum Restaurant Group, 516-484-0777/
 (QRST)


CO: Quantum Restaurant Group, Inc. ST: New York IN: LEI SU: ERN

LD-WB -- NY004 -- 9396 01/27/93 06:46 EST
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