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THE KRYSTAL COMPANY REPORTS RECORD ANNUAL SALES, EARNINGS; ANNOUNCES 1.8 MILLION SHARE STOCK OFFERING

 CHATTANOOGA, Tenn., Feb. 10 /PRNewswire/ -- The Krystal Company (NASDAQ: KRYS), an operator and franchisor of quick-service hamburger restaurants, today reported net income for the year ended Jan. 3 of $7,006,000, or $1.07 per share.
 Net income and net income per share were up 143 percent and 91 percent, respectively, vs. the prior year. The prior year's net income was $2,879,000, or 56 cents per share.
 Total revenues for the 1992 year were $232.1 million, up 10.3 percent from the previous year. Restaurant sales for the year increased 10.1 percent, to $226.3 million. Company-owned same restaurant sales for the 1992 year were up 8.2 percent vs. 1991. 1992 revenues included franchise fees and royalties of $1,261,000 compared with $652,000 in 1991.
 For the fourth quarter of 1992, revenues were $64,295,000 compared to $55,850,000 for the same period last year, a 15.1 percent increase. Net income for the fourth quarter of 1992 was $2,883,000 an increase of 143 percent from the fourth quarter of the prior year when net income was $1,188,000. Earnings per share for the fourth quarter of 1992 were $.39 compared to $.23 for the same period in the prior year, a 69.6 percent increase.
 Krystal Chairman and Chief Executive Officer Carl Long cited continued strong sales and operating efficiencies for the company's earnings results for both the fourth quarter and the year.
 The Krystal Company operates 231 restaurants in Arkansas, Alabama, Florida, Georgia, Kentucky, Mississippi, South Carolina and Tennessee. Krystal franchisees currently operate 30 restaurants located in Alabama, Florida, Georgia, Kentucky, Mississippi and Tennessee.
 Fourth quarter ended 1992 1991
 Revenues $ 64,295,000 $ 55,850,000
 Net income 2,883,000 1,188,000
 Average shares 7,431,000 5,189,000
 Net income per share .39 .23
 Year ended 1992 1991
 Revenues $232,125,000 $210,487,000
 Net income 7,006,000 2,879,000
 Average shares 6,554,000 5,168,000
 Net income per share 1.07 .56
 Restaurant operating data:
 Average sales per company-owned restaurant:
 Full-size $ 986,000 $ 905,000
 Kwik 540,000 530,000
 Combined 963,000 887,000
 Company-owned same restaurant sales increase vs. prior year:
 Full-size 8.3 pct. 6.2 pct.
 Kwik 4.9 pct. 9.6 pct.
 Combined 8.2 pct. 6.2 pct.
 Separately, the company announced that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 1,800,000 shares of its common stock, 1 million shares of which will be sold by the company with the remaining 800,000 shares being sold by certain shareholders. The proceeds from the offering of the shares to be sold by the company will be used for the repayment of indebtedness, development of additional company-owned restaurants and for other general corporate purposes. The shares will be sold through an underwriting group led by Dean Witter Reynolds Inc. and The Robinson- Humphrey Company, Inc. Krystal's common stock is traded on the NASDAQ National Market System under the symbol KRYS.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the Prospectus may be obtained from Dean Witter Reynolds Inc., Two World Trade Center, New York, NY 10048.
 -0- 2/10/93
 /CONTACT: Camden B. Scearce of The Krystal Company, 615-757-1510/
 (KRYS)


CO: The Krystal Company ST: Georgia IN: SU: ERN

BR-BN -- AT005 -- 5037 02/10/93 09:34 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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