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TPI ENTERPRISES, INC. ANNOUNCES OPERATING INCOME UP 84 PERCENT FOR THE THIRD QUARTER

 TPI ENTERPRISES, INC. ANNOUNCES OPERATING INCOME UP
 84 PERCENT FOR THE THIRD QUARTER
 WEST PALM BEACH, Fla., Nov. 5 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ: TPIE) today announced that its net income from continuing operations for the third quarter was $1,012,000 or $.06 per share versus a loss of $1,207,000 or $.07 per share in 1991. For the nine month period, net income from continuing operations was $2,125,000 or $.12 per share versus a loss of $6,079,000 or $.31 per share in 1991. Extraordinary expense associated with the early extinguishment of debt impacted net income by a loss of $.60 per share for the quarter and $.68 for the nine months. Consequently, net income for the third quarter of 1992 was a loss of $9,795,000 compared to a loss of $974,000 for the same period of 1991.
 Operating income for the third quarter of 1992 was up 84 percent on a revenue increase of 6 percent over the comparable quarter of 1991. Nine-month operating income was up 109 percent on a revenue increase of 6 percent over the 1991 comparable period.
 For the nine month period ended Sept. 30, 1992, same store sales at the company's Shoney's Division were up 2.2 percent over the same period of 1991. During that same time, the company opened 5 new Shoney's and acquired 2 more. In addition, one newly constructed Shoney's and four acquisitions have been added since the end of the third quarter. In the Captain D's Division, same store sales were substantially unchanged from the prior year. Two new Captain D's were opened during the nine months, and one acquisition was added after the close of the period. Currently, same store sales at the company's Shoney's Division are up 4.5 percent in the fourth quarter versus the same period of 1991, and the Captain D's Division has experienced a same store sales increase of 0.8 percent.
 On Aug. 6, 1992, the company completed a refinancing and successful tender for its 14.25 percent senior subordinated notes, resulting in an extraordinary loss relating to early debt extinguishment of approximately $10,807,000 net of tax benefit, or $.60 per share in the quarter. The tender offer combined with the open-market repurchase of 14.25 percent notes earlier in the year brought the extraordinary loss relating to early debt extinguishment for the nine months to approximately $12,278,000 or $.68 per share. As a result of the refinancing, approximately 99 percent of the 14.25 percent notes have been repurchased and results have been favorably impacted by the reduction of the related interest expense.
 "The increase in operating income represents our third consecutive quarter of improved operations," said Stephen R. Cohen, chairman and chief executive officer of TPI. "Coupled with the addition of new stores, acquired stores, improved operating margins and reduced interest costs, this bodes well for the future. With the refinancing and the associated costs behind us, we can now focus our efforts on growing our restaurant business."
 TPI, one of the largest restaurant franchisees in the United States, currently owns and operates 258 restaurants including 179 Shoney's and 69 Captain D's in nine southern states.
 TPI ENTERPRISES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data, unaudited)
 Periods ended Nine months Quarter
 Sept. 30 1992 1991 1992 1991
 Restaurant revenue $218,338 $206,878 $85,909 $62,408
 Operating income 12,972 6,207 4,125 2,236
 Income (loss) from continuing
 operations before provision
 for income taxes 4,380 (8,169) 1,696 (1,576)
 Provision (benefit) for
 income taxes 2,255 (2,090) 684 (368)
 Income (loss) from
 continuing operations 2,125 (6,079) 1,012 (1,207)
 Discontinued operations
 Loss from discontinued
 operations -- (2,125) -- 233
 Gain on disposal of
 discontinued operations -- 7,922 -- --
 Total -- 5,797 -- 233
 Income before extraordinary
 item 2,125 (282) 1,012 (974)
 Extraordinary Item
 Loss on early extinguishment
 of debt (12,278) -- (10,807) --
 Net income (loss) (10,153) (282) (9,795) (974)
 Net Income (Loss) Per Share:
 Continuing operations .12 (.31) .06 (.07)
 Discontinued operations -- .30 -- .02
 Extraordinary item (.68) -- (.60) --
 Total (.56) (.01) (.54) (.05)
 Weighted average number of
 common and common equivalent
 shares outstanding 18,206 19,522 18,195 18,054
 -0- 11/5/92
 /CONTACT: Joseph P. Gowan of TPI Enterprises, Inc., 407-835-8888/
 (TPIE) CO: TPI Enterprises, Inc. ST: Florida IN: LEI SU: ERN


SM-OS -- NY020 -- 2925 11/05/92 09:53 EST
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Date:Nov 5, 1992
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