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VOLUNTEER CAPITAL CORPORATION REPORTS 27 PERCENT INCREASE IN INCOME FOR 1991; WENDY'S UNITS UP 34 PERCENT

 VOLUNTEER CAPITAL CORPORATION REPORTS 27 PERCENT INCREASE
 IN INCOME FOR 1991; WENDY'S UNITS UP 34 PERCENT
 NASHVILLE, Tenn., Feb. 19 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC) today reported 1991 net income of $3.4 million, or $.72 per share, compared with 1990 net income of $1.6 million or $.41 per share.
 Gains from the early retirement of debt and tax benefits from net operating loss carryforwards contributed $.52 per share in 1991 and $.25 per share in 1990. Income before these extraordinary items was $816,000 in 1991, a 27 percent increase over 1990's income before extraordinary items of $644,000.
 President Lonnie J. Stout II called 1991 "an outstanding year for us. Same store sales for our Wendy's restaurants increased 9 percent, our best sales performance since 1984. We have now had 19 consecutive quarters of same store sales increases."
 For the fourth quarter, income before extraordinary items was $322,000, an increase of 44 percent over $224,000 earned in the fourth quarter of 1990. Earnings per share for the fourth quarter were $.12, including $.05 from extraordinary items. In the fourth quarter of 1990 earnings per share were $.09, including $.03 as a result of extraordinary items.
 "As a new entry in the casual dining market, our J. Alexander's restaurant met our expectations in 1991 and has been well-received by the public," Stout said. "We plan to open two additional J. Alexander's restaurants in 1992 and expect this group to continue to show significant progress for the year."
 Operating income for the Company's Wendy's restaurants was $4.5 million for the year, a 34 percent increase over 1990's operating income of $3.35 million. Average store sales were $818,000, up 9 percent from $750,000 in 1990. For the fourth quarter of 1991, operating income was $1.3 million, a 56 percent increase from the same period in 1990. Average store sales were $208,000, a 13 percent increase over the fourth quarter of 1990.
 "We are very pleased with our Wendy's results," Stout said. "The entire Wendy's system has improved significantly in the last three years. Our Wendy's management has done an excellent job of capitalizing on the improvements in the system."
 Volunteer Capital is headquartered in Nashville and operates 51 Wendy's Old Fashioned Hamburgers restaurants in four states and currently has one J. Alexander's restaurant in Nashville.
 VOLUNTEER CAPITAL CORPORATION FINANCIAL HIGHLIGHTS
 Quarter Ended
 Dec. 29, 1991 Dec. 30, 1990
 Revenues $11,110,000 $ 9,474,000
 Income before extraordinary
 items 322,000 224,000
 Extraordinary items:
 Gain on early retirement of
 debentures, net of income
 tax effect 19,000 --
 Tax benefits from utilization
 of net operating loss
 carryforwards 186,000 137,000
 Net income 527,000 361,000
 Earnings per share - primary:
 Income before extraordinary
 items $ .07 $ .06
 Net income $ .12 $ .09
 Earnings per share - assuming
 full dilution:
 Income before extraordinary
 items $ .07 $ .06
 Net income $ .12 $ .09
 Weighted average number of
 shares:
 Primary 5,107,000 4,030,000
 Fully diluted 5,107,000 4,030,000
 Year Ended
 Dec. 29, 1991 Dec. 30, 1990
 Revenues $42,795,000 $37,776,000
 Income before extraordinary
 items 816,000 644,000
 Extraordinary items:
 Gain on early retirement of
 debentures, net of income
 tax effect 1,355,000 371,000
 Tax benefits from utilization
 of net operating loss
 carryforwards 1,209,000 622,000
 Net income 3,380,000 1,637,000
 Earnings per share - primary:
 Income before extraordinary
 items $ .20 $ .16
 Net income $ .72 $ .41
 Earnings per share - assuming
 full dilution:
 Income before extraordinary
 items $ .20 $ .16
 Net income $ .72 $ .41
 Weighted average number of
 shares:
 Primary 5,107,000 4,030,000
 Fully diluted 5,107,000 4,030,000
 -0- 2/19/92
 /CONTACT: R. Gregory Lewis, Volunteer Capital Corporation, 615-269-1900/
 (VCC) CO: Volunteer Capital Corporation ST: Tennessee IN: LEI SU: ERN


CM-JZ -- CH001 -- 0334 02/19/92 10:11 EST
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Date:Feb 19, 1992
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