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VOLUNTEER CAPITAL REPORTS STRONG QUARTER; WENDY'S INCOME UP 27 PERCENT

VOLUNTEER CAPITAL REPORTS STRONG QUARTER; WENDY'S INCOME UP 27 PERCENT
 NASHVILLE, Tenn., April 23 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC) today reported income before extraordinary items of $166,000, or $.04 per share, compared with $32,000, or $.01 per share, for the same period a year ago.
 First quarter 1992 net income of $258,000, or $.06 per share, included $92,000 in tax benefits from net operating loss carryforwards. For the same quarter a year ago, net income of $534,000, or $.13 per share, included a gain of $299,000 on the early retirement of debentures and $203,000 in tax benefits.
 Revenues for the first quarter were $11 million, a 10 percent increase over first quarter 1991 revenues of $10 million. President Lonnie J. Stout II said, "Our Wendy's restaurants delivered the 20th consecutive quarter of improved per store sales averages and a 27 percent increase in operating income. We are extremely pleased with this performance.
 "We continue to be very encouraged by the progress of our new concept, J. Alexander's. The second J. Alexander's restaurant is under construction in Franklin, Tennessee and a third site is under contract in Dayton, Ohio."
 Operating income for the Company's Wendy's restaurants was $1.1 million for the quarter, compared to 1991's first quarter operating income of $868,000. Average store sales for the quarter were $209,000, up 8 percent from $194,000 for the first quarter of 1991.
 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
 March 29, 1992 March 31, 1991
 Revenues $11,044,000 $9,985,000
 Income before extraordinary items 166,000 32,000
 Extraordinary items:
 Gain on early retirement of
 debentures, net of income
 tax effect -- 299,000
 Tax benefits from utilization
 of net operating loss
 carryforwards 92,000 203,000
 Net income 258,000 534,000
 Earnings per share:
 Income before extraordinary items $ .04 $ .01
 Net income $ .06 $ .13
 Weighted average number of shares 4,034,000 4,030,000
 -0- 4/23/92
 /CONTACT: R. Gregory Lewis, Volunteer Capital Corporation, 615-269-1900/
 (VCC) CO: Volunteer Capital Corporation ST: Tennessee IN: LEI SU: ERN


CM -- CH015 -- 1953 04/23/92 13:45 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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