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WENDY'S PROFITS RISE 28 PERCENT IN FIRST QUARTER

 DUBLIN, Ohio, May 3 /PRNewswire/ -- Record sales and company revenues propelled Wendy's International's (NYSE: WEN) profits to a 28 percent increase in the first quarter ended April 4.
 Net income was $9.8 million, or $.10 per share on a fully diluted basis, compared with $7.7 million, or $.08 per share a year ago. Revenues for the quarter were up 11 percent to a record $310 million versus $279 million.
 The board of directors approved the 60th consecutive quarterly dividend. Six cents per share will be paid on May 27 to shareholders of record May 13.
 James W. Near, chairman and CEO, said improving operations, strong value promotions at the local level and the national advertising of Wendy's Chicken Monterey Ranch sandwich significantly contributed to the quarter's earnings. Both company and franchise restaurants recorded their highest single week average sales in history during the quarter.
 "Our restaurant sales were very strong, in spite of some severe storms in the Eastern U.S. and Midwest," he said. "We had 13 consecutive weeks of record company sales and our restaurant operating margins improved almost a point to 12.5 percent, versus 11.7 percent a year ago. The winter is always our toughest quarter, and we're gratified to start 1993 with strong sales momentum," he added.
 Systemwide sales, which are sales from all company and franchise restaurants, grew 11 percent to a record $900 million, compared with $808 million a year ago.
 Near said average company domestic net sales rose 7.5 percent to $232,700 for the quarter, while average prices were down 2 percent resulting in a 9.4 percent real sales growth. Customer transactions grew 4 percent for the quarter.
 "We continue to lead our hamburger competitors in sales and customer traffic growth, according to independent research," Near said. "And consumers rate Wendy's the best in terms of highest quality food, best tasting hamburgers, best chicken sandwiches and best salads, widest menu variety and most nutritious foods. We're proud to be the leader in these important consumer interests," he added.
 There are 4,055 Wendy's Old Fashioned Hamburgers restaurants open or under construction in the U.S. and 30 countries and territories.


Annual Meeting Voting
 Five directors were re-elected to three-year terms at the company's annual shareholders meeting. They are: Arthur I. Vorys, Esq. of counsel, Vorys, Sater, Seymour and Pease; Thekla Reese Shackelford, owner, School Selection Consulting; W. Clay Hamner, Chairman and CEO, Montrose Capital Corp.; Gordon F. Teter, Wendy's President and COO; and Ronald E. Musick, Wendy's Executive Vice President. Shareholders also ratified the selection of Coopers & Lybrand as auditors of the company for 1993.
 WENDY'S INTERNATIONAL, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands except per share data)
 Quarter Ended Quarter Ended
 April 4 March 29
 1993 1992
 Revenues:
 Retail sales $286,154 $255,453
 Royalties 22,902 20,327
 Other 1,315 2,783
 Total 310,371 278,563
 Costs & expenses:
 Cost of sales 169,810 151,594
 Company restaurant
 operating costs 80,504 73,979
 General and administra-
 tive expenses 25,148 22,681
 Depreciation and
 amortization of pro-
 perty and equipment 16,385 14,966
 Interest, net 3,151 3,332
 Total 294,998 266,552
 Income before income taxes
 and extraordinary loss 15,373 12,011
 Income taxes 5,534 4,324
 Income before extraor-
 dinary loss 9,839 7,687
 Extraordinary loss on early
 extinguishment of debt (net
 of income tax benefit of $9) -- (14)
 Net income $ 9,839 $ 7,673
 Per share data:
 Primary net income $.10 $.08
 Fully diluted net income $.10 $.08
 Dividends $.06 $.06
 Primary weighted average
 shares outstanding 102,265 101,083
 Systemwide sales $900,000 $808,000
 Average net sales
 per domestic restaurant:
 Company $232,700 $216,400
 Franchise 225,150 207,800
 Total domestic 227,500 210,450
 Number of restaurants:
 Company 1,244 1,166
 Franchise 2,744 2,666
 Total 3,988 3,832
 -0- 5/3/93
 /CONTACT: Denny Lynch, VP Communications, Wendy's International, Inc., 614-764-3413/
 (WEN)


CO: Wendy's International, Inc. ST: Ohio IN: LEI SU: ERN

BM -- CL007 -- 3583 05/03/93 08:55 EDT
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Publication:PR Newswire
Date:May 3, 1993
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