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APPLEBEE'S REPORTS 88 PERCENT INCREASE IN NET EARNINGS FOR THIRD QUARTER OF 1992

 APPLEBEE'S REPORTS 88 PERCENT INCREASE
 IN NET EARNINGS FOR THIRD QUARTER OF 1992
 KANSAS CITY, Mo., Oct. 26 /PRNewswire/ -- Applebee's International, Inc., (NASDAQ: APPB) today reported net earnings of $1,529,000, or 23 cents per share, for its third quarter ended Sept. 27, 1992. This is an 88 percent net earnings increase, from $814,000, or 18 cents per share for the same period in 1991. Third quarter operating revenue, which includes both company restaurant sales and franchise income, was $14,763,000, compared with $11,587,000 in the third quarter of 1991. Total Applebee's system sales were $109.1 million in the third quarter, an increase of 42 percent over system sales of $76.6 million in the comparable period last year.
 System-wide comparable restaurant sales increased 10.9 percent during the third quarter of 1992, compared with the third quarter of 1991. Third quarter comparable sales of both company-owned and operated restaurants, as well as franchisee restaurants, increased 10.9 percent.
 For the 39 weeks ended Sept. 27, 1992, net earnings were $3,706,000, or 61 cents per share. This is a 56 percent net earnings increase, from $2,383,000, or 52 cents per share, in the comparable period last year. Last year's net earnings for the first nine months included approximately 10 cents per share from the sale of the company's St. Louis restaurant interests to a franchisee. Without considering this gain, net earnings for the first nine months of 1992 were up 93 percent.
 Weighted average shares outstanding in the third quarter were 6,776,000, compared with 4,612,000 during the same period last year, due to the company's stock offering completed in March 1992.
 As of the date of this release, there are 233 Applebee's restaurants open in 32 states. Of these, 205 are operated by franchisees and 28 by the company. At Sept. 27, 1992, there were 230 restaurants open, compared with 182 restaurants open at the end of the third quarter of 1991. There are currently 22 new Applebee's restaurants under construction and 56 additional sites approved. The company pointed out that, while site approvals do not always result in new restaurant openings, the number of sites approved is a good indicator of new restaurant potential.
 Abe J. Gustin, Jr., Applebee's Chairman and CEO, said, "Our momentum and progress in the first 9 months of 1992 strongly reinforce our belief that we are achieving one of the dominant positions in the casual dining segment of the restaurant industry. This is our 13th consecutive quarter of strong sales and
earnings performance. Our comparable sales performance ranks us as a leader compared to our national competitors this year, and our rate of new restaurant openings is one of the highest in our segment.
 "At our annual franchise convention in Florida earlier this month, we announced an increase to $75 million in the financing pool which we have arranged for our franchisees with Bell Atlantic Tricon Leasing Corporation. This pool should enable our franchisees to fund the development of 60 to 80 new restaurants. Taken together with the 16 other lenders offering financing to our franchisees, the pool will go a long way toward supporting Applebee's system growth.
 "In addition, we are also aggressively expanding the number of our company-owned or operated restaurants, utilizing, in part the $29 million of net proceeds from our successful equity offering earlier this year, as well as cash generated from the company's operations."
 Applebee's International, Inc., headquartered in Kansas City, develops, franchises and operates a rapidly expanding national chain of restaurants under the trademark Applebee's Neighborhood Grill and Bar.
 APPLEBEE'S INTERNATIONAL, INC. AND SUBSIDIARIES
 (In thousands except share and per share data)
 Condensed Consolidated Statements of Operations
 (Unaudited)
 13 weeks ended 39 weeks ended
 Sept. 27, Sept. 29, Sept. 27, Sept. 29,
 1992 1991 1992 1991
 Company restaurant sales $10,758 $8,903 $29,578 $26,680
 Franchise income 4,005 2,684 10,789 7,349
 Total operating revenue 14,763 11,587 40,367 34,029
 Operating earnings 1,946 1,237 4,909 2,905
 Other income 478 115 1,065 1,076
 Earnings before income
 taxes 2,424 1,352 5,974 3,981
 Income taxes 895 538 2,268 1,598
 Net earnings $1,529 $814 $3,706 $2,383
 Earnings (loss) per
 common share $0.23 $0.18 $0.61 $0.52
 Weighted average number
 of shares outstanding 6,776 4,612 6,101 4,611
 Condensed Consolidated Balance Sheets
 Sept. 27, Dec. 29,
 1992 1991
 (Unaudited) (Audited)
 Assets:
 Current assets $33,699 $12,077
 Property and equipment 11,435 7,843
 Franchise interest
 and rights 8,113 8,637
 Marketable securities 11,597 --
 Other assets 1,182 1,414
 Total assets $66,026 $29,971
 Liabilities and stockholders' equity:
 Current liabilities $ 7,928 $ 6,195
 Franchise deposits 906 603
 Total stockholders' equity 57,192 23,173
 Total liabilities and
 stockholders' equity $66,026 $29,971
 -0- 10/26/92
 /CONTACT: Jack Falker of Swenson Falker Eilertsen, 612-371-0000, for Applebee's; or George Shadid of Applebee's, 816-421-2501/
 (APPB) CO: Applebee's International, Inc. ST: Missouri IN: LEI SU: ERN


AL -- MN016 -- 5028 10/26/92 16:41 EST
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Date:Oct 26, 1992
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