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AU BON PAIN REPORTS SECOND QUARTER NET INCOME UP 84 PERCENT

 AU BON PAIN REPORTS SECOND QUARTER NET INCOME UP 84 PERCENT
 BOSTON, Aug. 12 /PRNewswire/ -- Au Bon Pain Co., Inc. (NASDAQ: ABPCA) today reported that net income for its second quarter ended July 11, 1992, increased 84 percent to $1,069,000, or 10 cents per share, compared to $580,000, or 7 cents per share, in the 1991 second quarter (before the after-tax effect in the 1991 quarter of the write- off of deferred finance costs totaling $343,000, or 4 cents per share). Year-to-date for the 28 weeks ended July 11, 1992, net income increased 98 percent to $2,217,000, or 21 cents per share, compared to $1,120,000, or 14 cents per share (before the effect of the 1991 write-off of the deferred finance costs).
 Revenues increased 40 percent in the second quarter of 1992 to $21.1 million from $15.1 million in the second quarter of 1991. Restaurant sales of the 10 bakery cafes opened in the second half of 1991 and the 14 bakery cafes opened in the first half of 1992 added significantly to second quarter, 1992 revenue. In addition, comparable restaurant sales continued to improve throughout the quarter, increasing to 10.7 percent in the second quarter of 1992 over the 1991 second quarter (Table 1). For the year-to-date period, revenues increased 37 percent through July 11, 1992, vs. the previous year-to-date, principally due to the new bakery cafes. Strong comparable restaurant sales of 8.9 percent during the first half of 1992 also contributed to the improved revenues. Franchise sales and other revenues increased to $1.7 million in the second quarter ended July 11, 1992, from $1.1 million in the 1991 second quarter, bringing year-to-date franchise sales and other revenues to $3.7 million in 1992 from $2.4 million in the comparable period of 1991.
 Operating income for the second quarter of 1992 increased 42 percent to $1,752,000 from $1,235,000 in the previous year's second quarter, bringing year-to-date operating income to $3,740,000 in 1992, 39 percent above operating income of $2,691,000 for the first half of 1991. For both the second quarter and the first half of 1992, operating margin was up modestly at 8.3 percent and 8.1 percent, respectively. In the second quarter of 1992, improvements in depreciation and amortization and overhead costs on a percentage-of-revenue basis slightly more than offset higher percentage food and paper costs and restaurant operating expenses.
 Year-to-date 17 company-operated bakery cafes and one franchised bakery cafe have been opened. The company also completed the acquisition of the Warburton's bakery cafes, consisting of seven cafes in Boston, seven cafes in Pittsburgh and eight cafes in Chicago. The Chicago cafes were immediately sold to the company's Chicago franchisee, ABP Midwest, Inc. The company expects the net investment in the Boston and Pittsburgh locations, after remodeling costs, will be approximately $4.5 million. In 1991, revenues in the Warburton's cafes were approximately $12 million.
 The company also announced that the international franchise development agreement completed in the first quarter of 1992 was for rights to develop Au Bon Pain bakery cafes in Japan. The development schedule requires that a minimum of 46 locations be opened in Japan by April, 1998. A second international franchise development agreement was completed in the second quarter for rights to develop Au Bon Pain bakery cafes in Chile, with the follow-on rights in Argentina, Paraguay, Uruguay, Peru and Bolivia. The initial development schedule calls for a minimum of 10 bakery cafes to be opened in the aggregrate in Chile and Argentina within six years and 20 bakery cafes to be opened in the market in 10 years.
 AU BON PAIN CO., INC.
 Consolidated Statement of Operations
 (Unaudited)
 12 weeks ended 28 weeks ended
 July 11, July 13 July 11 July 13
 1992 1991 1992 1991
 Revenues:
 Restaurant sales $19,337,438 $13,936,074 $42,270,458 $31,143,196
 Franchise sales
 and other revenues 1,730,817 1,134,105 3,749,554 2,414,208
 Total 21,068,255 15,070,179 46,020,012 33,557,404
 Cost and expenses:
 Cost of food & paper
 products 7,005,884 4,874,329 15,566,233 10,811,068
 Restaurant operating
 expenses 9,705,751 6,885,835 20,693,081 15,210,367
 Depreciation and
 amortization 1,397,652 1,194,706 3,247,805 2,659,584
 General and
 administrative 1,206,801 880,031 2,773,312 2,185,648
 Total 19,316,088 13,834,901 42,280,431 30,866,667
 Operating income 1,752,167 1,235,278 3,739,581 2,690,737
 Interest expense 12,327 280,614 63,318 814,596
 Other (income), net (106,634) (36,246) (187,277) (90,949)
 Minority interest 39,213 33,110 139,877 116,930
 Write-off of capitalized
 finance costs --- 574,772 --- 574,772
 Income before
 provision for
 income taxes 1,807,261 383,028 3,723,663 1,275,388
 Provision for income
 taxes 738,500 146,000 1,506,500 498,000
 Net income $1,068,761 $237,028 $2,217,163 777,388
 Income per
 common share 10 cents 3 cents 21 cents 10 cents
 Weighted average
 shares outstanding 11,223,915 8,536,756 10,767,941 7,949,628
 AU BON PAIN CO., INC.
 Comparable Restaurant Sales
 Company-Operated Restaurants
 1991 1992
 Q2 Q3 Q4 Q1 Q2
 Boston (11.4) pct. (5.6) pct. 1.3pct. 6.7 pct. 11.6 pct.
 Philadelphia (13.8) (2.2) 2.7 11.4 11.4
 New York City (3.5) 4.0 6.1 9.5 10.7
 Washington, D.C 15.1 4.7 8.7 4.6 6.7
 Total Company (7.4) pct. (2.6) pct. 3.2 pct. 7.4 pct. 10.7 pct.
 Second Quarter, 1992
 P5 P6 P7
 Boston 7.8 pct. 13.5 pct. 13.6 pct.
 Philadelphia 11.9 10.5 11.7
 New York City 8.9 10.9 12.2
 Washington, D.C. 8.1 4.7 7.4
 Total Company 8.4 pct. 11.4 pct. 12.2 pct.
 -0- 8/12/92
 /COMPANY: Tony Carroll, chief financial officer, 617-423-2100/
 (ABPCA) CO: Au Bon Pain Co., Inc. ST: Massachusetts IN: FOD SU: ERN


CN -- NE010 -- 6309 08/12/92 15:44 EDT
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Date:Aug 12, 1992
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