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BLIMPIE INTERNATIONAL, INC. REPORTS GROWTH IN SECOND 1993 QUARTER

 NEW YORK, March 3 /PRNewswire/ -- Blimpie International, Inc. is pleased to report continued growth during the second quarter of fiscal 1993.
 Total revenues were $2,737,881 as compared with $2,283,849, a 20 percent increase over the same period last year.
 During the second quarter, franchise and subfranchise revenue generated $558,717 as compared with $574,403, a 3 percent decrease over the same period last year. The company is optimistic about these numbers because of how they break down. Although the company sold three area subfranchises, the same as prior year's second quarter, the revenues generated from these sales were significantly lower as the areas sold represented smaller territories. The significance here, is that 54 individual restaurant franchises were sold as compared to 34 during last year's second quarter, an increase of 59 percent.
 For the second quarter, continuing fees jumped by 32 percent, to over $1 million for the first time in the company's history. This resulted from the opening of 34 Blimpie franchise restaurants during the second quarter, compared to 29 during the same period last year. Revenues for all other categories during the quarter grew to $1,164,561 from $941,420, a 24 percent increase over the comparable period in 1992.
 For the six months ended Dec. 31, 1992, total revenues were $5,790,319, as compared to $4,541,309, a 28 percent increase over the same period last year. Net income increased to $535,284 as compared with $498,453, a 7 percent increase over the same period last year. The company's fully diluted earnings were $.10 per share for the fiscal six months ended Dec. 31, 1992.
 The company's long-term strategy is beginning to take hold as ongoing fees from franchise restaurant sales, rather than the one-time revenues generated from subfranchise sales, will drive the sales and earnings of Blimpie International, Inc. The company now sees income growth in franchise fees, continuing fees, and equipment sales being fueled by record franchise sales and franchise restaurant openings.
 Blimpie International, Inc. has also taken a major step as a public company by becoming a "Reporting Company," which is subject to all the rules under the Federal Security Laws. The company fully expects that its increased disclosure of information, along with the listing of its stock on NASDAQ, which should take place in March, will benefit all present and future shareholders.
 In summary, management is pleased with the results for the first six months of fiscal year 1993 and believes that the positive trends discussed above will continue for the remainder of fiscal 1993.
 -0- 3/3/93
 /CONTACT: Anthony P. Conza, chairman of the board, president and CEO of Blimpie International, 404-984-2707/


CO: Blimpie International, Inc. ST: New York IN: LEI SU: ERN

BR-RA -- AT014 -- 2632 03/03/93 16:51 EST
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Publication:PR Newswire
Date:Mar 3, 1993
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