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BODDIE-NOELL RESTAURANT PROPERTIES, INC. (BNP) RELEASES FIRST QUARTER RESULTS; DECLARES DIVIDEND

 ROCKY MOUNT, N.C., April 13 /PRNewswire/ -- The Board of Directors of Boddie-Noell Restaurant Properties, Inc. (AMEX: BNP) today released earnings for the first quarter ended March 31, 1993.
 Restaurant sales declined by 3.0 percent from the first quarter of 1992. Sales comparisons were difficult against the 10.5 percent increase recorded last year. Sales in February were negatively affected by several weekends of poor weather and, also, from the loss of the additional day in February of last year (which was a Saturday, our highest volume sales day). Sales in March suffered from the severe weather from the "Storm of the Century." We expect the current year sales trend to improve in the upcoming quarter.
 The modest decline in total revenues, approximately 1.4 percent, is explained primarily from lower rental income due to the decline in sales and to lower interest income from short-term investments. Net earnings for the three months were $624,265 or $.22 per share compared to $639,550, also $.22 per share last year. Funds from operations totalled $822,328 or $.29 per share in 1993 compared to $841,363 or $.30 per share in 1992.
 The Board of Directors today also declared a regular quarterly dividend of $.31 per share, to be paid on May 14, 1993 to shareholders of record on April 29, 1993.
 Following are the Statements of Operations and the Statements of Funds from Operations for the three months ended March 31, 1993 and 1992.
 Three months ended
 March 31,
 1993 1992
 Revenues
 Rental income $1,159,387 $1,172,506
 Interest on short-term investments 8,044 11,138
 Total revenues 1,167,431 1,183,644
 Expenses
 Depreciation and amortization 198,063 201,813
 Administrative 46,250 42,500
 Interest 258,750 258,750
 Advisory fee 40,103 41,031
 Total expenses 543,166 544,094
 Net income $624,265 $639,550
 Add: Depreciation and amortization 198,063 201,813
 Funds from operations $822,328 $841,363
 Per share:
 Net income $0.22 $0.22
 Funds from operations $0.29 $0.30
 -0- 4/13/93
 /CONTACT: Debra Baker White, Boddie-Noell Restaurant Properties, Inc., 919-937-2800, Ext. 447/
 (BNP)


CO: Boddie-Noell Restaurant Properties, Inc. ST: North Carolina IN: LEI SU: ERN DIV

JM -- CH010 -- 5297 04/13/93 14:45 EDT
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Date:Apr 13, 1993
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