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BODDIE-NOELL RESTAURANT PROPERTIES, INC. (BNP) RELEASES FOURTH QUARTER AND YEAR-END RESULTS

 ROCKY MOUNT, N.C., Jan. 29 /PRNewswire/ -- The board of directors of Boddie-Noell Restaurant Properties, Inc. (AMEX: BNP) announced today earnings for the quarter and year ended Dec. 31, 1992.
 Restaurant sales for the periods, a factor in the calculation of BNP's rental income, increased 7.8 percent for the quarter and 9.2 percent for the 12 months. The improvement in sales throughout the year is attributable primarily to sales from fried chicken. Sales also benefitted from the addition of new menu items during the year. Two of the most popular new offerings are the Frisco Burger and the Frisco Breakfast Sandwich.
 Funds from operations(a) increased 7.4 percent in the quarter to $957,078 or $.34 per share from $890,750 or $.31 per share. Revenues for the quarter were up 8.0 percent at $1,323,309 compared to the $1,225,177 recorded in the prior year. Net income in the fourth quarter was $759,015 or $.27 per share compared to $688,937 or $.24 per share in the prior year.
 For the year, funds from operations increased 6.0 percent to $3,957,023 or $1.39 per share from $3,731,494 or $1.31 per share. Revenues for 1992 were up 5.2 percent at $5,373,305 compared to $5,108,207 for 1991. Net income rose to $3,158,521 or $1.11 per share from $2,924,242 or $1.03 per share.
 Dividends distributed in 1992 totaled $3,534,000 or $1.24 per share. The dividends paid during 1992 were comprised of 89.4 percent taxable ordinary dividend income and 10.6 percent non-taxable return of capital.
 (a) Funds from operations is defined as income before gains on sales of investments and extraordinary items plus depreciation and amortization. Industry analysts generally consider funds from operations, as defined, to be an appropriate measure of the performance of an equity REIT.
 -0- 1/29/93
 /CONTACT: Debra Baker White of Boddie-Noell Restaurant Properties, 919-937-2800, ext. 447/
 (BNP)


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

BR-BN -- CH006 -- 0796 01/29/93 13:29 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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