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CHECKERS ANNOUNCES RECORD 1992 NET INCOME

 CLEARWATER, Fla., Jan. 19 /PRNewswire/ -- Checkers Drive-In Restaurants, Inc. (NASDAQ: CHKR) today announced record revenues and net income for the fourth quarter and year ended Dec. 31, 1992. Revenues more than doubled from last year, and earnings more than tripled.
 Fourth quarter net income rose 126 percent to approximately $3,187,000 or $0.11 per share, from approximately $1,410,000, or $0.06 per share, in the 1991 comparable quarter. Revenues for the quarter rose 95 percent to $28.9 million from $14.8 million in the 1991 comparable quarter.
 For the full year, net income rose 224 percent to $10.7 million, or $0.37 per share, up from $3.3 million, or $0.15 per share, in 1991. Revenues for the year rose 110 percent to $88.6 million, up from $42.2 million in 1991. System-wide sales for 1991, which represent total sales for all company-operated and franchised stores, rose 132 percent to $170.2 million in 1992, up from $73.5 million in 1991. Comparable system-wide sales for 1992 rose 7.9 percent for restaurants open at least 18 months.
 Per share results for the 1992 fourth quarter and year are based on 30,180 and 28,950 shares outstanding, respectively.
 Herbert G. Brown, chairman of the board, stated, "1992 was a tremendous year. We more than doubled the size of our company, while tripling earnings, and also have improved our margins through continuing strong company operations."
 James E. Mattei, president and chief executive officer, announced that the company expects to open 65 company-operated restaurants in 1993, which is a 30 percent increase over the originally anticipated 50 openings. The company also expects to open 90 franchise restaurants in 1993, which is a 20 percent increase over the originally anticipated 75 openings. The 106 restaurants opened in 1992 is a 74 percent increase over the 61 restaurants opened in 1991.
 Checkers Drive-In Restaurants, Inc. develops, produces, owns, operates and franchises quick-service "double drive-thru" restaurants under the name "Checkers". As of Dec. 31, 1992, there were 102 company- operated restaurants and 121 franchise-operated restaurants, for a total of 223 restaurants.
 CHECKERS DRIVE-IN RESTAURANTS, INC.
 Financial Results
 (000s omitted, except per share amounts)
 Quarter Ended Year Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Revenues $28,870 $14,831 $88,581 $42,151
 Net Income 3,187 1,410 10,693 3,335
 Net Income Per Share $ .11 $ .06 $ .37 $ .15
 Weighted Average Shares
 Outstanding 30,180 23,935 28,950 22,331
 -0- 1/19/93
 /CONTACT: Herbert G. Brown of Checkers Drive-In Restaurants, Inc., 813-441-3500/
 (CHKR)


CO: Checkers Drive-In Restaurants, Inc. ST: Florida IN: LEI SU: ERN

JB-AW -- FL006 -- 6205 01/19/93 10:08 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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