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CHECKERS DRIVE-IN RESTAURANTS REPORTS ON ANNUAL MEETING

 CLEARWATER, Fla., May 10 /PRNewswire/ -- Checkers Drive-In Restaurants, A?Q: CHKR) announced that its 1993 Annual Meeting of Stockholders was held today in Clearwater, Fla. At the annual meeting, James E. Mattei, president and chief executive officer of the company, reviewed the 1992 and first quarter 1993 results. Mattei stated, "Checkers Drive-In Restaurants, Inc. had a record year in 1992 and also a record first quarter for 1993. During the year 1992, 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 1992 rose 132 percent to $17.02 million in 1992 up from $73.5 million in 1991. These record sales and earnings were the continuing results of quality franchise growth along with strong company operations. We completed 1992 with 102 company-operated restaurants and 121 franchised restaurants for a total of 223 restaurants. The company opened 12 company operated and 21 franchised restaurants in the first quarter of 1993."
 Mattei also announced that the company had increased its projected 1993 restaurant openings by 25, 10 of which will be company-operated restaurants and 15 of which will be franchised restaurants. Mattei noted, "The projected increase in 1993 restaurant openings will bring a total of 180 new restaurants into the Checkers' system (75 company- operated and 105 franchised) with a total of 403 restaurants projected to be in operation at the end of 1993 (176 company-operated and 228 franchised). This increase represents an approximate 15 percent increase in restaurant openings above our original 1993 plan. We have increased our projected restaurant openings because of the success of the Checkers' concept that were are experiencing in the marketplace. We believe that such growth can be achieved while maintaining our per restaurant profit margins."
 At the annual meeting, the stockholders approved an increase in the number of shares of the company's authorized common stock from 40 million to 100 million and an increase in the number of shares of common stock subject to the 1991 Stock Option Plan from 900,000 to 1,500,000. The stockholders also re-elected James F. White Jr., George W. Cook and Jared D. Brown as members of the board ?directors of the company.
 The company develops, produces, owns, operates and franchises quick- service "double drive-through" restaurants under name "Checkers."
 -0- 5/10/93
 /CONTACT: Herbert G. Brown of Checkers Drive-In Restaurants, 813-441-3500/
 (CHKR)


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

AW-JL -- FL009 -- 6455 05/10/93 11:32 EDT
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Publication:PR Newswire
Date:May 10, 1993
Words:442
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