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CONSOLIDATED PRODUCTS, INC. ANNOUNCES FIRST QUARTER RESULTS

 CONSOLIDATED PRODUCTS, INC. ANNOUNCES FIRST QUARTER RESULTS
 INDIANAPOLIS, Jan. 16 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) today reported earnings before interest and income taxes increased 4 percent to $2,838,466 for the first quarter ended Dec. 18, 1991, as compared to the previous year. Total revenues for the quarter increased 3.3 percent to $28,179,616.
 An increase in interest expense resulting from the debt incurred in the first quarter last year in connection with the company's recapitalization plan offset part of the profit gains from operations. Net earnings were $929,039 for the 12 weeks ended Dec. 18, 1991. Primary earnings per share on a pro forma basis, assuming there had been no recapitalization and after giving effect to the 10 percent stock dividend payable on Jan. 21, 1992 to shareholders of record as of Dec. 31, 1991, were $.30 ($.29 in the prior year). Primary earnings per share after the effect of the recapitalization and the 10 percent stock dividend were $.18.
 The highly successful television advertising program that was started in the Steak n Shake Central Indiana Division in April 1991 was introduced in October into the company's St. Louis market which has the company's largest concentration of restaurants in a marketplace. The campaigns will be run simultaneously and it is expected that this program will be extended into other markets where television advertising is cost effective. New Steak n Shake units were opened in Lakeland, Fla. and Collinsville, Ill. during the quarter.
 The Specialty Restaurant Group continues to be adversely affected by the difficult economic environment. The introduction of a new common (identical) menu into five of the specialty restaurants during the quarter should enhance the company's positioning in the casual mid-priced segment of the industry. It will account for economics in purchasing, improved service and efficiencies of management. This represents a significant interim step in the company's previously announced strategy of consolidation of its specialty concepts.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 TWELVE WEEKS ENDED
 12/18/91 12/19/90
 Net sales $27,841,177 $27,089,312
 Total revenues 28,179,616 27,275,624
 Cost of sales 7,260,245 7,575,454
 Other costs and expenses 18,080,905 16,976,707
 Earnings before interest and income
 taxes 2,838,466 2,723,463
 Interest expense 1,294,427 815,238
 Earnings before income taxes 1,544,039 1,908,225
 Income taxes 615,000 765,000
 Net earnings $929,039 $1,143,225
 Net earnings per common and common
 equivalent share:
 Pro forma primary assuming no
 recapitalization $.30 $.29(A)
 Primary $.18 $.24(A)
 Pro forma fully diluted assuming no
 recapitalization $.30 $.29(A)
 Fully diluted $.13 $.21(A)
 Weighted average shares outstanding:
 Pro forma primary assuming no
 recapitalization 4,830,376 4,729,340(A)
 Primary 5,037,401 4,771,671(A)
 Pro forma fully diluted assuming no
 recapitalization 4,830,411 4,735,371(A)
 Fully diluted 8,412,207 5,716,547(A)
 (A) -- Net earnings per share and average shares outstanding have been restated to give effect to the 10 percent stock dividend declared on Dec. 3, 1991, payable on Jan. 21, 1992 to shareholders of record on Dec. 31, 1991.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 12/18/91
 (Unaudited) 09/25/91
 ASSETS
 Current assets $12,474,156 $13,110,765
 Property and equipment-net 38,057,983 38,539,331
 Leased property-net 10,172,609 10,390,303
 Other assets 2,016,050 2,101,931
 Total assets $62,720,798 $64,142,330
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $17,079,572 $17,219,648
 Deferred income taxes 106,000 106,000
 Obligations under capital leases 13,629,567 13,880,186
 Long-term debt 35,327,800 37,369,200
 Shareholders' equity (deficit) (3,422,141) (4,432,704)
 Total liabilities and
 shareholders' equity $62,720,798 $64,142,330
 -0- 1/16/92
 /CONTACT: James W. Bear, senior vice president and treasurer of Consolidated Products, Inc., 317-633-4100/
 (COPIC) CO: Consolidated Products, Inc. ST: Indiana IN: REA SU: ERN


KK -- CL002 -- 0338 01/16/92 08:32 EST
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Date:Jan 16, 1992
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