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CONSOLIDATED PRODUCTS INC. ANNOUNCES PLANS TO DOUBLE SALES AND OPERATING EARNINGS

 INDIANAPOLIS, May 13 /PRNewswire/ -- Consolidated Products, Inc. (NASDAQ: COPIC) reported that its second quarter revenues and operating earnings reached record levels for the twenty-eighth consecutive quarter with net earnings increasing twenty-eight percent. Additionally, Consolidated announced a major acceleration of its Steak n Shake restaurant Development Program as a result of the company's success in opening new Steak n Shake restaurants and its history of strong operating earnings increases coupled with excellent prospects for these trends continuing.
 The company's expanded program, which would double the number of Steak n Shake units, provides for 70 new company-operated Steak n Shake restaurants and 61 new franchised restaurants over the five year period 1994-1998. This very substantial increase in new units will double both customer transactions and operating earnings over the next 5 years. The prior program called for 39 company-operated and 42 franchised Steak n Shake restaurants during the five year period 1993-1997. Seven new Steak n Shake restaurants including 2 franchised units, have been opened during this fiscal year and five additional, including two franchised units, are currently under construction. The new Steak n Shake restaurants opened are located in St. Louis; the Indianapolis area (2 units); South Bend, Ind.; Paducah, Ky.; Jonesboro, Ark. and Branson, Mo.
 Consolidated also reported net earnings for its second quarter (sixteen weeks ended April 14, 1993) increased twenty-eight percent to $853,653. Primary earnings per share were $.13 ($.12 in the prior year) and fully diluted earnings per share were $.11 ($.10 in the prior year).
 Net earnings for the twenty-eight weeks ended April 14, 1993 increased thirty percent over the prior year to $2,077,816. Primary earnings per share were $.34 ($.29 in the prior year) and fully diluted earnings per share were $.25 ($.21 in the prior year).
 Earnings per share calculations reflect an increase in the weighted average number of shares outstanding resulting from the company's sale in the first quarter of 495,000 shares of its 500,000 shelf registered shares. The weighted average number of shares outstanding also reflects the effect of the 10 percent stock dividend issued on Jan. 18, 1993.
 These strong operating earnings occurred, in spite of inclement weather during the second quarter this year as compared to the prior year, as a result of the continued increase in Steak n Shake's comparable unit sales.
 On March 9, 1993, Steak n Shake entered into a new area franchise agreement which provides for the opening of four Steak n Shake units in the Evansville, Indiana market during 1994-1997. The company now has in place commitments from its franchisees to open 28 units over the five year period 1994-1998.
 The company expects the year-to-date net earnings trend to continue throughout the remainder of fiscal 1993.
 CONSOLIDATED PRODUCTS, INC.
 SUMMARY OF CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 SIXTEEN WEEKS ENDED
 04/14/93 04/08/92
 Net sales $38,039,602 $36,216,340
 Total revenues 38,457,469 36,391,842
 Cost of sales 9,924,270 9,395,784
 Other costs and expenses 25,529,545 24,140,931
 Interest expense 1,570,001 1,737,370
 Earnings before income taxes 1,433,653 1,117,757
 Income taxes 580,000 450,000
 Net earnings $ 853,653 $ 667,757
 Net earnings per common and common
 equivalent share:
 Primary $.13 $.12(A)
 Fully diluted $.11 $.10(A)
 Weighted average shares outstanding
 Primary 6,430,475 5,653,713(A)
 Fully diluted 10,053,606 9,404,849(A)
 TWENTY-EIGHT WEEKS ENDED
 04/14/93 04/08/92
 Net sales $67,340,011 $64,057,517
 Total revenues 68,144,170 64,571,458
 Cost of sales 17,530,162 16,656,029
 Other costs and expenses 44,339,508 42,221,836
 Interest expense 2,776,684 3,031,797
 Earnings before income taxes 3,497,816 2,661,796
 Income taxes 1,420,000 1,065,000
 Net earnings $ 2,077,816 $ 1,596,796
 Net earnings per common and common
 equivalent share:
 Primary $.34 $.29(A)
 Fully diluted $.25 $.21(A)
 Weighted average shares outstanding
 Primary 6,195,576 5,605,468(A)
 Fully diluted 9,870,380 9,410,838(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. 10, 1992, and distributed on Jan. 18, 1993 to shareholders of record on Dec. 31, 1992.
 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 04/14/93
 (UNAUDITED) 09/30/92
 ASSETS
 Current assets $15,794,035 $19,359,169
 Property and equipment-net 40,730,848 35,132,356
 Leased property-net 8,828,819 9,441,307
 Other assets 3,058,386 3,129,077
 Total assets $68,412,088 $67,061,909
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $18,796,639 $19,545,458
 Obligations under capital leases 11,958,491 12,741,519
 Long-term debt 18,001,416 20,500,000
 10 percent Subordinated
 convertible debentures 12,326,000 12,496,000
 Shareholders' equity 7,329,542 1,778,932
 Total liabilities and
 shareholders' equity $68,412,088 $67,061,909
 -0- 5/13/93
 /CONTACT: James W. Bear, senior vice president of Consolidated Products, Inc., 317-633-4100/
 (COPIC)


CO: Consolidated Products, Inc. ST: Indiana IN: LEI SU: ERN

BM -- CL014 -- 8228 05/13/93 15:18 EDT
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Date:May 13, 1993
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