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CUCOS ANNOUNCES FIRST QUARTER EARNINGS FOR FISCAL 1992

 CUCOS ANNOUNCES FIRST QUARTER EARNINGS FOR FISCAL 1992
 NEW ORLEANS, Dec. 4 /PRNewswire/ -- Vincent J. Liuzza Jr., chairman and president of Cucos Inc. (NASDAQ: CUCO), announced today that revenues and earnings increased for the company's first quarter ended Oct. 21.
 Revenues advanced 16.3 percent to $5,332,619 from $4,586,182, and earnings increased 8.2 percent to $110,472 from $102,056 recorded during the comparable prior-year quarter.
 During the quarter the company completed the purchase of its franchised restaurant in Tallahassee, Fla., and opened an additional company-owned restaurant in Macon, Ga. In addition, the earnings of the original eight restaurants which are primarily located in Louisiana and Mississippi also advanced. Sales per restaurant for these locations advanced 3.9 percent; guest counts increased 3.5 percent, and comparable restaurant profits improved 16.8 percent compared to the prior year. However, the recession began to adversely affect the sales and profits of certain company restaurants, especially in Florida and Georgia during the latter part of the first quarter. The company operates two restaurants in each of these states.
 The recession is also negatively affecting a number of the company's franchised restaurants in Florida, Iowa, Virginia and Wisconsin, resulting in lower royalties from these restaurants. Total franchise fees and royalties declined for the quarter, despite the opening of a new franchised restaurant in Columbia, S.C.
 "We expect that the recession's effect will continue through the second and third quarters with a resulting negative impact on earnings. However, we expect profits to be up for the total fiscal year," noted Liuzza.
 Cucos is a Sonoran-style Mexican restaurant chain consisting of 13 company-owned restaurants and 20 franchised restaurants located primarily in the southeastern United States.
 CUCOS INC.
 Statement of Operations
 Unaudited
 16 weeks ended 10/20/91 10/21/90
 Revenues:
 Sales of food and beverages $ 4,949,167 $ 4,174,808
 Franchise fees and royalties 224,337 238,300
 Commissary, rent and other income 159,115 173,074
 Total 5,332,619 4,586,182
 Costs and expenses:
 Restaurant operating 4,354,086 3,642,659
 Franchise and administrative 757,667 679,291
 Interest 77,465 68,411
 Amortization of preopening costs 32,929 93,765
 Total 5,222,147 4,484,126
 Income before income taxes 110,472 102,056
 Income taxes --- ---
 Net income $ 110,472 $ 102,056
 Net income per share $0.05 $0.05
 Weighted shares outstanding 2,113,747 2,083,747
 -0- 12/4/91
 /CONTACT: Thomas J. Sandeman, vice president-Finance of Cucos, 504-835-0306/
 (CUCO) CO: Cucos Inc. ST: Louisiana IN: LEI SU: ERN


BN -- AT011 -- 9198 12/04/91 12:21 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 4, 1991
Words:440
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