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CUCOS REPORTS RECORD FOURTH QUARTER EARNINGS

 NEW ORLEANS, Aug. 30 /PRNewswire/ -- Cucos (NASDAQ: CUCO) announced record revenues and profits for the fourth quarter ended July 4.
 Net income for the fourth quarter was $108,754, or $.05 per share, compared to net income of $26,104, or $.01 per share, for the comparable prior year quarter, while revenues for the fourth quarter increased to $5,976,389, up 30.7 percent, from $4,571,958 in the comparable prior year period. Revenues for the year increased to $21,342,236, up 20.0 percent, compared to $17,787,580 achieved in the prior year, while net income increased to $201,530, up 23.8 percent, from $162,779 in the comparable prior year period.
 "Despite the impact of Hurricane Andrew and the great snow storm of 1993, comparable restaurant sales for company-owned restaurants grew for the ninth consecutive year, increasing by 3.6 percent. We opened one company-owned restaurant and purchased three additional franchised restaurants during fiscal 1993. We are now the largest full-service Mexican restaurant chain in the Southeast," stated Vincent J. Liuzza Jr., president of Cucos. During the year the company also converted two company-owned and two franchised restaurants to Cucos Border Cafes.
 "The outlook for fiscal 1994 is favorable," noted Liuzza. At least two additional company-owned and one additional franchised restaurants will be remodeled in 1994, and a new franchised restaurant is under construction in Boynton Beach, Fla. Negotiations have begun for several additional company-owned sites. "We are confident of achieving higher profits in 1994," stated Liuzza.
 Cucos is a Sonoran-style Mexican restaurant chain consisting of 18 company-owned restaurants and 13 franchised restaurants located primarily in the southeastern United States.
 CUCOS INC.
 Statement of Operations
 Unaudited
 13 wks. ended 12 wks. ended
 7/4/93 6/28/92
 Revenues:
 Sales of food and beverages $ 5,793,092 $ 4,347,489
 Franchise fees and royalties 103,717 139,036
 Commissary, rent & other income 79,580 85,433
 Total revenues 5,976,389 4,571,958
 Costs and expenses:
 Cost of sales 1,439,811 1,101,017
 Restaurant labor and benefits 1,921,905 1,399,578
 Other operating expenses 943,216 816,912
 Occupancy costs 658,688 451,754
 Preopening costs 49,337 47,826
 Total restaurant expenses 5,012,957 3,817,087
 Operations and franchise expenses 321,334 354,360
 Corporate expenses 439,300 303,110
 Interest expense 94,044 71,297
 Net income before taxes 108,754 26,104
 Income taxes --- ---
 Net income $ 108,754 $ 26,104
 Net income per share $ 0.05 $ 0.01
 Weighted shares outstanding 2,125,678 2,113,747
 53 wks. ended 52 wks. ended
 7/4/93 6/28/92
 Revenues:
 Sales of food and beverages $20,499,109 $16,708,230
 Franchise fees and royalties 518,856 669,636
 Commissary, rent & other income 324,271 409,714
 Total revenues 21,342,236 17,787,580
 Costs and expenses:
 Cost of sales 5,086,291 4,233,082
 Restaurant labor and benefits 6,857,383 5,474,489
 Other operating expenses 3,431,125 2,896,573
 Occupancy costs 2,318,803 1,821,775
 Preopening costs 157,628 170,119
 Total restaurant expenses 17,851,230 14,596,038
 Operations and franchise expenses 1,267,320 1,358,109
 Corporate expenses 1,683,524 1,401,506
 Interest expense 338,632 269,148
 Net income before taxes 201,530 162,779
 Income taxes --- ---
 Net income $ 201,530 $ 162,779
 Net income per share $ 0.09 $ 0.08
 Weighted shares outstanding 2,144,474 2,113,747
 -0- 8/30/93
 /CONTACT: Thomas J. Sandeman, vice president-Finance of Cucos, 504-835-0306/
 (CUCO)


CO: Cucos Inc. ST: Louisiana IN: LEI SU: ERN

RA-BN -- AT005 -- 7092 08/30/93 12:34 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
Words:625
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