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DISCUS ANNOUNCES PROFITABLE FISCAL YEAR 1991

 DISCUS ANNOUNCES PROFITABLE FISCAL YEAR 1991
 BLOOMINGTON, Minn., March 23 /PRNewswire/ -- Discus Corporation, a


Bloomington-based restaurant company today reported its first ever annual profit during the fiscal year ended Dec. 29, 1991. For the year the company earned $30,790 or $.01 per share compared to a net loss of $141,350 or $.07 per share during 1990. For 1991, sales decreased 7.9 percent to $13,600,000 from $14,773,000 during 1990. The company believes sales were negatively impacted during 1991 by the economic recession, and during the first part of the year, by the war in the Persian Gulf and significantly lower advertising and promotion expenditures.
 For the fourth quarter of 1991 the company lost $114,448 compared to a loss of $8,438 for the same period in 1990. Sales decreased 7.5 percent to $3,213,000 during the fourth quarter of 1991 from $3,472,000 in the year ago period. Both sales and profits were negatively impacted during the fourth quarter of 1991 by two major snowstorms that affected many of the company's restaurant operations.
 Mike Platt, Discus president stated, "We are pleased to report our first ever profit in 1991, especially during a year of economic recession." Platt noted that sales during the early part of 1992 have been considerably stronger than during the same period in 1991.
 In connection with the audit of the company's 1991 financial statements, the auditor's report included a paragraph related to the unpaid $1.3 million mortgage on the company's Greenfield, Wis. restaurant which matured on April 1, 1991. Management is pursuing alternative forms of financing and attempting to renegotiate the existing mortgage with the Resolution Trust Corporation (receiver for a failed savings and loan association which originally held the mortgage).
 Discus Corporation operates nine Fuddruckers restaurants in Minneapolis and St. Paul, Minn.; Milwaukee; St. Louis and Omaha, Neb.
 DISCUS CORPORATION
 CONDENSED STATEMENT OF EARNINGS
 (In thousands except per share data)
 Three Months Ended
 12/29/91 12/30/90
 Restaurant sales $3,213 $3,472
 Percent change -7.5 --
 Net (loss) $(114) $(8)
 Net (loss) per share $(0.06) $(0.00)
 Weighted average shares outstanding 2,060 2,060
 12 Months Ended
 12/29/91 12/30/90
 Restaurant sales $13,600 $14,773
 Percent change -7.9 --
 Net income (loss) $31 $(141)
 Net income (loss) per share $0.01 $(0.07)
 Weighted average shares outstanding 2,060 2,060
 -0- 3/23/92
 /CONTACT: Mike Platt or Steve Jones, 612-831-2326, ext. 228 or 227, both of Discus/ CO: Discus Corporation ST: Minnesota IN: LEI SU: ERN


AL -- MN003 -- 0557 03/23/92 11:58 EST
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Publication:PR Newswire
Date:Mar 23, 1992
Words:442
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