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GOLDEN CORRAL REALTY CORPORATION FIRST QUARTER 1992 RESULTS OF OPERATIONS

 GOLDEN CORRAL REALTY CORPORATION
 FIRST QUARTER 1992 RESULTS OF OPERATIONS
 RALEIGH, N.C., May 5 /PRNewswire/ -- Golden Corral Realty Corporation (NASDAQ: GCRA) today announced net earnings of $360,809, or $.24 per share, for the quarter ended March 31, 1992. For 1991, the Company's net earnings were $337,666 or $.23 per share. Cashflow per share for the quarter ended March 31, 1992 was $.29 per share compared to $.28 per share for 1991.
 According to Edward Clark, President of the Company, the $.01 per share increase in both earnings and cashflow resulted from an increase in rents received on the Company's 28 restaurant properties that are leased to and operated by Golden Corral Corporation for use as Golden Corral steakhouse restaurants.
 The Company is an equity real estate investment trust that was formed specifically for the purpose of leasing restaurant properties to Golden Corral Corporation. The Company receives minimum rents based on the original cost of its properties, plus percentage rents that are based on sales of the restaurants operated on its properties.
 Percentage rent for the quarter ended March 31, 1992 was $195,642 compared to $175,660 for 1991, an increase of $19,982. Gross revenue for the quarter ended March 31, 1992 was $469,545 compared to $457,534 for 1991.
 As of March 31, 1992, the Company had total assets of $12,189,100 and stockholders' equity of $12,087,671.
 -0- 5/5/92
 /CONTACT: Edward Clark, Golden Corral Realty Corporation, 919-781-9310/
 (GCRA) CO: Golden Corral Realty Corporation ST: North Carolina IN: LEI SU: ERN


CM -- CH010 -- 6706 05/05/92 15:37 EDT
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Publication:PR Newswire
Date:May 5, 1992
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