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GROUND ROUND RESTAURANTS, INC. REPORTS INCREASED SECOND QUARTER EARNINGS

 BOSTON, April 20 /PRNewswire/ -- Ground Round Restaurants, Inc. (AMEX: GRX) reported revenues and increased earnings for the second quarter and six months ended April 4, 1993 compared with earnings and revenues for the comparable quarter and six months ended March 29, 1992:
 GROUND ROUND RESTAURANTS, INC.
 Financial Highlights
 Fiscal 1993 Fiscal 1992
 2nd Qtr. Six Months 2nd Qtr. Six Months
 Revenues $56,389,000 $118,620,000 $57,237,000 $111,632,000
 Income $1,227,000 $2,654,000 $1,156,000 $2,284,000
 Earnings per
 share 11 cents 24 cents 10 cents 20 cents
 "Quarterly earnings were up and year-to-date earnings were 16 percent ahead of the prior year in the face of the most severe winter experienced in the Northeast and the Midwest in 14 years," said Michael O'Donnell, chairman and chief executive officer of the company. "It has snowed on approximately half of the weekends since January 1st, significantly affecting the quarterly earnings and revenues of the company," continued O'Donnell. "As a result, comparable restaurant sales for the quarter were down 4.4 percent, however we are encouraged by the strong sales performance during the weeks when weather was not a factor. The construction phase of the company's comprehensive remodeling program began in April and for the balance of the year should augment the strong trends that were evident during the first quarter. We anticipate that the company's fiscal 1993 earnings growth rate will exceed 20 percent," concluded O'Donnell.
 The Ground Round Restaurants, Inc. operates 160 and franchises 43 full-service family restaurants in the Midwest and Northeast with system-wide sales of over $300 million.
 -0- 4/20/93
 /CONTACT: Mary Conroy, investor relations of Ground Round Restaurants, Inc., 617-380-3121/
 (GRX)


CO: The Ground Round Restaurants, Inc. ST: Massachusetts IN: FOD SU: ERN

CH -- NE003 -- 7765 04/20/93 08:06 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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