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GROUND ROUND RESTAURANTS, INC. REPORTS SECOND QUARTER INCREASES

 GROUND ROUND RESTAURANTS, INC. REPORTS SECOND QUARTER INCREASES
 BOSTON, Mass., April 22 /PRNewswire/ -- Ground Round Restaurants, Inc., (AMEX: GRX) today reported net income of $1.2 million or 10 cents per share, for the three month period ended March 29, 1992. This compares to income from continuing operations of $410,000 or 7 cents per share, for the comparable 1991 period. Revenue from continuing operations was $57.4 million, up 9.4 percent from $52.5 million in the comparable 1991 period.
 For the six-month period ended March 29, 1992, income from continuing operations was $2.3 million, or 20 cents per share, compared $396,000 or 7 cents per share, for the comparable 1991 period. Revenue from continuing operations for the six months was $111.8 million, up 5.5 percent from $106 million the prior year.
 "We are very pleased with the continued increases in our sales and profits," said Michael P. O'Donnell, chairman of the board, president and chief executive officer. "This trend of improved profitability reflects our focus on operating efficiencies as we continue to emphasize execution at the restaurant level."
 "During the second quarter, we successfully opened two new company restaurants within five weeks of one another, one in Salem, Mass., and the other in Taunton, Mass.," added O'Donnell. "Both new restaurants are currently performing above our level of expectation. Construction already is underway on the next two company restaurants to open in Manchester, Conn., and Manchester, N.H. Our newest franchise restaurant opened in Commack, N.Y., on April 13, and we look forward to the opening of the next in Sioux Falls, N.D., later this month."
 Ground Round Restaurants, Inc., operates 158 and franchises 44 casual, family oriented, full-service restaurants under the trade name THE GROUND ROUND, located primarily in the Northeast, Mid-Atlantic, and Midwest regions of the United States.
 GROUND ROUND RESTAURANTS, INC. AND SUBSIDIARIES
 Consolidated Summary of Operations
 (In thousands, except per share data)
 Three months ended Six months ended
 3/29/92 3/31/91 3/29/92 3/31/91
 Revenues from continuing
 operations $57,415 $52,504 $111,810 $106,026
 Operating income from
 continuing operations 3,126 2,421 6,284 4,821
 Income from continuing
 operations before
 income taxes 1,993 735 3,938 1,534
 Income from continuing
 operations after
 income taxes 1,156 410 2,284 396
 (Loss) from discontinued
 operations, net of
 income taxes -- (115) -- (13,852)
 Net income (loss) $1,156 $295 $2,284 $(13,456)
 Average common shares
 outstanding 11,064 6,454 11,064 6,454
 Per Share Data:
 Income from continuing
 operations 10 cents 7 cents 20 cents 7 cents
 (Loss) from discontinued
 operations -- (2 cents) -- (2.15)
 Net income (loss) per
 common share 10 cents 5 cents 20 cents (2.08)
 -0- 4/22/92
 /CONTACT: Mary Conroy of Ground Round, 617-380-3121/
 (GRX) CO: Ground Round Restaurants, Inc. ST: Massachusetts IN: FOD SU: ERN


TM-PB -- NE003 -- 1036 04/22/92 08:09 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
Words:496
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