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HARDEE'S TO SELL 84 ROY ROGERS UNITS

 ROCKY MOUNT, N.C., Jan. 4 /PRNewswire/ -- Hardee's Food Systems, Inc. announced today that it will sell its 84 Roy Rogers restaurants in the Philadelphia market to Boston Chicken, Inc. (NASDAQ-NMS: BOST), for approximately $22.3 million. The transaction, which is subject to Hart Scott Rodino clearance, is expected to close within 45 days. As a result of the sale, Hardee's expects to take a one-time after tax charge of $11 million against its 1993 fourth quarter earnings.
 Robert Autry, president and chief executive officer of Hardee's, commented: "The Philadelphia restaurants were not being offered for sale, but through discussions with Boston Chicken it became apparent that this transaction could work to the benefit of both companies. The Philadelphia market is very competitive and Boston Chicken wants to establish a strong presence quickly," Autry said. "The 84 Roy Rogers sites are, therefore, an excellent opportunity for them. From our perspective, the financial returns from the Philadelphia restaurants have historically been weak relative to other Roy Rogers markets. This sale will enable us to focus on Baltimore, Washington and New York where the Roy Rogers trademark is stronger."
 Purdy Crawford, chairman and chief executive officer of Hardee's parent company, Imasco Limited (Toronto: IMS), said: "Our principal objective is to build shareholder value by consistently improving on the performance of each of our businesses.
 "This transaction clearly contributes to this objective. Hardee's expects the sale will provide a $4 million boost to annual after tax earnings beginning in 1994. We were also anxious to ensure that the interests of Roy Rogers customers, employees and management would be well served by any change of ownership. Boston Chicken is a successful growth-oriented company and we are pleased that the agreement allows for an orderly transition from Roy Rogers to Boston Chicken over an 18 month period."
 With respect to Imasco's overall performance in 1993, Crawford commented: "Our rate of earnings growth steadily improved in the second half of 1993. The indications are that this continued through to year end and, despite the one-time charge to earnings, we continue to expect reasonable growth for the year as a whole."
 Hardee's currently operates a system of more than 4,000 company and franchised restaurants in 40 states and 11 foreign countries. Approximately 650 of the restaurants currently operate as Roy Rogers in the Washington, Baltimore, Philadelphia and metropolitan New York markets. In the nine-month period ending Sept. 30, Hardee's had systemwide sales of $3.7 billion, up 5 percent from the same period last year, and operating earnings of $66.1 million, an increase of 59 percent, over the prior year nine-month period.
 Boston Chicken, Inc. headquartered in Naperville, Ill., operates and franchises over 200 restaurants located in 19 states.
 Imasco Limited, Montreal, Quebec, is a major Canadian consumer products and services company with operations in Canada and the United States.
 -0- 1/4/94
 /CONTACT: W. Maurice Bridges, director of Public Affairs, Hardee's Food Systems, 919-977-8943/
 (BOST IMS)


CO: Hardee's Food Systems, Inc.; Boston Chicken, Inc.; Imasco Limited ST: North Carolina, Philadelphia, Illinois IN: LEI SU:

CM -- CH001 -- 8821 01/04/94 10:17 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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