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MAGIC RESTAURANTS REPORTS FIRST QUARTER RESULTS; REVENUES CLIMB 93 PERCENT

 YONKERS, N.Y., Dec. 3 /PRNewswire/ -- Magic Restaurants, Inc. (NASDAQ: MGIK, MGIKW), which owns and operates multi-concept table service restaurants, today reported results for the first quarter ended Oct. 3, 1993.
 Net income for the quarter was $3,583, on 3,622,789 shares outstanding, compared with net income of $131,693 on 1,801,308 shares outstanding in the year-ago first quarter, which ended Sept. 30, 1992. Effective July 1, 1993, the company changed its fiscal year from a 12-month period ending June 30 to a 52-53 week year ending July 3, 1994.
 The company incurred a loss per common share of one cent for the 1993 quarter, after reducing earnings by dividends paid on its preferred stock, compared with net income per share of seven cents for the year-ago quarter. The increase in common shares outstanding reflects the exercise of warrants.
 Total revenues climbed 93 percent, to $5,134,680 for the quarter ended Oct. 3, 1993 from $2,656,154 for the three months ended Sept. 30, 1992.
 Commenting on the results, Gary Rogers, president and chief executive officer, said, "Revenues benefited from restaurant acquisitions concluded in November 1992 and March 1993. Earnings were impacted by acquisition and startup expenses for five Carmella's Cafe restaurants, and two Rockwells American restaurants, one of which has been converted to a Carmella's Cafe. These restaurants, and our five Red Robin Burger and Spirits Emporium are now contributing to dramatic gains in sales in fiscal 1994."
 Magic Restaurants recently announced that it will open its sixth Red Robin in Levittown, N.Y., on Dec. 7, 1993, plans to open a Red Robin Restaurant and Family Entertainment Center in Perth Amboy, N.J. in early 1994, and is completing its due diligence review of its proposed acquisition of the 15-unit American Cafe restaurant chain, for which it has signed a letter of intent.
 Magic Restaurants owns and operates 12 restaurants in New York and New Jersey under the names Red Robin Burger and Spirits Emporium and Carmella's Cafes.
 MAGIC RESTAURANTS, INC.
 Financial Highlights (Unaudited)
 For the Three Months Ended
 10/3/93(A) 9/30/92
 Revenues $5,134,680 $2,656,154
 Net income 3,583 131,693
 Net income (loss) per share ($.01)(B) $.07
 Average number of shares outstanding(C) 3,622,789 1,801,308
 (A) Company changed its fiscal year end to 52-53 week period ending July 3, 1994.
 (B) Loss reflects dividends paid on company's preferred stock.
 (C) Increase in outstanding shares reflects exercise of warrants.
 -0- 12/3/93
 /CONTACT: Gary Rogers, president and CEO of Magic Restaurants, 914-969-0600/
 (MGIK)


CO: Magic Restaurants, Inc. ST: New York IN: LEI SU: ERN

MP-PS -- NY056 -- 0345 12/03/93 16:04 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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