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MAVERICK RESTAURANT CORPORATION REPORTS THIRD QUARTER REVENUES AND EARNINGS

 WICHITA, Kan., Nov. 19 /PRNewswire/ -- Maverick Restaurant Corporation (OTC BULLETIN BOARD: MAVR) today reported earnings for the third quarter ended Oct. 31, 1993 of $28,154, or one cent per common share compared to a net loss of $152,808, or three cents per common share, for the third quarter of the prior year. For the nine months ended Oct. 31, 1993, the Company recorded earnings of $94,608, or two cents per common share, as compared to a net loss of $431,260, or nine cents per common share for the first nine months of the prior year.
 Revenues for the third quarter ended Oct. 31, 1993, were $2,072,609 compared to revenues of $2,380,552 for the third quarter of the prior year. Revenues for the nine months ended Oct. 31, 1993, were $5,684,509 compared to revenues of $8,707,666 for the first nine months of the prior year. The Company operated ten Grandy's restaurants and one Cotton Patch Cafe as of Oct. 31, 1993, compared to fifteen Grandy's restaurants as of Oct. 31, 1992.
 Chris F. Hotze, president of Maverick Restaurant Corporation, stated, "We are pleased to report a significant improvement in earnings for the three months and nine months ended Oct. 31, 1993 an compared to a year ago. This improvement can be attributed to the achievement of two short-term goals that were announced last year."
 -- To downsize the Grandy's operation to a number of restaurants which will produce positive earnings. Over the past year the Company has sold eight underperforming restaurants.
 -- To find a new restaurant concept with growth potential. Maverick believes it has found a growth vehicle with the Cotton Patch Cafe concept. Its first Cotton Patch Cafe, which opened Aug. 1, 1993 in Muskogee, Okla., has far exceeded expectations in terms of sales and customer response.
 "In addition, our ten Grandy's restaurants reported same store sales increases of 13.2 percent for the third quarter, and 8.3 percent for the nine months ended Oct. 31, 1993 as compared to a year ago."
 The Company also reported it has entered into a development agreement with its franchisor, Cotton Patch Incorporated, that will give the company exclusive rights to develop and operate Cotton Patch Cafe restaurants in certain parts of several states including Oklahoma, Arkansas, Missouri, Iowa, Nebraska and Kansas. The agreement requires the Company to develop a minimum of four restaurants per year. Maverick currently has a Cotton Patch Cafe under construction which should open during the fourth quarter.
 Hotze further stated, "Looking ahead, we believe the Company is positioned for growth with funding in place and a concept with growth potential. We are optimistic about the future of our Company. We are committed to enhancing shareholder value and we believe the Cotton Patch concept will help us meet that commitment."
 MAVERICK RESTAURANT CORPORATION
 SELECTED FINANCIAL INFORMATION
 Three months ended Oct. 31, 1993 1992
 Sales $ 2,072,609 $ 2,380,552
 Net earnings (loss) $ 28,154 $ (152,808)
 Earnings (loss) per common share $ .01 $ (.03)
 Nine months ended Oct. 31, 1993 1992
 Sales $ 5,684,509 $ 8,707,666
 Net earnings $ 94,608 $ (431,260)
 Earnings per common share $ .02 $ (.09)
 -0- 11/19/93
 /CONTACT: Chris F. Hotze or Linn F. Hohl of Maverick Restaurant Corporation, 316-685-8281/
 (MAVR)


CO: Maverick Restaurant Corporation ST: Kansas IN: LEI SU: ERN

LG-MP -- NY032 -- 6495 11/19/93 11:25 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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