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PERKINS FAMILY RESTAURANTS, L.P. REPORTS 15 PERCENT INCREASE IN 1991 NET INCOME BEFORE GAINS

 PERKINS FAMILY RESTAURANTS, L.P.
 REPORTS 15 PERCENT INCREASE IN 1991 NET INCOME BEFORE GAINS
 MEMPHIS, Tenn., Jan. 30 /PRNewswire/ -- Perkins Family Restaurants, L.P. (NYSE: PFR) today reported a 15 percent increase in 1991 net income before gains from property transactions. Net income was $15,184,000 or $1.47 per unit for the year ended December 31, 1991 compared to $13,471,000 or $1.31 per unit for the prior year. Net income for 1991 and 1990 includes gains from property transactions of $312,000 and $538,000, respectively.
 Net income for the fourth quarter increased 26.3 percent to $2,635,000 or $.25 per unit, compared with $2,086,000 or $.20 per unit for the fourth quarter of last year.
 Same store sales were up slightly for the full year and increased 2.4 percent for the fourth quarter of 1991. Although the fourth quarter results reflect the best performance of the year, sales continued to be restrained by the 22 Florida restaurants, whose same store sales remain negative, though improved.
 Revenues increased to $180,512,000 in 1991, a 4.1 percent increase over 1990. Revenues for the fourth quarter were $44,098,000, an 8.7 percent increase over the $40,585,000 reported in the fourth quarter of 1990.
 "We're pleased to announce our fifth consecutive year of double digit increases in net income," said Donald N. Smith, Chairman and Chief Executive Officer. "That success in a difficult year is the direct result of the quality management provided by the Perkins executive and operating teams. More importantly, however, the company has been building its internal momentum to take maximum advantage of the expected improvements in the overall economy in the second half of 1992."
 As of December 31, 1991, Perkins Family Restaurants, L.P., a Delaware limited partnership, owned and operated 117 Perkins Family Restaurants and franchised an additional 290 restaurants in 30 states and Canada.
 PERKINS FAMILY RESTAURANTS, L.P.
 STATEMENTS OF INCOME
 (Unaudited)
 (In Thousands, Except Per Unit Amounts)
 Three Months Ended Twelve Months Ended
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Revenues:
 Food sales $40,731 $37,231 $166,638 $160,251
 Franchise revenues 3,367 3,354 13,874 13,130
 Total revenues 44,098 40,585 180,512 173,381
 Costs and Expenses:
 Cost of sales 12,751 11,409 50,115 48,084
 Operating expenses 22,086 20,679 88,934 86,570
 General and
 administrative 3,667 3,674 15,052 15,172
 Depreciation and
 amortization 2,598 2,388 10,025 9,203
 Interest, net 534 555 2,185 2,263
 Other, net (173) (206) (983) (1,382)
 Total costs and
 expenses 41,463 38,499 165,328 159,910
 Net Income $ 2,635 $2,086 $15,184 $13,471
 Net Income Per Unit $ .25 $ .20 $ 1.47 $ 1.31
 Cash Distributions
 Declared Per Unit $ .325 $ .30 $ 1.275 $ 1.20
 -0- 1/30/92
 /CONTACT: Michael P. Donahoe, Chief Financial Officer, Perkins Family Restaurants, L.P., 901-766-6400/ CO: Perkins Family Restaurants, L.P. ST: Tennessee IN: FOD SU: ERN


JZ -- CHOO2 -- 5168 01/30/92 10:52 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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