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PERKINS FAMILY RESTAURANTS, L.P. REPORTS FIRST QUARTER NET INCOME

 MEMPHIS, Tenn., April 23 /PRNewswire/ -- Perkins Family Restaurants, L.P. (NYSE: PFR) today reported net income of $.31 per limited partnership unit for the quarter ended March 31, 1993. Net income for the first quarter 1993 was $3,218,000, slightly exceeding last year's record first quarter earnings of $3,209,000. Net income per unit last year was also $.31.
 Total revenues for the first quarter increased to $49,043,000 from $47,372,000 in the comparable quarter last year, an increase of 3.5 percent. Same store comparable sales increased .3 percent compared to the first quarter last year. Franchise revenues and revenues from the Foxtail Foods manufacturing division increased 3.7 percent and 8.0 percent for the first quarter, respectively.
 Revenues from Partnership-operated restaurants as well as franchise revenues were adversely impacted by poor weather in almost all regions in which the Partnership has significant operations. This compares to the generally good weather experienced in these regions in the prior year's first quarter.
 The Partnership opened one Partnership-operated and three franchised restaurants in the first quarter. An additional eight restaurants were under development as of March 31, 1993 and are expected to open in the second and third quarters.
 "Although our results for the first quarter were slightly ahead of last year, inclement weather in the Midwest and Northeast during the quarter kept us from realizing the sales and profit levels we were anticipating," said Donald N. Smith, chairman and chief executive officer.
 As of March 31, 1993, Perkins Family Restaurants, L.P., a Delaware Limited Partnership, owned and operated 124 Perkins Family Restaurants and franchised an additional 291 restaurants in 29 states and Canada.
 PERKINS FAMILY RESTAURANTS, L.P.
 STATEMENTS OF INCOME
 (Unaudited)
 (In Thousands, Except Per Unit Amounts)
 Three Months Ended
 March 31,
 1993 1992
 Revenues:
 Food Sales $ 45,568 $ 44,022
 Franchise revenues 3,475 3,350
 Total revenues 49,043 47,372
 Costs and Expenses:
 Cost of Sales:
 Food cost 13,547 13,053
 Labor and benefits 15,172 14,607
 Operating expenses 9,521 9,126
 General and administrative 4,211 4,219
 Depreciation and amortization 2,805 2,620
 Interest, net 675 568
 Other, net (106) (30)
 Total costs and expenses 45,825 44,163
 Net Income $ 3,218 $ 3,209
 Net Income Per Unit $ .31 $ .31
 Cash Distributions Declared Per Unit $ .325 $ .325
 -0- 4/23/93
 /CONTACT: Michael P. Donahoe, Chief Financial Officer, Perkins Family Restaurants, L.P., 901-766-6400/
 (PFR)


CO: Perkins Family Restaurants, L.P. ST: Tennessee IN: REA LEI SU: ERN

MM -- CH002 -- 0012 04/23/93 11:37 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
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