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QUANTUM RESTAURANT GROUP REPORTS SECOND QUARTER AND YEAR-TO-DATE RESULTS: SALES AND EARNINGS UP

 QUANTUM RESTAURANT GROUP REPORTS SECOND QUARTER AND YEAR-TO-DATE
 RESULTS: SALES AND EARNINGS UP
 ROSLYN HEIGHTS, N.Y., July 28 /PRNewswire/ -- Quantum Restaurant Group, Inc. (NASDAQ-NMS: QRST) today reported income before extraordinary items of $492,000, or $.12 per share, for the second quarter, ended June 30, 1992, compared to a loss of $1,161,000, or $.35 per share, during the comparable 1991 quarter.
 A net loss of $3,826,000, or $.91 per share, for the 1992 second quarter reflects a one-time extraordinary charge, net of income taxes, of $4,318,000, or $1.03 per share, relating to early extinguishment of debt paid with the proceeds from its initial public offering and a new credit facility.
 Revenues for the 1992 second quarter increased 13 percent to $21,863,000 from $19,415,000 for the comparable 1991 quarter.
 For the six months ended June 30, 1992, Quantum reported income before extraordinary items of $970,000, or $.25 per share, compared to a loss of $2,084,000, or $.64 per share, during the comparable 1991 period. A net loss of $3,076,000, or $.80 per share, for the six months ended June 30, 1992 reflects an extraordinary benefit relating to the utilization of a net operating loss carryforward of $272,000, or $.07 per share, and the one-time extraordinary charge, net of income taxes, of $4,318,000, or $1.12 per share, relating to the early extinguishment of debt paid with the proceeds from its initial public offering and a new credit facility. There were no extraordinary items in 1991.
 Revenues for the six months ended June 30, 1992 increased to $43,606,000, a 17 percent increase over the $37,387,000 recorded during the comparable 1991 period.
 Quantum's initial public offering of common stock closed on June 10, 1992.
 In commenting on the results, Allen J. Bernstein, Quantum's president and chief executive officer, said, "This is our first quarterly report as a publicly held company. It is gratifying to report increased revenues and operating income and we look forward to continued growth in the years ahead."
 At June 30, 1992, Quantum owned and operated 39 full-service restaurants (three of which opened during 1992), in 18 cities, under the names Morton's of Chicago, Mick's, Peasant Restaurants and Lombardi's.
 Morton's restaurants are premium quality classic steakhouses, featuring U.S.D.A prime aged beef, and catering to business-oriented clientele. Mick's are casual restaurants which offer "fun food," such as hamburgers, light pasta, salads, specialty sandwiches and impressive desserts. They are noted for their diverse menu, large portions of high-quality food at moderate prices and attractive settings.
 The Peasant Restaurants are upscale white tablecloth dinnerhouses, offering well-prepared beef, fish, chicken and pasta dishes, and a variety of signature desserts, at reasonable prices, in elegant settings.
 As part of its ongoing development program, Quantum opened a Lombardi's white tablecloth restaurant, specializing in Northern Italian cuisine, in Las Vegas in May 1992.
 Quantum currently owns and operates restaurants in Atlanta; Chicago; Westbrook/Westchester and O'Hare/Rosemont, Ill.; Washington, D.C.; Tyson's Corner, Va.; Philadelphia; Denver; Dallas; Boston; New Orleans; Cleveland, Columbus and Cincinnati, Ohio; San Antonio; Las Vegas; Palm Beach, Fla., and Minneapolis.
 QUANTUM RESTAURANT GROUP, INC.
 (Amounts in thousands, except per share data)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Restaurant revenues:
 Food and beverage $21,787 $19,379 $43,454 $37,273
 Other 76 36 152 114
 Total restaurant revenues 21,863 19,415 43,606 37,387
 Restaurant expenses:
 Food and beverage costs 7,344 6,660 14,733 12,796
 Restaurant operating expenses 10,385 9,214 20,213 17,740
 Depreciation and other
 non-cash charges 316 404 624 786
 Total restaurant expenses 18,045 16,278 35,570 31,322
 General and administrative
 expenses 1,778 1,987 3,539 3,754
 Marketing and promotional
 expenses 299 410 568 726
 Other depreciation and
 amortization of intangibles 354 819 786 1,579
 Interest expense, net 607 1,081 1,603 2,083
 Income (loss) before income
 taxes and extraordinary items 780 (1,160) 1,540 (2,077)
 Income tax expense 288 1 570 7
 Income (loss) before
 extraordinary items 492 (1,161) 970 (2,084)
 Extraordinary benefit relating
 to utilization and net operating
 loss carryforward -- -- 272 --
 Extraordinary item relating to
 early extinguishment of debt (4,318) -- (4,318) --
 Net loss (3,826) (1,161) (3,076) (2,084)
 Income (loss) per share:
 Before extraordinary items .12 (.35) .25 (.64)
 Extraordinary item relating
 to utilization of net operating
 loss carryforward -- -- .07 --
 Extraordinary item relating to
 early extinguishment of debt (1.03) -- (1.12) --
 (.91) (.35) (.80) (.64)
 Weighted average shares
 outstanding 4,187 3,276 3,849 3,276
 Number of restaurants at:
 Beginning of period 37 31 36 30
 End of period 39 32 39 32
 6/30/92 12/31/91
 (Unaudited) (Audited)
 Current assets:
 Cash and cash equivalents $ 384 $ 295
 Restricted cash 53 --
 Accounts receivable 749 939
 Inventories 1,820 1,715
 Prepaid expenses and other current assets 1,788 1,573
 Income taxes receivable -- 13
 Total current assets 4,794 4,535
 Property and equipment, at cost:
 Furniture, fixtures, and equipment 8,139 7,648
 Leasehold improvements 7,186 7,070
 Construction in progress 647 185
 15,972 14,903
 Less accumulated depreciation
 and amortization 6,234 5,826
 Net property and equipment 9,738 9,077
 Intangible assets, net of accumulated
 amortization of $1,910 in 1992 and
 $1,617 in 1991 21,411 21,704
 Deferred financing fees, net of accumulated
 amortization of $736 in 1991 -- 1,483
 Other assets and deferred expenses,
 net of accumulated amortization
 of $610 in 1992 and $1,235 in 1991 1,426 1,568
 Total assets 37,369 38,367
 Current liabilities:
 Bank overdraft 1,692 1,010
 Accounts payable and accrued expenses 7,030 7,178
 Accrued income taxes 391 424
 Accrued management agreement buy-out -- 2,700
 Note payable 1,000 1,000
 Current portion of bank debt -- 1,781
 Total current liabilities 10,113 14,093
 Bank debt, less current maturities 11,644 26,120
 Other liabilities 1,510 2,171
 Total liabilities 23,267 42,384
 Common stock warrants -- 325
 Stockholders' equity (deficit):
 Preferred stock, $.01 par value per share.
 Authorized 3 million shares, no shares
 issued or outstanding -- --
 Common stock, $.01 par value per share.
 Authorized 9 million shares, issued
 and outstanding 4,808,655 and 2,931,701
 shares in 1992 and 1991 48 29
 Nonvoting common stock, $.01 par value
 per share. Authorized 3 million shares,
 issued and outstanding 318,308 shares
 in 1992 3 --
 Additional paid-in capital 49,211 27,713
 Accumulated deficit (35,160) (32,084)
 Total stockholders' equity (deficit) 14,102 (4,342)
 Total liabilities and stockholders' equity 37,369 38,367
 -0- 7/28/92
 /CONTACT: Thomas J. Baldwin, vice president - finance of Quantum Restaurant Group, 516-484-0777/
 (QRST) CO: Quantum Restaurant Group, Inc. ST: New York IN: LEI SU: ERN


AH-OS -- NY001 -- 3874 07/28/92 09:05 EDT
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