RALLY'S POSTPONES COMMON STOCK OFFERING
RALLY'S POSTPONES COMMON STOCK OFFERING LOUISVILLE, Ky., June 25 /PRNewswire/ -- Rally's Inc.
(NASDAQ: RLLY), the nation's largest double drive-thru hamburger chain and fastest-growing restaurant chain in America, has postponed indefinitely the planned secondary offering of 1,032,500 shares of its common stock. The company postponed the offering because of weak market conditions and the decline in the company's stock price.
Rally's systemwide sales continue strong with same-store sales up 8.3 percent in April and May. The company expects to release its earnings for the quarter ending July 5, 1992, on or about July 28, 1992. Rally's intended to use most of the proceeds from the offering to acquire Zipps Drive Thru Inc., a chain of 46 restaurants headquartered in St. Louis. Rally's closed the purchase of Zipps on June 15, 1992, with bank financing. Rally's operates and franchises double drive-thru quick service hamburger restaurants. There are 398 Rally's restaurants operating in 24 states. -0- 6/25/92 /CONTACT: Donald C. Moore, senior VP and CFO of Rally's, 502-245-8900/ (RLLY) CO: Rally's Inc. ST: Kentucky, Missouri IN: LEI SU: OFR EH-JL -- LA014 -- 3882 06/25/92 15:02 EDT
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|Date:||Jun 25, 1992|
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