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RYAN'S FAMILY STEAK HOUSES, INC. REPORTS RECORD FOURTH QUARTER AND FISCAL 1992 RESULTS

 GREER, S.C., Jan. 20 /PRNewswire/ -- Ryan's Family Steak Houses, Inc. (NASDAQ: RYAN) reported record revenues and earnings for the fourth quarter and fiscal 1992.
 Fourth quarter revenues amounted to $85,919,000, up 16 percent from $73,951,000 during the comparable quarter of 1991. Net earnings for the quarter increased 42 percent to $7,008,000 compared to $4,921,000 for the fourth quarter of 1991. Earnings per share for the fourth quarter amounted to 13 cents in 1992 and 9 cents in 1991, an increase of 44 percent, on 53,748,000 and 53,357,000 shares, respectively.
 For the year ended Dec. 30, 1992, revenues amounted to $352,810,000, up 18 percent from $299,336,000 during 1991. Net earnings for the year increased 26 percent to $29,307,000 compared to $23,307,000 in 1991. Earnings per share amounted to 55 cents in 1992 and 44 cents in 1991, an increase of 25 percent, on 53,636,000 and 53,238,000 shares, respectively.
 The Company's 1992 earnings per share (EPS) were reduced by 1 cent due to the following accounting changes:
 -- Deferred pre-opening costs: The amortization period of deferred pre-opening costs was changed from 5 years to 1 year, in order to better reflect the estimated period of the related economic benefits and to be more consistent with industry practice. All deferred amounts previously reported in the Company's 1991 financial statements were affected, resulting in a one-time pretax charge to the 1992 results of approximately $2.8 million (or approximately $1.7 million net of income taxes), which reduced 1992 EPS by approximately 3 cents.
 -- Income taxes: The Company adopted Statement of Financial Accounting Standards Number 109, "Accounting for Income Taxes," effective Jan. 2, 1992. This change resulted in a cumulative adjustment of deferred income taxes for financial reporting purposes of $1.0 million, or an increase of 2 cents to 1992 EPS.
 The above accounting changes are being reflected in the first quarter of 1992.
 At Dec. 30, 1992, the Company owned and operated 165 and was franchiser of 35 Ryan's Family Steak House restaurants. The Company opened 23 new restaurants during 1992 and plans to open 30 new restaurants during 1993.
 RYAN'S FAMILY STEAK HOUSES, INC.
 STATEMENTS OF EARNINGS
 (Unaudited)
 Quarter Ended Year Ended
 Dec. 30, Jan. 1, Dec. 30, Jan. 1,
 1992 1992 1992 1992
 Revenues:
 Sales by Company-owned
 restaurants $85,216,000 73,246,000 349,378,000 296,117,000
 Revenues from
 franchised
 restaurants 627,000 659,000 2,813,000 2,846,000
 Interest and other
 income 76,000 46,000 619,000 373,000
 Total revenues 85,919,000 73,951,000 352,810,000 299,336,000
 Costs and expenses:
 Company-owned restaurants:
 Food and beverage 33,468,000 31,077,000 142,468,000 124,831,000
 Payroll and
 benefits 23,667,000 20,658,000 95,446,000 80,847,000
 Depreciation 3,427,000 2,677,000 13,007,000 10,720,000
 Amortization of
 pre-opening costs 347,000 346,000 4,370,000 1,433,000
 Other operating
 expenses 9,999,000 8,447,000 38,306,000 32,654,000
 70,908,000 63,205,000 293,597,000 250,485,000
 General and
 administrative
 expenses 3,633,000 2,957,000 13,730,000 11,695,000
 Interest expense 64,000 56,000 144,000 102,000
 Total costs and
 expenses 74,605,000 66,218,000 307,471,000 262,282,000
 Earnings before income
 taxes and cumulative
 effect of change in
 method of
 accounting 11,314,000 7,733,000 45,339,000 37,054,000
 Income taxes 4,306,000 2,812,000 17,032,000 13,747,000
 Earnings before
 cumulative effect
 of change in method
 of accounting 7,008,000 4,921,000 28,307,000 23,307,000
 Cumulative effect on
 prior years (to Jan.
 1, 1992) of change in
 method of accounting
 for income taxes -- -- 1,000,000 --
 Net earnings $7,008,000 4,921,000 29,307,000 23,307,000
 Net earnings per
 common and common
 equivalent share:
 Earnings before
 cumulative effect of
 change in method of
 accounting .13 .09 .53 .44
 Cumulative effect on
 prior years (to Jan. 1,
 1992) of change in method
 of accounting for
 income taxes -- -- .02 --
 Net earnings $ .13 .09 .55 .44
 Weighted average
 shares 53,748,000 553,357,000 53,636,000 53,238,000
 -0- 1/20/93
 /CONTACT: Fred T. Grant, Jr., Vice President-Finance, Ryan's Family Steak Houses, 803-879-1000/
 (RYAN)


CO: Ryan's Family Steak Houses, Inc. ST: South Carolina IN: LEI SU: ERN

CM-MM -- CH006 -- 6869 01/20/93 12:05 EST
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Date:Jan 20, 1993
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