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RYAN'S FAMILY STEAK HOUSES, INC. REPORTS RECORD FIRST QUARTER 1993 RESULTS

 GREER., S.C., April 14 /PRNewswire/ -- Ryan's Family Steak Houses, Inc. (NASDAQ: RYAN) reported record earnings for the first quarter of 1993.
 First quarter revenues amounted to $91,462,000, up from $84,516,000 during the comparable quarter of 1992. Net earnings for the quarter increased to $7,164,000 compared to $6,096,000 (as restated) for the first quarter of 1992. Earnings per share amounted to 13 cents in 1993 and 11 cents (as restated) in 1992 on 53,759,000 and 53,687,000 shares, respectively.
 As explained in note 8 of the company's 1992 annual report to shareholders, the first quarter 1992 results have been restated to reflect accounting changes related to (1) the change in the amortization period of pre-opening costs from five years to one year and (2) the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes." The net effect of theses changes reduced previously reported first quarter 1992 net earnings by $751,000.
 At the end of the quarter, the company owned and operated 170 and was franchisor of 36 Ryan's Family Steak House restaurants. Six company-owned restaurants and one franchised restaurant were opened during the first quarter. The company plans to open eight restaurants during the second quarter, and 16 new restaurants during the third quarter and fourth quarters, resulting in 30 new restaurants during 1993 and 194 company-owned restaurants in operation at year-end.
 RYAN'S FAMILY STEAK HOUSES, INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 Quarter Ended
 March 31, April 1,
 1993 1992
 Revenues:
 Sales by company-owned
 restaurants $90,388,000 83,404,000
 Revenues from franchised
 restaurants 728,000 761,000
 Interest and other income 346,000 351,000
 Total revenues 91,462,000 84,516,000
 Costs and expenses:
 Company-owned restaurants:
 Food and beverage 36,877,000 34,845,000
 Payroll and benefits 25,355,000 23,078,000
 Depreciation 3,555,000 3,012,000
 Amortization of pre-opening
 costs 424,000 3,171,000
 Other operating expenses 10,094,000 8,991,000
 76,305,000 73,097,000
 General and administrative
 expenses 3,640,000 3,302,000
 Interest expense 60,000 15,000
 Total costs and expenses 80,005,000 76,414,000
 Earnings before income taxes
 and cumulative effect of
 change in method of
 accounting 11,457,000 8,102,000
 Income taxes 4,293,000 3,006,000
 Earnings before cumulative
 effect of change in
 method of accounting 7,164,000 5,096,000
 Cumulative effect on prior
 years (to Jan. 1, 1992) of
 change in method of
 accounting for income taxes -- 1,000,000
 Net earnings $7,164,000 nge in method
 of accounting .13 .09
 Cumulative effect on prior
 years (to Jan. 1, 1992) of
 change in method of accounting
 for income taxes -- .02
 Net earnings $ .13 .11
 Weighted average shares 53,759,000 53,687,000
 RYAN'S FAMILY STEAK HOUSES, INC.
 CONSOLIDATED BALANCE SHEETS
 March 31, Dec. 30,
 1993 1992
 ASSETS (Unaudited)
 Current assets:
 Cash and cash
 equivalents $ 929,000 1,730,000
 Receivables 1,156,000 1,202,000
 Inventories 2,545,000 2,254,000
 Prepaid expenses 156,000 102,000
 Deferred income
 taxes 747,000 747,000
 Total current assets 5,533,000 6,035,000
 Property and equipment:
 Land and
 improvements 64,857,000 64,958,000
 Buildings 141,903,000 140,674,000
 Equipment 95,465,000 96,125,000
 Construction in
 progress 35,652,000 21,282,000
 337,877,000 323,039,000
 Less accumulated
 depreciation 59,405,000 58,102,000
 Net property and
 equipment 278,472,000 264,937,000
 Other assets 4,025,000 3,903,000
 $288,030,000 274,875,000
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Notes payable 36,000,000 36,000,000
 Accounts payable 11,447,000 8,683,000
 Income taxes 4,690,000 1,441,000
 Accrued liabilities 9,365,000 9,565,000
 Total current
 liabilities 61,502,000 55,689,000
 Deferred income
 taxes 9,550,000 9,507,000
 Shareholders' equity:
 Common stock of $1.00
 par value; authorized
 1 million shares;
 issued 53,366,000
 shares in 1993 and
 53,337,000 shares
 in 1992 53,366,000 53,337,000
 Additional paid-in
 capital 6,212,000 6,106,000
 Retained earnings 157,400,000 150,236,000
 Total shareholders'
 equity 216,978,000 209,679,000
 $288,030,000 274,875,000
 -0- 4/14/93
 /CONTACT: Fred T. Grant, Jr., Vice President-Finance, Ryan's Family Steak Houses, Inc., 803-879-1000/
 (RYAN) CO: Ryan's Family Steak Houses, Inc. ST: South Carolina IN: REA LEI SU: ERN


MM -- CH005 -- 5602 04/14/93 10:24 EDT
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Date:Apr 14, 1993
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