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

 GREER, S.C., Oct. 13 /PRNewswire/ -- Ryan's Family Steak Houses, Inc. (NASDAQ: RYAN) reported revenues and earnings for the third quarter and first nine months of 1993.
 Third quarter revenues amounted to $104,767,000, up from $91,355,000 during the comparable quarter of 1992. Net earnings for the quarter amounted to $7,403,000 compared to $7,746,000 in 1992. Earnings per share amounted to 14 cents during both 1993 and 1992, on 53,686,000 and 53,608,000 shares, respectively.
 For the nine months ended Sept. 29, 1993, revenues amounted to $298,239,000, up from $266,891,000 during the comparable period of 1992. Net earnings for the nine months amounted to $22,495,000 compared to $22,299,000 (as restated) in 1992. Earnings per share amounted to 42 cents during both 1993 and 1992 (as restated), on 53,696,000 and 53,598,000 shares respectively. See note 8 of the company's 1992 Annual Report to Shareholders for further details concerning the restated 1992 net earnings and earnings per share.
 At the end of the quarter, the company owned and operated 186 and was franchisor of 35 Ryan's Family Steak House restaurants. Eight company owned restaurants began operations during the third quarter. The company plans to open eight additional restaurants in the fourth quarter, resulting in 30 new restaurants during 1993 and 194 company owned restaurants at year end.
 RYAN'S FAMILY STEAK HOUSES, INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (UNAUDITED)
 Quarter Ended Nine Months Ended
 Sept. 29, Sept. 30, Sept. 29, Sept. 30,
 1993 1992 1993 1992
 Revenues:
 Sales by company
 owned restaurants $104,102,000 90,560,000 295,767,000 264,162,000
 Revenues from
 franchised restaurants 596,000 680,000 1,999,000 2,186,000
 Interest and other
 income 69,000 115,000 473,000 543,000
 Total revenues 104,767,000 91,355,000 298,239,000 266,891,000
 Costs and expenses:
 Company owned restaurants:
 Food and beverage 42,694,000 37,118,000 122,080,000 109,000,000
 Payroll and
 benefits 28,998,000 24,414,000 82,441,000 71,779,000
 Depreciation 3,991,000 3,386,000 11,277,000 9,580,000
 Amortization of pre-
 opening costs 552,000 441,000 1,486,000 4,023,000
 Other operating
 expenses 12,453,000 10,139,000 33,641,000 28,307,000
 88,688,000 75,498,000 250,925,000 222,689,000
 General and administrative
 expenses 4,224,000 3,407,000 11,441,000 10,097,000
 Interest expense 20,000 58,000 94,000 80,000
 Total costs and
 expenses 92,932,000 78,963,000 262,460,000 232,866,000
 Earnings before income
 taxes and cumulative
 effect of change in
 method of
 accounting 11,835,000 12,392,000 35,779,000 34,025,000
 Income taxes 4,432,000 4,646,000 13,284,000 12,726,000
 Earnings before cumulative
 effect of change in
 method of
 accounting 7,403,000 7,746,000 22,495,000 21,299,000
 Cumulative effect on
 prior years (to Jan. 1,
 1992) of change in
 method of accounting
 for income taxes --- --- --- 1,000,000
 Net earnings $ 7,403,000 7,746,000 22,495,000 22,299,000
 Net earnings per common
 and common equivalent
 share:
 Earnings before cumulative
 effect of change in
 method of accounting .14 .14 .42 .40
 Cumulative effect on prior
 years (to Jan. 1, 1992)
 of change in method of
 accounting for income
 taxes --- --- --- .02
 Net earnings $ .14 .14 .42 .42
 Weighted average
 shares 53,686,000 53,608,000 53,696,000 53,598,000
 -0- 10/13/93
 /CONTACT: Fred T. Grant Jr., vice president-Finance, of Ryan's Family Steak Houses, 803-879-1000/
 (RYAN)


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

CM-SB -- CH007 -- 1620 10/13/93 11:19 EDT
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Publication:PR Newswire
Date:Oct 13, 1993
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