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SHONEY'S, INC. ANNOUNCES EARNINGS PER SHARE UP 23 PERCENT THROUGH SECOND QUARTER

 NASHVILLE, Tenn., June 3 /PRNewswire/ -- Shoney's Inc. (NYSE: SHN) today reported record revenues for the second quarter and a 23 percent increase in earnings per share for the first two quarters of fiscal year 1993.
 Revenues for the 28-week period ending May 9 were up 5 percent, from $554,129,000 to $580,423,000. Comparable restaurant sales for the first two quarters declined .7 percent, which included a menu price increase of 1.4 percent. Pretax income for the same period was up 22 percent while net income increased 19 percent, from $22,855,000 to $27,233,000. Earnings per share for the first two quarters of 1993 were up 23 percent to $.64, compared with $.52 for the same period of 1992.
 Revenues for the 12-week second quarter increased 7 percent, to $262,751,000 from $256,612,000 for the second quarter of 1992. Comparable restaurant sales for the second quarter declined 3.1 percent which included a menu price increase of 1.8 percent. Net income increased 9 percent to $15,122,000 from $13,903,000. Earnings per share for the quarter were up 13 percent to $.35, compared with $.31 for the second quarter of 1992.
 Chairman and Chief Executive Officer Taylor H. Henry said: "This is our 136th consecutive quarter of record revenues -- a record of consistency for 34 years. Weather had a significant impact on sales during the first four weeks of the second quarter. We are pleased, however, with our earnings growth in spite of the lower revenue growth. The hard work of many employees in controlling expenses in our operating divisions and corporate offices contributed to this increase. We also have several programs in place to improve our restaurant operations. These programs are focused primarily on our Shoney's concept and include the remodeling of 40 restaurants, additional training for all management, and the implementation of a new menu during the second half of the year. As a result, we expect revenue growth to improve in the last half of the fiscal year."
 The company continues to benefit from lower interest rates and principal reductions during the past year on senior bank borrowings. Interest expense for the first two quarters declined $6,505,000 from $30,029,000 in 1992 to $23,524,000 in 1993. Interest expense for the second quarter declined $2,481,000 from $12,502,000 in 1992 to $10,021,000 in 1993.
 The company opened 65 restaurants during the first two quarters, including 18 company-owned and 47 franchised units. The new company- owned restaurants included 17 Shoney's and one Pargo's. During fiscal year 1993, the company plans to open 37 restaurants and expects franchisees to open approximately 100 restaurants. At quarter end, the company had a total of 1,833 restaurants in operation in 36 states and Canada, including 755 company-owned and 1,078 franchised units.
 The company's common stock is traded on the New York Stock Exchange under the symbol "SHN."
 SHONEY'S INC. AND SUBSIDIARIES
 Operating Highlights
 28 weeks ended 5/9/93 5/10/92 Pct. chg.
 Revenues $580,423,000 $554,129,000 5
 Income before income taxes 43,925,000 35,880,000 22
 Income taxes 16,692,000 13,025,000 28
 Net income $ 27,233,000 $ 22,855,000 19
 Earnings per common share
 Primary $0.68 $0.54 26
 Fully diluted $0.64 $0.52 23
 12 weeks ended 5/9/93 5/10/92 Pct. chg.
 Revenues $262,751,000 $256,612,000 2
 Income before income taxes 24,391,000 21,826,000 12
 Income taxes 9,269,000 7,923,000 17
 Net income $ 15,122,000 $ 13,903,000 9
 Earnings per common share
 Primary $0.37 $0.33 12
 Fully diluted $0.35 $0.31 13
 Weighted average shares outstanding
 Primary 40,271,942 42,104,123
 Fully diluted 45,521,364 47,574,459
 -0- 6/3/93
 /CONTACT: Taylor H. Henry or W. Craig Barber of Shoney's, 615-391-5201/
 (SHN)


CO: Shoney's, Inc. ST: Tennessee IN: LEI SU: ERN

BR-BN -- AT009 -- 4920 06/03/93 11:02 EDT
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Publication:PR Newswire
Date:Jun 3, 1993
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