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SPAGHETTI WAREHOUSE, INC. REPORTS EARNINGS FOR THE FIRST QUARTER OF FISCAL 1993

 SPAGHETTI WAREHOUSE, INC. REPORTS EARNINGS
 FOR THE FIRST QUARTER OF FISCAL 1993
 GARLAND, Texas, Nov. 9 /PRNewswire/ -- Spaghetti Warehouse, Inc. (SWH), which is traded on the New York Stock Exchange (NYSE: SWH), today announced results for the 13 weeks ended Oct. 4, 1992. It also announced that it has adopted the Financial Accounting Standards Board's Statement of Financial Standards No. 109, "Accounting for Income Taxes", and will apply the provisions of such statement on a retroactive basis and restate fiscal years 1991 and 1992.
 Revenues for the 13-week period ended Oct. 4, 1992 were $16.7 million, a 28.4 percent increase over revenues of $13.0 million for the 13-week period ended Sept. 28, 1991. Net income for the quarter was $1,408,732 compared to $1,199,359 (as restated to give effect to the adoption of Statement No. 109) for the prior year. Both primary and fully-diluted earnings per share increased to $.22 this year as compared to $.18 (as restated) last year.
 Lou Neeb, president of the company stated that "The quarter began with positive sales comparisons but gradually deteriorated and ended with negative comparisons." He warned that "Sales comparisons have continued negative so far in the second quarter and that the company sees no change in this trend until the economy improves." Neeb also expressed disappointment that legislation to extend the expired targeted jobs tax credit had been vetoed, and cited a negative effect on the company's earnings of $.01 per share for the first quarter and an estimated $.06 per share for the entire fiscal 1993.
 The company, which is celebrating its 20th anniversary this month, operates a chain of 26 restaurants in 14 states under the name "The Spaghetti Warehouse" and five franchised restaurants in Canada under the name "The Old Spaghetti Factory." Construction is now underway on new company-owned Spaghetti Warehouse restaurants in Richmond, Va., Addison, Texas, Akron, Ohio and Elk Grove, Ill. The company's first Spaghetti Warehouse franchised restaurant is under construction in Knoxville, Tenn. for a planned opening in December 1992. All of the company-owned and franchised restaurants, feature value-priced, classic Italian food in a casual "All American" atmosphere.
 SPAGHETTI WAREHOUSE, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited)
 13 Week Periods Ended
 10/04/92 09/28/91
 (as restated)
 Revenues $16,732,651 $13,031,740
 Costs and expenses:
 Cost of sales 4,088,388 3,202,789
 Operating expenses 7,641,295 5,980,293
 General and administrative
 expenses 1,979,308 1,582,136
 Depreciation and amortization 1,097,421 688,587
 Total costs and expenses 14,806,412 11,453,805
 Income before income taxes 1,926,239 1,577,935
 Income tax expense:
 Current 508,674 284,517
 Deferred 8,833 94,059
 Total 517,507 378,576
 Net Income $ 1,408,732 $ 1,199,359
 Earnings per share:
 Primary $.22 $.18
 Fully diluted $.22 $.18
 SPAGHETTI WAREHOUSE, INC.
 CORPORATE INFORMATION
 Ticker Symbol: SWH
 Traded: New York Stock Exchange
 Transfer Agent: Nations Bank Transfer Agent and
 Registrar
 Dallas, Texas
 Quarterly Reports: Issued in Nov., Feb. and May
 covering the preceding fiscal
 quarter.
 Annual Report and SEC Reports: Available upon request in
 writing to:
 Chief Financial Officer
 Spaghetti Warehouse, Inc.
 6120 Aldwick Dr.
 Garland, Texas 75043
 Company Description: National chain of dinner houses
 serving value-priced Italian
 food located in the following
 cities:
 Dallas
 Houston
 San Antonio
 Austin, Texas
 Ft. Worth, Texas
 Cleveland
 Columbus, Ohio
 Dayton, Ohio
 Toledo, Ohio
 Tampa, Fla.
 Memphis, Tenn.
 Atlanta
 Pittsburgh
 Philadelphia
 Buffalo, N.Y.
 Syracuse, N.Y.
 Rochester, N.Y.
 Oklahoma City
 Tulsa, Oklahoma
 Little Rock, Ark.
 Charlotte, N.C.
 Providence, R.I.
 Columbia, S.C.
 Greenville, S.C.
 Norfolk, Va.
 South Bend, Ind.
 Company stores Franchised stores
 under construction: under construction:
 Richmond, Va. Knoxville, Tenn.
 Addison, Texas
 Akron, Ohio
 Elk Grove, Ill.
 -0- 11/9/92
 /CONTACT: William B. Rea Jr., vice president - finance of Spaghetti Warehouse, Inc., 214-226-6000/
 (SWH) CO: Spaghetti Warehouse, Inc. ST: Texas IN: LEI SU: ERN


AH -- NY076 -- 8744 11/09/92 13:34 EST
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Date:Nov 9, 1992
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