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SPAGHETTI WAREHOUSE REPORTS RECORD REVENUES AND INCOME FOR FISCAL YEAR ENDED JULY 4, 1992

 SPAGHETTI WAREHOUSE REPORTS RECORD REVENUES AND INCOME FOR
 FISCAL YEAR ENDED JULY 4, 1992
 DALLAS, Aug. 27 /PRNewswire/ -- Spaghetti Warehouse, Inc., (NYSE: SWH) today announced results for the 13 weeks ended July 4, 1992.
 Revenues for the 13 weeks ended July 4, 1992 were $15.8 million, a 34.0 percent increase over revenues of $11.8 million for the 13-week period ended June 29, 1991. Net income for the quarter was $1,645,346, which, when compared to income before extraordinary item last year of $1,311,882, represents an increase of 25.4 percent, and when compared to net income (after extraordinary item) last year of $1,124,716, represents an increase of 46.3 percent. Both primary and fully-diluted earnings per share for the quarter were $.25 this year, compared to $.24 and $.23 respectively before extraordinary item and $.21 and $.20 respectively after extraordinary item last year.
 Revenues for the fiscal year 1992 were $56.1 million, up from fiscal 1991 revenues of $43.0 million, an increase of 30.3 percent. The company posted net income of $5,687,187 for the fiscal year (53 weeks) ended July 4, 1992, compared to last year's (52 weeks) income before extraordinary item of $4,146,587 (an increase of 37.2 percent) and net income (after extraordinary item) of $3,959,421 (an increase of 43.6 percent). Both primary and fully-diluted earnings per share for the year were $.88 this year, compared to $.80 and $.79 respectively before extraordinary item and $.77 and $.76 respectively after extraordinary item last year.
 The 20-year-old company operates a chain of 25 restaurants in 14 states. Construction is now underway on new company-owned units in downtown Greenville, South Carolina, scheduled to open in September 1992, and in Richmond, Virginia, scheduled to open in November 1992. The company's first franchise store is under construction in Knoxville, Tennessee, scheduled to open in November 1992. The restaurants, which operate under the name "The Spaghetti Warehouse," feature value-priced, classic Italian food in a casual, "All-American" atmosphere.
 SPAGHETTI WAREHOUSE, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 53-Week Period 52-Week Period
 Ended 7/4/92 Ended 6/29/91
 Revenues $56,056,485 $43,033,433
 Costs and expenses:
 Cost of sales 13,507,845 10,574,815
 Operating expenses 25,318,853 19,443,191
 General and administrative
 expenses 6,941,407 5,185,176
 Depreciation and amortization 3,264,684 2,156,271
 Interest expense -- 427,952
 Total costs and expenses 49,032,789 37,787,405
 Income before income
 taxes and extraordinary
 item 7,023,696 5,246,028
 Income tax expense 1,336,509 1,099,441
 Income before
 extraordinary item 5,687,187 4,146,587
 Extraordinary item - loss on
 early extinguishment of debt,
 net of income tax benefit -- 187,166
 Net income $ 5,687,187 $ 3,959,421
 Primary earnings (loss) per
 common share:
 Income before extraordinary
 item $.88 $.80
 Extraordinary item -- (.03)
 Net income $.88 $.77
 Fully diluted earnings (loss)
 per common share:
 Income before extraordinary
 item $.88 $.79
 Extraordinary item -- (.03)
 Net income $.88 $.76
 Weighted average common and
 common share equivalents
 outstanding:
 Primary 6,494,751 5,164,614
 Fully Diluted 6,495,472 5,231,637
 13-Week Period 13-Week Period
 Ended 7/4/92 Ended 6/29/91
 Revenues $15,794,923 $11,789,862
 Costs and expenses:
 Cost of sales 3,806,694 2,955,869
 Operating expenses 6,890,413 5,387,959
 General and administrative
 expenses 2,090,973 1,162,548
 Depreciation and amortization 1,004,068 587,335
 Interest expense -- 47,118
 Total costs and expenses 13,792,148 10,140,829
 Income before income
 taxes and extraordinary
 item 2,002,775 1,649,033
 Income tax expense 357,429 337,151
 Income before
 extraordinary item 1,645,346 1,311,882
 Extraordinary item - loss on
 early extinguishment of debt,
 net of income tax benefit -- 187,166
 Net income $ 1,645,346 $ 1,124,716
 Primary earnings (loss) per
 common share:
 Income before extraordinary
 item $.25 $.24
 Extraordinary item -- (.03)
 Net income $.25 $.21
 Fully diluted earnings (loss)
 per common share:
 Income before extraordinary
 item $.25 $.24
 Extraordinary item -- (.03)
 Net income $.25 $.20
 Weighted average common and
 common share equivalents
 outstanding:
 Primary 6,457,932 5,542,253
 Fully Diluted 6,471,518 5,577,087
 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 November, February 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 Drive
 Garland, Texas 75043
 Company Description: National chain of dinner houses serving value- priced Italian food located in the following cities:
 Dallas, Texas Houston, Texas
 Austin, Texas Ft. Worth, Texas
 Columbus, Ohio Dayton, Ohio
 Toledo, Ohio Tampa, Florida
 Atlanta, Georgia Memphis, Tennessee
 Buffalo, New York Pittsburgh, Pennsylvania
 Syracuse, New York Oklahoma City, Oklahoma
 Rochester, New York Little Rock, Arkansas
 Charlotte, North Carolina Philadelphia, Pennsylvania
 Providence, Rhode Island San Antonio, Texas
 Columbia, South Carolina Norfolk, Virginia
 South Bend, Indiana Cleveland, Ohio
 Tulsa, Oklahoma
 Company Stores Franchised Stores
 Under Construction: Under Construction:
 Greenville, South Carolina Knoxville, Tennessee
 Richmond, Virginia
 -0- 8/27/92
 /CONTACT: William B. Rea Jr., vice president-finance of Spaghetti Warehouse, 214-226-6000/
 (SWH) CO: Spaghetti Warehouse, Inc. ST: Texas IN: LEI SU: ERN


TM -- NY084 -- 4193 08/27/92 18:43 EDT
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