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THE KRYSTAL COMPANY REPORTS INCREASES IN SALES, NET INCOME

 CHATTANOOGA, Tenn., Oct. 18 /PRNewswire/ -- The Krystal Company (NASDAQ-NMS: KRYS), an operator and franchisor of quick-service restaurants, today reported net income for the quarter ended Oct. 3, 1993, of $2,066,000 or 28 cents per share. Net income and net income per share were up 5.1 percent and 3.7 percent, respectively, versus the same period last year. The prior year's comparable third quarter net income was $1,966,000 or 27 cents per share.
 Net income for the nine months ended Oct. 3, 1993, before the cumulative effect of changes in accounting principles was $5,070,000 or 68 cents per share, compared to $4,123,000 for the first nine months of last year, or 66 cents per share. Net income before the cumulative effect of changes in accounting principles was up 23 percent for the first nine months and up 3 percent on a per share basis versus the same period last year.
 Net income year to date was $5,193,000, or 69 cents per share. Net income and net income per share were up 26 percent and 4.5 percent respectively, versus the same period last year. A cumulative effect of changes in accounting principles which had the net effect of increasing net income by $123,000, or 1 cent per share, was recorded in the first quarter of 1993 by the company for accounting rule changes regarding postretirement benefits and income taxes.
 Total revenues for the third quarter were $61.1 million, up 4.7 percent from the previous year's third quarter. Total revenues for the nine months ended Oct. 3, 1993 were $174.9 million, up 4.2 percent from the previous year's first nine months. Restaurant sales for the third quarter increased by 3.9 percent, to $59.1 million. Restaurant sales for the first nine months increased 3.3 percent over the same period in the previous year to $168.9 million.
 Company-owned average same restaurant sales for the third quarter of 1993 were up 1.2 percent versus the same period in 1992. For the first nine months of 1993, the average same restaurant sales were up 2.1 percent versus the same period last year. The company had 238 restaurants open at the end of the third quarter of 1993 compared to 230 at the end of the third quarter 1992. Ten double drive-through only Krystal Kwik restaurants are included in the same restaurants open each year.
 Third quarter revenues included franchise fees and royalties of $373,000 compared with $327,000 in the third quarter of 1992. Franchise fees and royalties year to date through the third quarter were $1,059,000, compared with $817,000 through the same period in 1992. Krystal began franchising in late 1990 and had 36 franchised restaurants in operation at the end of its third quarter of 1993. Sales by franchisees were $6.2 million for the quarter up 40 percent over the same period in 1992. Year to date sales by franchisees were $17.7 million, up 51 percent over the same period in 1992.
 The Krystal Company currently operates 239 restaurants in Arkansas, Alabama, Florida, Georgia, Kentucky, Mississippi, South Carolina and Tennessee. Krystal franchisees operate 36 restaurants located in Alabama, Florida, Georgia, Kentucky, Mississippi, South Carolina and Tennessee. One company restaurant has been opened since the end of the third quarter.
 Founded in 1932, Krystal is the second oldest fast-food chain in the nation. The Krystal Company's common stock is traded on the NASDAQ National Market System under the symbol KRYS.
 THE KRYSTAL COMPANY
 Third Quarter 1993 1992
 Revenues $61,111,000 $58,350,000
 Net income 2,066,000 1,966,000
 Average shares 7,508,000 7,414,000
 Net income per share $0.28 $0.27
 Nine Months 1993 1992
 Revenues $174,928,000 $167,830,000
 Net income before
 cumulative effect
 of changes in accounting
 principles 5,070,000 4,123,000
 Net income 5,193,000 4,123,000
 Averages shares 7,493,000 6,240,000
 Net income per share before
 cumulative effect of changes
 in accounting principles $0.68 $0.66
 Net income per share $0.69 $0.66
 -0- 10/18/93
 /CONTACT: Cam Scearce of Krystal, 615-757-1510/
 (KRYS)


CO: The Krystal Company ST: Tennesse IN: FOD SU: ERN

SM -- NY011 -- 3132 10/18/93 07:46 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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