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THE KRYSTAL COMPANY REPORTS INCREASES IN SALES, NET INCOME

 CHATTANOOGA, Tenn., July 29 /PRNewswire/ -- The Krystal Company (NASDAQ-NMS: KRYS), an operator and franchisor of quick-service restaurants, today reported net income for the quarter ended July 4 of $1,949,000, or 26 cents per share.
 Net income and net income per share were up 33 percent and 8 percent, respectively, vs. the same period last year. The prior year's comparable second quarter net income was $1,461,000, or 24 cents per share.
 Net income for the six months ended July 4, before the cumulative effect of changes in accounting principles, was $3,004,000, or 40 cents per share, compared to $2,157,000 for the first six months of last year, or 38 cents per share. Net income before the cumulative effect of changes in accounting principles was up 39 percent for the first six months and up 5 percent on a per share basis, vs. the same period last year.
 Net income year to date was $3,127,000, or 42 cents per share. Net income and net income per share were up 45 percent and 10.5 percent, respectively, vs. 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 2 cents 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 second quarter were $59.5 million, up 5 percent from the previous year's second quarter. Total revenues for the six months ended July 4 were $113.8 million, up 4 percent from the previous year's first six months. Restaurant sales for the second quarter increased more than 4 percent, to $57.5 million. Restaurant sales for the first six months increased 3 percent over the same period in the previous year to $109.8 million.
 Company-owned average same restaurant sales for the second quarter of 1993 were up 3.5 percent vs. the same period in 1992. For the first six months of 1993, the average same restaurant sales were up 2.7 percent vs. the same period last year. The company had 235 restaurants open at the end of the second quarter of 1993 compared to 230 at the end of the second quarter 1992. Ten double drive-through only Krystal Kwik restaurants are included in the same restaurants open each year.
 Second quarter revenues included franchise fees and royalties of $341,000 compared with $230,000 in the second quarter of 1992. Franchise fees and royalties year to date through the second quarter were $686,000, compared with $490,000 through the same period in 1992. Krystal began franchising in late 1990 and had 33 franchised restaurants in operation at the end of its second quarter of 1993. Sales by franchisees were $5.9 million for the quarter, up 61 percent over the same period in 1992. Year to date sales by franchisees were $11.5 million, up 58 percent over the same period in 1992.
 The Krystal Company operates 236 restaurants in Arkansas, Alabama, Florida, Georgia, Kentucky, Mississippi, South Carolina and Tennessee. Krystal franchisees operate 33 restaurants located in Alabama, Florida, Georgia, Kentucky, Mississippi, South Carolina and Tennessee. One company restaurant has been opened since the end of the second 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.
 Second quarter 1993 1992
 Revenues $ 59,545,000 $ 56,635,000
 Net income $ 1,949,000 $ 1,461,000
 Average shares 7,499,000 6,114,000
 Net income per share $ .26 $ .24
 Six months 1993 1992
 Revenues $113,817,000 $109,480,000
 Net income before cumulative
 effect of changes in
 accounting principles $ 3,004,000 $ 2,157,000
 Net income $ 3,127,000 $ 2,157,000
 Average shares 7,486,000 5,652,000
 Net income per share before
 cumulative effect of changes
 in accounting principles $ .40 $ .38
 Net income per share $ .42 $ .38
 -0- 7/29/93
 /CONTACT: Cam Scearce of The Krystal Company, 615-757-1510/
 (KRYS)


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

BR-BN -- AT001 -- 7098 07/29/93 08:08 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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