Printer Friendly

TPI ENTERPRISES ANNOUNCES OPERATING INCOME UP 292 PERCENT

 TPI ENTERPRISES ANNOUNCES OPERATING INCOME UP 292 PERCENT
 NEW YORK, Aug. 10 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ: TPIE) announced today that its operating income for the second quarter of 1992 was up 292 percent on a revenue increase of 5.7 percent over the comparable period of 1991. Its six-month operating income was up 123 percent on a revenue increase of 5.5 percent over the 1991 comparable period. As a result, the operating margin expanded from 1.8 percent to 6.7 percent in the second quarter, and from 2.8 percent to 5.8 percent in the six months.
 Net income from continuing operations for the second quarter was $631,000 or $0.03 per share versus a loss in 1991 of $3,077,000 or $0.16 per share. For the six-month period, net income from continuing operations was $1,113,000 or $0.06 per share versus a loss in 1991 of $4,872,000 or $0.24 per share. For the six-month period ended June 30, 1992, same store sales at the company's Shoney's Division was up 2.2 percent and approximately .75 percent at its Captain D's Division.
 As a result of the company's open-market repurchase of approximately $16 million principal amount of its 14.25 percent senior subordinated notes in March and April of this year, the company reported an extraordinary loss relating to early debt extinguishment of approximately $265,000 net of tax benefit, or $0.01 per share in the quarter, and approximately $1,471,000 or $0.08 per share for the six- month period.
 None of the results reported reflect the reduction of interest expense from the refinancing and successful tender for the 14.25 percent notes completed on Aug. 6, 1992, or the cost reductions from the relocation and downsizing of the company's headquarters. Both of these events will positively impact the third and fourth quarters of this year and the full year of 1993.
 "We are pleased with the continuing improvement in the profitability of our restaurant operations and with the completion of our refinancing and tender for the 14.25 percent notes. We are now positioned to aggressively pursue our restaurant expansion plans and significantly reduce our historical interest cost," said Stephen R. Cohen, chairman and chief executive officer of TPI.
 TPI, one of the largest restaurant franchisees in the United States, currently owns and operates 250 restaurants including 172 Shoney's and 68 Captain D's in nine southern states.
 TPI ENTERPRISES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data, unaudited)
 Period ended Six months Quarter
 June 30 1992 1991 1992 1991
 Restaurant revenue $152,429 $144,468 $ 68,450 $ 64,754
 Operating income 8,847 3,971 4,578 1,173
 Income (loss) from
 continuing operations
 before provision
 for income taxes 2,684 (6,594) 1,319 (4,437)
 Provision (benefit) for
 income taxes 1,571 (1,722) 688 (1,360)
 Income (loss) from
 continuing operations 1,113 (4,872) 631 (3,077)
 Discontinued operations
 Loss from discont. opers. -- (2,358) -- (1,458)
 Gain on disposal of
 discontinued operations -- 7,922 -- 7,922
 Total -- 5,564 -- 6,464
 Income before extraordinary
 item 1,113 692 631 3,387
 Extraordinary item
 Loss on early extinguishment
 of debt (1,471) -- (265) --
 Net (loss) income (358) 692 366 3,387
 Net income (loss) per share
 Continuing operations .06 (.24) .03 (.16)
 Discontinued operations -- .27 -- .34
 Extraordinary item (.08) -- (.01) --
 Total (.02) .03 .02 .18
 Weighted average number
 of common and common
 equivalent shares
 outstanding 18,222 20,315 18,213 18,771
 -0- 8/10/92
 /CONTACT: Joseph Gowan of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises, Inc. ST: New York IN: LEI SU: ERN


LR-OS -- NY025 -- 8451 08/10/92 10:55 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 10, 1992
Words:631
Previous Article:GENE C. MCQUOWN NAMED NATIONAL DIRECTOR OF ASSET MANAGEMENT FOR J.E. ROBERT COMPANIES
Next Article:LUCKY STORES WORKERS SAY ENOUGH IS ENOUGH AS CONTRACT TALKS REACH STALEMATE; ANNOUNCE BOYCOTT TO COMMENCE AUG. 15
Topics:


Related Articles
TPI ENTERPRISES REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS
TPI ENTERPRISES REPORTS 1991 OPERATING RESULTS AND TAKES CHARGE FOR CLOSING NEW YORK OFFICE
TPI ENTERPRISES RETAINS STEPHENS INC. AS FINANCIAL ADVISOR TO EXPLORE RESTRUCTURING ALTERNATIVES
TPI ENTERPRISES FIRST QUARTER OPERATING INCOME UP 53 PERCENT
TPI ENTERPRISES ANNOUNCES REFINANCING PLAN IN CONNECTION WITH EXPANSION OF ITS RESTAURANT BUSINESS
TPI ENTERPRISES ANNOUNCES EXECUTION OF $50 MILLION BANK COMMITMENT LETTER AND COMMENCES TENDER OFFER FOR 14-1/4 PERCENT NOTES
TPI ENTERPRISES SUCCESSFULLY COMPLETES REFINANCING
TPI ENTERPRISES, INC. ANNOUNCES OPERATING INCOME UP 84 PERCENT FOR THE THIRD QUARTER
TPI ENTERPRISES, INC. ANNOUNCES IMPROVEMENT IN FOURTH QUARTER AND FULL YEAR 1992 RESULTS
TPI ENTERPRISES ANNOUNCES INCREASE IN FIRST QUARTER 1993 NET INCOME

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters