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TPI ENTERPRISES REPORTS 1991 OPERATING RESULTS AND TAKES CHARGE FOR CLOSING NEW YORK OFFICE

 TPI ENTERPRISES REPORTS 1991 OPERATING RESULTS
 AND TAKES CHARGE FOR CLOSING NEW YORK OFFICE
 NEW YORK, March 18 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ: TPIE) today reported that net income for the year ended Dec. 31, 1991 amounted to $10,667,000, or $.55 per share, compared to the net income of $1,528,000, or $.07 per share, reported for the previous year. Revenue for 1991 amounted to $262,612,000, compared to $253,779,000 for 1990. The revenues for both years are for restaurant operations and no longer include theater operations. Theater operations have been classified as discontinued operations as a result of TPI's sale of a 50 percent interest in its movie theater operations on April 19, 1991 and its recently announced intention to sell its remaining interest in the film exhibition business.
 TPI's 1991 net income includes $22,720,000 of after-tax income from discontinued operations. $17,525,000 was recognized from the settlement of all of TPI's claims against Siemens Information Systems, Inc. pursuant to which TPI received $43 million in cash in November 1991 and $7,922,000 was recognized from the gain on the formation of Exhibition Enterprises Partnership. Additionally, the discontinued theater operations generated an after-tax loss of $2,727,000.
 The company's 1990 operating income included a $17,635,000 pre-tax gain recognized on a wholly owned subsidiary's sale of its permit to construct a cellular radio telephone system.
 The company took charges of approximately $7,100,000 for losses on disposal of assets, future costs of closed restaurants, severance costs and estimated costs of closing the company's New York office. In addition to those charges, the company had significant increases in workmen's compensation and medical insurance costs in 1991.
 Restaurants' same store sales increased 2.3 percent in 1991, in a difficult economic environment, and increased 4.3 percent for the first two months of 1992.
 "TPI is now a restaurant operation," stated Stephen R. Cohen, TPI's chairman and chief executive officer, "and we are directing all our efforts towards growing that business through the utilization of the proceeds from the Siemens Settlement and a current evaluation of refinancing of restaurants' debt. The closing of the New York office and consolidation of administrative functions will reduce the overhead that was necessary to prevail in the Siemens litigation."
 At the close of 1991 TPI operated 171 Shoney's, 65 Captain D's and 9 specialty restaurants in the southeast and Texas.
 TPI ENTERPRISES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 Year ended Dec. 31: 1991 1990
 Restaurant revenues $262,612 $253,779
 Operating income 630 9,501
 Net (loss) income from
 continuing operations (12,053) 5,731
 Discontinued operations:
 Loss from discontinued operations,
 net of income tax benefit (2,727) (4,203)
 Gain on disposal of discontinued
 operations, including income
 tax effects 25,447 --
 Total 22,720 (4,203)
 Net income 10,667 1,528
 Income (loss) per share:
 Continuing operations $(.63) $ .26
 Discontinued operations 1.18 (.19)
 Net income (loss) per share .55 .07
 Weighted average number of
 shares outstanding 19,196 21,910
 -0- 3/18/92
 /CONTACT: Joseph P. Gowan of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises, Inc. ST: New York IN: LEI SU: ERN


TS-OS -- NY015 -- 9116 03/18/92 09:56 EST
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Date:Mar 18, 1992
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