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TPI ENTERPRISES REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS

TPI ENTERPRISES REPORTS THIRD QUARTER AND FIRST NINE MONTHS RESULTS
 NEW YORK, Nov. 5 /PRNewswire/ -- TPI Enterprises, Inc. (NASDAQ: TPIE) today reported increased revenues and reduced losses for the third quarter and nine months ended Sept. 30, 1991. Revenues for the third quarter rose to $62,409,000 from the $60,466,000 reported for the third quarter of 1990. The net loss in the third quarter amounted to $974,000, or $.05 per share, as compared to the 1990 third quarter loss of $1,613,000, or $.07 per share. Revenues for the first nine months of 1991 amounted to $206,876,000, as compared to the $200,007,000 recorded for the first nine months of 1990. The net loss for the nine months ended Sept. 30, 1991 amounted to $282,000, or $.01 per share, as compared to the net loss of $5,730,000, or $.26 per share, reported for the same period the year before. The revenue for all periods are from restaurant operations and no longer include theater operations, as a result of TPI's sale of a 50 percent interest in its movie theater operations on April 19, 1991. The theater operations are reported on an equity basis in the consolidated financial statements of the company.
 The company's restaurant subsidiary recorded a 2.1 percent same- store sales increase for the first nine months. The cost of food, supplies and labor as a percentage of revenue decreased during the third quarter of 1991 below the 1990 third quarter and is essentially unchanged from the 1990 nine-month period. Despite the recent increases in the federal minimum wage, labor costs, as a percentage of sales, have declined due to improved scheduling of employees' working hours.
 TPI Enterprises presently owns 245 popularly-priced family-style restaurants and holds a 50 percent interest in a partnership that owns 59 movie theater complexes comprising 407 screens.
 TPI ENTERPRISES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars in thousands, except per share data, unaudited)
 Period ended Nine months Quarter
 Sept. 30 1991 1990 1991 1990
 Revenue
 Restaurant $206,876 $200,007 $ 62,409 $ 60,466
 Operating income 6,126 10,286 2,230 2,630
 Other income and expenses
 Interest income 1,239 1,197 324 411
 Interest expense (13,638) (13,513) (4,089) (4,051)
 Gain on sale of partnership
 interest 12,360 -- -- --
 Equity in theater operations (3,347) (4,045) 328 (74)
 Lawsuit settlement -- (750) -- (750)
 Other (1,647) 157 53 (89)
 (5,033) (16,954) (3,384) (4,553)
 Income (loss) before provision
 (benefit) for income taxes 1,093 (6,668) (1,154) (1,923)
 Provision (benefit) for income
 taxes 1,375 (938) (180) (310)
 Net loss (282) (5,730) (974) (1,613)
 Net loss per share (.01) (.26) (.05) (.07)
 Weighted average number
 of common shares outstanding 19,522 21,862 18,054 21,857
 -0- 11/5/91
 /CONTACT: Hebert Lanzet of TPI Enterprises, 212-230-2233/
 (TPIE) CO: TPI Enterprises, Inc. ST: New York IN: LEI SU: ERN SH-OS -- NY013 -- 1123 11/05/91 09:22 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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