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TRANSMEDIA NETWORK ANNOUNCES RECORD FIRST QUARTER REVENUES, EARNINGS; SELLS FOURTH FRANCHISE: CITY OF CHICAGO AND SURROUNDING AREA

TRANSMEDIA NETWORK ANNOUNCES RECORD FIRST QUARTER REVENUES, EARNINGS;
 SELLS FOURTH FRANCHISE: CITY OF CHICAGO AND SURROUNDING AREA
 NEW YORK, Feb. 7 /PRNewswire/ -- Transmedia Network Inc. (NASDAQ: TMNI), which owns and markets a restaurant charge card offering 25 percent savings on meals, today announced record revenues and earnings in the first quarter ended Dec. 31, 1991, with revenues of $4,931,450, and pre-tax earnings of $509,424, compared to $2,807,393 and $238,289, respectively, reported in the first quarter of 1991.
 Net earnings reached $285,324 and earnings per share were $.12, based on a fully-taxed rate of 44 percent, compared to $238,289 and $.11 per share, a year ago, when Transmedia paid no taxes because of the use of net operating loss tax carryforwards.
 Total revenues for the period included net sales of $4,696,816, compared to $2,676,164, membership and renewal fee income of $206,049, compared to $121,593, and continuing franchise fee income of $28,585, compared to $9,636 in the first quarter of 1991.
 According to David Weinberg, Transmedia's vice president of finance, "Had last year's first quarter net earnings reflected the same 44 percent effective tax rate as this year, 1990's first quarter net earnings would have been $138,998, or $.06 per share, and our increase from the first quarter of 1990 to the same period in 1991 would have been 113 percent."
 Melvin Chasen, Transmedia's chairman, added, "Transmedia's rate of growth continues to accelerate in terms of cardholders and restaurants joining us, resulting in higher sales and earnings figures and an expanding franchise program."
 He announced the company has sold its fourth franchised territory -- the City of Chicago and surrounding area -- for $100,000 plus an additional $100,000 for the company's advertising fund.
 "Our move into the Chicago market is an important step for us, both regionally and in our progress toward becoming a national company," Chasen said. He noted, "A large percentage of the 8,500 urban and suburban restaurants in the region need our services and many among the vast number of potential cardholders in the area also travel to other Transmedia markets, nationwide."
 Purchasing the franchise is Winterset Corporation, Chicago (see note below), headed by Edwin L. Reedholm, who had been associated with Dean Witter Reynolds, Inc., for the past 13 years. Reedholm was recipient of Dean Witter's prestigious President's Merit Award and served on the New York Stock Exchange Board of Review, a peer group involved with arbitration cases between the Exchange and member firms.
 Transmedia Network Inc., established in 1984, derives its income from membership fees and cardholders' use of the Executive Savings Card, which makes available to cardholders food and beverage credits issued to the company by restaurants in return for cash advances used by these dining establishments for a wide variety of needs.
 More than 1,200 restaurants and 82,000 cardholders have joined Transmedia's program to date. The company's executive offices are in New York where it serves the New York Metropolitan Area and North Miami, Fla., where Transmedia also runs its Cardholder Service Center and serves the Florida market.
 Other Transmedia operating franchises include (1) most of New Jersey and (2) Philadelphia and surrounding area, including Delaware. A third franchise for California has been sold, pending completion of a financing.
 NOTE: Winterset Corporation's address is One Magnificent Mile, 980 N. Michigan Ave., Suite 1400, Chicago, IL 60611. Phone: 312-214-3528; fax: 312-214-3510.
 TRANSMEDIA NETWORK, INC.
 Three months ended Dec. 31 1991 1990
 Revenues $4,931,450 $2,807,393
 Earnings before income tax expense 509,424 238,289
 Income tax expense 224,100 --
 Net earnings $ 285,324 $ 238,289
 Earnings per share:
 Primary $.12 $.11
 Fully diluted $.12 $.11
 Weighted average number
 of shares outstanding:
 Primary 2,449,607 2,214,992
 Fully diluted 2,450,504 2,217,487
 -0- 2/7/92
 /CONTACT: Stephen Berg, 212-580-8760, or David Weinberg, 305-892-3300, both for Transmedia Network/
 (TMNI) CO: Transmedia Network Inc.; Winterset Corp. ST: New York, Illinois IN: ENT SU: ERN


GK-OS -- NY022 -- 7691 02/07/92 10:48 EST
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Date:Feb 7, 1992
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