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TUBBY'S POSTS IMPROVED THIRD-QUARTER RESULTS

 TUBBY'S POSTS IMPROVED THIRD-QUARTER RESULTS
 FRASER, Mich., Oct. 13 /PRNewswire/ -- Tubby's, Inc. (NASDAQ: TUBY)


posted significantly improved revenues and operating income for its third quarter ended Aug. 31, 1992.
 Revenues for the quarter were $502,000, up nearly 20 percent over revenues
of $419,000 for 1991's third quarter. Third-quarter operating income was $64,000 this year, vs. an operating loss of $9,700 last year.
 For the nine months, the company had revenues of $1,117,000, up 16 percent over revenues of $959,000 for the first three quarters of 1991.
 A one-time charge to operations of $217,000 resulted in a net loss of $134,000, $.01 per share, for the quarter and a net loss of $164,000 for the nine months. The charge resulted from a discount on the buyout of a long-term note associated with the acquisition of the Stuff Yer Face Restaurant franchise.
 Alex Bardy, president and CEO, said the quarter was exceptionally positive for the company despite the loss produced by the one-time charge.
 He said the company opened three new Tubby's Sub Shops, is ready to open its first-ever Tubby's Sub Shop in a Sears store (at Fairlane mall near Detroit), signed an agreement to franchise Angotti's Gourmet Ice Cream and Yogurt products, and introduced an exciting prototype store on the campus of Ohio State University, Columbus.
 Bardy said, "The prototype OSU facility is a new 3-'N-One food-court concept which combines a traditional Tubby's Sub Shop with a Stuff Yer Face Restaurant and Angotti's Gourmet Ice Cream Shoppe. The market response so far to the 3-'N-One has been very positive among students and faculty."
 Founded in Michigan, Tubby's, Inc. is the franchiser of Tubby's Sub Shops, Stuff Yer Face Good Times Restaurants and Angotti's Gourmet Ice Cream with franchise locations in Michigan, Ohio, Illinois, New Jersey and Florida. Tubby's, Inc. is traded over the counter (NASDAQ symbol: TUBY).
 TUBBY'S INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Nine Months Ended Three Months Ended
 Aug. 31 Aug. 31
 1992 1991 1992 1991
 Revenues $1,116,752 $958,884 $501,932 $419,455
 Costs and expenses 1,169,694 998,868 438,308 429,166
 Operating profit
 (loss) (52,942) (39,984) 63,624 (9,711)
 Other income
 (expense) (110,566) 132,162 (197,636) 10,839
 Income (loss) before
 taxes (163,508) 92,178 (134,012) 1,128
 Income taxes --- 18 --- 18
 Net income (163,508) 92,160 (134,012) 1,110
 Net income (loss) per
 share ($0.010) $0.006 ($0.008) $0.000
 Average no. common
 shares outstanding 16,881,010 15,339,465 16,863,465 15,339,465
 -0- 10/13/92
 /CONTACT: Alex Bardy or Jim Connelly of Tubby's, Inc., 313-296-1270; or Mike Marcotte of Marcotte Public Relations Counselors, 313-656-3873, for Tubby's, Inc./
 (TUBY) CO: Tubby's, Inc. ST: Michigan IN: LEI SU: ERN


JG-ML -- DE006 -- 9191 10/13/92 09:57 EDT
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Date:Oct 13, 1992
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