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VICORP RESTAURANTS REPORTS RECORD EARNINGS FOR FISCAL SECOND QUARTER AND FIRST HALF

 VICORP RESTAURANTS REPORTS RECORD EARNINGS
 FOR FISCAL SECOND QUARTER AND FIRST HALF
 DENVER, June 8 /PRNewswire/ -- VICORP Restaurants, Inc. (NASDAQ: VRES), today reported record earnings for its fiscal second quarter and first half ended May 10, 1992.
 Net income for the quarter was $5.7 million, or 54 cents per share, compared with net income of $3.3 million, or 32 cents per share, in the same quarter last year. Net income for 1991's second quarter included an extraordinary charge for early extinguishment of debt in the amount of $1.2 million, or 12 cents per share. Revenues were $98.4 million compared with $100.1 million in last year's second quarter.
 For the first half of fiscal 1992, net income was $9.6 million, or 91 cents per share, compared with $6.7 million, or 65 cents per share, last year. Net income and earnings per share for both periods are net of extraordinary charges for the early extinguishment of debt. Revenues for the first half this year were $227.2 million compared with $224.8 million one year earlier.
 "Operationally, we continued the strong operating performance reported in our first quarter," said Charles R. Frederickson, chairman of the board. "Overall, the operating margin reached 13.1 percent of sales, a significant improvement over last year's second-quarter margin of 11.3 percent. This gain was achieved on lower reported revenues, particularly in our Bakers Square operating group, where a change in marketing strategies made reported sales comparisons particularly difficult in the latest quarter. Although we expect reported sales comparisons to continue to be difficult in our third quarter, we expect operating margins to show similar improvement over those in the same period last year."
 Vicorp operates and franchises approximately 400 mid-scale family type restaurants under the names Bakers Square and Village Inn, principally in the Rocky Mountain region, upper Midwest, Florida, Arizona and California.
 VICORP RESTAURANTS, INC.
 Condensed Statement of Operations
 Twelve weeks ended 5/10/92 5/12/91
 Revenues $ 98,371,000 $100,132,000
 Income before extraordinary item 5,668,000 4,505,000
 Net income $ 5,668,000 $ 3,300,000
 Earnings per common and common
 equivalent share:
 Before extraordinary item $.54 $.44
 Net income $.54 $.32
 Weighted average common shares and
 dilutive common share equivalents 10,573,000 10,324,000
 Twenty-eight weeks ended 5/10/92 5/12/91
 Revenues $227,198,000 $224,783,000
 Income before extraordinary item 10,458,000 7,940,000
 Net income 9,601,000 6,735,000
 Preferred stock dividend requirement -- 21,000
 Earnings attributable to common
 shareholders $ 9,601,000 $ 6,714,000
 Earnings per common and common
 equivalent share:
 Before extraordinary item $.99 $.77
 Net income $.91 $.65
 Weighted average common shares and
 dilutive common share equivalents 10,511,000 10,302,000
 -0- 6/8/92
 /CONTACT: Peter F. Doane, vice president/treasurer of VICORP, 303-296-2121/
 (VRES) CO: VICORP Restaurants, Inc. ST: Colorado IN: LEI SU: ERN


GK-OS -- NY018 -- 7808 06/08/92 10:22 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
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