VICORP RESTAURANTS REPORTS RECORD OPERATING EARNINGS
VICORP RESTAURANTS REPORTS RECORD OPERATING EARNINGS DENVER, March 9 /PRNewswire/ -- VICORP Restaurants, Inc.
(NASDAQ: VRES), today reported record operating earnings for its first quarter ended Feb. 16, 1992. Income before an extraordinary charge item related to the early extinguishment of debt was $4.8 million, or 46 cents per share, a 39 percent increase over the $3.4 million, or 34 cents per share, in the same period last year. Revenues increased to $128.8 million from $124.7 million in last year's first quarter.
The amount of any extraordinary charge and net income, VICORP said, cannot be determined at this time due to the redemption call of the final $18.4 million of the company's 13-1/2 percent convertible subordinated debentures, which call expires on March 15, 1992. If all the debentures are redeemed, the extraordinary charge would be 11 cents per share. The debentures, however, are convertible into common stock at $25.20 per share until March 16, 1992. Any conversions of debentures into common stock would reduce the extraordinary charge to be included in the quarter. Following completion of the redemption call, the company will release final first quarter results, on or about March 20, 1992. "Operationally, we had a very strong first quarter despite a generally soft sales environment," said Charles R. Frederickson, chairman of the board. "The results reflect sustainable real improvement in our restaurant operating margins. Overall, operating margins in our restaurant groups were 11.6 percent of sales, an improvement of 20 percent over last year's first quarter. The increases were most notable in our Bakers Square-California and Village Inn segments." 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. -0- 3/9/92 /CONTACT: Peter F. Doane, vice president and treasurer of VICORP, 303-296-2121/ (VRES) CO: VICORP Restaurants, Inc. ST: Colorado IN: LEI SU: ERN
GK-SH -- NY019 -- 6270 03/09/92 09:57 EST
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|Date:||Mar 9, 1992|
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