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VOLUNTEER CAPITAL CORPORATION POSTS OPERATING GAINS FOR NINE MONTHS

VOLUNTEER CAPITAL CORPORATION POSTS OPERATING GAINS FOR NINE MONTHS
 NASHVILLE, Tenn., Oct. 28 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC) today reported operating results for the first nine months of 1992, with income before extraordinary items up 81 percent.
 Lonnie J. Stout II, chairman, president and chief executive officer, said income before extraordinary items climbed to $895,000, or $.20 per fully diluted share, from $494,000, or $.13 per share, in the first nine months of 1991. Total revenues for the first three quarters of 1992 rose 15 percent to $36,483,000 from $31,685,000 in the corresponding period a year ago.
 Net income for the nine months ended Sept. 27 was $1,398,000, or $.31 per fully diluted share, and included $503,000 in tax benefits from net operating loss carryforwards. For the comparable nine months a year ago, net income was $2,853,000, or $.61 per share, and included a gain of $1,336,000 on the early retirement of debentures and $1,023,000 in tax benefits.
 For the third quarter ended Sept. 27, income before extraordinary items was $405,000, or $.10 per share, up 87 percent from $217,000, or $.05 per share, in the third period of 1991. Total revenues for the third quarter just ended increased 17 percent to $12,931,000 from $11,050,000 in the same period a year ago.
 Net income for the third quarter of 1992 was $639,000, or $.15 per share, and included $234,000 in tax benefits from net operating loss carryforwards. For the same quarter of the previous year, net income was $1,924,000, or $.39 per share, and included a gain of $1,037,000 on the early retirement of debentures and $670,000 in tax benefits.
 "The increases in income before extraordinary items for the first nine months and third quarter of 1992 were primarily attributable to the sales performance in our Wendy's restaurants," Stout said. "The gains in same store sales in both the third quarter and first nine months of 1992 are the highest we have achieved since 1984," he noted.
 Volunteer Capital Corporation's Wendy's division posted operating income of $3,916,000 during the first nine months of 1992, as compared to $3,254,000 during the first three quarters of 1991. Weighted average sales per unit increased 11.5 percent to $680,000 in the first nine months of 1992, as compared to $610,000 in the first nine months of the prior year.
 Operating income of the Wendy's division for the third quarter ended Sept. 27 advanced to $1,321,000 from $1,212,000 recorded in the same period a year earlier. Weighted average sales per unit increased 13.9 percent to $237,000 in the third quarter of 1992 from $208,000 in the same quarter of 1991.
 "We are also pleased to report that we recently acquired a site for the development of a new Wendy's restaurant to be opened in South Carolina next year," Stout continued.
 In addition to its Wendy's stores, Volunteer Capital Corporation operates two J. Alexander's casual dining restaurants in Nashville and has a third unit under construction in Dayton, Ohio.
 "The development of our J. Alexander's restaurant concept is proceeding as planned," Stout said. "Sales of our first unit in Nashville have shown steady monthly increases since the first of the year. We are also encouraged with the first month's sales results of our second J. Alexander's in greater Nashville."
 Stout added that $269,000 was included in other income for the third quarter of 1992, representing the benefit of the settlement of certain litigation by the company.
 Volunteer Capital Corporation is headquartered in Nashville and operates 51 Wendy's Old Fashioned Hamburgers restaurants in four states and presently has two J. Alexander's restaurants in Nashville. The company's third J. Alexander's unit is expected to open late this year.
 VOLUNTEER CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited in thousands, except per share amounts)
 9 mos. ended Qtr. ended
 9/27/92 9/29/91 9/27/92 9/29/91
 Total revenues $36,483 $31,685 $12,931 $11,050
 Income before extraord.
 items 895 494 405 217
 Extraordinary items:
 Gain on early retirement
 of debentures, net of
 income tax effect --- 1,336 --- 1,037
 Tax benefits from utilization
 of net operating loss
 carryforwards 503 1,023 234 670
 Net income $ 1,398 $ 2,853 $ 639 $ 1,924
 Earnings per share - primary:
 Income before extraordinary
 items $ .21 $ .13 $ .10 $ .05
 Net income $ .32 $ .61 $ .15 $ .39
 Earnings per share - assuming full dilution:
 Income before extraordinary
 items $ .20 $ .13 $ .10 $ .05
 Net income $ .31 $ .61 $ .15 $ .39
 Weighted average number of shares:
 Primary 4,356 5,107 4,225 5,107
 Fully diluted 4,464 5,107 4,241 5,107
 -0- 10/28/92
 /CONTACT: R. Gregory Lewis of Volunteer Capital Corporation, 615-269-1900/
 (VCC) CO: Volunteer Capital Corporation ST: Tennessee IN: LEI SU: ERN


BN-EA -- AT011 -- 6050 10/28/92 13:18 EST
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Date:Oct 28, 1992
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