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VOLUNTEER CAPITAL CORPORATION REPORTS 85 PERCENT GAIN IN FIRST QUARTER NET INCOME

 NASHVILLE, Tenn., April 29 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC) today reported an 85 percent gain in first quarter net income, reflecting significant increases in sales and operating income.
 Lonnie J. Stout II, chairman, president and chief executive officer, said net income for the quarter ended April 4 reached $478,000, or $.11 per share, up from $258,000, or $.06 per share, recorded in the first quarter a year ago. Revenues for the first quarter of 1993 were $14,252,000, a 29 percent increase over first quarter 1992 revenues of $11,044,000.
 "The quarter just ended was another outstanding period for Volunteer Capital Corporation," Stout said. "The company's Wendy's division turned in its 24th consecutive quarter of same store sales increases and a 16.3 percent gain in operating profit. Our J. Alexander's division continued to achieve healthy sales increases and posted its first profitable quarter."
 Operating income for the company's Wendy's restaurants was $1,380,000 for the first quarter of 1993, up from 1992's first period operating income of $1,187,000. Same store sales for the quarter climbed 10.5 percent to $231,000 from $209,000 recorded in the same period a year ago.
 Operating income for the J. Alexander's division rose to $211,000 for the first quarter, compared to an operating loss of $63,000 for the first quarter of 1992. Net sales from the three restaurants in the J. Alexander's division were $2,604,000 in the first quarter of 1993, up from $538,000 generated from one restaurant in the comparable quarter of 1992. Same store sales for the one restaurant open in the first quarter of both years increased 31 percent to $706,000 from $538,000.
 Volunteer Capital Corporation is headquartered in Nashville and operates 52 Wendy's Old Fashioned Hamburgers restaurants in four states and currently has three J. Alexander's restaurants in two states.
 VOLUNTEER CAPITAL CORPORATION
 Financial Highlights
 Quarter ended 4/4/93 3/29/92
 Revenues $14,252,000 $11,044,000
 Income before income taxes 501,000 267,000
 Provision for income taxes 23,000 9,000
 Net income 478,000 258,000
 Net income per share:
 Primary $.11 $.06
 Fully diluted $.11 $.06
 Weighted average number of shares:
 Primary 4,298,000 4,034,000
 Fully diluted 4,298,000 4,034,000
 -0- 4/29/93
 /CONTACT: R. Gregory Lewis of Volunteer Capital Corporation, 615-269-1900/
 (VCC)


CO: Volunteer Capital Corporation ST: Tennessee IN: LEI SU: ERN

BN-RA -- AT011 -- 2678 04/29/93 12:49 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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