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VOLUNTEER CAPITAL CORPORATION REPORTS OPERATING GAINS FOR 1992

 NASHVILLE, Tenn., March 1 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC), a leading franchisee of Wendy's restaurants and operator of J. Alexander's casual dining restaurants, today reported operating results for 1992, with income before extraordinary items up 73 percent on a revenue gain of 18 percent.
 Lonnie J. Stout II, chairman, president and chief executive officer, said income before extraordinary items reached $2,064,000, or $.47 per fully diluted share, on revenues of $50,471,000. This compares to income before extraordinary items of $1,194,000, or $.27 per share, on revenues of $42,795,000 in 1991.
 Net income for 1992 was $2,064,000, or $.47 per fully diluted share. For 1991, net income was $3,380,000, or $.72 per share, and included $2,186,000 in gains from the early retirement of debt.
 Stout noted that due to the company's fiscal year, the 1992 results include an additional week for the year and the fourth quarter as compared to the 1991 periods.
 "We are very pleased with our overall financial performance for 1992," Stout said. "We believe that income from running our businesses is on the right track."
 Net income for the fourth quarter of 1992 was $666,000, or $.16 per share. For the same quarter of 1991, net income was $527,000, or $.12 per share, and included a gain of $31,000 on the early retirement of debentures. Revenues for the final quarter of 1992 were $13,988,000, up from $11,110,000 posted in the fourth quarter of 1991.
 Stout said that same store sales of the company's Wendy's restaurants climbed 13 percent to $924,000 in 1992, as compared to $818,000 in 1991, with the fourth quarter marking the 23rd consecutive quarter of increases. Approximately 2 percent of this increase was due to the additional week included in the 1992 fiscal year. Operating income of the Wendy's units was $5,630,000 for the year, a 25 percent increase over $4,519,000 in 1991.
 For the fourth quarter of 1992, Wendy's operating income was $1,714,000, a 36 percent increase from the same period in 1991. Same store sales per unit increased to $243,000 in the fourth quarter of 1992, as compared to $208,000 in the fourth period of 1991. Excluding the effect of the extra week included in the fourth quarter of 1992, average sales per restaurant increased by 8.5 percent.
 "We believe that growth in same store sales and maintaining acceptable operating profits are the two most important benchmarks for measuring the performance of any company in the restaurant industry," Stout noted. "Our Wendy's division has consistently been a strong performer in these areas."
 During 1992, Volunteer Capital opened its second and third J. Alexander's casual dining restaurants, one in Franklin, Tenn., and another in Dayton, Ohio. "On an overall sales basis, our J. Alexander's units have posted very good results," Stout continued. "Sales and operating results showed improvement in 1992 and we expect these restaurants to make a positive contribution to earnings in 1993.
 "The momentum of both our Wendy's and J. Alexander's divisions is strong, and we look forward to 1993 with enthusiasm," Stout added.
 Volunteer Capital Corporation is headquartered in Nashville and operates 51 Wendy's Old Fashioned Hamburgers restaurants in four states and presently has three J. Alexander's restaurants in two states.
 VOLUNTEER CAPITAL CORPORATION
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 Year ended Qtr. ended
 1/3/93 12/29/91 1/3/93 12/29/91
 (53 wks) (52 wks) (14 wks) (13 wks)
 Total revenues $50,471 $42,795 $13,988 $11,110
 Income before extraordinary
 item 2,064 1,194 666 496
 Extraordinary item:
 Gain on early retirement of
 debentures --- 2,186 --- 31
 Net income $ 2,064 $ 3,380 $ 666 $ 527
 Earnings per share - primary:
 Income before
 extraordinary item $ .48 $ .27 $ .16 $ .11
 Net income $ .48 $ .72 $ .16 $ .12
 Earnings per share - assuming full dilution:
 Income before
 extraordinary item $ .47 $ .27 $ .16 $ .11
 Net income $ .47 $ .72 $ .16 $ .12
 Weighted average number of shares:
 Primary 4,332 5,107 4,256 5,107
 Fully diluted 4,423 5,107 4,269 5,107
 -0- 3/1/93
 /CONTACT: R. Gregory Lewis of Volunteer Capital Corporation, 615-269-1900/
 (VCC)


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

RA-BR -- AT006 -- 1576 03/01/93 16:19 EST
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Date:Mar 1, 1993
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