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VOLUNTEER CAPITAL REPORTS 64 PERCENT INCREASE IN FIRST HALF NET INCOME

 NASHVILLE, Tenn., July 29 /PRNewswire/ -- Volunteer Capital Corporation (NYSE: VCC) today announced a 64 percent increase in net income for the first half of 1993 on a net sales gain of 27 percent.
 Lonnie J. Stout II, chairman, president and chief executive officer, said net income for the six months ended July 4 climbed to $1,242,000, or $.29 per share, from $759,000, or $.17 per share, posted in the first half a year ago. Total revenues for the first six months of 1993 advanced to $29,972,000 from $23,552,000 recorded in the comparable period of 1992.
 Net income for the second quarter ended July 4 rose 52 percent to $764,000, or $.18 per share, up from $501,000, or $.11 per share, reported in the second period a year earlier. Total revenues for the second quarter just ended increased 26 percent to $15,720,000 from $12,508,000 recorded in the corresponding period of 1992.
 "The excellent results for the first half of 1993 reflected strong gains in same store sales and operating income from both our Wendy's and J. Alexander's divisions," Stout said.
 Operating income for the company's Wendy's restaurants was $3,071,000 for the first half of 1993, up 12 percent from $2,746,000 reported in the first six months of 1992. Same store sales for the first two periods of 1993 were $483,000, up 9 percent from $443,000 in the first half of 1992. Operating income for the second quarter of 1993 reached $1,691,000, up 8 percent from $1,559,000 achieved in the second period a year earlier. Same store sales were $251,000 in the most recent quarter, an increase of 8 percent from $233,000 recorded in the corresponding period of 1992.
 Operating income for the company's J. Alexander's division rose to $406,000 in the first half of 1993, compared to an operating loss of $173,000 in the comparable six-month period a year ago. Net sales from the three restaurants in the J. Alexander's division were $5,243,000 in the first half of 1993, up from $1,119,000 generated from one restaurant in the first half of 1992. Same store sales for the one restaurant open in both 1992 and 1993 were $1,392,000 in the first two quarters of 1993, up 24 percent from $1,119,000 in the same two periods last year.
 Operating income for the J. Alexander's division for the second quarter of 1993 amounted to $195,000, as compared to an operating loss of $110,000 in the corresponding quarter of 1992. During the second quarter of 1993, net sales for the division totaled $2,639,000, as compared to $581,000 in the corresponding quarter of 1992. Same store sales were $686,000 in the most recent quarter, an 18 percent increase over the $581,000 reported in the second quarter of 1992.
 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 AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited in thousands, except per share amounts)
 6 mos. ended Qtr. ended
 7/4/93 6/28/92 7/4/93 6/28/92
 Net sales $29,937 $23,519 $15,685 $12,480
 Other income, net 35 33 35 28
 Total revenues 29,972 23,552 15,720 12,508
 Costs and expenses
 Cost of sales 10,656 8,176 5,624 4,308
 Restaurant labor and related
 costs 8,265 6,518 4,257 3,426
 Depreciation and amortization
 of restaurant property and
 equipment 961 768 497 399
 Royalties 988 897 522 476
 Other operating expenses 5,592 4,589 2,899 2,422
 General and admin. expenses 1,582 1,390 788 743
 Total 28,044 22,338 14,587 11,774
 Interest expense 881 898 445 439
 Interest income 281 474 139 228
 Income before income taxes 1,328 790 827 523
 Provision for income taxes 86 31 63 22
 Net income $ 1,242 $ 759 $ 764 $ 501
 Net income per share:
 Primary $ .29 $ .17 $ .18 $ .11
 Fully diluted $ .29 $ .17 $ .18 $ .11
 Weighted average number of shares:
 Primary 4,307 4,422 4,316 4,532
 Fully diluted 4,346 4,538 4,348 4,542
 -0- 7/29/93
 /CONTACT: Lonnie J. Stout II or R. Gregory Lewis of Volunteer Capital Corporation, 615-269-1900/
 (VCC)


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

BR-BN -- AT023 -- 7462 07/29/93 17:30 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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