Shoney's 3rd-Q net rises 8 percent

Nation's Restaurant News,  Sept 27, 1993  

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NASHVILLE, Tenn. -- Lower interest payments and improved same-store sales led to an 8-percent third-quarter increase over year-ago net income for Shoney's Inc.

The company said earnings climbed to $16.6 million, on a 6-percent increase in revenues, to $274.1 million, for the quarter ended Aug. 11.

Same-store sales during the period rose 0.6 percent, contrasted with a 3.1-percent decline in the second quarter.

The company said it is also benefiting from lower interest rates and principal payments on its bank borrowings. A year ago the company paid $11.7 million in interest expenses, compared with $10 million for the period just ended.

"We are pleased with the improvement in comparable-store sales during the third quarter compared to the second quarter," said Taylor H. Henry, chairman and chief executive officer. "We will continue to focus on the remodeling of restaurants, additional management training and the implementation of a new menu for the Shoney's concept. We expect continued improvement in sales and earnings in the fourth quarter."

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