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BUFFETS INC. EIGHTH CONSECUTIVE RECORD YEAR

 BUFFETS INC. EIGHTH CONSECUTIVE RECORD YEAR
 EDEN PRAIRIE, Minn., Feb. 18 /PRNewswire/ -- Buffets, Inc.


(NASDAQ: BOCB) which opened its first restaurant in 1984, reported its eighth consecutive year of record revenues and earnings.
 For the year ended Jan. 1, 1992, restaurant sales increased 35 percent to a record $196,212,000. Net earnings for the year increased 39 percent to $11,107,000 compared to $7,981,000 in the previous year. Earnings per share increased to $.76 on 14,628,000 shares compared to $.55 on 14,403,000 shares, an increase of 38 percent.
 For the fourth quarter, restaurant sales were $47,676,000, up from $35,974,000, an increase of 33 percent. Earnings before income taxes increased 85 percent to $4,477,000 and net earnings increased 81 percent to $2,690,000. Earnings per share were $.18 on 14,758,000 shares, compared to $.10 on 14,391,000 shares, an increase of 80 percent.
 During the fourth quarter, seven company-owned Old Country Buffet restaurants were opened: Augusta, Ga.; Forest Park and Lincolnwood, Ill.; Grand Rapids, Mich.; Abington, Penn.; San Antonio, Texas, and Roanoke, Va.
 The company has opened two restaurants since the end of the year and expects to open 28 to 33 additional restaurants in 1992. Two company- owned restaurants are under construction, one each in Kansas and Tennessee. Currently, Buffets, Inc., operates 110 Old Country Buffet restaurants in 17 states and has six franchise restaurants in two states.
 BUFFETS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS (Unaudited)
 Fourth Quarter Ended Percent
 1/1/92 1/2/91 Increase
 Restaurant sales $47,676,000 $35,974,000 33
 Earnings before
 income taxes 4,477,000 2,418,000 85
 Net earnings $2,690,000 $1,485,000 81
 Earnings per common and
 common equivalent share $.18 $.10 80
 Weighted average shares 14,758,000 14,391,000
 Year Ended Percent
 1/1/92 1/2/91 Increase
 Restaurant sales $196,212,000 $145,236,000 35
 Earnings before
 income taxes 18,387,000 13,091,000 40
 Net earnings $11,107,000 $7,981,000 39
 Earnings per common and
 common equivalent share $.76 $.55 38
 Weighted average shares 14,628,000 14,403,000
 -0- 2/18/92
 /CONTACT: Roe H. Hatlen of Buffets, 612-942-9760/
 (BOCB) CO: Buffets, Inc. ST: Minnesota IN: LEI SU: ERN


DS -- MN001 -- 9773 02/18/92 09:15 EST
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Publication:PR Newswire
Date:Feb 18, 1992
Words:400
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