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FURR'S/BISHOP'S ANNOUNCES IMPROVEMENT IN FIRST QUARTER RESULTS

 FURR'S/BISHOP'S ANNOUNCES IMPROVEMENT IN FIRST QUARTER RESULTS
 LUBBOCK, Texas, May 11 /PRNewswire/ -- Furr's/Bishop's Incorporated (NYSE: CHI) announced today that revenues for the first fiscal quarter ended March 28, 1992 were $64.5 million, a decrease of $1.0 million from the first quarter of 1991. This decrease is due primarily to there being 16 fewer restaurants included in operations, including units reserved to close, in the first quarter of 1992 compared to 1991. Sales at comparable cafeterias were up 6.5 percent in the first quarter of 1992 compared to 1991. Net loss for the first quarter of 1992 was $768,000 or $.23 per common share, as compared to a net loss of $6.5 million or $.74 per common share, for the same period of 1991. The first quarter of 1991 included charges of $1.0 million for costs related to the corporate conversion which occurred on March 27, 1991 and for a nonrecurring loss of $1.2 million from the sale of securities. Cost containment measures instituted by the company caused decreases in several expense categories, as well as there being fewer restaurants in 1992 as described above, resulting in selling, general and administrative expense being lower in the aggregate by $4.5 million in the first quarter of 1992 compared with the same period in 1991.
 William E. Prather, chief executive officer and president, said, "As same store sales during the first quarter of 1992 have taken an encouraging turn upward, new expense controls are now beginning to show results, and the company is executing strategies for growth and modernization, the result of which, we believe, will be continued favorable bottom line comparisons of 1992 to 1991."
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States, operating 118 cafeterias in 10 states in the Southwest, West and Midwest under the name "Furr's", 19 cafeterias in five states in the Midwest under the name "Bishop" and eight specialty restaurants in five states.
 The following reflects the results of operation of Furr's/Bishop's, Incorporated which includes Furr's/Bishop's Cafeterias, L.P. and its operating subsidiaries, Cavalcade Holdings, Inc. and Cavalcade & Co., Inc.
 FURR'S/BISHOP'S INCORPORATED
 Financial Data
 (unaudited -- Amounts in thousands except per share amounts)
 13 Weeks Ended 3/28/92 3/30/91
 Revenues $ 64,455 $ 65,429
 Net loss $ (768) $ (6,539)
 Preferred stock
 dividend requirement (1,870) (1,870)
 Net loss allocable to
 common stock $ (2,638) $ (8,409)
 Total number of common
 shares outstanding 11,326,291 11,326,291
 Net loss per share
 of common stock $ (0.23) $ (0.74)
 All per share amounts are after a provision for dividends on the preferred stock and were made using the outstanding common shares of Furr's/Bishop's at March 28, 1992 as though the shares had been outstanding for all of the periods reported. The comments relating to the results of operations for the 13 weeks relate to the operating results of Furr's/Bishop's, Incorporated for the first quarter of 1992 compared to the combined operating results of Furr's/Bishop's Cafeterias, L.P. and its operating subsidiaries, Cavalcade Holdings, Inc. and Cavalcade & Co., Inc. for the first quarter of 1991.
 -0- 5/11/92
 /CONTACT: Alton Smith, chief financial officer of Furr's/Bishop's, 806-792-7151/
 (CHI) CO: Furr's/Bishop's Incorporated ST: Texas IN: LEI SU: ERN


SH -- NY055 -- 8602 05/11/92 11:48 EDT
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Publication:PR Newswire
Date:May 11, 1992
Words:566
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