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BUFFETS, INC. NINTH CONSECUTIVE RECORD YEAR

 EDEN PRAIRIE, Minn., Jan. 28 /PRNewswire/ -- Buffets, Inc. (NASDAQ: BOCB) which opened its first restaurant in 1984, reports its ninth consecutive year of record revenues and earnings.
 For the year ended Dec. 30, 1992, restaurant sales increased 26 percent to a record $247,474,000. Net earnings for the year increased 37 percent to $15,220,000 compared to $11,107,000 in the previous year. Earnings per share increased to $1.03 on 14,842,000 shares compared to $.76 on 14,626,000 shares, an increase of 36 percent.
 For the fourth quarter, restaurant sales were $58,572,000, up from $47,676,000, an increase of 23 percent. Earnings before income taxes increased 19 percent to $5,349,000 and net earnings increased 20 percent to $3,229,000. Earnings per share were $.22 on 14,852,000 shares, compared to $.18 on 14,758,000 shares, an increase of 22 percent.
 During the fourth quarter, 13 company-owned Old Country Buffet restaurants were opened: Birmingham, Ala.; Indianapolis; two in Chesapeake, Va.; Niles and Naperville, Ill.; Denver and Westminster, Colo.; Maple Heights and Niles, Ohio; Ann Arbor and Okemos, Mich.; and Erie, Penn.
 Eight restaurants are under construction, and the company expects to open 35 to 40 restaurants in 1993. Currently, Buffets, Inc. operates 134 Old Country Buffet restaurants in 19 states and has six franchise restaurants in two states.
 BUFFETS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 Percent
 12/30/92 1/1/92 Increase
 Fourth Quarter:
 Restaurant sales $58,572,000 $47,676,000 23
 Earnings before income
 taxes 5,349,000 4,477,000 19
 Net earnings 3,229,000 2,690,000 20
 Earnings per common and
 common equivalent share $.22 $.18 22
 Weighted average shares 14,852,000 14,758,000 --
 Percent
 12/30/92 1/1/92 Increase
 Year:
 Restaurant sales $247,474,000 $196,212,000 26
 Earnings before income
 taxes 25,200,000 18,387,000 37
 Net earnings 15,220,000 11,107,000 37
 Earnings per common and
 common equivalent share $1.03 $.76 36
 Weighted average shares 14,842,000 14,626,000 --
 -0- 1/28/93
 /CONTACT: Roe H. Hatlen, Buffets chairman, president and CEO, 612-942-9760/
 (BOCB)


CO: Buffets, Inc. ST: Minnesota IN: LEI SU: ERN

KH -- MN001 -- 0069 01/28/93 09:02 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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