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CALIFORNIA CULINARY ACADEMY INC. REPORTS RECORD ANNUAL RESULTS

 SAN FRANCISCO, Nov. 11 /PRNewswire/ -- California Culinary Academy Inc. (NASDAQ-NMS: COOK) reported net income of $912,000 on revenues of $11,055,000 for the year fiscal ended Aug. 31, 1993, an increase of 22 percent and 14 percent, respectively, over results for the fiscal year ended Aug. 31, 1992. Net income in fiscal 1993 reflects a non- recurring change in accounting principle. Net income on a per share basis for fiscal 1993 was decreased to $0.40 per share after giving effect to a $0.06 per share change in accounting principle, compared to $0.36 per share for fiscal 1992. Earnings per share were also affected by the completion of the Academy's initial public offering in June 1993. Weighted average outstanding shares increased from 2,098,000 for the year ended Aug. 31, 1992, to 2,281,700 shares for 1993. For the fiscal year ended Aug. 31, 1992, net income was $752,000 on revenues of $9,729,000.
 Ted Crocker, chairman of the board, said, "We are optimistic because the strong enrollment growth we experienced in the second half of our fiscal year has continued on into the fall. We are staking our future on our ability to apply modern business techniques to culinary education. The bottom line for us is that most of our graduates quickly find jobs, even in the current recession. We are teaching skills that employers want. By making our students and graduates successful, we think the end result is a successful company. We are satisfied that this strategy seems to be working."
 Commenting on the change of accounting principle, Christine Munson, vice president of Finance, said, "The Academy is in the midst of adopting a more sophisticated MIS (Management Information System) system which it hopes to have fully operational during fiscal 1994. The Academy's prior practice of aggregating students into classes for revenue recognition purposes conflicted with our desire to track data individually for each of our 600-plus students."
 Based on enrollments, the California Culinary Academy believes it is the largest for-profit culinary school in the United States. Along with the educational programs offered, the Academy operates two public restaurants and a retail store at its San Francisco location and is the creator of the long-running PBS series, "Cooking at the Academy," currently being aired in the United States, Australia, and the British Isles.
 CALIFORNIA CULINARY ACADEMY
 Financial Highlights
 Quarter Ended Aug. 31, 1993 and 1992,
 and the Years Ended Aug. 31, 1993 and 1992
 (In thousands, except shares and earnings per share amounts)
 Three Months Ended Years Ended
 Aug. 31, Aug. 31,
 1993 1992 1993 1992
 Sales $2,733 $2,537 $11,055 $9,729
 Net income, before
 change in accounting $279 $331 $1,045 $752
 Cumulative effect of
 change in accounting (133) --- (133) ---
 Net income, after change
 in accounting $146 $331 $912 $752
 Earnings per share,
 before change
 in accounting $0.10 $0.17 $0.46 $0.36
 Cumulative effect of
 change in accounting ($0.06) --- ($0.06) ---
 Net income, after
 change in accounting $0.04 $0.17 $0.40 $0.36
 Weighted average
 number of
 outstanding shares 2,739,507 1,957,147 2,281,700 2,098,413
 -0- 11/11/93
 /CONTACT: Chris Munson, CFO of California Culinary Academy, 800-BAY-CHEF, ext. 248, or 800-229-2433; or Edda Brown, president of Richmont Consulting International, 213-658-8088/
 (COOK)


CO: California Culinary Academy Inc. ST: California IN: SU: ERN

JL-MF -- LA005 -- 3056 11/11/93 08:02 EST
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Date:Nov 11, 1993
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