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FURR'S/BISHOP'S, INCORPORATED WILL NOT PAY SECOND QUARTER DIVIDEND

 FURR'S/BISHOP'S, INCORPORATED WILL NOT PAY SECOND QUARTER DIVIDEND
 LUBBOCK, Texas, July 14 /PRNewswire/ -- Furr's/Bishop's, Incorporated (NYSE: CHI) announced today that its board of directors has voted to pass and not pay the second quarter dividend of $.2925 per share payable on July 30, 1992 on Furr's/Bishop's Series A convertible preferred stock.
 As previously announced, under the terms of the Indenture relating to the 11.00 percent Notes due June 1998 issued in connection with the March 27, 1992 debt restructuring of cafeteria operators, L.P., an indirect subsidiary of Furr's/Bishop's, Furr's/Bishop's may pay dividends on its securities if, among other things, cafeteria operators meets certain earnings tests for three consecutive years and at least one-half of the principal amount of the 11.00 percent Notes have been redeemed. Accordingly, Furr's/Bishop's will not be able to pay dividends on its securities prior to the end of fiscal year 1994.
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States operating 119 cafeterias in 10 states in the Southwest, West and Midwest under the name "Furr's", 21 cafeterias in seven states in the Midwest under the name "Bishop" and eight specialty restaurants in five states.
 -0- 7/14/92
 /CONTACT: Alton Smith, chief financial officer or Furr's/Bishop's, 806-792-7151/
 (CHI) CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU: DIV


SH -- NY065 -- 9145 07/14/92 13:16 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
Words:237
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