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FURR'S/BISHOP'S ANNOUNCES SECOND QUARTER RESULTS

 FURR'S/BISHOP'S ANNOUNCES SECOND QUARTER RESULTS
 LUBBOCK, Texas, Aug. 11 /PRNewswire/ -- Furr's/Bishop's,


Incorporated (NYSE: CHI) announced today that revenues for the second fiscal quarter ended June 27, 1992, were $66.9 million, a decrease of $808,000 or 1.2 percent from the second quarter of 1991.
 This decrease is due primarily to there being 16 fewer restaurants included in operations, including units reserved to close, in the second quarter of 1992 compared to 1991. The decrease in revenues of $4.4 million attributable to fewer restaurants was partially offset by an increase in average guest ticket of .8 percent and an increase in average guest count of 4.0 percent in comparable cafeterias in operation during the quarter.
 Net loss for the second quarter of 1992 was $495,000 or $.21 per common share as compared to net loss of $2.6 million or $.39 per common share for the 13 weeks ended June 29, 1991 (per share amounts are after a provision for dividends on the preferred stock). The 1992 loss is net of an extraordinary credit item, which is the use of tax loss carryforwards of $151,000 or $.01 per common share. Cost containment measures instituted by the company which resulted in decreases in several expense categories, the reversal of closed store reserves of $168,000, as well as there being fewer restaurants in 1992 as described above resulted in selling, general and administrative expense being lower in the aggregate by $2.8 million in the second quarter of 1992 compared with the same period in 1991.
 Revenues for the 26 weeks ended June 27, 1992 were $131.4 million, a decrease of $1.8 million or 1.3 percent from revenues in the same period of 1991. Net loss for the 26 weeks was $1.3 million or $.44 per common share as compared to net loss of $9.1 million or $1.13 per common share for the same period in 1991. The 1992 loss is net of an extraordinary item, which is the use of tax loss carryforwards of $151,000 or $.01 per common share. The first 26 weeks of 1991 included charges of $1.1 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.
 Furr's/Bishop's is one of the largest operators of cafeterias in the United States, operating 119 cafeterias and buffets in 11 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 nine specialty restaurants in six states.
 The following reflects the results of operations 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/BISHOPS INCORPORATED
 FINANCIAL DATA (UNAUDITED)
 (Amounts in thousands, except per share amounts)
 13 Weeks Ended 26 Weeks Ended
 June 27, June 29, June 27, June 29,
 1992 1991 1992 1991
 Revenues $ 66,896 $ 67,704 $ 131,351 $ 133,133
 Loss before
 extraordinary
 credit $ (646) $ (2,556) $ (1,415) $ (9,095)
 Extraordinary
 item, reduction
 of income taxes
 from use of
 loss carry-
 forwards 151 -- 151 --
 Net Loss (495) (2,556) (1,264) (9,095)
 Preferred stock
 dividend
 requirement (1,869) (1,869) (3,739) (3,739)
 Net loss
 allocable to
 common stock $ (2,364) $ (4,425) $ (5,003) $ (12,834)
 Total number of
 common shares
 outstanding 11,326,291 11,326,291 11,326,291 11,326,291
 Loss per share
 of common stock
 before extra-
 ordinary credit $ (0.22) $ (0.39) $ (0.45) $ (1.13)
 Extraordinary
 item per share
 of common stock 0.01 -- 0.01 --
 Net Loss per
 share of common
 stock $ (0.21) $ (0.39) $ (0.44) $ (1.13)
 All per share amounts are after a provision for dividends on the preferred stock and were calculated using the outstanding common shares of Furr's/Bishop's at June 27, 1992, which were issued at the date of conversion. Comments relate to the results of operations of Furr's/Bishop's for the 26 weeks ended June 27, 1992, compared to the combined results of operations of Furr's/Bishop's for the 13 weeks ended June 29, 1991, and the combined predecessor entities for the 13 weeks ended March 30, 1991.
 -0- 8/11/92
 /CONTACT: Alton Smith, chief financial officer of Furr's/Bishop's, Incorporated, 806-792-7151/
 (CHI) CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU: ERN


PS -- NY098 -- 9166 08/11/92 17:40 EDT
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Date:Aug 11, 1992
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