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FURR'S/BISHOP'S ANNOUNCES THIRD QUARTER EARNINGS

 FURR'S/BISHOP'S ANNOUNCES THIRD QUARTER EARNINGS
 LUBBOCK, Texas, Nov. 9 /PRNewswire/ -- Furr's/Bishop's, Incorporated


(NYSE: CHI) announced today that operations in the third fiscal quarter ended Sept. 26, 1992 resulted in net earnings of $68,000 as compared to a net loss of $2.2 million for the same period of the prior year. On a per common share basis, after a provision for dividends on the preferred shares, Furr's/Bishop's lost $0.16 per common share in the third quarter of 1992 compared to a net loss of $0.36 per common share for the prior year.
 Revenues for the third fiscal quarter were $66.9 million, a decrease of $1.8 million or 2.7 percent from the third quarter of 1991. This decrease is primarily attributable to there being 16 fewer restaurants included in operations, including units reserved to close, in the third quarter of 1992 compared to 1991. This decrease was partially offset by increased comparable cafeteria sales resulting from an increase in the average guest ticket of 2.0 percent and an increase in the average guest count of 0.5 percent during the quarter. Third quarter 1992 earnings are net of an extraordinary credit for tax loss carry-forwards of $200,000 or $0.02 per common share. Cost containment measures instituted by the company which resulted in decreases in several expense categories, 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 $3.7 million in the third quarter of 1992 compared with the same period in 1991.
 Revenues for the 39 weeks ended Sept. 26, 1992 were $198.3 million, a decrease of $3.6 million or 1.8 percent from revenues in the same period of 1991. Net loss for the 39 weeks was $1.2 million or $0.60 per common share as compared to net loss of $11.3 million or $1.49 per common share for the same period in 1991.
 This net loss is net of an extraordinary credit for tax loss carry- forwards of $351,000 or $.03 per common share. The first 39 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.
 Selling, general and administrative expense for the year to date was lower in the aggregate by $10.9 million in 1992 compared with the same period in 1991.
 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 eight specialty restaurants in six states.
 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES
 Financial Data
 (Amounts in thousands, except per share amounts,unaudited)
 Thirteen Weeks Ended Thirty-Nine Weeks Ended
 Sept. 26, Sept. 28, Sept. 26, Sept. 28,
 1992 1991 1992 1991
 Revenues $ 66,901 $ 68,738 $ 198,252 $ 201,871
 Loss before
 extraordinary
 credit $ (132) $ (2,166) $ (1,547) $ (11,260)
 Extraordinary item,
 reduction of income taxes
 from use of loss
 carryforwards 200 -- 351 --
 Net income (loss) 68 (2,166) (1,196) (11,260)
 Preferred stock dividend
 requirement (1,870) (1,870) (5,609) (5,609)
 Net loss allocable
 to common stock $(1,802) $ (4,036) $ (6,805) $ (16,869)
 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
 extraordinary
 credit $ (0.18) $ (0.36) $ (0.63) $ (1.49)
 Extraordinary item
 per share
 of common stock 0.02 -- 0.03 --
 Net loss per share
 of common stock $ (0.16) $ (0.36) $ (0.60) $ (1.49)
 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 Sept. 26, 1992, which were issued at the date of conversion. Comments relate to the results of operations of Furr's/Bishop's for the 39 weeks ended Sept. 26, 1992 compared to the combined results of operations of Furr's/Bishop's for the 26 weeks ended Sept. 28, 1991 and the combined predecessor entities for the 13 weeks ended March 30, 1991.
 -0- 11/9/92
 /CONTACT: Alton Smith, CFO of Furr's/Bishop's, Incorporated, 806-792-7151/
 (CHI) CO: Furr's/Bishop's, Incorporated ST: Texas IN: LEI SU: ERN


AH -- NY111 -- 8937 11/09/92 17:22 EST
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Date:Nov 9, 1992
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