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JB'S RESTAURANTS INC. ANNOUNCES THIRD QUARTER RESULTS

 SALT LAKE CITY, Aug. 4 /PRNewswire/ -- JB's Restaurants Inc. (NASDAQ: JBBB) announced today net income of $79,000, or $0.02 per share, for the fiscal third quarter ended July 5, 1993, compared with net income of $773,000, or $0.17 per share, for the same quarter last year. Year-to-date net income was $94,000, or $0.02 per share, compared with net income of $957,000, or $0.21 per share, for the same period the prior year.
 "The third quarter profit decline is primarily the result of increased workers' compensation costs, higher produce costs and increased food and marketing costs associated with promotional programs designed to stimulate sales," commented David E. Pertl, vice president and chief financial officer.
 Revenues for the third quarter were $37.0 million, a decrease of 5.8 percent from revenues of $39.2 million for the same quarter last year. Year-to-date, total revenues decreased 5.5 percent, to $87.8 million, compared with $93.0 million for the same period last year. The decrease in revenues is primarily the result of fewer restaurants. The company operated 102 JB's Restaurants at the end of the third quarter, compared to 131 at the end of the same period of the prior year. The decrease in operating units is primarily the result of the sale of 23 under-performing JB's restaurants to IHOP Corp. in the fourth quarter of fiscal 1992. With the disposition of these under- performing JB's restaurants, average store sales increased 5.7 percent for the quarter, and 4.4 percent year to date. Same store sales (sales from stores open in both fiscal 1993 and 1992) increased approximately 1.0 percent for the quarter.
 "Our HomeTown Buffet restaurants continue to perform above expectations with average weekly sales of approximately $49,000, during the third quarter. Our sixth HomeTown Buffet restaurant is scheduled to open in late August in Albuquerque, N.M. In addition, the previously announced sale of 250,000 shares of HomeTown Buffet Inc. preferred stock for $2.5 million was completed on July 26, 1993, with the proceeds planned to be used to continue development of HomeTown Buffet restaurants," commented Clark D. Jones, chairman.
 JB's Restaurants Inc. has restaurant operations in 11 western states in which it currently operates 102 and franchises 12 JB's family-style restaurants, operates 12 franchised Sbarro restaurants and operates five franchised HomeTown Buffet restaurants. The company also owns an approximate 21 percent interest in HomeTown Buffet Inc., the franchisor of HomeTown Buffet restaurants, which currently operates 12 HomeTown Buffet restaurants in California and southern Oregon.
 JB'S RESTAURANTS INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 16 Weeks Ended 40 Weeks Ended
 July 5, July 6, July 5, July 6,
 1993 1992 1993 1992
 Total revenues $36,976,000 $39,232,000 $87,847,000 $92,979,000
 Costs and
 expenses
 Food costs 11,729,000 11,894,000 27,812,000 28,118,000
 Restaurant
 operating
 expenses 20,620,000 21,112,000 48,528,000 51,245,000
 General and
 administrative
 expenses 2,098,000 2,010,000 5,064,000 4,769,000
 Depreciation and
 amortization 1,965,000 2,357,000 5,147,000 5,803,000
 Total costs and
 expenses 36,412,000 37,373,000 86,551,000 89,935,000
 Income from
 operations 564,000 1,859,000 1,296,000 3,044,000
 Interest and other
 income expense,
 (net) (438,000) (740,000) (1,144,000) (1,637,000)
 Income before
 income taxes 126,000 1,119,000 152,000 1,407,000
 Income taxes 47,000 346,000 58,000 450,000
 Net income $79,000 $773,000 $94,000 $957,000
 Net income per
 common share $0.02 $0.17 $0.02 $0.21
 Weighted average
 shares
 outstanding 4,742,500 4,626,464 4,778,478 4,617,303
 -0- 8/4/93
 /CONTACT: David E. Pertl, VP and CFO of JB's Restaurants, 801-974-4300/
 (JBBB)


CO: JB's Restaurants Inc. ST: Utah IN: LEI SU: ERN

EH-BP -- LA002 -- 9195 08/04/93 08:35 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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