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LUBY'S CAFETERIAS, INC. REPORTS EARNINGS

 SAN ANTONIO, Dec. 14 /PRNewswire/ -- Ralph Erben, President and Chief Executive Officer of Luby's Cafeterias, Inc., today announced the results of operations for the three months ended November 30, 1993. Compared to the same quarter last year, sales increased over six percent to $94,166,000 from $88,597,000, and income, before the cumulative effect of the accounting change for income taxes, increased by ten percent to $8,605,000 from $7,852,000 last year.
 Mr. Erben also stated that one new cafeteria was opened in Leavenworth, Kansas during the first quarter. In addition, one cafeteria has opened in December in Grapevine, Texas. The San Antonio based Company operates 170 Luby's Cafeterias in ten states and its stock is traded on the New York Stock Exchange (symbol LUB).
 LUBY'S CAFETERIAS, INC.
 Financial Highlights
 Three Months Ended
 November 30,
 1993 1992
 (In thousands except per share data)
 Sales $94,166 $88,597
 Income before cumulative effect of
 accounting change 8,605 7,852
 Cumulative effect of accounting change
 for income taxes (a) 1,563 -
 Net income 10,168 7,852
 Income per share before cumulative effect
 of accounting change $.32 $.29
 Net income per share (a) $.38 $.29
 Average number of shares
 outstanding 26,828 27,134
 (a) The Company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," during the first quarter of fiscal year 1994. The cumulative effect of this change in accounting principle increased net income for fiscal 1994 by $1,563,000, or $.06 per share.
 -0- 12/14/93
 /CONTACT: John E. Curtis Jr., senior vice president and chief financial officer of Luby's, 210-654-9000/
 (LUB)


CO: Luby's Cafeterias, Inc. ST: Texas IN: LEI SU: ERN

LG -- NY034 -- 3590 12/14/93 11:02 EST
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Publication:PR Newswire
Date:Dec 14, 1993
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