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MORRISON INCORPORATED BOARD APPROVES NAME CHANGE, DECLARES STOCK SPLIT, INCREASES DIVIDEND

 MORRISON INCORPORATED BOARD APPROVES NAME CHANGE,
 DECLARES STOCK SPLIT, INCREASES DIVIDEND
 MOBILE, Ala., Feb. 10 /PRNewswire/ -- The Morrison Incorporated (NASDAQ-NMS: MORR) board of directors, at a special strategic planning meeting held Feb. 7, approved the following:
 -- A corporate name change to: Morrison Restaurants Inc., subject
 to approval of shareholders at the annual shareholders' meeting
 to be held Sept. 30. This new name better reflects the nature
 of today's operations.
 -- Declaration of a 3-for-2 stock split payable April 30 to
 shareholders of record at the close of business on April 10.
 Fractional interests as a result of the stock split will be
 paid in cash on April 30.
 -- Declaration of a regular quarterly cash dividend to 12 cents
 per share payable April 30 to shareholders of record at the
 close of business on April 10. The quarterly dividend
 commencing with the April 30 payment will be 12 cents per share
 or 48 cents per share annually. This dividend on the post-split
 shares represents a 12-1/2 percent increase in the cash dividend
 payment.
 As of Feb. 10, Morrison Incorporated operations included: 205 Specialty Restaurants (151 Ruby Tuesdays, 39 L&N Seafoods and 15 Silver Spoons Cafes), 165 Morrison's Cafeterias and 801 Morrison's Custom Management contracts.
 -0- 2/10/92
 /CONTACT: Bob Crankovic of Morrison Incorporated, 205-344-3000, ext. 2201/
 (MORR) CO: Morrison Incorporated ST: Alabama IN: LEI SU: DIV


BN-BR -- AT006 -- 8346 02/10/92 13:49 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 10, 1992
Words:236
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