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MORRISON PROFITS JUMP 29 PERCENT IN FOURTH QUARTER; SALES HIT $1 BILLION

MORRISON PROFITS JUMP 29 PERCENT IN FOURTH QUARTER; SALES HIT $1 BILLION
 MOBILE, Ala., July 1 /PRNewswire/ -- Morrison Incorporated (NASDAQ-NMS: MORR) today reported fourth quarter net income of $8,912,000, an increase of 29.1 percent from the same period last year.
 Revenue for the fourth quarter grew 10.1 percent to $275,751,000. Earnings per share for the fourth quarter were 35 cents vs. 28 cents a year ago, a gain of 25 percent.
 For the 53 weeks ended June 6, net income was $32,671,000 or 22.7 percent ahead of last year. Revenue for the year increased 7 percent to $1,038,946,000. Earnings per share for the year were $1.31 compared to $1.07 last year, a gain of 22.4 percent.
 The Morrison Incorporated board of directors declared a quarterly cash dividend of 12 cents per share payable on July 31 to shareholders of record on July 10. This was the 56th consecutive year of cash dividend payments.
 "We continued our momentum by building on what we had done throughout the year," said Sandy Beall, president and chief executive officer of Morrison Incorporated. "We had an excellent year thanks to the efforts of thousands of employees who believe in our vision to be the best," he added.
 "Each division managed key result areas to build customers, run efficient, effective operations, and deliver quality food, friendly service and outstanding price-value.
 "The Ruby Tuesday Group continued to post major gains in revenue and operating profit. For the quarter, strong performances by Ruby Tuesday and Silver Spoon Cafe led to the 23.2 percent increase in operating profit. During the fourth quarter, we opened four Ruby Tuesdays and opened two and closed an L&N Seafood Grill. Overall, we operated 31 additional restaurants as compared to a year ago. Year-to-year revenues grew 26.4 percent due to new and existing unit growth. Operating profit margins remained at 9 percent, similar to last year.
 "For the quarter, Morrison's Hospitality Group's operating profit grew 10 percent due to new and existing unit income growth and effective expense control. Revenues rose 8 percent versus last year. Operating margins remained at 4.4 percent, identical to a year ago.
 "Morrison's Family Dining achieved dramatic operating profit gains of 66.6 percent despite a slight sales decline of 2.5 percent. During the quarter we closed two units; we operated 10 fewer units as compared to a year ago. Year-to-year operating margins expanded to 4.4 percent from 2.6 percent last year. Effective management of food and labor costs and selective unit closures enhanced profitability and margins. Our leadership strategies in price-value and customer satisfaction are getting results.
 "We're pleased with our results for fiscal 1992. The bright spot for the year was our financial performance. Each division earned over a 20 percent aftertax return on net assets. The company earned a return on average equity of 17 percent, a 2 percent gain over last year. We close the year in excellent financial shape.
 "Other highlights were the cash dividend increase of 12.5 percent and the 3-for-2 stock split both announced last February. Also announced was our proposed name change to Morrison Restaurants Inc., which is subject to shareholders approval in September.
 "Fiscal years 1993 and 1994 have promise for Morrison. In fiscal 1993, we plan to invest $55 million in new capital, principally to build new units, many of which will open in late fiscal 1993 and early fiscal 1994. We will fund this unit growth internally and plan to continue it in fiscal 1994. Our plans are set to pursue top-line growth, capitalize on our restaurant brands and lead in customer value."
 Morrison Incorporated operations include: 154 Ruby Tuesday restaurants, 40 L&N Seafood Grills, 15 Silver Spoon Cafes, Morrison's Hospitality Group, a nationally recognized contract food business specializing in health care, education and business and industry, and 161 Morrison's Cafeterias, the dominant cafeteria chain in the Southeast.
 MORRISON INCORPORATED
 BUSINESS SEGMENT INFORMATION
 (000s omitted)
 14 weeks ended 13 weeks ended
 6/6/92 6/1/91
 Revenues:
 Ruby Tuesday Group $ 92,956 33.7 pct. $ 73,624 29.3 pct.
 Morrison's Group:
 Morrison's Hospitality 104,372 37.9 96,628 38.6
 Morrison's Family Dining 78,135 28.3 80,109 32.0
 Corporate and other 288 0.1 175 0.1
 Total $275,751 100.0 $250,436 100.0
 Contribution to Income:
 Ruby Tuesday Group $ 8,326 9.0 $ 6,756 9.2
 Morrison's Group:
 Morrison's Hospitality 4,636 4.4 4,214 4.4
 Morrison's Family Dining 3,420 4.4 2,053 2.6
 Total 16,382 5.9 13,023 5.2
 Corporate expenses (1,898) (0.6) (1,743) (0.7)
 Net interest inc. (exp.) (454) (0.2) 72 0.0
 Inc. bef. income taxes 14,030 5.1 11,352 4.5
 Income taxes 5,118 1.9 4,450 1.7
 Net income $ 8,912 3.2 $ 6,902 2.8
 Earnings per common and
 common equivalent share $0.35 $0.28
 Com. and com. equiv. shares 25,224 24,606
 53 weeks ended 52 weeks ended
 6/6/92 6/1/91
 Revenues:
 Ruby Tuesday Group $ 334,613 32.2 pct. $280,240 26.9 pct.
 Morrison's Group:
 Morrison's Hospitality 399,508 38.5 378,939 39.0
 Morrison's Family Dining 304,322 29.3 311,262 32.1
 Corporate and other 503 0.0 89 0.0
 Total $1,038,946 100.0 $970,530 100.0
 Contribution to Income:
 Ruby Tuesday Group $ 29,646 8.9 $ 23,786 8.5
 Morrison's Group:
 Morrison's Hospitality 17,954 4.5 15,777 4.2
 Morrison's Family Dining 12,254 4.0 11,827 3.8
 Total 59,854 5.7 51,390 5.3
 Corporate expenses (7,169) (0.7) (6,684) (0.7)
 Net interest inc. (exp.) (1,240) (0.1) (2,253) (0.2)
 Inc. bef. income taxes 51,445 4.9 42,453 4.4
 Income taxes 18,774 1.8 15,825 1.7
 Net income $ 32,671 3.1 $ 26,628 2.7
 Earnings per common and
 common equivalent share $1.31 $1.07
 Com. and com. equiv. shares 24,957 24,873
 All per-share data has been adjusted to give effect to the 3-for-2
 stock split declared Feb. 7, 1992.
 MORRISON INCORPORATED
 Financial Results for the Fourth Quarter
 of Fiscal Year 1992 (audited)
 (Amounts in thousands except per-share amounts)
 Period ended 14 wks. 13 wks. 53 wks. 52 wks.
 6/6/92 6/1/91 6/6/92 6/1/91
 Revenues $275,751 $250,436 $1,038,946 $970,530
 Inc. bef. inc. taxes 14,030 11,352 51,445 42,453
 Income taxes 5,118 4,450 18,774 15,825
 Net income $ 8,912 $ 6,902 $ 32,671 $ 26,628
 Earns. per common and
 common equiv. share $0.35 $0.28 $1.31 $1.07
 Common and common equivalent
 shares 25,224 24,606 24,957 24,873
 Earnings per share and common and common equivalent shares outstanding for the 13 and 52 weeks ended June 1, 1991, have been adjusted to give effect for the 3-for-2 stock split paid on April 30, 1992.
 CONDENSED BALANCE SHEETS
 6/6/92 6/1/91
 Assets
 Cash and cash equivalents $ 50,100 $ 22,537
 Accounts and notes receivable 30,806 38,907
 Inventory 13,732 13,054
 All other current assets 18,604 14,356
 Total current assets $113,242 $ 88,854
 Property, plant and equip., net 195,172 195,911
 Costs in excess of net assets
 acquired 23,813 26,017
 Other assets 37,505 20,620
 Total assets $369,732 $331,402
 Liabilities
 Current liabilities $ 90,390 $ 76,826
 Long-term debt 35,919 38,005
 Deferred income taxes 16,202 21,501
 Other deferred liabilities 23,644 13,829
 Total liabilities 166,155 150,161
 Stockholders' equity 203,577 181,241
 Total liabilities and
 stockholders' equity $369,732 $331,402
 -0- 7/1/92
 /CONTACT: Robert G. Crankovic of Morrison Incorporated, 205-344-3000, ext. 2201/
 (MORR) CO: Morrison Incorporated ST: Alabama IN: LEI SU: ERN DIV


EA-BN -- AT005 -- 5659 07/01/92 11:38 EDT
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