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MORRISON REPORTS FOURTH QUARTER AND FISCAL YEAR EARNINGS

 MOBILE, Ala., July 1 /PRNewswire/ -- Morrison Restaurants Inc. (NASDAQ-NMS: MORR) today reported fourth quarter net income of $10,275,000, an increase of 15 percent from the same period last year.
 Revenue for the fourth quarter increased 4 percent to $286,268,000. Earnings per share for the fourth quarter were $0.40 vs. $0.35 a year ago.
 For the 52 weeks of fiscal year 1993, net income was $37,975,000, 16 percent more than the previous fiscal year. Revenue increased 6 percent to $1,099,845,000. Earnings per share for the fiscal year were $1.50, compared to $1.31 last year, a 15 percent gain.
 The fourth quarter of fiscal 1993 contained 13 weeks vs. 14 weeks in the fourth quarter of fiscal 1992. The 1993 fiscal year contained 52 weeks vs. 53 weeks in fiscal 1992.
 As of June 6, Morrison owned and operated 247 restaurants in its Ruby Tuesday Group, including 185 Ruby Tuesdays, 42 L&N Seafood Grills, and 20 Silver Spoon Cafes. The Morrison Family Dining Group had 151 cafeterias, seven buffets, and four food-court restaurants. Morrison's Hospitality Group held 875 food-service and other management contracts.
 During its fourth fiscal quarter, Morrison opened 14 additional Ruby Tuesday Restaurants, and its Hospitality Group gained two new contracts. During fiscal 1993, the company opened 31 Ruby Tuesdays, two L&Ns, five Silver Spoons, and three Morrison's Kitchens food-court restaurants. It closed three Morrison's Cafeterias. Morrison's Hospitality Group had a net gain of 62 contracts.
 "We ended the quarter and the fiscal year with solid performance in key measurement areas," said Sandy Beall, president and chief executive officer. "Our results were in line with expectations and consistent with our positive performance over many consecutive periods," he added. "Fourth quarter was a 13-week period vs. a 14-week period last year. With adjustments for that difference, the Ruby Tuesday Group's growth was more than 17 percent," Beall said. "We are committed to increasing value for our shareholders, our team members and our guests and to continual and reliable growth in revenues and earnings."
 The board of directors declared a regular cash dividend of $0.12 per share at their meeting on July 1, in Mobile. This cash dividend is payable at the close of business on July 30, to shareholders of record on July 9.
 MORRISON RESTAURANTS INC.
 Supplemental Information
 (000s)
 13 wks. 14 wks.
 ended ended Pct.
 6/5/93 6/6/92 chg.
 Sales:
 Ruby Tuesday Group $101,284 $ 92,956 + 9
 Morrison's Hospitality Group 111,595 104,372 + 7
 Morrison's Family Dining 73,358 78,135 - 6
 Corporate and other 31 288 ---
 Total $286,268 $275,751 + 4
 Operating profit:
 Ruby Tuesday Group $ 9,065 $ 8,326 + 9
 Morrison's Hospitality Group 5,671 4,636 +22
 Morrison's Family Dining 4,622 3,420 +35
 Total 19,358 16,382 +18
 Corporate expenses (2,843) (1,898) +50
 Net interest income (expense) (87) (454) ---
 Income before provision for
 income taxes and cumulative effect
 of accounting changes 16,428 14,030 +17
 Provision for federal and state
 income taxes 6,153 5,118 +20
 Income before cumulative effect of
 accounting changes 10,275 8,912 +15
 Cumulative effect of accounting changes, net:
 Income taxes --- --- ---
 Postretirement benefits --- --- ---
 Net income $ 10,275 $ 8,912 +15
 Earnings per common and common equivalent share:
 Before cumulative effective of
 accounting changes $ 0.40 $ 0.35 +14
 Cumulative effect of accounting changes, net:
 Income taxes --- --- ---
 Postretirement benefits --- --- ---
 Earnings per common and common
 equivalent share $ 0.40 $ 0.35 +14
 Shares 25,433 25,224 ---
 Operating Profit Margins:
 Ruby Tuesday Group 9.0 pct. 9.0 pct.
 Morrison's Hospitality Group 5.1 pct. 4.4 pct.
 Morrison's Family Dining 6.3 pct. 4.4 pct.
 52 wks. 53 wks.
 ended ended Pct.
 6/5/93 6/6/92 chg.
 Sales:
 Ruby Tuesday Group $ 378,643 $ 334,613 +13
 Morrison's Hospitality Group 430,133 399,508 + 8
 Morrison's Family Dining 291,020 304,322 - 4
 Corporate and other 49 503 ---
 Total $1,099,845 $1,038,946 + 6
 Operating profit:
 Ruby Tuesday Group $ 34,056 $ 29,646 +15
 Morrison's Hospitality Group 21,160 17,954 +18
 Morrison's Family Dining 15,220 12,254 +24
 Total 70,436 59,854 +18
 Corporate expenses (9,235) (7,169) +29
 Net interest income (expense) (317) (1,240) ---
 Income before provision for
 income taxes and cumulative effect
 of accounting changes 60,884 51,445 +18
 Provision for federal and state
 income taxes 22,725 18,774 +21
 Income before cumulative effect of
 accounting changes 38,159 32,671 +17
 Cumulative effect of accounting changes, net:
 Income taxes 2,395 --- ---
 Postretirement benefits (2,579) --- ---
 Net income $ 37,975 $ 32,671 +16
 Earnings per common and common equivalent share:
 Before cumulative effective of
 accounting changes $ 1.50 $ 1.31 +15
 Cumulative effect of accounting changes, net:
 Income taxes 0.10 --- ---
 Postretirement benefits (0.10) --- ---
 Earnings per common and common
 equivalent share $ 1.50 $ 1.31 +15
 Shares 25,385 24,957 ---
 Operating Profit Margins:
 Ruby Tuesday Group 9.0 pct. 8.9 pct.
 Morrison's Hospitality Group 4.9 pct. 4.5 pct.
 Morrison's Family Dining 5.2 pct. 4.0 pct.
 MORRISON RESTAURANTS INC.
 Condensed Operating Results
 Financial results for the fourth quarter
 of fiscal year 1993 (unaudited)
 (Amounts in thousands expect per-share amounts)
 13 wks. ended 14 wks. ended
 6/5/93 6/6/92
 Sales $286,268 $275,751
 Income before provision for income
 taxes and cumulative effect of
 accounting changes $ 16,428 $ 14,030
 Provision for federal and state
 income taxes 6,153 5,118
 Income before cumulative effect of
 accounting changes 10,275 8,912
 Cumulative effect of accounting changes, net:
 Income taxes --- ---
 Postretirement benefits --- ---
 Net income $ 10,275 $ 8,912
 Earnings per common and common equivalent share:
 Before cumulative effect of accounting
 changes $ 0.40 $ 0.35
 Cumulative effect of accounting changes, net:
 Income taxes --- ---
 Postretirement benefits --- ---
 Earnings per common and common
 equivalent share $ 0.40 $ 0.35
 Common and common equivalent shares 25,433 25,224
 52 wks. ended 53 wks. ended
 6/5/93 6/6/92
 Sales $1,099,845 $1,038,946
 Income before provision for income
 taxes and cumulative effect of
 accounting changes $ 60,884 $ 51,445
 Provision for federal and state
 income taxes 22,725 18,774
 Income before cumulative effect of
 accounting changes 38,159 32,671
 Cumulative effect of accounting changes, net:
 Income taxes 2,395 ---
 Postretirement benefits (2,579) ---
 Net income $ 37,975 $ 32,671
 Earnings per common and common equivalent share:
 Before cumulative effect of accounting
 changes $ 1.50 $ 1.31
 Cumulative effect of accounting changes, net:
 Income taxes 0.10 ---
 Postretirement benefits (0.10) ---
 Earnings per common and common
 equivalent share $ 1.50 $ 1.31
 Common and common equivalent shares 25,385 24,957
 Condensed Balance Sheets
 6/5/93 6/6/92
 Assets
 Cash and short-term investments $ 31,372 $ 50,100
 Accounts and notes receivable 34,040 30,806
 Inventories 15,503 13,732
 All other current assets 23,606 18,604
 Total current assets 104,521 113,242
 Property, plant and equipment, net 220,330 195,172
 Costs in excess of net assets acquired 23,081 23,813
 Other assets 50,410 37,505
 Total assets $398,342 $369,732
 Liabilities
 Current liabilities $102,615 $ 90,390
 Long-term debt 13,085 35,919
 Deferred income taxes 23,501 16,202
 Other deferred liabilities 39,517 23,644
 Total liabilities 178,718 166,155
 Stockholders' equity 219,624 203,577
 Total liabilities and stockholders'
 equity $398,342 $369,732
 -0- 7/1/93
 /CONTACT: K. Wyatt Engwall, vice president-Financial Planning, of Morrison Restaurants, 205-344-3000/
 (MORR)


CO: Morrison Inc. ST: Alabama IN: LEI SU: ERN DIV

BR-RA -- AT004 -- 7629 07/01/93 10:41 EDT
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Date:Jul 1, 1993
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