Printer Friendly

MORRISON REPORTS THIRD QUARTER EARNINGS

 MOBILE, Ala., March 31 /PRNewswire/ -- Morrison Restaurants Inc. (NASDAQ: MORR) today reported third quarter net income of $10,549,000, an increase of 15 percent from the same period last year.
 Revenue for the third quarter increased 8 percent to $283,591,000. Earnings per share for the third quarter were $0.41 vs. $0.37 a year ago.
 For the first 39 weeks of fiscal 1993, net income was $27,884,000, 17 percent more than during the same period last year. Revenue for the period increased 7 percent to $813,577,000. Earnings per share for the 39 weeks were $1.10, compared to $0.96 last year, a 15 percent gain.
 Morrison also announced today that its board of directors authorized a program to repurchase up to 1 million additional shares of Morrison common stock. Management of the company indicated that shares acquired through the purchase would be held as treasury stock and would be used to provide stock for general corporate purposes. The program may be discontinued at any time.
 This program is in addition to the program announced Aug. 25, 1989, under which Morrison is authorized to acquire an additional 569,085 shares of common stock for general corporate purposes and the program announced Oct. 1, 1992, to reacquire shares for the purpose of providing sufficient shares of common stock for issuance pursuant to employee benefit plans, including the purchase of shares to offset any dilutive effect of such plans. The aggregate number of shares authorized to be repurchased under all programs has been limited to 3.2 million shares. Funding for the repurchase programs will come from working capital and debt.
 As of March 6, 1993, Morrison owned and operated 233 restaurants in its Ruby Tuesday Group, including 171 Ruby Tuesdays, 42 L&N Seafood Grills and 20 Silver Spoon Cafes. The Morrison Family Dining Group is made up of 151 cafeterias, seven buffets and four food-court units. Morrison's Hospitality Group holds 872 food-service contracts. During its fiscal third quarter, Morrison added seven Ruby Tuesdays and one Silver Spoon Cafe. The Hospitality Group added 23 new contracts during the period.
 "Third quarter results were in line with expectations," said Sandy Beall, president and chief executive officer of Morrison Restaurants Inc. "We are maintaining consistent growth in sales and earnings, paying close attention to lowering the cost of doing business, and meeting or exceeding the expectations of our customers," he added.
 The board of directors of Morrison Restaurants Inc. declared a regular cash dividend of $0.12 per share at its meeting on March 31, 1993, in Atlanta. This cash dividend is payable at the close of business on April 30, to shareholders of record on April 9.
 MORRISON RESTAURANTS INC.
 Condensed Operating Results
 Financial results for the third quarter
 of fiscal year 1993 (unaudited)
 (Amounts in thousands except per-share amounts)
 13 weeks ended 3/6/93 2/29/92
 Sales $283,591 $261,400
 Income before income taxes 16,979 14,470
 Income taxes 6,430 5,281
 Net income $ 10,549 $ 9,189
 Earnings per common and common equivalent
 share $0.41 $0.37
 Common and common equivalent shares 25,538 25,289
 39 weeks ended 3/6/93 2/29/92
 Sales $813,577 $763,195
 Income before income taxes 44,456 37,415
 Income taxes 16,572 13,656
 Net income $ 27,884 $ 23,759
 Earnings per common and common equivalent
 share $1.10 $0.96
 Common and common equivalent shares 25,369 24,868
 Earnings per share and common and common equivalent shares for the 13 and 39 weeks ended Feb. 29, 1992, have been adjusted to reflect the 3-for-2 stock split paid on April 30, 1992.
 Condensed Balance Sheets
 3/6/93 2/29/92
 Assets
 Cash and short-term investments $ 45,723 $ 49,764
 Accounts and notes receivable 32,334 33,892
 Inventory 15,740 13,790
 All other current assets 21,525 16,289
 Total current assets 115,322 113,735
 Property, plant and equipment, net 214,442 197,992
 Costs in excess of net assets acquired 23,264 24,023
 Other assets 40,443 29,835
 Total assets $393,471 $365,585
 Liabilities
 Current liabilities $110,601 $ 89,121
 Long-term debt 13,141 36,740
 Deferred income taxes 15,187 20,232
 Other deferred liabilities 29,381 21,775
 Total liabilities 168,310 167,868
 Stockholders' equity 225,161 197,717
 Total liabilities and stockholders'
 equity $393,471 $365,585
 MORRISON RESTAURANTS INC.
 Supplemental Information
 (000s)
 For the quarter ended 3/6/93 2/29/92 Pct. chg.
 Sales:
 Ruby Tuesday Group $100,209 $ 89,796 +12
 Morrison's Hospitality Group 109,171 98,098 +11
 Morrison's Family Dining 74,212 73,470 + 1
 Corporate and other (1) 36 ---
 Total $283,591 $261,400 + 8
 Operating profit:
 Ruby Tuesday Group $ 10,837 $ 9,209 +18
 Morrison's Hospitality Group 4,633 3,891 +19
 Morrison's Family Dining 4,066 3,630 +12
 Total 19,536 16,730 +17
 Corporate expenses (2,555) (2,025) +26
 Net interest income (expense) (2) (235) ---
 Income before income taxes 16,979 14,470 +17
 Income taxes 6,430 5,281 +22
 Net income $ 10,549 $ 9,189 +15
 Earnings per share $0.41 $0.37 +11
 Shares 25,538 25,289 ---
 Operating Profit Margins:
 Ruby Tuesday Group 10.8 pct. 10.3 pct.
 Morrison's Hospitality Group 4.2 pct. 4.0 pct.
 Morrison's Family Dining 5.5 pct. 4.9 pct.
 Year-to-date ending 3/6/93 2/29/92 Pct. chg.
 Sales:
 Ruby Tuesday Group $277,359 $241,657 +15
 Morrison's Hospitality Group 318,538 295,136 + 8
 Morrison's Family Dining 217,662 226,187 (4)
 Corporate and other 18 215 ---
 Total $813,577 $763,195 + 7
 Operating profit:
 Ruby Tuesday Group $ 24,991 $ 21,320 +17
 Morrison's Hospitality Group 15,489 13,318 +16
 Morrison's Family Dining 10,598 8,834 +20
 Total 51,078 43,472 +17
 Corporate expenses (6,392) (5,271) +21
 Net interest income (expense) (230) (786) ---
 Income before income taxes 44,456 37,415 +19
 Income taxes 16,572 13,656 +21
 Net income $ 27,884 $ 23,759 +17
 Earnings per share $1.10 $0.96 +15
 Shares 25,369 24,868 ---
 Operating Profit Margins:
 Ruby Tuesday Group 9.0 pct. 8.8 pct.
 Morrison's Hospitality Group 4.9 pct. 4.5 pct.
 Morrison's Family Dining 4.9 pct. 3.9 pct.
 All per-share data has been adjusted to reflect the 3-for-2 stock split paid April 30, 1992.
 -0- 3/31/93
 /CONTACT: Sandy Beall, president and chief executive officer of Morrison Restaurants, 205-344-3000/
 (MORR)


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

BR-BN -- AT014 -- 1616 03/31/93 15:22 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 31, 1993
Words:1119
Previous Article:COLONY HOTELS & RESORTS PREVIEWS 1993 GOLF PACKAGES
Next Article:BROCK CONTROL SYSTEMS GOES PUBLIC
Topics:


Related Articles
MORRISON RESTAURANTS' PROFITS GROW 22 PERCENT IN FIRST QUARTER FISCAL 1993
MORRISON REPORTS SECOND QUARTER EARNINGS
/C O R R E C T I O N -- MORRISON RESTAURANTS/
MORRISON REPORTS FOURTH QUARTER AND FISCAL YEAR EARNINGS
MORRISON RESTAURANTS INC. REPORTS THIRD-QUARTER RESULTS
MORRISON RESTAURANTS INC. REPORTS THIRD-QUARTER FINANCIAL RESULTS AND DIRECTORS' APPROVAL OF BUSINESS AND FINANCIAL PLANS FOR 20% EARNINGS GROWTH
MORRISON REPORTS FOURTH QUARTER AND FISCAL YEAR EARNINGS
MORRISON RESTAURANTS INC. REPORTS SECOND QUARTER RESULTS
RUBY TUESDAY, INC. REPORTS THIRD-QUARTER RESULTS
MORRISON FRESH COOKING, INC. REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters