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MORRISON RESTAURANTS INC. DIRECTORS DECLARES DIVIDEND, ANNOUNCE CHAIRMAN'S RETIREMENT

 ATLANTA, Jan. 5 /PRNewswire/ -- The board of directors of Morrison Restaurants Inc. (NYSE: RI) held their regularly quarterly meeting today in Atlanta and declared a regular cash dividend of eight and one-third cents per share, payable at the close of business on Jan. 31, to shareholders of record as of Jan. 14.
 Morrison previously reported second-quarter net income of $12,038,000, an increase of 16 percent from the same period of the last fiscal year. Revenue for the second quarter increased 10% to $310,360,000. Earnings per share for the quarter were $0.32 vs. $0.27 for the same period a year ago, an increase of 19%.
 In other action, the board announced that E. Eugene Bishop will retire as an officer from the company on May 5. Bishop will remain chairman of the board until May 5, 1995, at which time he will reach age 65.
 Bishop, who has received numerous honors from the restaurant industry, is completing a 47-year career with Morrison. He has served in virtually every key operations position in the company and was appointed chief executive officer in 1980. From then until 1992 when Samuel E. (Sandy) Beall was named CEO, Morrison revenues tripled, net income and earnings per share doubled, and the aggregate stock market value of the company quadrupled. The orderly transition in the leadership of the corporation began in 1985 when Bishop selected Beall, founder of Ruby Tuesday Restaurants, as Morrison's president. Morrison acquired Ruby Tuesday, Inc. in 1982.
 "I am very pleased with the orderly transition that has taken place in our company," Bishop said. "Sandy and I have been a good team, working to restructure Morrison and grow and develop casual-dining restaurants along with our family dining and contract dining divisions. I am very proud of Morrison's success and grateful to have been part of the best team in the restaurant industry for nearly half a century," he added.
 As of Dec. 4, 1993, Morrison Restaurants Inc. owned and operated 267 restaurants in its Casual Dining Group, 159 units throughout the Southeast in the Family Dining Group, and numerous food service accounts in hospitals, education, and business dining locations throughout the United States in the Contract Dining Group.
 Morrison stock is publicly traded on the New York Stock Exchange under the symbol "RI."
 -0- 1/5/94
 /CONTACT: Richard Johnson of Morrison Restaurants, 205-344-3000/
 (RI)


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

BR-TG -- AT011 -- 9460 01/05/94 16:10 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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