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MORRISON RESTAURANTS INC. REPORTS FIRST-QUARTER RESULTS

 MOBILE, Ala., Sept. 29 /PRNewswire/ -- Morrison Restaurants Inc. (NASDAQ-NMS: MORR) today reported first quarter net income of $8,109,000, an increase of 19 percent from the same period of the last fiscal year.
 Revenue for the first quarter increased 14 percent to $282,158,000. Earnings per share for the first quarter were $0.33 vs. $0.28 for the same fiscal period a year ago, an increase of 18 percent.
 As of Sept. 4, Morrison Restaurants Inc. owned and operated 254 casual-theme restaurants throughout the United States in its Ruby Tuesday Group, 158 units throughout the Southeast in its Family Dining Group, and numerous food service accounts in hospitals, education and business dining locations throughout the U.S. in its Hospitality Group.
 During the quarter, Morrison opened 10 new restaurants in its Ruby Tuesday Group.
 "We began the fiscal year with performance that matched expectations during the first quarter," said Sandy Beall, president and chief executive officer. "We remain committed to maximizing the value of the company for its share owners," he said. "We created value in the Ruby Tuesday Group with aggressive revenue growth of 24 percent and introduced strong marketing campaigns that contributed to a 2.3 percent same-unit sales increase and a 29 percent gain in operating profit in Ruby Tuesdays.
 "We created value in the Family Dining Group by continued programs of cost reduction and with well-priced bundled-meal packages supported by effective advertising. Those efforts resulted in a 3.8 percent increase in same-unit sales and a 31 percent gain in operating profits.
 "We created value in our Hospitality Group by increasing revenue 13 percent with a net gain of 23 new accounts while reducing the cost of doing business. Profits increased 20 percent, driven primarily by the health care division," Beall said.
 "We realize all of our success comes from creating value," he added. "Value for our guests by exceeding their expectations, value for our employees by building the best teams in the industry, and value for our share owners by consistently increasing the market value of their company."
 The stockholders of Morrison Restaurants Inc. held their annual meeting in Mobile, Ala., on Sept. 29 and elected Dr. Benjamin F. Payton, the president of Tuskegee University, to the board of directors. Eugene E. Bishop and Arthur R. Outlaw were re-elected to the board.
 MORRISON RESTAURANTS INC.
 CONDENSED OPERATING RESULTS
 FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 1994
 (Unaudited)
 (Amounts in thousands except per share amounts)
 13 weeks ended Sept. 4, 1993 Sept. 5, 1992
 Sales $282,158 $248,360
 Income before provision
 for income taxes and cumulative
 effect of accounting changes 13,131 10,999
 Provision for federal and
 state income taxes 5,022 4,021
 Income before cumulative effect
 of accounting changes 8,109 6,978
 Cumulative effect of accounting
 changes, net:
 Postretirement benefits --- (2,579)
 Income taxes --- 2,395
 Net income $ 8,109 $ 6,794
 Earnings per common and
 common equivalent share:
 Primary:
 Before cumulative effect of
 accounting changes $ 0.33 $ 0.28
 Cumulative effect of
 accounting changes, net:
 Postretirement benefits --- (0.10)
 Income taxes --- 0.10
 Earnings per common and
 common equivalent share $ 0.33 $ 0.28
 Common and common equivalent
 shares:
 Primary 24,913 25,206
 Fully diluted 24,950 25,259
 CONDENSED BALANCE SHEETS
 Sept. 4, 1993 Sept. 5, 1992
 Assets
 Cash and short-term investments $ 24,229 $ 59,285
 Accounts and notes receivable 35,313 29,419
 Inventories 16,323 14,557
 All other current assets 23,763 21,860
 Total current assets 99,628 125,121
 Property, plant and equip., net 226,948 195,207
 Costs in excess of net assets
 acquired 22,899 23,630
 Other assets 50,592 46,548
 Total assets $400,067 $390,506
 Liabilities
 Current liabilities $107,571 $ 96,215
 Long-term debt 13,044 35,062
 Deferred income taxes 24,013 22,232
 Other deferred liabilities 40,328 29,786
 Total liabilities 184,956 183,295
 Stockholders' equity 215,111 207,211
 Total liabilities and
 stockholders' equity $400,067 $390,506
 The prior year condensed operating results and balance sheet have been restated to reflect the adoption of FAS 106 and 109.
 MORRISON RESTAURANTS INC.
 Supplemental Information
 Sept. 4, 1993
 (000s)
 Prior Pct.
 For the quarter Actual Year Chg.
 Sales:
 Ruby Tuesday Group $107,288 $ 86,725 +24
 Morrison's Hospitality Group 102,867 91,247 +13
 Morrison's Family Dining 72,041 70,397 + 2
 Corporate and other (38) (9) ---
 Total $282,158 $248,360 +14
 Operating profit:
 Ruby Tuesday Group $ 8,951 $ 7,477 +20
 Morrison's Hospitality Group 3,278 2,726 +20
 Morrison's Family Dining 3,797 2,898 +31
 Total 16,026 13,101 +22
 Corporate expenses (2,774) (2,008) +38
 Net interest income (expense) (121) (94) ---
 Income before income taxes
 and accounting changes 13,131 10,999 +19
 Income taxes 5,022 4,021 +25
 Income before cumulative effect
 of accounting changes 8,109 6,978 +16
 Accounting changes, net:
 Income taxes --- 2,395 ---
 Postretirement benefits --- (2,579) ---
 Net income $ 8,109 $ 6,794 +19
 EPS:
 Primary:
 Before cumulative effect of
 accounting changes $ 0.33 $ 0.28 +18
 Cumulative effect of accounting changes, net:
 Income taxes 0.00 0.10 ---
 Postretirement benefits 0.00 (0.10) ---
 Total $ 0.33 $ 0.28 +18
 Fully diluted:
 Before cumulative effect of
 accounting changes $ 0.33 $ 0.28 +18
 Cumulative effect of accounting changes, net:
 Income taxes 0.00 0.10 ---
 Postretirement benefits 0.00 (0.10) ---
 Total $ 0.33 $ 0.28 +18
 Shares:
 Primary 24,913 25,206
 Fully diluted 24,950 25,259
 Operating Profit Margins:
 Ruby Tuesday Group 8.3 pct. 8.6 pct.
 Morrison's Hospitality Group 3.2 pct. 3.0 pct.
 Morrison's Family Dining 5.3 pct. 4.1 pct.
 The prior year supplemental information has been restated to reflect the adoption of FAS 106 and 109.
 -0- 9/29/93
 /CONTACT: Wyatt Engwall, vice president, Financial Planning of Morrison Restaurants, 205-344-3000/
 (MORR)


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

RA-BN -- AT009 -- 6986 09/29/93 16:57 EDT
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Date:Sep 29, 1993
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