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RECORD RESULTS FOR 10 YEAR ANNIVERSARY; BUFFETS THIRD QUARTER 1993

 EDEN PRAIRIE, Minn., Oct. 26 /PRNewswire/ -- Clark C. Grant, vice president of finance, treasurer, reported that Buffets, Inc. (NASDAQ: BOCB), celebrated its 10 year anniversary by reporting the most profitable quarter in the history of the company. The company's results for the quarter also moved year-to-date earnings ahead of all of 1992, thus assuring Buffets, Inc. of its tenth consecutive record year of earnings.
 Third quarter (12 weeks) 1993, net earnings increased 35 percent to $5,648,000 from $4,181,000 in 1992. Earnings per share increased 29 percent to $.18 on 31,570,000 shares, compared to $.14 on 29,626,000 shares in 1992. Restaurant sales for the quarter increased 41 percent to $84,998,000 from $60,286,000 during the same quarter of 1992.
 For the 40 weeks ended Oct. 6, 1993, net earnings increased 28 percent to $15,349,000 from $11,991,000 in the same period in 1992. Earnings per share increased 25 percent to $.50 from $.40 in the same period of 1992. Restaurant sales for the 40 week period increased 33 percent to $251,110,000 from $188,902,000 in 1992.
 Net earnings for the quarter were reduced because of the new tax law which because effective during the quarter. It increased the corporate federal tax rate from 34 percent to 35 percent retroactive to Jan. 1, 1993. This retroactive increase required a net additional tax charge during the third quarter of $183,000.
 By year-end, the company expects to realize its 1993 goal of opening 40 new restaurants and converting 42 "straight-line" restaurants to its "scatter" format.
 So far in 1993, 33 new restaurants have been opened (13 in the 3rd quarter) and 34 "straight-line" restaurants have been converted to the "scatter" format (15 in the 3rd quarter). In 1994, the company anticipates opening 50 new restaurants and converting its last three "straight-line" restaurants to the "scatter" format.
 The company currently operates 167 restaurants in 25 states and franchises six restaurants in two states.
 BUFFETS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands except per share amounts)
 (Unaudited)
 12 Weeks Ended Percent
 10/6/93 10/7/92 Increase
 Third quarter:
 Restaurant sales $84,998 $60,286 41
 Earnings before income taxes 9,654 6,920 40
 Net earnings $5,648 $4,181 35
 Earnings per common and common
 equivalent share $0.18 $0.14 29
 Weighted average shares 31,570 29,626 --
 40 Weeks Ended Percent
 10/6/93 10/7/92 Increase
 Year:
 Restaurant sales $251,110 $188,902 33
 Earnings before income taxes 25,725 19,851 30
 Net earnings $15,349 $11,991 28
 Earnings per common and common
 equivalent share $0.50 $0.40 25
 Weighted average shares 30,450 29,690 --
 Number of company-owned
 restaurants open at end of
 period 166 121 --
 -0- 10/26/93
 /CONTACT: Clark C. Grant, VP of finance, treasurer of Buffets, 612-942-9760/
 (BOCB)


CO: Buffets, Inc. ST: Minnesota IN: REA SU: ERN

DB-DS -- MN002 -- 6747 10/26/93 09:11 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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