Star Buffet, Inc. Projects First Quarter and Full Year Earnings

Apr 30, 2001, 01:00 ET from Star Buffet, Inc.

    SALT LAKE CITY, April 30 /PRNewswire/ -- Star Buffet, Inc. (Nasdaq:   STRZ)
 today reported it currently projects that earnings for the first quarter of
 fiscal 2002, ending May 21, 2001 will be in the range of $0.28 to $0.31 per
 share before adjustments, if any, on a diluted basis of 2,950,000 shares
 outstanding.  Furthermore, the Company projects that earnings for fiscal 2002,
 ending January 28, 2002 will be in the range of $0.55 to $0.65 per share
 before adjustments, if any, on a diluted basis of 2,950,000 shares
 outstanding.
     Robert E. Wheaton, Star Buffet's president, commented, "The slowdown in
 the U.S. economy continues to have an adverse impact on revenues in the first
 quarter of fiscal 2002.  Lower revenues, combined with higher food and energy
 costs are expected to result in lower operating margins when compared to the
 first quarter of fiscal 2001.  However, as a result of significantly lower
 loan balances outstanding, corresponding declines in interest rates on
 outstanding loans, and higher interest income, earnings for the first quarter
 and full year of fiscal 2002 are anticipated to equal or exceed last years
 levels."
 
     Statements that are not historical facts contained in this release are
 forward-looking statements that involve risks and uncertainties, and actual
 results could vary materially from the descriptions contained herein due to
 many factors, including, but not limited to, product demand and market
 acceptance risks, the effect of economic conditions, the impact of competitive
 products and pricing, the results of financing efforts, implementation of the
 company's acquisition and strategic alliance strategy, the effect of the
 Company's accounting policies and other risks detailed in the Company's 10-K,
 for the fiscal year ended January 31, 2000, and other filings with the
 Securities and Exchange Commission.
 
     Star Buffet, through its subsidiaries, currently operates 16 franchised
 HomeTown Buffet restaurants, 15 BuddyFreddys restaurants, 10 franchised JB's
 restaurants, six JJ North's Grand Buffet restaurants, two Casa Bonita Mexican
 theme restaurants, two Holiday House restaurants and two North's Star Buffet
 restaurants.
 
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SOURCE Star Buffet, Inc.
    SALT LAKE CITY, April 30 /PRNewswire/ -- Star Buffet, Inc. (Nasdaq:   STRZ)
 today reported it currently projects that earnings for the first quarter of
 fiscal 2002, ending May 21, 2001 will be in the range of $0.28 to $0.31 per
 share before adjustments, if any, on a diluted basis of 2,950,000 shares
 outstanding.  Furthermore, the Company projects that earnings for fiscal 2002,
 ending January 28, 2002 will be in the range of $0.55 to $0.65 per share
 before adjustments, if any, on a diluted basis of 2,950,000 shares
 outstanding.
     Robert E. Wheaton, Star Buffet's president, commented, "The slowdown in
 the U.S. economy continues to have an adverse impact on revenues in the first
 quarter of fiscal 2002.  Lower revenues, combined with higher food and energy
 costs are expected to result in lower operating margins when compared to the
 first quarter of fiscal 2001.  However, as a result of significantly lower
 loan balances outstanding, corresponding declines in interest rates on
 outstanding loans, and higher interest income, earnings for the first quarter
 and full year of fiscal 2002 are anticipated to equal or exceed last years
 levels."
 
     Statements that are not historical facts contained in this release are
 forward-looking statements that involve risks and uncertainties, and actual
 results could vary materially from the descriptions contained herein due to
 many factors, including, but not limited to, product demand and market
 acceptance risks, the effect of economic conditions, the impact of competitive
 products and pricing, the results of financing efforts, implementation of the
 company's acquisition and strategic alliance strategy, the effect of the
 Company's accounting policies and other risks detailed in the Company's 10-K,
 for the fiscal year ended January 31, 2000, and other filings with the
 Securities and Exchange Commission.
 
     Star Buffet, through its subsidiaries, currently operates 16 franchised
 HomeTown Buffet restaurants, 15 BuddyFreddys restaurants, 10 franchised JB's
 restaurants, six JJ North's Grand Buffet restaurants, two Casa Bonita Mexican
 theme restaurants, two Holiday House restaurants and two North's Star Buffet
 restaurants.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X22957686
 
 SOURCE  Star Buffet, Inc.