SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event report): November 7,
1996
RYAN'S FAMILY STEAK HOUSES, INC.
(Exact name of registrant as specified in its charter)
South Carolina 0-10943 57-0657895
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
405 Lancaster Avenue (29650)
Post Office Box 100
Greer, SC 29652
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (864)
879-1000
(Former name or former address, if changed since last
report)
Item 5. Other Events.
On November 7, 1996, Ryan's Family Steak Houses, Inc. (the
"Company") issued a press release with respect to its
strategic initiative plan and an accounting charge, which
press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
20.1 Press release issued November 7, 1996
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
RYAN'S FAMILY STEAK HOUSES,
INC.
(Registrant)
By:/s/Fred T. Grant, Jr.
Name:Fred T. Grant, Jr.
Title:Vice President-Finance
Date: November 11, 1996
Exhibit 20.1
Contact: Fred T. Grant, Jr. For Immediate
Release
Vice President - Finance November 7, 1996
RYAN'S ANNOUNCES NEW STRATEGIC INITIATIVE
"FOCUS 2000"
________________________
GREER, SOUTH CAROLINA - - Ryan's Family Steak Houses,
Inc. (NASDAQ:RYAN) today announced its "FOCUS 2000" plan, a
strategic initiative designed to enhance the Company's long-
term performance.
FOCUS 2000 is a proactive initiative that will position
Ryan's for maximum performance into the next century. The
key elements include:
1. Reducing unit investment and further
increasing store-level profitability, thereby
increasing return on investment;
2. Realigning energies and resources to provide
deeper levels of training, resulting in
greater team member empowerment, performance
and retention;
3. Opening new Ryan's units at the rate of 5% for
the next two to three years; and
4. Pursuing stock repurchases at a more
aggressive level to accelerate earnings per
share growth.
"FOCUS 2000 will focus our efforts on operational and
financial improvements that will protect Ryan's strengths
and ensure our future growth," said Charles D. Way, Chairman
and CEO of the Company. "We will be critically examining
our new store investment and, at the same time, expanding
our sales improvement and cost control programs. Our
commitment to our customers has never been greater, and we
intend to further enhance the quality food, friendly service
and pleasant surroundings that our customers have come to
expect. When these programs are combined with more
aggressive stock repurchases, it is clear that FOCUS 2000
should favorably impact our most important stakeholders, our
shareholders, customers and team members."
"Time and capital will be required to implement FOCUS
2000. Accordingly, we will temporarily decrease our new
unit growth rate to 5% per year in order to focus our
efforts and finance a more aggressive stock repurchase
program. We expect to continue at this growth rate over the
next two to three years. In connection with FOCUS 2000, our
Board of Directors has recently authorized the increase of
our stock repurchase program from 6.4 million shares to 10
million shares through 1998. Ryan's should emerge from
FOCUS 2000 as an even stronger company that is well
positioned for faster growth."
In addition, the Company announced that it would take a
one-time $12.7 million asset revaluation charge during the
fourth quarter of 1996 in accordance with the newly
applicable Financial Accounting Standards Board's Statement
121, "Accounting for the Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed of". This charge was
based upon a financial review of all 259 Company-owned
restaurants and applies to nine currently underperforming
units. [end]
