<PAGE>
 
Exhibit 99(b)

                                 NEWS RELEASE

                             FOR IMMEDIATE RELEASE

         MORRISON RESTAURANTS INC. TO EXPLORE STRATEGIC ALTERNATIVES; 
                       ANNOUNCES SECOND QUARTER RESULTS


        Atlanta, Ga. - January 14, 1998 - Morrison Restaurants Inc. today 
announced that the Company's Board retained the investment banking firm of 
Wheat, First Securities, Inc. and also reported revenues and results of 
operations for the second quarter of fiscal year 1998.

        Dolph von Arx, Chairman of the Board, stated, "The Board has retained 
Wheat, First Securities, Inc. to assist in a review of the Company's operations,
financial structure and strategic alternatives.  We decided that now is an 
appropriate time to review Morrison's market position and the options available 
for maximizing the Company's long-term value for our shareholders as our 
employees have made tremendous strides in enhancing the dining experience of our
customers and reaching out in the local markets we serve."

        For the second quarter of fiscal 1998, revenues for Morrison Restaurants
Inc. were $59,816,000, a decrease of 4.9% from the same quarter of the prior 
year.  Sales for units open in both periods were down 2.4% versus last year.  
The company incurred an operating loss of ($2,713,000) compared to an operating 
profit of $1,160,000 for the second quarter of fiscal 1997.  Net loss and loss 
per share were ($1,776,000) and ($0.19) for the quarter, respectively.  Customer
traffic trends were down versus last year, although the rate of decline has 
slowed in the second quarter compared to the first quarter of fiscal 1998.  
Lower customer traffic was the primary reason for the second quarter operating 
loss.  Labor costs increased significantly, primarily as a result of the October
1, 1996 and September 1, 1997 minimum wage increases.  Additionally, the results
were adversely impacted by costs associated with the decision to close three 
restaurants, two of which are currently generating cash flow losses, and the
third which is being closed at the expiration of the lease by the landlord. The
second quarter results were positively impacted by reduced food costs.

        Ronnie Tatum, Chief Executive Officer stated, "While our financial 
results do not yet  reflect it, we have made significant improvement in 
providing the customer with quality, great tasting, attractively displayed food,
delivered quickly by smiling, friendly people!  We have returned our focus to 
local restaurant marketing and positioned our restaurants as centers of 
community life and activities.  Our renewed focus on local marketing proved 
fruitful as we secured additional sales with civic clubs, church and educational
institutions during the second quarter.  We are aggressively addressing our 
costs, particularly our food costs.  During the second quarter, we reduced our 
food cost per meal by 5% as our restaurant managers focused more intensely on 
sales forecasting and food production planning.  We also continue to evaluate 
labor and all overhead costs, and have identified and are implementing several 
additional savings opportunities."
<PAGE>
 
Exhibit 99(b)

        As announced on September 24, 1997, in accordance with Financial
Accounting Standard No. 121, "Accounting for the Impairment of Long-Lived Assets
and Long-Lived Assets to be Disposed Of", the Company records impairment losses
on long-lived assets used in operations when events and circumstances indicate
that the assets might be impaired and the undiscounted cash flows estimated to
be generated by those assets are less than the carrying amount of those assets.
In light of the results of operations in the first and second quarters of fiscal
1998, the Company continues to monitor closely the effect of improvement plans
being implemented. In the event these improvement plans are not effective, the
Company may need to write-down certain assets to their estimated fair value.
Based on the result of future operations, the Company may also implement plans
to close certain underperforming restaurants and dispose of assets. Once
adopted, these plans could result in a write-down of certain assets to their
estimated fair value.

        Morrison Restaurants Inc. is a restaurant company with $240 million of 
annual revenue with 148 restaurants in 13 states located in the Southeastern and
mid-Atlantic regions. It is publicly traded on the New York Stock Exchange 
(symbol:MRN).

                                     # # #

For more information, contact:                   Ronnie Tatum
Tel: (770) 991-0351, extension 124               Chief Executive Officer


                                                 Craig Nelson
                                                 Senior Vice President - Finance

This press release contains "forward-looking" statements which represent the 
Company's expectations or beliefs concerning results and growth during fiscal 
year 1998 and beyond. The Company cautions that a number of important factors 
could, individually or in the aggregate, cause actual results to differ 
materially from such forward-looking statements including, without limitations, 
the following: general economic conditions; consumer spending trends; mall 
traffic trends; changes in food costs; increased competition in the restaurant 
industry; and changes in laws and regulations affecting labor and employee  
benefits.