Advantica Reports Fourth Quarter and Year End 2001 Results.Business Editors SPARTANBURG Spartanburg, city (1990 pop. 43,467), seat of Spartanburg co., NW S.C., in the Piedmont (see under piedmont) near the N.C. line; inc. 1831. The city is noted for its textile production. , S.C.--(BUSINESS WIRE)--Feb. 11, 2002 Advantica Restaurant Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : DINE) today reported results for its fourth quarter and year ended December December: see month. 26, 2001. Nelson J. Marchioli, Advantica's president and chief executive officer, said, "Reflecting on my first year with Denny's Denny's is the largest full-service family restaurant chain in the United States. It operates over 2,500 restaurants in the United States (including Puerto Rico), Canada, Curaçao, Costa Rica, El Salvador, Japan, Mexico, and New Zealand. , we focused on returning to the basics of restaurant operations, including building the foundation for improved store-level profitability; fine tuning Fine Tuning is the name of XM Satellite Radio's eclectic music channel. The program director for Fine Tuning is Ben Smith. The channel is described as "A musical oasis for the sophisticated listener culled from every imaginable genre and country. our restaurant portfolio by evaluating for closure unprofitable restaurants; and taking initiatives to reverse the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. trend of declining customer counts. Although I am pleased we have made progress with these challenges, we still have a long way to go before I will consider our work a success. "Customer counts benefited during the second half of the year from targeted value promotions, including a nationwide coupon A certificate evidencing the obligation to pay an installment of interest or a dividend that must be cut and presented to its issuer for payment when it is due. Coupons are usually attached to a document, such as a promissory note, bond, share of stock, or a bearer drop that contributed to increased sales in the fourth quarter. We must continue to improve the customer's overall experience to ensure customer count gains continue and are sustained. To help accomplish this goal, we implemented initiatives to improve customer service. For example, we realigned our incentive programs to better reward service improvements and invested more dollars into store-level labor. In addition, we reinvested significantly in our restaurant facilities in 2001, spending $41 million in capital expenditures and $28 million for repairs and maintenance. "As part of our restaurant evaluation process, we make a determination as to which restaurants can achieve a level of profitability to warrant further capital expenditures. During the fourth quarter this process led us to identify 20 underperforming Denny's restaurants for closure, in addition to the 63 units identified earlier in the year. Also during the fourth quarter, we implemented a previously announced restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan to eliminate approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 90 out-of-restaurant support staff positions to reduce future general and administrative expenses. All of these steps were taken to enhance Denny's competitive position long term," Marchioli concluded. Fourth Quarter Results Revenue at Denny's company-owned restaurants for the fourth quarter of 2001 decreased to $224.4 million from $251.0 million in the prior year as a result of a 115-unit net reduction in company restaurants, partially offset by a 3.4 percent increase in same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. . The reduction in company restaurants since the end of last year included 59 refranchising transactions and the closing of 61 underperforming stores. Denny's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (as defined below) decreased to $27.0 million from $43.2 million in the prior year quarter. The decrease in EBITDA was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to $11.7 million less in refranchising gains and, to a lesser extent, the lower company restaurant base and reduced operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . Higher company restaurant operating costs operating costs npl → gastos mpl operacionales as a percentage of sales were attributable to additional store-level labor and benefits as well as continued increases in repairs and maintenance expenditures. Higher occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal as a percentage of sales were due to an adjustment that lowered general liability insurance expense by $3.5 million in the prior year quarter. Franchise and licensing revenue increased approximately 7.0 percent to $22.5 million compared with $21.0 million in the prior year quarter, while franchise operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to $12.9 million from $7.7 million in last year's quarter. The increase in franchise revenue resulted from a net 42-unit increase in franchised and licensed units compared with the prior year quarter. In addition to the unit increase, the improvement in franchise operating income is attributable to $2.4 million of bad debt expense recorded in last year's quarter. During the quarter, the Denny's system opened 13 restaurants and closed 40, resulting in 1,749 restaurants at the end of the fourth quarter. The Company reported a loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter of $39.5 million, or $0.98 per common share, compared with last year's fourth quarter loss of $26.6 million, or $0.66 per share. This year's fourth quarter results include amortization of excess reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. value of $6.9 million compared with $10.5 million last year. Also, this year's fourth quarter results include a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $8.4 million compared with a similar charge of $5.3 million last year. The charge this year reflects severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other costs related to the Company's elimination of out-of-restaurant support staff in the fourth quarter as well as the planned closure of underperforming stores. Also, this year's fourth quarter results include an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $5.3 million compared with a similar charge of $6.4 million last year. The charge this year reflects a writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. for underperforming restaurants, including the units identified for closure. EBITDA is defined by the Company as operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. before depreciation, amortization and charges from restructuring and impairment. The Company's measure of EBITDA as defined may not be comparable to similarly titled measures reported by other companies. Full Year Results Revenue at Denny's company-owned restaurants for fiscal 2001 decreased to $949.2 million from $1,080.6 million in the prior year. A 2.7 percent increase in same-store sales was offset by fewer company-owned units. Franchise and licensing revenue increased to $90.5 million in 2001 compared with $74.6 million in the prior year. The increase in franchise revenue resulted from additional franchised and licensed units compared with the prior year. Denny's EBITDA decreased to $135.1 million from $172.3 million in the prior year. The lower EBITDA primarily resulted from reduced gains on fewer refranchising transactions. For the year ended December 26, 2001, the Company reported a loss from continuing operations of $96.3 million, or $2.40 per common share, compared with last year's loss of $82.5 million, or $2.06 per share. This year's results reflect restructuring and impairment charges of $30.5 million, while the loss last year included similar charges of $19.0 million. This year's results include amortization of excess reorganization value of approximately $28.7 million compared with $42.1 million last year. On December 26, 2001, Advantica's $200 million credit facility had outstanding revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to advances of $58.7 million compared with no outstanding balances at year end 2000. The revolver advances primarily result from Advantica's satisfaction of the Coco's/Carrows credit facility guarantee in January January: see month. 2001. Outstanding letters of credit decreased to $52.2 million from $65.3 million at year end 2000, leaving a net availability of $89.1 million at the end of 2001. Systemwide Sales For the fourth quarter ended December 26, 2001, Denny's systemwide sales, which include sales from company-owned, franchised and licensed restaurants, increased to $553 million compared with $547 million in the prior year quarter. This increase is attributable to a 2.4 percent gain in systemwide same-store sales, which reflects an increase of 3.4 percent at company units and 1.4 percent at franchised units. The same-store sales gain is partially offset by a 73-unit net reduction in total systemwide Denny's restaurants since the end of the same period last year. Denny's systemwide sales for the year ended December 26, 2001 increased by approximately 3 percent to $2.30 billion compared with $2.23 billion in the prior year. This increase is primarily attributable to a full-year increase in systemwide same-store sales of 1.7 percent, which reflects an increase of 2.7 percent at company units and 0.8 percent at franchised units. Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. FRD FRD Ford (street type) FRD Federal Research Division FRD Free Radical Design (game developer) FRD Formerly Restricted Data FRD Foundation for Research Development FRD Functional Requirements Document Acquisition Co., an Advantica subsidiary and the parent of Coco's and Carrows Carrows is a chain of casual dining restaurants operating in the western portion of the United States. As of 2004, the chain operates over 100 restaurants, mostly in California and with locations in New Mexico, Nevada, Oregon, Texas, and Washington. , is classified as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. for financial reporting purposes. On February February: see month. 14, 2001, FRD filed a voluntary Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most petition petition Written instrument directed to an individual, government official, legislative body, or court in order to seek redress of grievances or to request a favour. to facilitate the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Coco's and Carrows. FRD (the debtor One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. ), Advantica (the equity holder), Denny's (the senior secured lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. ) and the Official Committee of the Unsecured Creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. of FRD have reached an agreement in principle for the global resolution of various disputes relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the administration of the FRD estate and to jointly support a plan of reorganization. This agreement in principle, once in final form, will be made publicly available. It will be subject to various terms and conditions, and, in particular, approval by the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . During the fourth quarter, revenue at FRD (see attached table) declined to $85.9 million from $91.6 million in the prior year quarter. EBITDA at FRD decreased to $7.4 million versus $9.0 million in the prior year quarter. FRD's revenue for fiscal year 2001 declined to $350.9 million from $371.1 million in the prior year. EBITDA at FRD decreased to $25.2 million from $35.7 million in the prior year. Further Information Advantica will host its quarterly conference call for investors and analysts today, Monday Monday: see week. , February 11, 2002 at 11:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Interested parties are invited to join a live, listen only broadcast of the conference call. The call may be accessed through the Company's website at www.advantica-dine.com. From the main page follow the link to "Investor Info INFO Information INFO Information (logging abbreviation) INFO Inform(ed/ation) INFO Ionic Difluoroamino Oxidizer " and then click the "Webcast" icon. A replay of the call may be accessed at the same location later in the day and will remain available for at least 30 days. The Board of Directors of Advantica has set Wednesday Wednesday: see week. , May 22, 2002 as the date for the 2002 Annual Meeting of Advantica Shareholders. Advantica Restaurant Group, Inc. is one of the largest restaurant companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , operating over 2,300 moderately priced restaurants in the mid-scale dining segment. Advantica owns and operates the Denny's, Coco's and Carrows restaurant brands. For further information on the Company, including news releases, links to SEC filings and other financial information, please visit Advantica's website. Certain matters discussed in this release may constitute forward looking statements involving risks, uncertainties, and other factors that may cause the actual performance of Advantica Restaurant Group, Inc., its subsidiaries and underlying concepts to be materially different from the performance indicated or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Factors that could cause actual performance to differ materially from the performance indicated by such statements include, among others: the outcome of FRD's pending Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. , divestiture efforts and related matters; the competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives and advertising and promotional efforts; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, particularly at the retail level; and other factors from time to time set forth in the Company's SEC reports, including but not limited to the discussion in Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 27, 2000 (and in the Company's subsequent quarterly reports on Form 10-Q Form 10-Q See 10-Q. ).
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Quarter Ended Quarter Ended
12/26/01 12/27/00
(In thousands, except per ------------- -------------
share amounts)
Revenue:
Company restaurant sales $ 224,401 $ 250,983
Franchise and licensing revenue 22,512 21,031
-------------- -------------
Total operating revenue 246,913 272,014
-------------- -------------
Cost of company restaurant sales:
Product costs 57,110 64,912
Payroll and benefits 91,504 96,347
Occupancy 12,647 11,670
Other operating expenses 34,733 40,697
-------------- -------------
Total costs of company
restaurant sales 195,994 213,626
Franchise restaurant costs 9,599 13,378
General and administrative expenses 15,511 14,641
Amortization of excess
reorganization value 6,900 10,496
Depreciation and other amortization 25,455 27,511
Impairment charges 5,287 6,416
Restructuring charges 8,368 5,308
Gains on refranchising and
other net (1,217) (12,880)
-------------- -------------
Total operating costs
and expenses 265,897 278,496
-------------- -------------
Operating loss (18,984) (6,482)
-------------- -------------
Other expenses:
Interest expense, net 18,503 19,499
Other nonoperating expenses
(income), net 1,759 (17)
-------------- -------------
Total other expenses, net 20,262 19,482
-------------- -------------
Loss before taxes (39,246) (25,964)
Provision for income taxes 291 627
-------------- -------------
Loss from continuing operations (39,537) (26,591)
Income from discontinued
operations -- 1,800
-------------- -------------
Net loss applicable to common
shareholders $ (39,537) $ (24,791)
============== =============
Basic and diluted (loss) income
per share:
Loss from continuing
operations $ (0.98) $ (0.66)
Income from discontinued
operations -- 0.04
-------------- --------------
Net loss $ (0.98) $ (0.62)
============== =============
Weighted average outstanding
and equivalent shares 40,143 40,064
============== =============
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Year Ended Year Ended
12/26/01 12/27/00
(In thousands, except per ------------ ------------
share amounts)
Revenue:
Company restaurant sales $ 949,180 $ 1,080,641
Franchise and licensing
revenue 90,548 74,608
-------------- -------------
Total operating revenue 1,039,728 1,155,249
-------------- -------------
Cost of company restaurant sales:
Product costs 237,721 280,473
Payroll and benefits 382,864 427,222
Occupancy 55,941 59,311
Other operating expenses 142,281 162,881
-------------- -------------
Total costs of company
restaurant sales 818,807 929,887
Franchise restaurant costs 39,002 38,000
General and administrative
expenses 60,180 66,291
Amortization of excess
reorganization value 28,692 42,133
Depreciation and other
amortization 95,639 111,449
Impairment charges 13,630 6,416
Restructuring charges 16,863 12,556
Gains on refranchising and
other, net (13,340) (51,219)
-------------- -------------
Total operating costs and
expenses 1,059,473 1,155,513
-------------- -------------
Operating loss (19,745) (264)
-------------- -------------
Other expenses:
Interest expense, net 73,235 81,821
Other nonoperating expenses
(income), net 1,771 (1,415)
-------------- -------------
Total other expenses, net 75,006 80,406
-------------- -------------
Loss before taxes (94,751) (80,670)
Provision for income taxes 1,571 1,802
-------------- -------------
Loss from continuing operations (96,322) (82,472)
Loss from discontinued operations -- (15,530)
-------------- -------------
Loss before extraordinary items (96,322) (98,002)
Extraordinary items 7,778 --
-------------- -------------
Net loss applicable to common
shareholders $ (88,544) $ (98,002)
============== =============
Basic and diluted (loss) income per share:
Loss from continuing
operations $ (2.40) $ (2.06)
Loss from discontinued operations --
-------------- -------------
Loss before extraordinary items (2.40) (2.45)
Extraordinary items 0.19 --
-------------- -------------
Net loss $ (2.21) $ (2.45)
============== =============
Weighted average outstanding
and equivalent shares 40,136 40,071
============== =============
ADVANTICA RESTAURANT GROUP, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands) 12/26/01 12/27/00
------------- -------------
ASSETS
Current Assets
Cash and cash equivalents $ 6,696 $ 27,260
Other 33,441 29,102
------------- -------------
40,137 56,362
Property and equipment, net 362,441 425,327
Reorganization value in
excess of amounts
allocable to identifiable
assets, net 28,285 61,177
Other assets 176,390 202,400
------------- -------------
Total Assets $ 607,253 $ 745,266
============= =============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities
Current maturities of notes
and debentures $ 599 $ 1,086
Current maturities of capital
lease obligations 4,523 10,510
Net liabilities of discontinued
operations 15,115 69,400
Accounts payable and other
accrued liabilities 182,480 215,393
------------- -------------
202,717 296,389
------------- -------------
Long-Term Liabilities
Notes and debentures, less
current maturities 609,531 553,730
Capital lease obligations,
less current maturities 35,527 39,980
Other 99,235 101,428
------------- -------------
744,293 695,138
------------- -------------
Total Liabilities 947,010 991,527
------------- -------------
Shareholders' Deficit (339,757) (246,261)
------------- -------------
Total Liabilities and
Shareholders' Deficit $ 607,253 $ 745,266
============= =============
ADVANTICA RESTAURANT GROUP, INC.
Results by Operating Entity
(Unaudited)
Quarter Ended Year Ended
(In millions) 12/26/01 12/27/00 12/26/01 12/27/00
-------- -------- -------- --------
Continuing Operations
Denny's:
Revenue $ 246.9 $ 272.0 $ 1,039.7 $ 1,155.2
========= ======== ========= =========
Operating loss $ (19.0) $ (6.5) $ (19.7) $ (0.3)
Total amortization
and depreciation 32.3 38.0 124.3 153.6
Total impairment and
restructuring 13.7 11.7 30.5 19.0
---------- --------- --------- ---------
EBITDA (a) $ 27.0 $ 43.2 $ 135.1 $ 172.3
========== ========= ========= ==========
Gains on refranchising
and other, net $ 1.2 $ 12.9 $ 13.3 $ 51.2
========== ========= ========= ==========
Discontinued Operations
FRD:
Revenue $ 85.9 $ 91.6 $ 350.9 $ 371.1
========== ========= ========= ==========
Operating income
(loss) $ (6.2) $ (71.1) $ (7.6) $ (79.8)
Total amortization and
depreciation 5.0 12.1 24.2 47.5
Total impairment and
restructuring 8.6 68.0 8.6 68.0
---------- --------- --------- ----------
EBITDA (a) $ 7.4 $ 9.0 $ 25.2 $ 35.7
========== ========= ========== ==========
(a) EBITDA is defined by the Company as operating income before
depreciation, amortization and charges from restructuring and
impairment. The Company's measure of EBITDA as defined may not be
comparable to similarly titled measures reported by other companies.
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Quarter
Same-Store Data (Company-owned) Ended
(increase/(decrease) vs. prior year) 12/26/01
--------------
Same-Store
Sales
--------------
Denny's 3.4%
Coco's (8.1%)
Carrows (0.6%)
Guest Check
Average
--------------
Denny's 0.4%
Coco's 4.7%
Carrows 5.6%
Quarter Quarter
Average Unit Sales Ended Ended Increase/
(in thousands) 12/26/01 12/27/00 (Decrease)
-------- -------- ----------
Denny's
Company-owned $358.4 $328.9 9.0%
Franchised $291.0 $278.7 4.4%
Coco's
Company-owned $339.5 $365.8 (7.2%)
Franchised $329.6 $333.7 (1.2%)
Carrows
Company-owned $326.7 $326.3 0.1%
Franchised $240.0 $251.2 (4.5%)
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Year
Same-Store Data (Company-owned) Ended
(increase/(decrease) vs. prior year) 12/26/01
--------------
Same-Store
Sales
--------------
Denny's 2.7%
Coco's (6.5%)
Carrows (0.3%)
Guest Check
Average
--------------
Denny's 1.7%
Coco's 3.0%
Carrows 3.9%
Year Year
Average Unit Sales Ended Ended Increase/
(in thousands) 12/26/01 12/27/00 (Decrease)
-------- -------- ----------
Denny's
Company-owned $1,420.2 $1,341.6 5.9%
Franchised $1,197.1 $1,161.2 3.1%
Coco's
Company-owned $1,368.8 $1,454.9 (5.9%)
Franchised $1,311.6 $1,341.5 (2.2%)
Carrows
Company-owned $1,325.9 $1,318.2 0.6%
Franchised $ 973.6 $1,014.3 (4.0%)
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Restaurant Units Increase/
12/26/01 12/27/00 (Decrease)
-------- -------- ----------
Denny's
Company-owned 621 736 (115)
Franchised 1,114 1,067 47
Licensed 14 19 (5)
-------- -------- ----------
1,749 1,822 (73)
Discontinued Operations:
Coco's
Company-owned 139 144 (5)
Franchised 38 35 3
Licensed 298 302 (4)
--------- -------- ----------
475 481 (6)
Carrows
Company-owned 112 114 (2)
Franchised 30 27 3
--------- -------- ----------
142 141 1
--------- -------- ----------
2,366 2,444 (78)
========= ======== ==========
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