Advantica Reports Third Quarter Results Definitive Agreement Signed for Sale of El Pollo Loco.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)--Nov. 9, 1999-- Advantica Restaurant Group, Inc. (Nasdaq: DINE) today reported 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 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 of $57.1 million for the third quarter ended September September: see month. 29, 1999, compared with $56.9 million in the prior year quarter. The EBITDA results reflected level performance with the prior year quarter at 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. , while EBITDA results at 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., the parent company 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. , were down slightly for the quarter. Total EBITDA, including discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. at El Pollo Loco El Pollo Loco is a fast-food restaurant chain and Mexican grilled chicken franchise. "El Pollo Loco" is Spanish for "The Crazy Chicken". Juan Francisco Ochoa started the restaurant in Guasave, Mexico, in 1975. , increased to $63.8 million from $62.0 million in the prior year quarter. The Company also announced today that it has signed a definitive purchase agreement to sell its El Pollo Loco subsidiary to an affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Securities Capital Partners, L.P., a New York-based investment firm, for $128 million, which includes the assumption of $14 million of debt. The transaction is expected to be completed by the end of the year. Systemwide sales from continuing operations for the quarter, which include sales from Company-owned, franchised and licensed restaurants, increased five percent to $782 million, from $745 million in the prior year quarter. This increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to continued growth in the Denny's brand, which added 66 restaurants since the same period last year. Revenue from continuing operations decreased slightly to $412 million versus $423 million in the prior year quarter. El Pollo Loco recorded a 16 percent increase in revenue to $38.5 million as a result of significant 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. growth and increased new restaurant development. Commenting on the Company's results for the third quarter, Advantica Chairman and Chief Executive Officer James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. B. Adamson “Adamson” redirects here. For other uses, see Adamson (disambiguation).
The Adamson was an English car manufactured in Enfield, Middlesex, from 1912 to 1925. said, "Denny's continued to expand its market presence through new unit development and a modest increase in same-store sales for the quarter. Growth in Advantica's EBITDA, however, was limited by labor cost pressures across our businesses and same-store sales weakness at Coco's and Carrows. We continue to strive for more labor efficiencies in our restaurants and believe that the appropriate initiatives are in progress to address same-store sales declines at Coco's and Carrows. "At the end of the quarter, we had substantial liquidity resources, including nearly $90 million in cash and net availability under our revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility of $157 million. Additionally, our FRD Acquisition Co. subsidiary has a separate bank 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 facility, with net availability of $27 million, to support capital reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. initiatives at Coco's and Carrows. "Denny's reimaged restaurants are recording year-over-year same-store sales increases of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 percent, which exceeds the level necessary to meet our minimum return hurdle HURDLE, Eng. law. A species of sledge, used to draw traitors to execution. . We have reimaged 110 restaurants to date and expect to complete approximately 140 reimages for the full year. During the early part of next year, we will slow the reimaging (1) To reinstall the operating system and applications on a computer. It implies formatting the hard disk and starting from scratch. (2) To preconfigure a new PC by overwriting the pre-installed operating system with the same or different one, but combined with pace at Denny's to give us an opportunity to evaluate and fine tune the reimage elements of the initial grouping of restaurants completed during 1999. The initial reimaging results are encouraging; however, we continue to strive to lower the cost of the program and to enhance its potential 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. return. While we continue to refine and make changes to our capital investment program, we believe that capital must be invested in Denny's to offer a more contemporary dining experience to its customers and to ensure its leadership position in family dining. "During the third quarter, we also completed the reimaging of nine Coco's Cafe and Bakery restaurants in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , bringing the total number of units remodeled this year to 12. We plan to evaluate the post-reimage performance of these test restaurants through the first quarter of next year before beginning a full roll out of the Coco's reimage program. Coco's is also developing an alternative reimage package which will be available for implementation at a lower cost in other markets as appropriate. Capital investments must be made in these restaurants as they have suffered from limited reinvestment from a variety of owners over many years which has adversely affected their competitive positions. Coco's and Carrows have recently introduced new product-focused advertising campaigns and have also begun an extensive customer research project, including a brand segmentation study, to take an in-depth in-depth adj. Detailed; thorough: an in-depth study. in-depth Adjective detailed or thorough: an in-depth analysis look at the profile, dining habits and overall preferences of current and potential customers. We believe that the results of these studies will provide us critical information to regain market share at Coco's and Carrows. "We are pleased to have signed a definitive purchase agreement for the sale of El Pollo Loco to an affiliate of American Securities Capital Partners, L.P. 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 our only quick-service restaurant brand is consistent with our strategy to focus our resources on our family dining portfolio. Net cash proceeds from the sale, estimated to be in excess of $100 million, are expected to be used for reinvestment in the Company and to further reduce debt. El Pollo Loco's senior management team will participate with American Securities in the equity investment in the company. During the most recent quarter, El Pollo Loco recorded strong operating performance, with same-store sales increases of 7.0 percent at Company-owned restaurants. Effective advertising, a marketing strategy successfully embracing the emerging `Fresh Mex' trend and growing home meal replacement opportunities continue to positively impact sales. "We are satisfied with our reimaging results to date and continue to believe that reinvestment in our restaurant brands is critical. Nevertheless, we also believe that as part of our ongoing effort to enhance shareholder value we should continue to look for ways to deleverage Deleverage The reduction of financial instruments or borrowed capital previously used to increase the potential return of an investment. It is the opposite of leverage. Notes: Increasing leverage increases a firm's risk, therefore, deleveraging attempts to lower risk. the Company. The investment in our restaurants and the deleveraging of the Company are not mutually exclusive Adj. 1. mutually exclusive - unable to be both true at the same time contradictory incompatible - not compatible; "incompatible personalities"; "incompatible colors" objectives, as both need to be done to increase shareholder value. To help us accomplish these objectives, we have retained McKinsey & Company, a global business consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . They will assist Advantica in the analysis, evaluation and consideration of various strategic alternatives to improve business efficiencies, reduce debt and enhance shareholder value. Their review will focus on the implementation of `best practices' techniques within our restaurant operations and corporate support functions, as well as provide recommendations designed to provide the most efficient business model for maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: Advantica's enterprise value. We believe this review will be completed early next year. Accordingly, any further discussion of strategic alternatives at this time would be premature pre·ma·ture adj. 1. Occurring or developing before the usual or expected time. 2. Born after a gestation period of less than the normal time, especially, in human infants, after a period of less than 37 weeks. ," concluded Adamson. The Company reported a loss from continuing operations for the quarter of $45.0 million, or $1.13 per common share, which included approximately $10.7 million of depreciation for retirement of assets replaced in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with recently reimaged restaurants. Additionally, the loss from continuing operations included noncash fresh start reporting charges of approximately $37.7 million, or $0.94 per share, related to the emergence from Chapter 11. Excluding the fresh start items, the Company reported a loss from continuing operations for the quarter of $7.3 million, or $0.19 per share. Due to the significant noncash depreciation and amortization charges related to fresh start reporting, the Company reports EBITDA as a measure of financial performance and also reports net income (loss) figures on both a conventional basis and an adjusted basis to exclude the effect of the noncash fresh start reporting charges. The majority of these charges will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: on the fifth anniversary of the Company's financial 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). , which was completed January January: see month. 7, 1998. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Results Systemwide sales from continuing operations for the three quarters ending September 29, 1999 increased five percent to $2.21 billion, compared with $2.11 billion in the prior year period. Revenue from continuing operations declined slightly to $1.20 billion, versus $1.22 billion in the prior year period. Revenue increases at Denny's, driven by continued same-store sales growth, were offset by lower revenue at Coco's and Carrows resulting from decreases in same-store sales and in the number of Company-owned restaurants. The Company reported a decrease in EBITDA from continuing operations for the year-to-date period to $142.4 million, compared with $157.5 million in the prior year period. The decrease was principally attributable to declines at Coco's and Carrows. Total EBITDA, including discontinued operations at El Pollo Loco, decreased to $162.4 million, versus $174.1 million in the prior year period. Concept Results Denny's same-store sales for Company-owned and franchised restaurants increased 1.4 percent and 1.6 percent, respectively, during the third quarter. Denny's EBITDA of $52.9 million was even with the prior year quarter. The impact of higher same-store sales and gains on refranchising were offset by increased labor costs. The Denny's system opened 23 new restaurants during the quarter and opened or acquired 79 new restaurants during the year-to-date period, increasing the total system to 1,765 restaurants. Denny's has completed the reimaging of 110 restaurants within the past 12 months. To date, the 15 restaurants which have been open between six and 12 months since reimaging have recorded year-over-year same-store sales increases of approximately 12 percent. For the 57 restaurants open between three and six months since reimaging, same-store sales are up approximately seven percent, and for the 38 restaurants open less than three months since reimaging, same-store sales are up approximately 14 percent. Coco's third quarter EBITDA declined to $6.4 million from $7.6 million in the prior year quarter. The decrease primarily resulted from a 5.6 percent decline in Company-owned same-store sales and a reduction in the number of Company-owned restaurants versus the prior year quarter. The Coco's system opened five new restaurants during the quarter and 11 restaurants during the year-to-date period. Carrows' third quarter EBITDA increased to $5.6 million from $4.9 million in the prior year quarter. The increase primarily resulted from a continued focus on cost control and a significantly lower level of discounting than in the prior year quarter. This resulted in lower sales, but led to higher margins and increased EBITDA. El Pollo Loco, which has been reflected 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. , recorded same-store sales increases of 7.0 percent and 5.5 percent at Company-owned and franchised restaurants, respectively, for the third quarter. EBITDA increased to $6.7 million, compared with $5.1 million in the prior year quarter. The increased profitability resulted primarily from higher same-store sales and improved cost controls. The El Pollo Loco system opened five new restaurants during the quarter and 11 restaurants during the year-to-date period, increasing the total system to 274 restaurants. 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 nearly 2,700 moderately-priced restaurants in the mid-scale and quick-service dining segments. Advantica owns and operates the Denny's, Coco's, Carrows and El Pollo Loco restaurant brands. Advantica news releases, links to SEC filings and other financial information are available on its corporate web site at http:\\www.advantica-dine.com . Certain matters discussed in this release constitute forward looking statements and involve 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. Words such as "expects," "anticipates," "believes," "projects," "intends," "plans" and "hopes," and variations of such words and similar expressions are intended to identify such forward looking statements. Factors that could cause actual performance to differ materially from the performance indicated by such statements include, among others: the competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives and advertising and promotional efforts, including the initiatives and efforts specifically mentioned above; the ability of the Company to mitigate mit·i·gate v. To moderate in force or intensity. mit  i·ga tion n. the impact of the Year 2000 issue successfully;
adverse publicity; 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 December: see month. 30, 1998 (and in the Company's subsequent quarterly reports on Form 10-Q Form 10-Q See 10-Q. ). -0-
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Quarter Quarter
Ended Ended
(In thousands, except per 9/29/99 9/30/98
share amounts) -------- -------
Revenue:
Company restaurant sales $ 393,408 $ 407,787
Franchise and licensing
revenue 18,419 14,839
-------- -------
Total operating revenue 411,827 422,626
-------- -------
Cost of company restaurant
sales:
Product costs 102,994 110,505
Payroll and benefits 152,014 147,335
Occupancy 22,077 22,899
Other operating expenses 57,215 63,793
-------- -------
Total costs of company
restaurant sales 334,300 344,532
Franchise restaurant costs 8,145 6,500
General and administrative
expenses 16,338 16,779
Amortization of excess
reorganization value 31,962 31,611
Depreciation and other
amortization 43,605 33,373
Gains on refranchising and
other, net (4,055) (2,060)
-------- -------
Total operating costs
and expenses 430,295 430,735
-------- -------
Operating income (loss) (18,468) (8,109)
-------- -------
Other expenses:
Interest expense, net 27,621 25,700
Other nonoperating
expenses (income), net (746) 9
-------- -------
Total other expenses, net 26,875 25,709
-------- -------
Income (loss) before taxes (45,343) (33,818)
Provision for (benefit from)
income taxes (340) 500
-------- -------
Income (loss) from
continuing operations (45,003) (34,318)
Income (loss) from
discontinued operations (212) (2,222)
-------- -------
Net income (loss) applicable
to common shareholders $ (45,215) $ (36,540)
======== =======
Basic and diluted income
(loss) per share:
Income (loss) from
continuing operations $ (1.13) $ (0.86)
Income (loss) from
discontinued operations 0.00 (0.05)
-------- -------
Net income (loss) $ (1.13) $ (0.91)
======== =======
Average outstanding and
equivalent shares 40,025 40,010
======== =======
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Predecessor
Successor Company Company
----------------- -----------
Three 38
Quarters Weeks One Week
Ended Ended Ended
(In thousands, except per 9/29/99 9/30/98 1/7/98
share amounts) -------- ------- ----------
Revenue:
Company restaurant sales $ 1,151,815 $ 1,147,298 $ 30,245
Franchise and licensing
revenue 50,305 40,918 1,333
-------- --------- ---------
Total operating revenue 1,202,120 1,188,216 31,578
-------- --------- ---------
Cost of company restaurant
sales:
Product costs 304,561 303,191 8,053
Payroll and benefits 451,355 431,511 11,840
Occupancy 65,804 65,590 839
Other operating expenses 172,861 182,832 5,068
-------- ------- ---------
Total costs of company
restaurant sales 994,581 983,124 25,800
Franchise restaurant costs 24,786 17,981 667
General and administrative
expenses 52,678 45,598 2,323
Amortization of excess
reorganization value 95,723 98,543 ---
Depreciation and other
amortization 112,584 94,371 1,584
Gains on refranchising and
other, net (12,344) (5,552) (7,653)
-------- ------- ----------
Total operating costs
and expenses 1,268,008 1,234,065 22,721
-------- ------- ----------
Operating income (loss) (65,888) (45,849) 8,857
-------- ------- ----------
Other expenses:
Interest expense, net 80,114 78,207 2,569
Other nonoperating
expenses (income), net 435 1,145 (313)
------ ------- --------
Total other expenses, net 80,549 79,352 2,256
-------- ------- --------
Income (loss) before reorg.
items and taxes (146,437) (125,201) 6,601
Reorganization items --- --- (626,981)
-------- ------- ----------
Income (loss) before taxes (146,437) (125,201) 633,582
Provision for (benefit from)
income taxes (1,014) 1,500 (13,829)
-------- ------- ----------
Income (loss) from
continuing operations (145,423) (126,701) 647,411
Income (loss) from
discontinued operations (2,678) (6,209) 134,662
-------- ------- ----------
Income (loss) before
extraordinary items (148,101) (132,910) 782,073
Extraordinary items --- --- (612,845)
-------- ------- ----------
Net income (loss) (148,101) (132,910) 1,394,918
Dividends on preferred stock --- --- (273)
-------- ------- ----------
Net income (loss) applicable
to common shareholders $ (148,101) $ (132,910) $ 1,394,645
======== ======= ==========
Basic income (loss) per
share:
Income (loss) from
continuing operations $ (3.63) $ (3.17) $ 15.26
Income (loss) from
discontinued operations (0.07) (0.15) 3.17
Extraordinary item --- --- 14.44
-------- ------- ----------
Net income (loss) $ (3.70) $ (3.32) $ 32.87
======== ======= ==========
Average outstanding and
equivalent shares 40,023 40,005 42,434
======== ======= =========
Diluted income (loss) per
share:
Income (loss) from
continuing operations $ (3.63) $ (3.17) $ 11.74
Income (loss) from
discontinued operations (0.07) (0.15) 2.44
Extraordinary item --- --- 11.12
------ ------ -------
Net income (loss) $ (3.70) $ (3.32) $ 25.30
======== ======= ==========
Average outstanding and
equivalent shares 40,023 40,005 55,132
======== ======= ==========
ADVANTICA RESTAURANT GROUP, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands) 9/29/99 12/30/98
-------- --------
ASSETS
Current Assets
Cash and cash equivalents $ 87,198 $ 224,768
Restricted investments
securing in-substance
defeased debt 20,215 19,025
Net assets held for sale 86,354 87,675
Other 45,629 47,199
-------- --------
239,396 378,667
Property and equipment, net 616,922 630,263
Reorganization value in excess
of amounts allocable
to identifiable assets, net 417,235 513,569
Restricted investments securing
in-substance defeased debt 147,845 156,721
Other assets 256,040 251,523
-------- --------
Total Assets $ 1,677,438 $ 1,930,743
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of notes
and debentures $ 166,356 $ 17,599
Current maturities of capital
lease obligations 15,229 16,503
Current maturities of
in-substance defeased debt 13,660 12,183
Accounts payable and other
accrued liabilities 257,366 328,381
-------- --------
452,611 374,666
-------- --------
Long-Term Liabilities
Notes and debentures, less
current maturities 753,604 911,266
Capital lease obligations,
less current maturities 73,426 63,323
In-substance defeased debt,
less current maturities 153,085 166,579
Other 156,662 178,865
-------- --------
1,136,777 1,320,033
---------- ----------
Total Liabilities 1,589,388 1,694,699
---------- ----------
Shareholders' Equity 88,050 236,044
---------- ----------
Total Liabilities and
Shareholders' Equity $ 1,677,438 $ 1,930,743
========= =========
ADVANTICA RESTAURANT GROUP, INC.
Results by Operating Entity
(Unaudited)
Three Quarters
Quarter Ended Ended
----------------- ------------------
(In millions)
9/29/99 9/30/98 9/29/99 9/30/98
------- ------- -------- --------
Revenue:
Denny's $ 313.1 $ 310.3 $ 907.6 $ 881.6
Coco's 56.1 65.0 168.2 196.3
Carrows 41.9 47.3 124.0 141.9
Corporate and other 0.7 --- 2.3 ---
------- ------- -------- --------
Revenue from continuing
operations $ 411.8 $ 422.6 $ 1,202.1 $ 1,219.8
======= ======= ======== ========
Revenue from discontinued
operations:
El Pollo Loco (a) $ 38.5 $ 33.1 $ 107.1 $ 95.3
======= ======= ======== ========
EBITDA (b):
Denny's $ 52.9 $ 52.9 $ 134.8 $ 138.3
Coco's 6.4 7.6 19.2 26.0
Carrows 5.6 4.9 13.2 15.7
Corporate and other (7.8) (8.5) (24.8) (22.5)
------- ------- -------- --------
EBITDA from continuing
operations $ 57.1 $ 56.9 $ 142.4 $ 157.5
======= ======= ======== ========
EBITDA from discontinued
operations:
El Pollo Loco (a) $ 6.7 $ 5.1 $ 20.0 $ 16.6
======= ======= ======== ========
Gains on refranchising and
other, net:
Denny's $ 3.8 $ 1.2 $ 10.8 $ 12.1
Coco's 0.3 0.1 0.4 0.3
Carrows --- 0.8 0.1 0.8
Corporate and other --- --- 1.0 ---
------- ------- -------- --------
Total $ 4.1 $ 2.1 $ 12.3 $ 13.2
======= ======= ======== ========
(a) Reclassified as discontinued operations in anticipation of
the sale of El Pollo Loco during fiscal year 1999.
(b) EBITDA is defined by the Company as operating income before
depreciation, amortization and charges for restructuring and
impairment.
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Quarter
Same-Store Sales Ended
(Company-owned) 9/29/99
(increase/(decrease) vs. ---------
prior year)
Denny's 1.4%
Coco's (5.6%)
Carrows (3.7%)
El Pollo Loco 7.0%
Quarter Quarter
Average Unit Sales Ended Ended Increase/
(in thousands) 9/29/99 9/30/98 (Decrease)
--------- --------- --------
Denny's
Company-owned $340.8 $338.5 0.7%
Franchised $307.2 $294.4 4.3%
Coco's
Company-owned $364.8 $369.9 (1.4%)
Franchised $336.2 $340.5 (1.3%)
Carrows
Company-owned $343.9 $343.0 0.3%
Franchised $259.5 $274.4 (5.4%)
El Pollo Loco
Company-owned $317.9 $305.2 4.2%
Franchised $236.9 $220.2 7.6%
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Three
Same-Store Sales Quarters
(Company-owned) Ended
(increase/(decrease) vs. 9/29/99
prior year) ---------
Denny's 3.0%
Coco's (6.1%)
Carrows (3.9%)
El Pollo Loco 7.1%
Three Three
Average Unit Sales Quarters Quarters
(in thousands) Ended Ended Increase/
9/29/99 9/30/98 (Decrease)
--------- --------- --------
Denny's
Company-owned $985.9 $962.2 2.5%
Franchised $856.1 $822.2 4.1%
Coco's
Company-owned $1,093.4 $1,115.6 (2.0%)
Franchised $968.4 $1,005.0 (3.6%)
Carrows
Company-owned $1,017.8 $1,024.0 (0.6%)
Franchised $785.5 $850.2 (7.6%)
El Pollo Loco
Company-owned $935.2 $883.2 5.9%
Franchised $681.7 $636.6 7.1%
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Restaurant Units 9/29/99 9/30/98
------- -------
Denny's
Company-owned 869 887
Franchised 879 794
Licensed 17 18
------- -------
1,765 1,699
Coco's
Company-owned 150 160
Franchised 34 19
Licensed 305 299
------- -------
489 478
Carrows
Company-owned 120 136
Franchised 28 16
------- -------
148 152
------- -------
2,402 2,329
Discontinued Operations:
El Pollo Loco
Company-owned 115 100
Franchised 155 157
Licensed 4 4
------- -------
274 261
------- -------
2,676 2,590
======= =======
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion