Advantica Restaurant Group Announces ``One Company, One Brand'' Strategic Direction With Focus On Denny's Brand Only; Also Reports Fourth Quarter Earnings.Business Editors/Food, Restaurant Writers 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. 17, 2000 Denny's-brand-only focus will result in Company's exploration of strategic alternatives for 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. , an increase in franchise activity, and staff reductions and other measures expected to yield annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $15 million Advantica Restaurant Group, Inc. (Nasdaq: DINE) today announced that the future direction of the Company will focus exclusively on its 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. brand, historically the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of the Company and America's largest full service restaurant chain. The Denny's-brand-only strategy will include efforts to increase significantly the number of Denny's restaurants owned and operated by franchisees. The Company has retained the firm of Donaldson People People whose family name is or was Donaldson include:
Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. , for its 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 subsidiary which houses its Coco's and Carrows brands. As part of the &uot;One Company, One Brand&uot; strategy, the Company has also taken initial actions to merge See mail merge and concatenate. and streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. its corporate overhead structure with the Denny's organization. Accordingly, 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. will serve as chairman and chief executive officer of the Company, and John Romandetti has resigned as chief executive officer of Denny's. Staff reductions and a new information systems outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. agreement are expected to reduce general and administration costs by approximately $15 million on an annualized basis. Adamson said, &uot;Today's announcement is the result of an extensive review of the Company's operations and structure over the past four months by the Company's management and Board with the assistance of outside advisors. Denny's continues to have tremendous brand equity and, as the leading family dining chain, deserves the full attention of our management and the deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of our capital resources. Last year, we began our Denny's Diner diner, restaurant resembling the railroad dining car that is its source. In the mid-19th cent., the first dining cars that appeared on trains were nothing more than an empty car with a fastened-down table. George M. 2000 reimage program and completed 140 units. We are pleased with the overall results to date, and we plan to continue to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in our restaurants. During 2000, however, we will develop and test a lower cost alternative in approximately 20 other units. We expect that the lower cost alternative will have appeal to existing and new franchisees and will be essential to a successful completion of our 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 program system wide. &uot;We believe that moving to a more franchised-based operation will, over time, add value for our shareholders. During the next several years, we plan on refranchising 250 to 300 Company-owned units. Our ultimate goal is for the Company to retain about 300 units or 40 percent of the current Company-owned portfolio. The proceeds from the refranchising effort will be used to fund the reimaging of our remaining Denny's restaurants and to reduce debt. &uot;With the strategic direction of the Company focused on Denny's, we have begun the process of merging corporate administration functions into the Denny's organization. This process will more closely align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. operational objectives with the Advantica management team's corporate objective of enhancing shareholder value. As a result, certain functions and duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. within functions have been eliminated. Upon completion of DLJ's engagement with respect to Coco's and Carrows, and as our Company-owned restaurant units decrease, further general and administrative expense reductions are expected. Reducing the workforce, while difficult, is a necessary decision for Advantica at this time. We are committed to treating our employees fairly. Those employees who are separated from the Company will be offered severance packages A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:
n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. services to help with the transition. &uot;As we move to our Denny's only focus in the future, we will concentrate our efforts on improving service levels, enhancing the appearance of facilities and maintaining and improving food quality, all in an effort to retain our existing customers, attract new ones and provide customers with an enjoyable dining occasion on every visit.&uot; Today, Advantica also reported its results for the fourth quarter ended December December: see month. 29, 1999. During the quarter, the Company recorded a special charge of $197.0 million related to 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. of an intangible asset Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with APB Opinion APB opinion A determination by the former Accounting Principles Board regarding the way a certain financial transaction is to be treated for reporting purposes. No. 17, the Company continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. evaluates whether events and circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or warrant recognition of a charge-off Eliminate or write off. The term charge-off is used to describe the process of removing from the records of a company something that was once regarded as an asset but has subsequently become worthless. of carrying amounts of its intangible assets. At December 29, 1999, the Company determined that its 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 in Excess of Amounts Allocable al·lo·ca·ble adj. Capable of being allocated. Adj. 1. allocable - capable of being distributed allocatable, apportionable distributive - serving to distribute or allot or disperse to Identifiable Assets, which was originally established upon the Company's emergence from Chapter 11 in January January: see month. 1998, was impaired See assistive technology. . The balance of this intangible asset will amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. as a noncash charge Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. to earnings over the next three years. Principally as a result of the special charge, Advantica reported a fourth quarter 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 of $243.4 million, or $6.08 per common share, which also included approximately $10.3 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. In addition to the asset impairment charge, the fourth quarter loss from continuing operations included other noncash fresh start reporting charges of approximately $37.2 million related to the Company's 1998 reorganization. Excluding the asset impairment charge and the other fresh start items, the Company reported a loss from continuing operations for the quarter of $9.2 million, or $0.23 per share. Advantica also reported an increase in 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 to $61.4 million for the fourth quarter ended December 29, 1999, compared with $50.3 million in the prior year quarter. The EBITDA results reflected improved performance at Denny's compared with the prior year quarter, offset partially by lower EBITDA results at Coco's and Carrows due to lower refranchising gains versus the prior year quarter. Systemwide sales from continuing operations for the quarter, which include total sales from Company-owned, franchised and licensed restaurants, increased 2.3 percent to $725.2 million, from $708.7 million in the prior year quarter. The increase was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to growth 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. and new restaurant units at Advantica's flagship This article is about the lead ship, store, or product of a group. For other uses, see Flagship (disambiguation). A flagship is the ship used by the commanding officer of a group of naval ships. brand, Denny's. Revenue from continuing operations decreased to $388 million, versus $407 million in the prior year quarter, primarily as a result of same-store sales declines and fewer units at Coco's and Carrows. Commenting on the Company's results, Adamson said, &uot;We were pleased to report an increase in consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: EBITDA for the fourth quarter, led by improved performance at Denny's. Systemwide sales at Denny's for the year reached a record $2.1 billion, driven by the opening of 110 restaurants across the Denny's system. With management's focus now solely on the Denny's brand, we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op regarding the future growth prospects for expanding Denny's position as the number one family dining chain.&uot; At the end of the year, Advantica completed the sale of its 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. concept for $128 million, which includes the assumption of $15 million of debt. Accordingly, cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. totaled about $191 million at year end, including $8.4 million at Coco's and Carrows. 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 availability was $149.3 million for Advantica and $28.9 million for Coco's and Carrows. Additionally, in February February: see month. , the Company retired approximately $55 million of its $160 million Denny's mortgage notes which are due to mature in July July: see month. of this year. The Company intends to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. the balance of these notes prior to or at maturity. 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 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 7, 1998. Full Year Results Systemwide sales from continuing operations for the year ending December 29, 1999, increased 3.9 percent to $2.93 billion, compared with $2.82 billion in the prior year. Revenue from continuing operations declined slightly to $1.59 billion, versus $1.63 billion in the prior year. Revenue increases at Denny's, driven by modest same-store sales growth, were offset by lower revenue at Coco's and Carrows as a result of a decrease in the number of Company-owned stores and decreases in same-store sales. The Company reported a decrease in EBITDA from continuing operations for the year to $203.8 million, compared with $207.8 million in the prior year. The decrease was attributable to declines at Coco's and Carrows. For the year ended December 29, 1999, the Company reported a loss from continuing operations of $388.8 million, or $9.72 per share, which included approximately $21.0 million of depreciation for retirement of assets replaced in conjunction with the restaurant reimages completed during the year and a $197.0 million special charge related to the impairment of its intangible assets. The loss also included other noncash fresh start reporting charges of approximately $151.9 million. Excluding the asset impairment charge and the other fresh start items, the Company reported a loss from continuing operations for the year of $39.9 million, or $1.00 per share. Concept Results Denny's same-store sales for Company-owned and franchised restaurants increased 0.2 percent and 0.4 percent, respectively, during the fourth quarter. Denny's EBITDA increased to $54.5 million, compared with $46.0 million in the prior year quarter. The increase in EBITDA was attributable to higher gains on refranchising and higher guest check averages, reflecting reduced discounting activity versus the prior year quarter and the roll out of the Millstone Coffee Millstone Coffee is a coffee company that sells whole bean and ground coffee in retail settings. The company was founded in Everett, Washington in 1981. Founder Phil Johnson sold 100 pound sacks of Arabica beans to high-end coffee shops in the greater Seattle Area, and product. The Denny's system opened 31 new restaurants during the quarter and opened or acquired 110 new restaurants during the year, increasing the total system to 1,784 restaurants. Denny's completed the reimaging of 140 Company-owned restaurants during 1999. In the aggregate, those restaurants recorded incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. same-store year-over-year sales increases of approximately eight percent. Coco's fourth quarter EBITDA declined to $6.1 million from $8.7 million in the prior year quarter. The decrease primarily resulted from lower gains on refranchising and a 6.5 percent decline in Company-owned same-store sales versus the prior year quarter. The Coco's system opened two new restaurants during the quarter and 15 restaurants during the year. Carrows' fourth quarter EBITDA declined to $4.9 million from $7.7 million in the prior year quarter. The decrease primarily resulted from lower gains on refranchising and a 2.9 percent decline in Company-owned, same-store sales versus the prior year quarter. Advantica also announced today that its Board of Directors has set Wednesday Wednesday: see week. , May 24, 2000, as the date of the 2000 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 2,400 restaurants in the family dining segment. Advantica owns and operates the Denny's, Coco's and Carrows 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 &uot;expects,&uot; &uot;anticipates,&uot; &uot;believes,&uot; &uot;projects,&uot; &uot;intends,&uot; &uot;plans&uot; and &uot;hopes,&uot; 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 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 12/29/99 12/30/98
share amounts)
-------- --------
Revenue:
Company restaurant sales $ 369,997 $ 391,746
Franchise and licensing 17,929 15,467
revenue
-------- --------
Total operating revenue 387,926 407,213
-------- --------
Cost of company restaurant
sales:
Product costs 97,587 106,113
Payroll and benefits 142,585 153,782
Occupancy 17,816 20,975
Other operating expenses 50,084 53,692
-------- --------
Total costs of company
restaurant sales 308,072 334,562
Franchise restaurant costs 7,845 6,671
General and administrative
expenses 20,324 28,809
Amortization of excess
reorganization value 31,851 30,223
Depreciation and other
amortization 50,232 43,350
Impairment charge 197,000 ---
Gains on refranchising and
other, net (9,698) (13,133)
-------- --------
Total operating costs 605,626 430,482
and expenses
-------- --------
Operating income (loss) (217,700) (23,269)
-------- --------
Other expenses:
Interest expense, net 24,092 24,678
Other nonoperating
expenses (income), net (609) 262
-------- --------
Total other expenses, net 23,483 24,940
-------- --------
Income (loss) before taxes (241,183) (48,209)
Provision for (benefit from)
income taxes 2,236 (3,294)
-------- --------
Income (loss) from
continuing operations (243,419) (44,915)
Income (loss) from
discontinued ops., net 9,616 (4,638)
-------- --------
Income (loss) before
extraordinary items (233,803) (49,553)
Extraordinary items --- (1,044)
-------- --------
Net income (loss) applicable
to common
shareholders $ (233,803) $ (48,509)
======== ========
Basic and diluted income
(loss) per share:
Income (loss) from
continuing operations $ (6.08) $ (1.12)
Income (loss) from
discontinued operations 0.24 (0.12)
Extraordinary items --- 0.03
-------- --------
Net income (loss) $ (5.84) $ (1.21)
======== ========
Average outstanding and 40,025 40,010
equivalent shares
======== ========
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Successor Company Predecessor
Company
Year 51 One Week
Ended Weeks Ended
(In thousands, except per 12/29/99 Ended 1/7/98
share amounts) 12/30/98
------------------------------ -------- ------- ----------
Revenue:
Company restaurant sales $ 1,521,812 $ 1,539,044 $ 30,245
Franchise and licensing
revenue 68,234 56,385 1,333
-------- ------- ----------
Total operating revenue 1,590,046 1,595,429 31,578
-------- ------- ----------
Cost of company restaurant
sales:
Product costs 402,042 412,636 8,053
Payroll and benefits 595,205 589,674 11,840
Occupancy 83,734 87,306 839
Other operating expenses 201,787 208,338 5,068
-------- ------- ----------
Total costs of company
restaurant sales 1,282,768 1,297,954 25,800
Franchise restaurant costs 32,631 24,652 667
General and administrative
expenses 92,888 94,139 2,323
Amortization of excess
reorganization value 127,574 128,766 ---
Depreciation and other
amortization 162,816 137,721 1,584
Impairment charge 197,000 --- ---
Gains on refranchising and
other, net (22,042) (18,685) (7,653)
-------- ------- ----------
Total operating costs
and expenses 1,873,635 1,664,547 22,721
-------- ------- ----------
Operating income (loss) (283,589) (69,118) 8,857
-------- ------- ----------
Other expenses:
Interest expense, net 104,205 102,885 2,569
Other nonoperating
expenses (income), net (174) 1,407 (313)
-------- ------- ----------
Total other expenses, net 104,031 104,292 2,256
-------- ------- ----------
Income (loss) before reorg.
items and taxes (387,620) (173,410) 6,601
Reorganization items --- --- (626,981)
-------- ------- ----------
Income (loss) before taxes (387,620) (173,410) 633,582
Provision for (benefit from)
income taxes 1,222 (1,794) (13,829)
-------- ------- ----------
Income (loss) from
continuing operations (388,842) (171,616) 647,411
Income (loss) from
discontinued ops., net 6,938 (10,847) 134,662
-------- ------- ----------
Income (loss) before (381,904) (182,463) 782,073
extraordinary items
Extraordinary items --- (1,044) (612,845)
-------- ------- ----------
Net income (loss) (381,904) (181,419) 1,394,918
Dividends on preferred stock --- --- (273)
-------- ------- ----------
Net income (loss) applicable
to common
shareholders $ (381,904) $ (181,419) $ 1,394,645
======== ======= ==========
ADVANTICA RESTAURANT GROUP, INC.
Statements of Consolidated Operations
(Unaudited)
Successor Company Predecessor
Company
Year 51 One Week
Ended Weeks Ended
(In thousands, except per 12/29/99 Ended 1/7/98
share amounts) 12/30/98
------------------------------ -------- -------- ----------
Basic income (loss) per
share:
Income (loss) from
continuing operations $ (9.72) $ (4.29) $ 15.26
Income (loss) from
discontinued operations 0.18 (0.27) 3.17
Extraordinary items --- 0.03 14.44
-------- -------- ----------
Net income (loss) $ (9.54) $ (4.53) $ 32.87
======== ======== ==========
Average outstanding and
equivalent shares 40,024 40,006 42,434
======== ======== ==========
Diluted income (loss) per
share:
Income (loss) from
continuing operations $ (9.72) $ (4.29) $ 11.74
Income (loss) from
discontinued operations 0.18 (0.27) 2.44
Extraordinary items --- 0.03 11.12
-------- -------- ---------
Net income (loss) $ (9.54) $ (4.53) $ 25.30
======== ======== ==========
Average outstanding and 40,024 40,006 55,132
equivalent shares
======== ======== ==========
ADVANTICA RESTAURANT GROUP, INC.
Consolidated Balance Sheets
(Unaudited)
(In thousands) 12/29/99 12/30/98
-------- --------
ASSETS
Current Assets
Cash and cash equivalents $ 191,310 $ 224,768
Restricted investments
securing in-substance
defeased debt 158,710 19,025
Net assets held for sale --- 87,675
Other 49,306 47,258
-------- --------
399,326 378,726
Property and equipment, net 622,605 630,263
Reorganization value in excess
of amounts allocable to
identifiable
assets, net 182,722 513,569
Restricted investments securing
in-substance
defeased debt --- 156,721
Other assets 263,446 251,464
-------- --------
Total Assets $ 1,468,099 $ 1,930,743
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of notes $ 164,811 $ 17,599
and debentures
Current maturities of capital
lease obligations 15,384 16,503
Current maturities of
in-substance defeased debt 158,731 12,183
Accounts payable and other
accrued liabilities 294,484 326,015
-------- --------
633,410 372,300
-------- --------
Long-Term Liabilities
Notes and debentures, less
current maturities 753,047 911,266
Capital lease obligations,
less current maturities 69,481 63,323
In-substance defeased debt,
less current maturities --- 166,579
Other 158,001 181,231
-------- --------
980,529 1,322,399
-------- --------
Total Liabilities 1,613,939 1,694,699
-------- --------
Shareholders' Equity (145,840) 236,044
-------- --------
Total Liabilities and
Shareholders' Equity $ 1,468,099 $ 1,930,743
======== ========
ADVANTICA RESTAURANT GROUP, INC.
Results by Operating Entity
(Unaudited)
Quarter Ended Year Ended
---------------- -----------------
(In millions)
12/29/99 12/30/98 12/29/99 12/30/98
------ ------- ------- -------
Revenue:
Denny's $ 289.6 $ 297.6 $ 1,197.2 $ 1,179.2
Coco's 57.1 64.1 225.3 260.3
Carrows 40.4 45.5 164.5 187.5
Corporate and other 0.8 --- 3.0 ---
------ ------- ------- -------
Revenue from continuing $ 387.9 $ 407.2 $ 1,590.0 $ 1,627.0
operations
====== ======= ======= =======
EBITDA (a):
Denny's $ 54.5 $ 46.0 $ 189.2 $ 184.4
Coco's 6.1 8.7 25.3 34.7
Carrows 4.9 7.7 18.1 23.4
Corporate and other (4.1) (12.1) (28.8) (34.7)
------ ------- ------- -------
EBITDA from continuing $ 61.4 $ 50.3 $ 203.8 $ 207.8
operations
====== ======= ======= =======
Gains on refranchising and
other, net:
Denny's $ 8.5 $ 6.3 $ 19.3 $ 18.4
Coco's --- 3.0 0.4 3.3
Carrows --- 3.8 0.1 4.6
Corporate and other 1.2 --- 2.2 ---
------ ------- ------- -------
Total $ 9.7 $ 13.1 $ 22.0 $ 26.3
====== ======= ======= =======
(a) 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) 12/29/99
(increase/(decrease) vs.
prior year)
---------
Denny's 0.2%
Coco's (6.5%)
Carrows (2.9%)
Quarter Quarter
Average Unit Sales Ended Ended Increase/
(in thousands) 12/29/99 12/30/98 (Decrease)
--------- --------- --------
Denny's
Company-owned $323.0 $320.6 0.7%
Franchised $273.4 $269.2 1.6%
Coco's
Company-owned $375.0 $398.9 (6.0%)
Franchised $342.0 $347.1 (1.5%)
Carrows
Company-owned $335.1 $337.6 (0.7%)
Franchised $266.4 $278.1 (4.2%)
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Year
Same-Store Sales Ended
(Company-owned) 12/29/99
(increase/(decrease) vs.
prior year)
---------
Denny's 2.4%
Coco's (6.2%)
Carrows (3.7%)
Average Unit Sales Year Year
(in thousands) Ended Ended Increase/
12/29/99 12/30/98 (Decrease)
--------- --------- --------
Denny's
Company-owned $1,309.1 $1,282.8 2.1%
Franchised $1,131.6 $1,091.4 3.7%
Coco's
Company-owned $1,472.3 $1,569.4 (6.2%)
Franchised $1,310.4 $1,356.0 (3.4%)
Carrows
Company-owned $1,365.0 $1,377.3 (0.9%)
Franchised $1,051.9 $1,130.8 (7.0%)
ADVANTICA RESTAURANT GROUP, INC.
Statistical Data by Operating Entity
(Unaudited)
Restaurant Units 12/29/99 12/30/98
------- -------
Denny's
Company-owned 835 878
Franchised 930 825
Licensed 19 18
------- -------
1,784 1,721
Coco's
Company-owned 148 150
Franchised 34 31
Licensed 303 300
------- -------
485 481
Carrows
Company-owned 117 123
Franchised 28 26
------- -------
145 149
------- -------
Discontinued Operations:
El Pollo Loco
Company-owned --- 100
Franchised --- 161
Licensed --- 4
------- -------
--- 265
------- -------
2,414 2,616
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