CBRL Group, Inc. Announces Increase in Diluted Net Income Per Share for Fiscal 2005 Fourth Quarter; Announces Results for Full Year of Fiscal 2005.LEBANON Lebanon, country, Asia Lebanon (lĕb`ənən, –nŏn'), officially Republic of Lebanon, republic (2005 est. pop. 3,826,000), 4,015 sq mi (10,400 sq km), SW Asia. , Tenn. -- Reports Sales for August and Hurricane Katrina  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. Effects
Provides Guidance for Fiscal 2006 CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (the "Company") (Nasdaq: CBRL) today announced results for the fourth quarter and fiscal year ended July July: see month. 29, 2005, reporting fourth quarter diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share of $0.74, a 32.1% increase from $0.56 in the fourth quarter of fiscal 2004. Excluding the $0.07 per diluted share effect of a legal settlement charge recorded in the fourth quarter of fiscal 2004, diluted net income per share for the fourth quarter of fiscal 2005 increased 17.5%. Throughout this press release, in making income comparisons to 2004, the Company has excluded the effects of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement in the fourth quarter of fiscal 2004 because the Company believes that the adjusted results present a more fair and appropriate comparison. A reconciliation to the actual results as reported is set forth in the table at the end of this press release. In addition, the Company reported sales for fiscal August, commented on the impact of Hurricane Katrina, and provided guidance for fiscal 2006 including stock options expense. Highlights of the fiscal 2005 fourth-quarter and full-year results include: --Comparable store restaurant sales for the fourth fiscal quarter were up 4.1% for Cracker Barrel This article is about the restaurant-and-store chain. For the unrelated company marketing cheeses bearing the "Cracker Barrel" trademark, see Kraft Foods. Cracker Barrel Old Country Store, Inc. Old County Store(R) ("Cracker Barrel") operations, and comparable store retail sales at Cracker Barrel were down 2.0%. --Comparable restaurant sales for the fourth fiscal quarter were up 1.9% in the Company's Logan's Roadhouse Logan's Roadhouse is a chain of restaurants that was founded in 1991, and in 1999 became a wholly owned subsidiary of the publicly held CBRL Group, Inc (which also owns Cracker Barrel). (R) ("Logan's") restaurants. --Diluted net income per share for the fourth quarter of $0.74 was up 32.1% (17.5% excluding the effect of the settlement charge last year) and net income was up 27.0% (14.1% excluding the effect of the settlement charge last year) from the year-ago quarter on an 8.6% increase in total revenue. --Operating income margin in the fourth quarter of 9.0% increased from 7.9% (8.8% excluding the effect of the settlement charge last year) in the year-ago quarter. --Full-year diluted net income per share for fiscal 2005 of $2.45 was up 15.6% (12.4% excluding the effect of the settlement charge last year) from fiscal 2004. --Net cash provided by operating activities for fiscal 2005 of $280 million was up sharply from $200 million in fiscal 2004 and substantially exceeded the $171 million of cash used for purchase of property and equipment (capital expenditures) in fiscal 2005. --Repurchase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 0.7 million shares of the Company's outstanding common stock in the fourth quarter for approximately $27 million brought fiscal 2005 repurchases to approximately 4.1 million shares at an aggregate cost of approximately $159 million. Fourth-Quarter Fiscal 2005 Results Total revenue for the fourth fiscal quarter ended July 29, 2005 of $659.7 million represented an increase of 8.6% above the fourth fiscal quarter of 2004. Comparable store restaurant sales for the fourth quarter for the Cracker Barrel concept increased 4.1%, including a 4.5% higher average check, while guest traffic was 0.4% lower. Cracker Barrel's average menu price increase for the full quarter was approximately 4.0% compared with last year. Comparable store retail sales at Cracker Barrel decreased 2.0% for the quarter. Logan's comparable restaurant sales for the quarter were up 1.9% as average check increased 2.3% while guest traffic decreased 0.4%. Logan's had approximately 2.5% of average menu price increase during the fourth quarter compared with last year. During the quarter, the Company opened nine new Cracker Barrel units and one new Logan's company-owned restaurant. The Company reported net income for the fourth quarter of fiscal 2005 of $37.6 million, or $0.74 per diluted share, up 27.0% and 32.1%, respectively, above net income of $29.6 million and diluted net income per share of $0.56 for the fourth quarter of fiscal 2004. Excluding the effect of the prior-year after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. settlement charge of $3.3 million, or $0.07 per diluted share, fourth-quarter fiscal 2005 net income and diluted net income per share would have risen 14.1% and 17.5%, respectively. During the fourth quarter, the Company repurchased approximately 0.7 million shares of its common stock at a cost of approximately $27.4 million. 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. for the fourth quarter increased 23.3% from the prior year (11.3% from prior year excluding the effects of the litigation charge) and was 9.0% of total revenue compared to 7.9% in the fourth quarter of fiscal 2004 (8.8% in fiscal 2004 excluding the effects of the litigation charge). Compared with the fourth quarter of last year (excluding the effects of the litigation charge), operating income margin reflected lower product costs and labor and related expenses, offset in part by higher other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , including higher advertising, utilities and maintenance expenses, and higher general and administrative expenses, primarily due to higher bonus accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. . Commenting on the fourth-quarter results, CBRL Group, Inc. Chairman, President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. A. Woodhouse Wood´house` n. 1. A house or shed in which wood is stored, and sheltered from the weather. said, "We are very pleased to report solid growth in diluted net income per share for the fourth quarter that was in line with our guidance and above our 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. growth objective. We saw positive restaurant sales results in Cracker Barrel and Logan's during the quarter despite indications of pressure on consumer discretionary spending. We were encouraged by the guest appeal of our summer seasonal menu at Cracker Barrel and by improvements in overcoming operational challenges created by the variety of new menu items included on a seasonal menu." Woodhouse added, "Our retail sales were below our expectations, which we believe also reflected weakness in consumer discretionary spending as well as issues with product freshness and inventory depth in certain seasonal and core product lines. However, we were delighted by the success of the exclusive music CD by Allison
Allison, which may come from a medieval Norman nickname for Alice, meaning "noble type", or from the Irish name "Iseult", meaning "fair lady". Kraus Kraus (German for curly) is a common surname. Some people with this name include:
Full-Year Fiscal 2005 Results Total revenue for the 12 months ended July 29, 2005 of $2.6 billion represented a 7.8% increase above full-year fiscal 2004 total revenue. Comparable store restaurant sales for the full year for Cracker Barrel increased 3.1%, including a 4.0% higher average check, while guest traffic was 0.9% lower. The average menu price increase for the full year at Cracker Barrel was 2.9%. Comparable store retail sales at Cracker Barrel decreased 2.7% for the full year of fiscal 2005. Logan's comparable restaurant sales for the full year were up 3.4%, with a 3.9% increase in average check, while guest traffic declined 0.5%. The average menu price increase for the full year at Logan's was 3.2%. During the year, the Company opened 25 new Cracker Barrel units and 17 new company-owned Logan's locations; three new franchised Logan's restaurants also opened. The Company reported net income for the twelve-month period of fiscal 2005 of $126.6 million, or $2.45 per diluted share, reflecting increases of 13.2% and 15.6%, respectively, from net income of $111.9 million and diluted net income per share of $2.12 for the twelve-month period of fiscal 2004. Excluding the effect of the legal settlement charge in fiscal 2004 (which was $0.06 per diluted share for the full year), net income and diluted net income per share for the full fiscal year of 2005 increased 9.9% and 12.4%, respectively, from fiscal 2004. The Company reported that net cash provided by operating activities for fiscal 2005 of $279.9 million was up sharply from $200.4 million in fiscal 2004 and substantially exceeded net cash used for the purchase of property and equipment (capital expenditures) of $171.4 million. This marked the fifth consecutive year in which cash provided by operating activities exceeded capital expenditures by at least $50 million. The increased cash provided by operating activities reflected increased levels of accounts payable from the relatively low levels at the end of fiscal 2004 as well as the higher reported net income. Capital expenditures were higher than the prior year's $144.6 million, primarily owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de the costs of an increased number of new store openings, including increased spending on stores scheduled to open in the coming fiscal year. The Company repurchased approximately 4.1 million shares of its common stock at a cost of approximately $159.3 million during fiscal 2005 and paid $22.8 million in dividends to shareholders. At the end of the fiscal year, the Company had approximately 0.8 million shares remaining to be repurchased under a previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). authorization The right or permission to use a system resource; the process of granting access. See access control. . August Fiscal 2006 Sales and Hurricane Katrina Effects in September September: see month. The Company reported that comparable store restaurant sales for the four weeks ending Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , August 26, 2005 in its Cracker Barrel units were up 0.9% from the comparable period last year, with an approximately 3.7% higher average check, including approximately 4.1% higher menu pricing. Cracker Barrel comparable store retail sales in August were down 9.5%. Comparable restaurant sales in the Company's Logan's restaurants in August were up 1.4%, with an approximately 2.1% higher average check, including approximately 2.5% higher menu pricing. In fiscal September, the Company's operations were affected unfavorably by Hurricane Katrina. As of today, the Company has lost approximately 95 store operating days due to closings for damages and power outages This is a list of famous wide-scale power outages. 1965
clean-up clean n to give sth a clean-up → etw gründlich sauber machen clean-up n , lost sales, and potential insurance recoveries is incomplete, but the Company presently believes that the impact will be in the range of one to two cents per diluted share in the first quarter. The Company urges caution in considering its current trends and the earnings guidance disclosed in this press release. The restaurant industry is highly competitive, and trends and guidance are subject to numerous factors and influences, some of which are discussed in the cautionary language at the end of this press release. The Company disclaims any obligation to update disclosed information on trends or targets other than in its periodic filings under Forms 10-K, 10-Q, and 8-K with the Securities and Exchange Commission. Fiscal 2006 Earnings Guidance The Company provided guidance for its first quarter and full year for fiscal 2006. As described above, there has been a marked decline in the Company's recent sales trends, especially in retail, which the Company believes is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to consumer behavior surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the recent rapid escalation es·ca·late v. es·ca·lat·ed, es·ca·lat·ing, es·ca·lates v.tr. To increase, enlarge, or intensify: escalated the hostilities in the Persian Gulf. v.intr. in gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices and possibly other pressures on discretionary income Discretionary Income The amount of an individual's income available for spending after the essentials have been taken care of. Notes: Essentials are things like food, clothing, and shelter. (including higher mortgage payments and car payments). Additional softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. occurred following Hurricane Katrina. At this time there is no way to be assured of the continuing magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the or duration of these trends, and the Company cautions that its guidance therefore reflects an unusual amount of uncertainty. The Company noted that it will adopt a new accounting rule beginning in the first quarter of fiscal 2006 (Statement of Financial Accounting Standards (SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System ) No. 123R, "Share-Based Payment"), which requires the Company to recognize as expense the fair value of new and unvested stock option grants. For the first quarter of fiscal 2006, which ends October October: see month. 28, 2005, the Company's present guidance is for diluted net income per share of approximately $0.53 to $0.57, including an estimated $0.03 to $0.04 effect of stock options expense, compared with $0.57 per share in the first quarter of fiscal 2005, which did not include stock options expense. Total revenue in the first fiscal quarter is projected to increase approximately 4% to 6% from a year ago. The Company presently expects comparable store restaurant sales for the full first quarter to be between a 1% decline and a 1% increase compared to prior year at Cracker Barrel, with comparable retail sales expected to reflect a mid to high single digit A single character in a numbering system. In decimal, digits are 0 through 9. In binary, digits are 0 and 1. digit - An employee of Digital Equipment Corporation. See also VAX, VMS, PDP-10, TOPS-10, DEChead, double DECkers, field circus. percentage decline from last year. The Company presently expects a comparable restaurant sales increase at Logan's for the first quarter of approximately 1% to 3%. The Company presently expects operating income margins for the quarter to be below the first quarter of last year, excluding the effect of stock options expense (which will have an estimated 0.4% effect on operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: ), reflecting sales softness and higher other operating expenses (including higher utilities and advertising expenses) and general and administrative expenses, partly offset by lower product costs as a percent of revenue. The Company presently expects to open seven new Cracker Barrel units in the first quarter, four of which have already opened, and five new Logan's company-operated units, three of which have already opened. In addition, one new franchised Logan's restaurant is expected to open in the first quarter. For the full year of fiscal 2006, the Company's present guidance is for diluted net income per share of approximately $2.41 to $2.55, including the effect of stock options expense in fiscal 2006, which the Company presently estimates to be approximately $0.14 to $0.16 per diluted share for the full year, compared with $2.45 for fiscal 2005, which did not include stock options expense. Revenues for the full year presently are expected to increase in the mid to high single digits on a percentage basis, with comparable store sales trends improving gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. over the course of the fiscal year. Operating margins for the full year are expected to be down as a result of sales softness and options expense, and the Company expects a higher income tax rate in fiscal 2006. During fiscal 2006, the Company presently expects to open 26 new Cracker Barrel units and 22 to 24 new Logan's company-owned and four new franchised restaurants. As mentioned above, the Company has 0.8 million shares remaining to be repurchased under a previously disclosed authorization, but it presently expects not to make any additional share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. before the end of the first fiscal quarter as it applies cash to seasonal working capital needs and capital expenditures. Commenting on the Company's guidance, Woodhouse said, "As one would expect in the aftermath AFTERMATH. A right to have the last crop of grass or pasturage. 1 Chit. Pr. 181. of such a catastrophic event as Hurricane Katrina, our outlook is highly uncertain at this time, and we expect challenges for some time in our industry until consumer sentiment Sentiment can refer to:
Incremental cost is additional or increased cost of an item or service apart from its actual cost. improvements in our restaurant operations and support achievement of our long-term objectives." Fiscal 2006 Calendar for Press Releases Disclosing Financial Results The Company announced its calendar for scheduled press releases disclosing its financial results and earnings guidance during fiscal 2006. The Company noted a change in its calendar for reporting quarterly and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. financial results. Due to new requirements for financial reporting, including the addition of stock options expensing and increased Sarbanes-Oxley Section 404 reviews and documentation, the Company announced that the scheduled dates for release of quarterly and year-end financial results generally will shift from the Thursdays that are comparable to fiscal 2005 dates to the Tuesdays of the following week, except for the first fiscal quarter, which will shift to the following Monday Monday: see week. . Dates and content of press releases are preliminary and subject to change. The expected schedule is as follows: September 27, 2005: Sales results for 4 weeks ending September 23, 2005, no earnings guidance November 1, 2005: Sales results for 5 weeks ending October 28, 2005, no earnings guidance November 21, 2005: Financial results for first quarter of fiscal 2006, earnings guidance for second quarter of fiscal 2006 November 29, 2005: Sales results for 4 weeks ending November 25, 2005, no earnings guidance December 28, 2005: Sales results for 4 weeks ending December 23, 2005, update to earnings guidance for second quarter January 31, 2006: Sales results for 5 weeks ending January 27, 2006, no earnings guidance February 21, 2006: Financial results for second quarter of fiscal 2006, earnings guidance for third quarter of fiscal 2006 February 28, 2006: Sales results for 4 weeks ending February 24, 2006, no earnings guidance March 28, 2006: Sales results for 4 weeks ending March 24, 2006, update to earnings guidance for third quarter May 2, 2006: Sales results for 5 weeks ending April 28, 2006, no earnings guidance May 23, 2006: Financial results for third quarter of fiscal 2006, earnings guidance for fourth quarter of fiscal 2006 May 31, 2006: Sales results for 4 weeks ending May 26, 2006, no earnings guidance June 27, 2006: Sales results for 4 weeks ending June 23, 2006, update to earnings guidance for fourth quarter August 1, 2006: Sales results for 5 weeks ending July 28, 2006 September 12, 2006: Financial results for fourth quarter of fiscal 2006, earnings guidance for first quarter of fiscal 2007, sales results for 4 weeks ending August 25, 2006. Fiscal 2005 Fourth-Quarter Conference Call The live broadcast of CBRL Group's quarterly conference call will be available to the public on-line at www.vcall.com or www.cbrlgroup.com today beginning at 11:00 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). The on-line replay will follow immediately and continue through September 15, 2005. Headquartered in Lebanon, Tennessee
Lebanon is a city in Wilson County, Tennessee, in the United States. The population was 20,235 at the 2000 census. , CBRL Group, Inc. presently operates 533 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 127 company-operated and 23 franchised Logan's Roadhouse restaurants in 19 states. Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of CBRL Group, Inc. and its subsidiaries to differ materially from those expressed 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 this discussion. All forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information is provided by the Company pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. established under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "assumptions", "target", "guidance", "outlook", "plans", "projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. ", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "potential" or "continue" (or the negative or other derivatives derivatives In finance, contracts whose value is derived from another asset, which can include stocks, bonds, currencies, interest rates, commodities, and related indexes. Purchasers of derivatives are essentially wagering on the future performance of that asset. of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: the effects of uncertain consumer confidence, higher costs for energy, mortgage or other consumer debt payments, or general or regional economic weakness on sales and customer travel, discretionary income or personal expenditure activity; the ability of the Company to identify, acquire and sell successful new lines of retail merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain ; competitive marketing and operational initiatives; the ability of the Company to sustain or the effects of plans intended to improve operational execution and performance; the effects of plans intended to promote or protect the Company's brands and products; the effects of increased competition at Company locations on sales and on labor recruiting, cost, and retention; the availability and cost of acceptable sites for development and the Company's ability to identify such sites; the ability of the Company to open and operate new locations successfully; changes in foreign exchange rates affecting the Company's future retail inventory purchases; commodity, workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , group health and utility price changes; changes in building materials Building materials used in the construction industry to create . These categories of materials and products are used by and construction project managers to specify the materials and methods used for . and construction costs; consumer behavior based on negative publicity or concerns over nutritional nutritional pertaining to or emanating from nutrition. nutritional anemia see nutritional anemia. nutritional assessment or safety aspects of the Company's products or restaurant food in general; changes in or implementation of additional governmental or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. rules, regulations and interpretations affecting accounting, tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; practical or psychological effects of terrorist acts or war and military or government responses; the ability of and cost to the Company to recruit RECRUIT. A newly made soldier. , train, and retain qualified hourly and management employees; changes in interest rates affecting the Company's financing costs; disruptions to the company's restaurant or retail supply chain; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity associated with these activities; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "); effectiveness of internal controls over financial reporting; changes in capital market conditions that could affect valuations of restaurant companies in general or the Company's goodwill in particular; and other factors described from time to time in the Company's filings with the SEC, press releases, and other communications.
CBRL GROUP, INC.
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands, except per share amounts)
Fourth Quarter Ended
------------------------------
7/29/05 7/30/04 Change
----------- ----------- ------
Total revenue $ 659,707 $ 607,499 9%
Cost of goods sold 207,112 195,558 6
----------- -----------
Gross profit 452,595 411,941 10
Labor & other related expenses 243,337 226,077 8
Other store operating expenses 116,362 105,617 10
----------- -----------
Store operating income 92,896 80,247 16
General and administrative 33,360 31,967 4
----------- -----------
Operating income 59,536 48,280 23
Interest expense 2,177 2,146 1
Interest income -- -- -
Pretax income 57,359 46,134 24
Provision for income taxes 19,798 16,563 20
----------- -----------
Net income $ 37,561 $ 29,571 27
=========== ===========
Net income per share:
Basic $ 0.80 $ 0.61 31
=========== ===========
Diluted $ 0.74 $ 0.56 32
=========== ===========
Weighted average shares:
Basic 46,758,841 48,730,740 (4)
Diluted 52,204,963 54,383,440 (4)
Ratio Analysis
--------------
Net sales:
Restaurant 83.2% 82.1%
Retail 16.7 17.8
----------- -----------
Total net sales 99.9 99.9
Franchise fees and royalties 0.1 0.1
----------- -----------
Total revenue 100.0 100.0
Cost of goods sold 31.4 32.2
----------- -----------
Gross profit 68.6 67.8
Labor & other related expenses 36.9 37.2
Other store operating expenses 17.6 17.4
----------- -----------
Store operating income 14.1 13.2
General and administrative 5.1 5.3
----------- -----------
Operating income 9.0 7.9
Interest expense 0.3 0.3
Interest income -- --
----------- -----------
Pretax income 8.7 7.6
Provision for income taxes 3.0 2.7
----------- -----------
Net income 5.7% 4.9%
=========== ===========
Fiscal Year Ended
------------------------------
7/29/05 7/30/04 Change
----------- ----------- ------
Total revenue $ 2,567,548 $ 2,380,947 8%
Cost of goods sold 847,045 785,703 8
----------- -----------
Gross profit 1,720,503 1,595,244 8
Labor & other related expenses 939,849 880,617 7
Other store operating expenses 447,506 405,139 10
----------- -----------
Store operating income 333,148 309,488 8
General and administrative 130,986 126,501 4
----------- -----------
Operating income 202,162 182,987 10
Interest expense 8,693 8,444 3
Interest income 96 5 1820
----------- -----------
Pretax income 193,565 174,548 11
Provision for income taxes 66,925 62,663 7
----------- -----------
Net income $ 126,640 $ 111,885 13
=========== ===========
Net income per share:
Basic $ 2.65 $ 2.29 16
=========== ===========
Diluted $ 2.45 $ 2.12 16
=========== ===========
Weighted average shares:
Basic 47,791,317 48,877,306 (2)
Diluted 53,382,007 54,952,633 (3)
Ratio Analysis
--------------
Net sales:
Restaurant 80.7% 79.5%
Retail 19.2 20.4
----------- -----------
Total net sales 99.9 99.9
Franchise fees and royalties 0.1 0.1
----------- -----------
Total revenue 100.0 100.0
Cost of goods sold 33.0 33.0
----------- -----------
Gross profit 67.0 67.0
Labor & other related expenses 36.6 37.0
Other store operating expenses 17.4 17.0
----------- -----------
Store operating income 13.0 13.0
General and administrative 5.1 5.3
----------- -----------
Operating income 7.9 7.7
Interest expense 0.4 0.4
Interest income -- --
----------- -----------
Pretax income 7.5 7.3
Provision for income taxes 2.6 2.6
----------- -----------
Net income 4.9% 4.7%
=========== ===========
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited and in thousands)
7/29/05 7/30/04
---------- ----------
Assets
Cash and cash equivalents $ 17,173 $ 28,775
Other current assets 173,310 174,265
Property and equipment, net 1,218,298 1,118,573
Goodwill 93,724 93,724
Other assets 30,767 20,367
---------- ----------
Total assets $1,533,272 $1,435,704
========== ==========
Liabilities and Shareholders' Equity
Accounts payable $ 97,710 $ 53,295
Other current liabilities 197,635 188,940
Long-term debt 212,218 185,138
Other long-term obligations 155,721 134,995
Shareholders' equity 869,988 873,336
---------- ----------
Total liabilities and shareholders' equity $1,533,272 $1,435,704
========== ==========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited and in thousands)
Fiscal Year Ended
--------------------
7/29/05 7/30/04
--------- ---------
Cash flow from operating activities:
Net income $ 126,640 $ 111,885
Depreciation and amortization 67,321 63,868
Loss on disposition of property and equipment 3,654 3,334
Accretion on zero-coupon notes 5,579 5,408
Impairment 431 --
Net changes in other assets and liabilities 76,278 15,870
--------- ---------
Net cash provided by operating activities 279,903 200,365
--------- ---------
Cash flows from investing activities:
Purchase of property and equipment (171,447) (144,611)
Proceeds from sale of property and equipment 1,381 945
--------- ---------
Net cash used in investing activities (170,066) (143,666)
--------- ---------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 520,500 150,000
Principal payments under long-term obligations (499,188) (157,125)
Proceeds from exercise of stock options 39,341 50,210
Purchase and retirement of common stock (159,328) (69,206)
Dividends on common stock (22,764) (16,191)
Other -- (1)
Net cash used in financing activities (121,439) (42,313)
--------- ---------
Net (decrease) increase in cash and cash
equivalents (11,602) 14,386
Cash and cash equivalents, beginning of period 28,775 14,389
--------- ---------
Cash and cash equivalents, end of period $ 17,173 $ 28,775
========= =========
CBRL GROUP, INC.
Supplemental Information
(Unaudited)
As of As of
7/29/05 7/30/04
----------- ------------
Common shares outstanding 46,619,803 48,769,368
=========== ============
Units in operation:
Cracker Barrel 529 504
Logan's Roadhouse
- company-owned 124 107
----------- ------------
Total company-
owned units 653 611
Logan's Roadhouse
- franchised 23 20
----------- ------------
System-wide units 676 631
=========== ============
Fourth Quarter Ended Fiscal Year Ended
7/29/05 7/30/04 7/29/05 7/30/04
Net sales in company- --------- --------- --------- ---------
owned stores:
(In thousands)
Cracker Barrel -
restaurant $ 453,757 $ 416,913 $1,696,706 $1,574,030
Cracker Barrel -
retail 109,935 107,966 494,160 486,433
--------- --------- --------- ---------
Cracker Barrel -
total 563,692 524,879 2,190,866 2,060,463
Logan's Roadhouse 95,362 82,003 374,305 318,457
--------- --------- --------- ---------
Total net sales 659,054 606,882 2,565,171 2,378,920
Franchise fees and
royalties 653 617 2,377 2,027
--------- --------- --------- ---------
Total revenue $ 659,707 $ 607,499 $2,567,548 $2,380,947
========= ========= ========= =========
Operating weeks -
company-owned stores:
Cracker Barrel 6,839 6,501 26,804 25,501
Logan's Roadhouse 1,611 1,391 6,137 5,353
Average comparable
store sales -
company-owned
stores: (In
thousands)
Cracker Barrel -
restaurant $ 861.5 $ 827.5 $ 3,312.7 $ 3,211.6
Cracker Barrel - retail 206.8 210.9 955.2 981.5
--------- --------- --------- ---------
Cracker Barrel - total
(484 and 466 units) $ 1,068.3 $ 1,038.4 $ 4,267.9 $ 4,193.1
========= ========= ========= =========
Logan's Roadhouse (101
and 93 units) $ 775.7 $ 761.4 $ 3,160.4 $ 3,057.6
========= ========= ========= =========
Capitalized interest $ 278 $ 187 $ 870 $ 615
========= ========= ========= =========
CBRL GROUP, INC.
Reconciliation of non-GAAP financial measures to GAAP disclosures
(Unaudited)
Certain comparisons made in this press release are against a prior
year, fiscal 2004, excluding the effect of certain charges. As
reported in the Company's fiscal 2004 annual consolidated financial
statements, the Company incurred certain litigation settlement charges
that reduced earnings. Since these charges related to settlement of
long-standing litigation, the Company is showing operating income, net
income and diluted net income per share results excluding the effects
of these charges to improve the comparability of year-to-year
results.. Reconciliation for the effect of such a charge on each of
the GAAP financial disclosures to the non-GAAP financials used in this
press release is shown below, and more detail of this charge may be
found in the consolidated financial statements of the Company for
fiscal 2004.
In the fourth quarter of fiscal 2004, the Company incurred a charge
related to a settlement of certain lawsuits against the Company's
Cracker Barrel subsidiary. The charge totaled $5.2 million before
taxes and $3.3 million after the effect of income taxes.
(in thousands) Fourth Quarter Ended 7/30/04
----------------------------
Diluted
Net Income
Operating Income Net Income Per Share
---------------- ----------- -----------
GAAP Financial Disclosure $ 48,280 $ 29,571 $ 0.56
Add back effect of Charges 5,210 3,340 $ 0.07
--------------- ---------- ----------
Non-GAAP Financial Measure $ 53,490 $ 32,911 $ 0.63
Fiscal Year Ended 7/30/04
-------------------------
Diluted
Net Income
Operating Income Net Income Per Share
---------------- ----------- -----------
GAAP Financial Disclosure $ 182,987 $ 111,885 $ 2.12
Add back effect of Charges 5,210 3,340 $ 0.06
--------------- ---------- ----------
Non-GAAP Financial Measure $ 188,197 $ 115,225 $ 2.18
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