CBRL Group, Inc. Announces Results for First Quarter of Fiscal 2000.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.--(BUSINESS WIRE)--Nov. 17, 1999-- CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (Nasdare (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. ), for the first quarter a year ago. a combined decrease of 2.7%. Guest traffic in comparable 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. stores increased 0.2% in the first quarter of fiscal 2000 compared with decreases of 6.1%, 6.8%,tive officer, said, "Recording the first positiv in our employees and our customers' experience to improve execution and value. We continue to pursue strategies and tactics to get traffic growing consistently again. Ad 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). units. This brought the total number of company-owned Logan's to 60 at October October: see month. 29, 1999. 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. currently operates 411 Cracker Barrel Old Country Store units tements. Factors which will affect actual resulon, labor costs and restaurant sales; the ability of the Company to recruit, train and retain restaurant personnel; the acceptance of the Company's concepts as the Compaany's filings with the Securities and Exchange CUnaudited) (In thousands, except per share amounts) First Quarter Ended -67 81,803 10 ----------- ----------- Total revenue 422,607 351,496 20 Cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold 145,759 118,761 23 ----------- ------ ----------- ----------- Store 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. 53,270 60,691 (12) General and administrative 23,369 18,900 24 Amortization of goodwill 998 156 540 ----------- ----------- Operating income 28,903 41,635 (31) Interest expense 5,329 785 579 Interest income 31 565 (95) ----------- ----------- Pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. 23,605 41,415 (43) Provision for income taxes 9,133 15,282 (40) ----------- ----------- Net income $ 14,472 $ 26,133 (45) =========== ========== Earnings per share: Basic $ 0.25 0.42 (40) =========== =========== Diluted $ 0.25 $ 0.42 (40) =========== =========== Weighted average shares: Basic 58,629 62,151 (6) Diluted 58,721 62,667 (6) RATIO ANALYSIS Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight : Restaurant 78.7% 76.7% Retail 21.3 23.3 ----------- ----------- Total net sales 100.0 100.0 Franchise fees and royalties -- -- ----------- ----------- Total revenue 100.0 100.0 Cost of goods sold 34.5 33.8 ----------- ----------- Gross profit 65.5 66.2 Labor & other related expenses 36.3 33.7 Other store 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. 16.6 15.2 ----------- ----------- Store operating income 12.6 17.3 General and administrative 5.5 5.4 Amortization of goodwill 0.2 -- ----------- ----------- Operating income 6.9 11.9 Interest expense 1.3 0.3 Interest income -- 0.2 ----------- ----------- Pretax income 5.6 11.8 Provision for income taxes 2.2 4.4 ----------- ----------- Net income 3.4% 7.4% =========== =========== CONSOLIDATED CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. BALANCE SHEET (Unaudited) (In thousands) 10/29/1999 7/30/1999 ----------- ----------- Assets Cash and cash equivalents $ 18,185 $ 18,262 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 135,103 119,888 Property and equipment, net 1,046,011 1,020,055 Goodwill, net 110,248 111,246 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 10,448 8,330 ----------- ----------- Total assets $ 1,319,995 $ 1,277,781 =========== =========== Liabilities and Stockholders' Equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 142,005 $ 143,953 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. 342,000 312,000 Other 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. obligations 30,762 30,821 Stockholders' equity 805,228 791,007 ----------- ----------- Total liabilities and stockholders' equity $ 1,319,995 $ 1,277,781 =========== =========== CONSOLIDATED CONDENSED CASH FLOW STATEMENT (Unaudited) (In thousands) First Quarter Ended -------------------------- 10/29/1999 10/30/1998 ------------ ----------- Cash flow from operating activities: Net income $ 14,472 $ 26,133 Depreciation and amortization 15,390 12,130 Gain on disposition of property and equipment (269) (230) Net changes in other assets and liabilities (19,318) (13,215) ------------ ----------- Net cash provided by operating activities 10,275 24,818 ----------- ----------- Cash flows from investing activities: Purchase of property and equipment (40,758) (29,653) Proceeds from sale of property and equipment 716 500 ----------- ----------- Net cash used in investing activities (40,042) (29,153) Cash flows from financing activities: Proceeds from issuance of long-term debt 76,500 -- Principal payments under long-term obligations (46,559) (24) Proceeds from exercise of stock options 42 598 Purchases of treasury stock -- (33,614) Dividends on common stock (293) (312) ------------ ----------- Net cash provided by (used in) financing activities 29,690 (33,352) ------------ ----------- Net decrease in cash and cash equivalents (77) (37,687) Cash and cash equivalents, beginning of period 18,262 62,593 ------------ ----------- Cash and cash equivalents, end of period $ 18,185 $ 24,906 ============ =========== CBRL GROUP, INC. Supplemental Information As of As of As of 10/29/1999 7/30/1999 10/30/1998 ---------- --------- ---------- Common shares outstanding 58,633,162 58,628,162 61,155,239 Units in operation: Cracker Barrel 409 396 369 Carmine carmine /car·mine/ (kahr´min) a red coloring matter used as a histologic stain. indigo carmine indigotindisulfonate sodium. car·mine n. Giardini's Gourmet Market 2 2 2 Logan's Roadhouse - company-owned 60 54 NA/a ----------- ---------- ----------- Total company-owned units 471 452 371 Logan's Roadhouse - franchised 6 4 NA ----------- ---------- ----------- System-wide units 477 456 371 =========== ========== =========== First Quarter Ended ------------------------ Net sales in 10/29/1999 10/30/1998 company-owned stores: (In thousands) ---------- ----------- Cracker Barrel - restaurant $ 289,970 $ 269,192 Cracker Barrel - retail 88,289 80,244 --------- ----------- Cracker Barrel - total 378,259 349,436 Carmine Giardini's Gourmet Market 2,160 2,060 Logan's Roadhouse 42,002 NA --------- ----------- Total net sales $ 422,421 $ 351,496 ========= =========== Operating weeks - company-owned stores: Cracker Barrel 5,258 4,721 Logan's Roadhouse 732 NA Average comparable store sales - company-owned stores: (In thousands) Cracker Barrel - restaurant $ 724.0 $ 746.7 Cracker Barrel - retail 218.3 222.0 --------- ----------- Cracker Barrel - total $ 942.3 $ 968.7 ========= ========== Logan's Roadhouse $ 761.7 NA Capitalized interest Capitalized interest Interest that is not immediately expensed, but rather is considered as an asset and is then amortized through the income statement over time. In the context of project financing, interest that is paid by additional borrowing. $ 460 $ 404 a/ NA - Not applicable. |
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