CBRL Group, Inc. Announces Results for Fiscal 2006 Second Quarter and Year to Date; Discusses Sales Outlook for Fiscal 2006 Third Quarter and Full Fiscal Year.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. -- 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 second quarter ended January January: see month. 27, 2006, reporting 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 $0.61, including approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.03 per diluted share of stock option expense after taxes, compared with $0.63 in the second quarter of fiscal 2005, which included no expense for stock options. In addition, the Company reported year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. fiscal 2006 results and discussed its outlook for sales in its third quarter and the 2006 full fiscal year. A summary of fiscal 2006 second-quarter and year-to-date results includes: --Certain second quarter charges totaled approximately $7.7 million before income taxes ($5.1 million, or $0.10 per diluted share, after taxes) for store closings at both concepts and organizational changes at 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. ; partly offsetting these charges were net credits of approximately $3.7 million before income taxes ($2.5 million, or $0.05 per diluted share, after taxes) as a result of revised actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin estimates and estimates of other claims and 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. expenses and related expected insurance recoveries. --Comparable store restaurant sales were up 1.1% for Cracker Barrel Old Country Store(R) ("Cracker Barrel"), while comparable store retail sales at Cracker Barrel were down 9.4%. --Comparable restaurant sales for the second fiscal quarter were up 3.2% for 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"). --Total revenue for the second quarter of $694.4 million increased 4.1% from the year-ago quarter. --Net income and diluted net income per share for the second quarter were $30.8 million and $0.61, respectively (including approximately $1.6 million and $0.03 per diluted share, respectively, of stock option expense after taxes, and $2.6 million after taxes and $0.05 per diluted share for the net expense effect of the charges and credits described above), compared to net income of $32.6 million and diluted net income per share of $0.63 in the year-ago quarter. --Operating income margin in the second quarter was 7.0% of total revenues (including an impact of approximately 0.4% of revenues attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to stock option expense, and 0.6% of revenues for the net expense effect of the charges and credits described above) compared to 7.7% in the year-ago quarter. Second-Quarter Fiscal 2006 Results Certain Charges and Credits The Company's second fiscal quarter results included the effects of certain charges and credits. The Company decided to close seven Cracker Barrel units and three Logan's restaurants and to make certain organizational changes at Cracker Barrel, resulting in charges that totaled approximately $7.7 million before income taxes ($5.1 million after taxes or $0.10 per diluted share). The impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge for store closings in the second quarter totaled approximately $6.8 million before income taxes ($4.5 million after taxes or $0.09 per diluted share). The locations were closed because of weak financial performance, an unfavorable outlook, and relatively positive prospects for proceeds from disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of the locations. In addition to the costs recorded in the second quarter, the Company estimates expenses of approximately $3 to $4 million before income taxes will be recorded in the third fiscal quarter for additional costs related to the actual closings and disposition of these locations. The closed stores contributed $4.6 million in the quarter to Cracker Barrel revenues and $1.5 million to Logan's revenues. In addition to the closings, Cracker Barrel recorded expenses of approximately $0.9 million before income taxes ($0.6 million after taxes or $0.01 per diluted share) in the second quarter related to organizational changes intended to improve both store operations and retail merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. . The Company also completed actuarial reviews of its self-insured self-insured Self fund Health insurance adjective Referring to the practice of carrying an individual health insurance policy for oneself; self insurance is usually more expensive than group insurance workers compensation and general liability reserves during the quarter and recorded adjustments to reduce these reserves to reflect the updated actuarial-based outlook. The Company believes these favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. actuarial developments reflect benefits from changing its third party administrator beginning in fiscal 2003 and improved loss control practices, which are just beginning to be apparent in an actuarial analysis Actuarial Analysis The analysis of an investment's risk done by an actuary. Notes: A highly educated actuary will use statistics and historical data in an attempt to measure the risk of a particular investment. See also: Actuary, Life Insurance, Risk, Risk Averse . Also during the quarter, the Company updated its estimates of other claims and litigation expenses and associated insurance recoveries. The result of the actuarial and other reviews was a net credit of $3.7 million before income taxes ($2.5 million after taxes or $0.05 per diluted share). Revenue Total revenue for the second quarter of fiscal 2006 ended January 27, 2006 of $694.4 million was an increase of 4.1% from the second quarter of fiscal 2005. Comparable store restaurant sales at Cracker Barrel for the period increased 1.1%, including a 2.7% higher average check, while guest traffic declined 1.6%. Cracker Barrel's average menu price increase for the quarter was approximately 2.4% compared with last year. Comparable store retail sales at Cracker Barrel decreased 9.4% for the quarter. At Logan's, comparable restaurant sales for the quarter were up 3.2%, as average check increased 3.6% while guest traffic declined 0.4%. Logan's average menu price increased approximately 3.0% during the second quarter compared with last year. The Company estimated that comparable restaurant sales for both Cracker Barrel and Logan's benefited by as much as 0.5% from the favorable effect of milder winter weather this year. During the quarter, the Company opened three new Cracker Barrel units, five new Logan's company-operated restaurants and one new Logan's franchised restaurant. Closings of certain Cracker Barrel and Logan's locations described below, while decided upon and impaired See assistive technology. during the second quarter, were actually completed in February February: see month. . Income The Company reported net income for the second quarter of fiscal 2006 of $30.8 million, or $0.61 per diluted share, compared to net income of $32.6 million or diluted net income per share of $0.63 for the second quarter of fiscal 2005. Stock option expense for the fiscal 2006 second quarter was approximately $2.4 million before income taxes and $1.6 million after taxes, or $0.03 per diluted share, reflecting newly adopted accounting for stock option expense in fiscal 2006. 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 second quarter of fiscal 2006 of $48.9 million was 7.0% of total revenue compared to 7.7% in the second quarter of fiscal 2005. Before the effect of stock option expense, operating income margin would have been 7.4% for the second quarter of fiscal 2006. In addition to the effects of certain charges and credits described above, which had a net unfavorable effect as a percent of revenues of approximately 0.6%, the comparison of operating income margin to the second quarter of last year primarily reflected lower restaurant and retail 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 and lower general and administrative expenses, partly offset by sales softness and 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 utilities expenses). Commenting on the second-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're we're Contraction of we are. we're we are working to improve our operations in this challenging sales environment. During the quarter we took aggressive actions by making management changes at Cracker Barrel and by deciding to close underperforming locations at both concepts. We have strengthened Cracker Barrel's management at the top with fewer reporting lines and greater accountability The traceability of actions performed on a system to a specific system entity (user, process, device). For example, the use of unique user identification and authentication supports accountability; the use of shared user IDs and passwords destroys accountability. . Our goal is to be able to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution more consistently across the store system. We are also focused on improving margins through purchasing and operational initiatives, and we're striving to keep the core brands fresh." Year-to-Date Fiscal 2006 Results Total revenue year to date for fiscal 2006 of $1.3 billion increased 3.7% from the year-to-date period in fiscal 2005. Comparable store restaurant sales year-to-date for Cracker Barrel increased 0.3%, including a 3.2% higher average check, while guest traffic declined by 2.9%. Comparable store retail sales at Cracker Barrel decreased 10.3% for the year to date. Logan's year-to-date comparable restaurant sales increased 1.6%, as average check increased 2.8%, while guest traffic declined 1.2%. The closed stores contributed $9.1 million year to date to Cracker Barrel revenues and $3.0 million to Logan's revenues. In the year-to-date period, the Company opened 11 new Cracker Barrel units, 10 new Logan's company-operated restaurants and one new Logan's franchised restaurant. Closings of certain Cracker Barrel and Logan's locations described above, while decided upon and impaired during the second quarter, were actually completed in February. The Company reported year-to-date net income of $56.5 million, or $1.13 per diluted share, compared to net income of $62.5 million, or diluted net income per share of $1.20, for the same period in fiscal 2005. Year-to-date stock option expense was approximately $3.4 million after income taxes, or $0.06 per diluted share. Year-to-date net cash from operating activities was $78.2 million and exceeded net cash used for purchase of property and equipment (capital expenditures) of $73.1 million. Capital expenditures were lower compared with $76.6 million in the year-to-date period last year. The Company had no 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. during the quarter or year to date. The Company urges caution in considering its current trends and the possible effect on earnings 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). in this press release. The restaurant industry is highly competitive, and trends and earnings 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 ("SEC"). Third-Quarter and Full-Year Fiscal 2006 Sales Outlook The Company noted that, as previously disclosed, certain capital structure and other potential initiatives intended to enhance shareholder value currently under consideration could affect the Company's earnings outlook. As a result, no further earnings guidance is expected to be issued before completion of the review of these potential initiatives. The Company did provide its outlook for revenue and comparable store sales for the third fiscal quarter, which ends on April 28, 2006, assuming no effects related to the initiative review. Because of adverse winter weather in February, the Company expects February revenues to be lower than its full-quarter outlook. The Company currently anticipates: --Total revenue approximately 3% to 5% above the third quarter last year including the effects of the unit closings, --Comparable store restaurant sales at Cracker Barrel for the third quarter between down 1% to up 1% versus prior year, --Comparable store retail sales declines between 6% and 9%, --Comparable restaurant sales at Logan's for the third quarter up between 2% and 4% over prior year, --Opening six new Cracker Barrel stores and four new Logan's company-operated restaurants and one new Logan's franchised location during the quarter. The Company also updated its outlook for revenue and comparable store sales for the full 2006 fiscal year, assuming no effects related to the initiative review. The Company currently expects: --Total revenue approximately 3% to 5% above fiscal 2005 including the effects of the unit closings, --Comparable store restaurant sales at Cracker Barrel for the full year between down 1% to up 1% versus prior year, --Comparable store retail sales declines between 8% and 10%, --Comparable restaurant sales at Logan's for the full year up between 2% and 4% over prior year, --Opening 21 new Cracker Barrel stores, 20 to 22 new Logan's company-operated restaurants and two new Logan's franchised locations during the year. Commenting on the sales outlook, Woodhouse said, "While there continues to be a high degree of uncertainty in our outlook for revenues, especially retail, we are encouraged that second quarter revenues were higher than our previous expectations. From our vantage point, there has been no sustained change as yet in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. patterns, despite some relief from higher energy prices. We aren't aren't Contraction of are not. See Usage Note at ain't. aren't are not aren't be counting on the consumer to bounce back bounce v. bounced, bounc·ing, bounc·es v.intr. 1. To rebound after having struck an object or a surface. 2. any time soon. Therefore, we are totally focused on keeping our loyal customers satisfied and generating positive store traffic. Additionally, although there are lead times related to acquisition of much of our new 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 , we believe that we are making improvements in our selection and merchandising capabilities." Fiscal 2006 Second-Quarter Conference Call The live broadcast of CBRL Group's quarterly conference call will be available to the public on-line at investorcalendar.com or cbrlgroup.com today beginning at 11:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). The on-line replay will follow immediately and continue through February 28, 2006. 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 535 Cracker Barrel Old Country Store restaurants and gift shops located in 41 states and 131 company-operated and 24 franchised Logan's Roadhouse restaurants in 20 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 "trends," "assumptions," "target," "guidance," "outlook," "plans," "goals," "objectives," "expectations," "near-term near-term adj. Of, for, or involving a short period of time in the near future. ," "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. ," "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," "could," "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 ability of the Company to identify and execute capital structure or other initiatives intended to enhance long-term shareholder value; the effects of uncertain consumer confidence, higher costs for energy, consumer debt payments, or general or regional economic weakness, or weather on sales and customer travel, 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. or personal expenditure activity; the ability of the Company to identify, acquire and sell successful new lines of retail merchandise; competitive marketing and operational initiatives; the ability of the Company to sustain or the effects of plans intended to improve operational execution and performance; 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; actuarial estimate uncertainties with respect to self-insured workers' compensation, general liability and group health; the availability and cost of suitable 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 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; 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; changes in foreign exchange rates affecting the Company's future retail inventory purchases; 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 tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; practical or psychological effects of natural disasters or terrorist acts or war and military or government responses; disruptions to the company's restaurant or retail supply chain; 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; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity associated with these activities; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of those locations; 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 and disclosure; 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 share amounts)
Second Quarter Ended
1/27/06 1/28/05 Change
Total revenue $ 694,356 $ 667,189 4%
Cost of goods sold 235,870 236,389 --
----------- -----------
Gross profit 458,486 430,800 6
Labor & other related
expenses 240,619 232,749 3
Other store operating
expenses 131,292 113,201 16
Store operating income 86,575 84,850 2
General and administrative 37,673 33,213 13
----------- -----------
Operating income 48,902 51,637 (5)
Interest expense 2,318 2,200 5
Interest income 112 96 17
----------- -----------
Pretax income 46,696 49,533 (6)
Provision for income taxes 15,899 16,955 (6)
----------- -----------
Net income $ 30,797 $ 32,578 (5)
=========== ===========
Earnings per share
Basic $ 0.66 $ 0.68 (3)
=========== ===========
Diluted $ 0.61 $ 0.63 (3)
=========== ===========
Weighted average shares:
Basic 46,782,140 48,138,378 (3)
Diluted 51,843,383 53,816,998 (4)
Ratio Analysis
Net sales:
Restaurant 78.0% 75.6%
Retail 21.9 24.3
----------- -----------
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 34.0 35.4
----------- -----------
Gross profit 66.0 64.6
Labor & other related expenses 34.6 34.9
Other store operating expenses 18.9 17.0
----------- -----------
Store operating income 12.5 12.7
General and administrative 5.5 5.0
----------- -----------
Operating income 7.0 7.7
Interest expense 0.3 0.3
Interest income -- --
----------- -----------
Pretax income 6.7 7.4
Provision for income taxes 2.3 2.5
----------- -----------
Net income 4.4% 4.9%
=========== ===========
Six Months Ended
1/27/06 1/28/05 Change
Total revenue $ 1,327,713 $ 1,279,842 4%
Cost of goods sold 435,191 436,231 --
----------- -----------
Gross profit 892,522 843,611 6
Labor & other related
expenses 476,595 458,938 4
Other store operating
expenses 248,819 217,304 15
----------- -----------
Store operating income 167,108 167,369 --
General and administrative 76,377 67,589 13
----------- -----------
Operating income 90,731 99,780 (9)
Interest expense 4,816 4,295 12
Interest income 112 96 17
----------- -----------
Pretax income 86,027 95,581 (10)
Provision for income taxes 29,508 33,073 (11)
----------- -----------
Net income $ 56,519 $ 62,508 (10)
=========== ===========
Earnings per share
Basic $ 1.21 $ 1.29 (6)
=========== ===========
Diluted $ 1.13 $ 1.20 (6)
=========== ===========
Weighted average shares:
Basic 46,727,171 48,425,269 (4)
Diluted 51,839,989 54,086,885 (4)
Ratio Analysis
Net sales:
Restaurant 80.2% 78.0%
Retail 19.7 21.9
----------- -----------
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 32.8 34.1
----------- -----------
Gross profit 67.2 65.9
Labor & other related expenses 35.9 35.8
Other store operating expenses 18.7 17.0
----------- -----------
Store operating income 12.6 13.1
General and administrative 5.8 5.3
----------- -----------
Operating income 6.8 7.8
Interest expense 0.3 0.3
Interest income -- --
----------- -----------
Pretax income 6.5 7.5
Provision for income taxes 2.2 2.6
----------- -----------
Net income 4.3% 4.9%
=========== ===========
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited and in thousands)
1/27/06 7/29/05
-------------- -------------
Assets
Cash and cash equivalents $20,576 $17,173
Other current assets 167,644 173,310
Property and equipment, net 1,248,071 1,218,298
Long-lived assets 129,316 124,491
-------------- -------------
Total assets $1,565,607 $1,533,272
============== =============
Liabilities and Shareholders' Equity
Current liabilities $257,549 $295,345
Long-term debt 208,563 212,218
Other long-term obligations 161,777 155,721
Shareholders' equity 937,718 869,988
-------------- -------------
Total liabilities and
shareholders' equity $1,565,607 $1,533,272
============== =============
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited and in thousands)
Six Months Ended
1/27/06 1/28/05
-------------- -------------
Cash flow from operating
activities:
Net income $56,519 $62,508
Depreciation and amortization 34,878 33,627
Loss on disposition of property and
equipment 1,536 1,227
Impairment 6,765 0
Accretion on zero-coupon notes 2,845 2,763
Share-based compensation, net of
excess tax benefit 4,086 955
Net changes in other assets and
liabilities (28,407) 37,282
-------------- -------------
Net cash provided by
operating activities 78,222 138,362
-------------- -------------
Cash flows from investing activities:
Purchase of property and equipment (73,072) (76,587)
Proceeds from sale of property and
equipment 120 875
-------------- -------------
Net cash used in investing activities (72,952) (75,712)
-------------- -------------
Cash flows from financing activities:
Net payments on credit facilities
and other long-term obligations (6,605) (94)
Proceeds from exercise of
stock options 13,594 27,501
Excess tax benefit from share-based
compensation 2,890 0
Purchase and retirement of common
stock 0 (87,094)
Dividends on common stock (11,746) (11,333)
-------------- -------------
Net cash used in financing
activities (1,867) (71,020)
-------------- -------------
Net increase/(decrease) in
cash and cash equivalents 3,403 (8,370)
Cash and cash equivalents,
beginning of period 17,173 28,775
-------------- -------------
Cash and cash equivalents, end
of period $20,576 $20,405
============== =============
CBRL GROUP, INC.
Supplemental Information
As of As of As of
1/27/06 7/29/05 1/28/05
Common shares outstanding 47,165,350 46,619,803 47,878,834
Second Quarter Ended Six Months Ended
------------------------------------------
Units in operation:
Cracker Barrel 1/27/06 1/28/05 1/27/06 1/28/05
------------------------------------------
Open at beginning of
period 537 509 529 504
Opened during period 3 5 11 10
------------------------------------------
Open at end of period 540 514 540 514
Logan's- company-operated
Open at beginning of period 129 114 124 107
Opened during period 5 4 10 11
------------------------------------------
Open at end of period 134 118 134 118
Total company-operated units 674 632 674 632
Logan's- franchised
Open at beginning of period 23 20 23 20
Opened during period 1 2 1 2
------------------------------------------
Open at end of period 24 22 24 22
System-wide units 698 654 698 654
Net sales in company-operated stores:
(In thousands)
Cracker Barrel -
restaurant $434,431 $410,387 $861,076 $818,800
Cracker Barrel - retail 152,310 162,341 261,150 280,252
------------------------------------------
Cracker Barrel - total 586,741 572,728 1,122,226 1,099,052
Logan's 106,993 93,869 204,320 179,669
------------------------------------------
Total net sales 693,734 666,597 1,326,546 1,278,721
Franchise fees and
royalties 622 592 1,167 1,121
------------------------------------------
Total revenue $694,356 $667,189 $1,327,713 $1,279,842
==========================================
Operating weeks - company-
operated stores:
Cracker Barrel 7,006 6,661 13,944 13,234
Logan's 1,699 1,516 3,351 2,955
Average unit volume -
company-operated stores:
(In thousands)
Cracker Barrel - restaurant $806.10 $801.0 $1,605.60 $1,608.60
Cracker Barrel - retail 282.6 316.8 486.9 550.6
------------------------------------------
Cracker Barrel - total $1,088.7 $1,117.8 $2,092.5 $2,159.2
==========================================
Logan's $818.7 $804.9 $1,585.3 $1,580.8
==========================================
Comparable store sales period-to-period increase/(decrease):
Q2 2006 vs. Q2 2005 6 mo. 2006 vs. 6 mo. 2005
Cracker Barrel Logan's Cracker Barrel Logan's
Restaurant 1.1% 3.2% 0.3% 1.6%
Retail (9.4%) -- (10.3%) --
Number of stores in
comparable store base 496 107 488 103
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