CBRL Group, Inc. Announces Third Quarter Results.Business Editors 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)--May 18, 2000 CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (Nasdaq:CBRL) today announced results for its third quarter and nine months ended April 28, 2000. Revenue for the third quarter was $436.0 million compared with $385.5 million in the year-earlier period. Comparable store sales for the 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 Country Store concept were up 2.2% for restaurants, reflecting improved customer traffic of 1.2% and higher menu pricing of 1.0%, and down 1.8% in retail. For the quarter, 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). concept recorded comparable store sales improvements of 3.1%, reflecting 2.1% customer traffic increases and 1.0% higher menu pricing. Net income for the quarter was $14.4 million, or $0.25 per share (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. ), compared with $14.7 million, or $0.25 per share (diluted), a year ago. Revenue for the nine months ended April 28, 2000, was $1.3 billion, up 18% from a year earlier. Comparable store sales for the Cracker Barrel Old Country Store concept were down 0.6% for restaurants, reflecting improved customer traffic of 0.7% offset by lower menu pricing of 1.3%, and down 1.9% in retail. For the nine months, the Company's Logan's Roadhouse concept recorded comparable store sales improvements of 3.6%, reflecting 2.4% customer traffic increases and 1.2% higher menu pricing. Including charges incurred in the second quarter of fiscal 2000, of $8.6 million before taxes, or $0.09 per share (diluted) after tax, the Company reported net income for the nine months ended April 28, 2000, of $35.3 million, or $0.60 per share (diluted), compared with $57.9 million, or $0.95 per share (diluted), in the nine months ended April 30, 1999. Commenting on the quarter, Chairman and Chief Executive Officer Dan W. Evins said, "Our third quarter performance reflects continuation continuation - continuation passing style of the recent improving trends in our operational execution. While we still face important challenges, the changes implemented over the last several quarters have had a positive effect, and we are pleased with our continued progress. This is the first time in three years that we have achieved three consecutive quarters of positive customer traffic at Cracker Barrel. Excluding weather- and event-related sales softness in two of the first three weekends of the quarter, comparable store restaurant sales improvements were 3.5% for Cracker Barrel." In the third quarter of fiscal 2000, the Company opened eight new Cracker Barrel stores, two company-owned and one franchised Logan's Roadhouse units, and one 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. The Company also announced that pursuant to its authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: share repurchase plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and , a total of 1,560,000 shares were repurchased at an average price of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $9.15 per share during the third quarter ended April 28, 2000. A total of 472,500 shares remain authorized to be repurchased. The Company presently expects to complete its current authorized share repurchase plan during the fourth quarter. 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 426 Cracker Barrel Old Country Store units located in 40 states, 64 company-owned and seven franchised Logan's Roadhouse restaurants located in 15 states, and three Carmine Giardini's Gourmet Markets located in Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . Except for specific historical information, the matters discussed in this press release 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. that involve risks, uncertainties and other factors that may cause actual results and performance of CBRL Group, Inc. 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 these statements. 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 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 should be evaluated in the context of these factors. Factors which will affect actual results include, but are not limited to: changes in interest rates affecting the Company's financing costs; the availability and costs of acceptable sites for development; the effect of increased competition at company locations on employee recruiting and retention, labor costs and restaurant sales; the ability of the Company to recruit RECRUIT. A newly made soldier. , train and retain restaurant personnel; the acceptance of the Company's concepts as the Company continues to expand into new geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. regions; latent Hidden; concealed; that which does not appear upon the face of an item. For example, a latent defect in the title to a parcel of real property is one that is not discoverable by an inspection of the title made with ordinary care. Year 2000 computer system problems; the results of pending and threatened 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. ; commodity price increases; adverse general economic conditions; adverse weather conditions; changes in or implementation of additional governmental rules and regulations affecting wage and hour matters, health and safety, pensions and insurance; and other areas affected by governmental actions; and other factors described from time to time in the Company's filings with the Securities and Exchange Commission, press releases and other communications.
CBRL GROUP, INC.
CONSOLIDATED INCOME STATEMENT (Unaudited)
(In thousands, except per share amounts)
Third Quarter Ended
4/28/00 4/30/99 Change
--------- --------- ------
Net sales:
Restaurant $ 348,877 $ 303,447 15%
Retail 86,957 81,970 6
---------- ---------- -------
Net sales 435,834 385,417 13
Franchise fees and royalties 152 120 27
---------- ---------- -------
Total revenue 435,986 385,537 13
Cost of goods sold 148,130 129,580 14
---------- ---------- -------
Gross profit 287,856 255,957 12
Labor & other related expenses 162,563 136,369 19
Other store operating expenses 72,745 69,157 5
---------- ---------- -------
Store operating income 52,548 50,431 4
General and administrative 22,284 22,362 --
Amortization of goodwill 999 878 14
---------- ---------- -------
Operating income 29,265 27,191 8
Interest expense 6,113 3,589 70
Interest income 32 104 (69)
---------- ---------- -------
Pretax income 23,184 23,706 (2)
Provision for income taxes 8,741 9,014 (3)
---------- ---------- -------
Net income $ 14,443 $ 14,692 (2)
========== ========== =======
Earnings per share:
Basic $ 0.25 $ 0.25 --
Diluted $ 0.25 $ 0.25 --
Weighted average shares:
Basic 57,704 59,619 (3)
Diluted 57,762 59,798 (3)
Nine Months Ended
4/28/00 4/30/99 Change
--------- --------- ------
Net sales:
Restaurant $1,003,582 $ 828,934 21%
Retail 297,718 275,906 8
---------- ---------- -------
Net sales 1,301,300 1,104,840 18
Franchise fees and royalties 463 120 286
---------- ---------- -------
Total revenue 1,301,763 1,104,960 18
Cost of goods sold 456,778 387,799 18
---------- ---------- -------
Gross profit 844,985 717,161 18
Labor & other related expenses 473,614 378,866 25
Other store operating expenses 221,655 181,208 22
---------- ---------- -------
Store operating income 149,716 157,087 (5)
General and administrative 72,571 59,323 22
Amortization of goodwill 2,996 1,190 152
---------- ---------- -------
Operating income 74,149 96,574 (23)
Interest expense 17,746 5,285 236
Interest income 267 902 (70)
---------- ---------- -------
Pretax income 56,670 92,191 (39)
Provision for income taxes 21,365 34,283 (38)
---------- ---------- -------
Net income $ 35,305 $ 57,908 (39)
========== ========== =======
Earnings per share:
Basic $ 0.61 $ 0.95 (36)
Diluted $ 0.60 $ 0.95 (37)
Weighted average shares:
Basic 58,322 60,902 (4)
Diluted 58,393 61,240 (5)
Third Quarter Ended
4/28/00 4/30/99
Ratio Analysis
Net sales:
Restaurant 80.0% 78.7%
Retail 20.0 21.3
----- -----
Net sales 100.0 100.0
Franchise fees and royalties -- --
----- -----
Total revenue 100.0 100.0
Cost of goods sold 34.0 33.6
----- -----
Gross profit 66.0 66.4
Labor & other related expenses 37.3 35.4
Other store operating expenses 16.7 17.9
----- -----
Store operating income 12.0 13.1
General and administrative 5.1 5.8
Amortization of goodwill 0.2 0.2
----- -----
Operating income 6.7 7.1
Interest expense 1.4 0.9
Interest income -- --
----- -----
Pretax income 5.3 6.2
Provision for income taxes 2.0 2.4
----- -----
Net income 3.3% 3.8%
===== =====
Nine Months Ended
4/28/00 4/30/99
---------- -----------
Ratio Analysis
Net sales:
Restaurant 77.1% 75.0%
Retail 22.9 25.0
----- -----
Net sales 100.0 100.0
Franchise fees and royalties -- --
----- -----
Total revenue 100.0 100.0
Cost of goods sold 35.1 35.1
----- -----
Gross profit 64.9 64.9
Labor & other related expenses 36.4 34.3
Other store operating expenses 17.0 16.4
----- -----
Store operating income 11.5 14.2
General and administrative 5.6 5.4
Amortization of goodwill 0.2 0.1
----- -----
Operating income 5.7 8.7
Interest expense 1.4 0.5
Interest income -- 0.1
----- -----
Pretax income 4.3 8.3
Provision for income taxes 1.6 3.1
----- -----
Net income 2.7% 5.2%
===== =====
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
(In thousands)
4/28/00 7/30/99
----------- -----------
Assets
Cash and cash equivalents $ 14,264 $ 18,262
Other current assets 113,260 119,888
Property and equipment, net 1,074,213 1,020,055
Goodwill, net 108,250 111,246
Other assets 7,702 8,330
----------- -----------
Total assets $ 1,317,689 $ 1,277,781
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 159,771 $ 143,953
Long-term debt 315,000 312,000
Other long-term obligations 31,482 30,821
Stockholders' equity 811,436 791,007
----------- -----------
Total liabilities and
stockholders' equity $ 1,317,689 $ 1,277,781
=========== ===========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
Nine Months Ended
4/28/00 4/30/99
Cash flow from operating activities:
Net income $ 35,305 $ 57,908
Depreciation and amortization 48,112 39,911
Loss on disposition of property
and equipment 1,461 7
Impairment loss 3,887 -
Net changes in other assets and
liabilities 27,480 (1,212)
---------- -----------
Net cash provided by operating activities 116,245 96,614
---------- -----------
Cash flows from investing activities:
Purchase of property and
equipment (107,023) (115,971)
Cash paid for acquisition, net
of cash acquired - (182,392)
Net proceeds from sale of
property and equipment 1,332 2,114
---------- -----------
Net cash used in investing activities (105,691) (296,249)
---------- -----------
Cash flows from financing activities:
Proceeds from issuance of
long-term debt 148,500 330,000
Principal payments under long-term
debt and other long-term
obligations (148,176) (93,891)
Proceeds from exercise of
stock options 40 891
Purchases of treasury stock (14,279) (82,613)
Dividends on common stock (637) (970)
---------- -----------
Net cash (used in) provided by
financing activities (14,552) 153,417
---------- -----------
Net decrease in cash and cash equivalents (3,998) (46,218)
Cash and cash equivalents,
beginning of period 18,262 62,593
---------- -----------
Cash and cash equivalents, end of period $ 14,264 $ 16,375
========== ===========
CBRL GROUP, INC.
Supplemental Information
As of As of As of
4/28/00 7/30/99 4/30/99
Common shares outstanding 57,074,162 58,628,162 58,608,658
Units in operation:
Cracker Barrel 426 396 391
Carmine Giardini's Gourmet Market 3 2 2
Logan's Roadhouse - company-owned 64 54 50
----------- ----------- ----------
Total company-owned units 493 452 443
Logan's Roadhouse - franchised 7 4 5
----------- ----------- ----------
System-wide units 500 456 448
=========== =========== ==========
Third Quarter Ended
4/28/00 4/30/99
--------- ---------
Net sales in company-owned stores:
(In thousands)
Cracker Barrel - restaurant $ 300,401 $ 271,740
Cracker Barrel - retail 83,778 78,942
--------- ---------
Cracker Barrel - total 384,179 350,682
Carmine Giardini's Gourmet Market 4,482 4,154
Logan's Roadhouse 47,173 30,581
--------- ---------
Total net sales $ 435,834 $ 385,417
========= =========
Operating weeks - company-owned stores:
Cracker Barrel 5,503 5,016
Logan's Roadhouse 815 510
Average comparable store sales - Company-owned stores:
(In thousands)
Cracker Barrel - restaurant $ 718.6 $ 703.1
Cracker Barrel - retail 200.0 203.7
--------- ---------
Cracker Barrel - total $ 918.6 $ 906.8
========= =========
Logan's Roadhouse $ 799.7 775.7
========= =========
Capitalized interest $ 314 $ 400
========= =========
Nine Months Ended
4/28/00 4/30/99
--------- ---------
Net sales in company-owned stores:
(In thousands)
Cracker Barrel - restaurant $ 868,606 $ 795,847
Cracker Barrel - retail 289,721 268,169
--------- ---------
Cracker Barrel - total 1,158,327 1,064,016
Carmine Giardini's Gourmet Market 10,698 10,243
Logan's Roadhouse 132,275 30,581
--------- ---------
Total net sales $1,301,300 $1,104,840
========== ==========
Operating weeks - company-owned stores:
Cracker Barrel 16,156 14,391
Logan's Roadhouse 2,325 510
Average comparable store sales - Company-owned stores:
(In thousands)
Cracker Barrel - restaurant $ 2,134.6 $ 2,146.7
Cracker Barrel - retail 707.7 721.2
--------- ---------
Cracker Barrel - total $ 2,842.3 $ 2,867.9
========= =========
Logan's Roadhouse $ 2,362.1 $ 2,280.1
========= =========
Capitalized interest $ 1,178 $ 1,261
========= =========
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