CBRL Group, Inc. Announces Third Quarter and Nine Months Results.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 19, 1999-- CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) Group, Inc. (Nasdaq/NM:CBRL) today announced results for its third quarter and nine months ended Aprilon compared with $317.4 million in the year-earlier period, and pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income was $23.7 million compared wion WION (1430 AM) is a radio station broadcasting a full service adult contemporary/oldies format to Ionia, Michigan. The station began broadcasting in 1953. Sources
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. ), a year ago. For the nine months ended April 30, 1999, 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 were d with $108.8 million last year; and net incomins, chairman, president and chief executive of1.5%. For the nine months ended April 30, 1999, 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. same store restaurant sales decreased 2.4% an third quarter of fiscal 1999, and six are schrel stores in fiscal 2000. "Management hasue relationship Cracker Barrel offers and represndar 1998, we have improved our field management salary structure and bonus programs and expect to be fully staffed by the end of fiscal 1999. To help restore the servicy staffing levels in the stores. We also have terel. As a result of this menu change and other but remain cautious about same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of trendrease from the 2.2% reported for the calendar qurants were opened during our third quarter, andscal 2000." During the third quarter ended April 30, 1999, the Company completed the purchase of 3 million shares under its first stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. and has purchased 917,500 shares under the second 3 million share stock repurchase plan announced in February February: see month. 1999. 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 which 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 such statements. Factors which will affect actual results include, but are not limited to: the availability and costs of acceptable sites for development; the ability of the Company to recruit RECRUIT. A newly made soldier. and train restaurant personnel in its expansion locations; 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; continued successful development of new and regional menu items; changes in or implementation of additional governmental rules and regulations; and other factors described from time to time in the Company's filings with the Securities and Exchange Commission, press releases and other communications. 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 392 Cracker Barrel Old Country Stores(R) located in 36 states, 50 Company-owned and 5 franchised 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) restaurants located in 15 states and 2 Carmine's Carmine's is a family style restaurant that serves Southern Italian cuisine with sites in Manhattan, Atlantic City. Rhode Island and Paradise Island. [1] History 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 . -0-
CBRL GROUP, INC.
Consolidated Income Statement (Unaudited)
(In thousands, except per share amounts)
Third Quarter Ended
-------------------
Net sales: 4/30/99 5/1/98 Change
-------------- -------------- ------
Restaurant $ 303,447 $ 248,078 22%
Retail 81,970 69,286 18
---------- ----------
Total sales 385,417 317,364 21
Franchise fees and royalties 120 -- --
---------- ----------
Total revenue 385,537 317,364 21
Cost of goods sold 129,580 107,422 21
---------- ----------
Gross profit 255,957 209,942 22
Labor & other related expenses 136,369 108,015 26
Other store operating expenses 69,157 47,785 45
---------- ----------
Store operating income 50,431 54,142 (7)
General and administrative 22,362 15,427 45
Amortization of goodwill 878 53 1,557
---------- ----------
Operating income 27,191 38,662 (30)
Interest expense 3,589 262 1,270
Interest income 104 754 (86)
---------- ----------
Pretax income 23,706 39,154 9 (37)
- $ 0.25 $
0uted 59,798 63,578 (6)
Ratio Analysis
--------------
Net sal ----- Total revenue
100.0% .2
Labor & other related expenses 35.4 34.0
Other store operating expenses 17.9 17.1
General and administrative 5 12.2
Interest expense 0.9 0.1
Interest income 12.3
Provision for income taxes nt $ 828,934 $
722,44 951,909 16
Franchise fees and royalties 120 -- --
---------- ----------
Total revenue 1,104,960 951,909 16
Cost of goods sold 387,799 330,549 17
---------- ----------
Gross profit 717,161 621,360 15
Labor & other related expenses 378,866 320,729 18
Other store operating expenses 181,208 143,927 26
---------- ----------
Store operating income 157,087 156,704 --
General and administrative 59,323 47,975 24
Amortization of goodwill 1,190 53 2,145
---------- ----------
Operating income 96,574 108,676 (11)
Interest expense 5,285 2,159 145
Interest income 902 2,270 (60)
---------- ----------
Pretax income 92,191 108,787 (15)
Provision for income taxes 34,283 40,034 (14)
---------- ----------
Net income $ 57,908 $ 68,753 (16)
========== ==========
Earnings per share:
Basic $ 0.95 $ 1.12 (15)
Diluted $ 0.95 $ 1.09 (13)
Weighted average shares:
Basic 60,902 61,641 (1)
Diluted 61,240 62,888 (3)
Ratio Analysis
--------------
Net sales:
Restaurant 75.0% 75.9%
Retail 25.0 24.1
----- -----
Total sales 100.0 100.0
Franchise fees and royalties 0.0 0.0
----- -----
Total revenue 100.0% 100.0%
Cost of goods sold 35.1 34.7
----- -----
Gross profit 64.9 65.3
Labor & other related expenses 34.3 33.7
Other store operating expenses 16.4 15.1
----- -----
Store operating income 14.2 16.5
General and administrative 5.4 5.1
Amortization of goodwill 0.1 0.0
----- -----
Operating income 8.7 11.4
Interest expense 0.5 0.2
Interest income 0.1 0.2
----- -----
Pretax income 8.3 11.4
Provision for income taxes 3.1 4.2
----- -----
Net income 5.2% 7.2%
===== =====
ENSED BALANCE SHEET
121,752
14,961
---------- ---------
Total assets $1,240,094 $ 992,108
========== =========
Liabilities and Stockholders' Equity
Current liabilities $ 127,416 $ 104,022
Long-term debt 307,000 59,500
Other long-term obligations 27,088 25,212
Stockholders' equity 778,590 803,374
---------- ---------
Total liabilities and
stockholders' equity $1,240,094 $ 992,108
========== =========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
Nine Months Ended
-----------------
4/30/99 5/1/98
Cash flow from operating activities: ------- ------
Net income $ 57,908 $ 68,753
Depreciation and amortization 39,911 32,266
Loss on disposition of property
and equipment 7 242
Net changes in other assets and
liabilities (1,212) 6,223
--------- ---------
Net cash provided by operating activities 96,614 107,484
--------- ---------
Cash flows from investing activities:
Purchase of property and equipment (115,971) (141,762)
Cash paid for acquisition, net of
cash acquired (182,392) (1,886)
Net proceeds from other investing
activities 2,114 4,634
--------- ---------
Net cash used in investing activities (296,249) (139,014)
--------- ---------
Cash flows from financing activities:
Proceeds from issuance of long-term
debt 330,000 --
Proceeds from exercise of stock options 891 22,868
Treasury stock purchases (82,613) --
Principal payments under long-term
debt and other long-term obligations (93,891) (3,698)
Dividends on common stock (970) (974)
--------- ---------
Net cash provided by financing
activities 153,417 18,196
--------- ---------
Net decrease in cash and cash equivalents (46,218) (13,334)
Cash and cash equivalents, beginning
of period 62,593 64,933
--------- ---------
Cash and cash equivalents, end of period $ 16,375 $ 51,599
========= =========
CBRL GROUP, INC.
Supplemental Information by Concept
As of As of
391 349
Carmine's 2
------
Total company-owned System-wide units
---------------- -----------------
$ 247,788 $ 795,847 $ 722,155
Cracker Barrel 950,828
------- --------- ---------
---------- ---------
Total sales $ 385,417 $ 317,364 $1,104,840 $ 951,909
========= ========= ========== =========
Operating Weeks - Company-owned Stores:
Cracker Barrel 5,016 4,403 14,391 12,389
Logan's 594 NA 594 NA
Average Same Store Sales - Company-owned Stores:
(In thousands)
Cracker Barrel - restaurant $ 717.9 $ 736.2 $ 2,191.9 $ 2,245.2
Cracker Barrel - retail 206.5 202.0 727.6 705.6
--------- --------- ---------- ---------
Cracker Barrel - total $ 924.4 $ 938.2 $ 2,919.5 $ 2,950.8
========= ========= ========== =========
Logan's $ 814.8 NA $ 814.8 NA
/a NA - Not applicable.
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