CBRL Group Announces Fiscal Year-End Results; Board Approves Shareholders' Rights Plan.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)--Sept. 8, 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 fiscal year ended July July: see month. 30, 1999. Total revenue for fiscal 1999 was $1,531.6 million compared with 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 of $1,317.1 million in fiscal 1998. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income was $112.8 million compared with $164.7 million last year. Net income was $70.2 million, or $1.16 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 $104.1 million, or $1.65 per share (diluted), last year. Total revenue for the fourth quarter ended July 30, 1999, was $426.7 million compared with net sales of $365.2 million in the fourth quarter last year. Pre-tax income was $20.6 million compared with $55.9 million. Net income was $12.3 million, or $0.21 per share (diluted), compared with $35.4 million, or $0.56 per share (diluted). Commenting on the results, Dan W. Evins, chairman and chief executive officer, said, "For the fourth quarter ended July 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 5.2% and same store retail sales increased 0.4%, for a combined decrease of 3.9%. For the year ended July 30, 1999, Cracker Barrel same store restaurant sales decreased 3.1% and same store retail sales increased 2.4%, for a combined decrease of 1.9%. For the fourth quarter guest traffic in same stores was 1.2% below last year compared with decreases of 6.8% in the second quarter, 3.9% in the third quarter, and 4.6% for the year as a whole. We believe the steps management has implemented over the last several quarters are beginning to have a positive influence on current results as evidenced by improvements in guest traffic trends; however, we continue to remain cautious about the time it will require for our actions to take full effect. "In fiscal 1999, we opened 41 new Cracker Barrel stores bringing the total stores open at fiscal year end to 397, including its first retail-only mall mall: see shopping center. (World-Wide Web) mall - A collection of World-Wide Web documents featuring commercial products and services, usually served by one particualr Internet access provider. store opened in July in Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. . As of July 30, 1999, we had stores in 36 states that included the addition of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. in fiscal 1999. As part of our continuing focus on the
management of our core business, we have reduced our planned store
openings to 30 in fiscal 2000 and 25 in fiscal 2001."For the fourth quarter ended July 30, 1999, 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 in our 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 increased 3.0%. Four company-owned units were opened in the fourth quarter. This brought the total number of company-owned Logan's to 54 at July 30, 1999. We plan to open 12 company-owned Logan's in fiscal 2000." The Company also announced that the Board of Directors has approved a shareholders' rights plan designed to protect the Company and its shareholders from coercive co·er·cive adj. Characterized by or inclined to coercion. co·er  cive·ly adv. , unfair, or inadequate takeover bids Noun 1. takeover bid - an offer to buy shares in order to take over the companytwo-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares . The Company said it has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend of one share purchase Right, to be issued to shareholders of record on September September: see month. 7, 1999, for each share of common stock outstanding. The Company said that the plan was not adopted in response to any known effort to acquire control of the Company. Each Right will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: shareholders, in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , to buy shares of the Company's capital stock at a 50% discount from market value. The Rights become exercisable 10 business days after a person or group acquires, or commences a tender offer that could result in the party acquiring, 15% or more of the Company's outstanding stock. The Company will generally be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to redeem redeem v. to buy back, as when an owner who had mortgaged his/her real property pays off the debt. The term also refers to paying the amount due and all charges after a foreclosure (due to failure to make payments when due) has begun. the Rights at $0.01 per Right at any time prior to the date they become exercisable. The Rights will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on August 31, 2009. 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; labor availability and costs at existing 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; the effects of local or regional year 2000-related computer failures on utilities and vendors serving the Company; 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 405 Cracker Barrel Old Country Stores(R) located in 37 states, including its first retail-only mall store opened in July in Tennessee, 56 company-owned and four franchised Logan's Roadhouse(R) restaurants located in 15 states and two 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 CONDENSED INCOME STATEMENT (Unaudited)
(In 000's, except per share amounts)
Fourth Quarter Ended
---------------------------------------
7/30/99 7/31/98 Change
----------- ----------- ------
Net sales:
Restaurant $ 334,279 $ 282,257 18%
Retail 92,221 82,938 11
----------- -----------
Total sales 426,500 365,195 17
Franchise fees and royalties 165 0 --
----------- -----------
Total revenue 426,665 365,195 17
Cost of goods sold 150,252 119,571 26
----------- ----------
Gross profit 276,413 245,624 13
Labor & other related expenses 159,482 120,392 32
Other store operating expenses 67,000 53,171 26
----------- ----------
Store operating income 49,931 72,061 (31)
General and administrative 22,683 15,669 45
Amortization of goodwill 979 159 516
---------- ----------
Operating income 26,269 56,233 (53)
Interest expense 6,039 867 597
Interest income 417 577 (28)
---------- ----------
Pretax income 20,647 55,943 (63)
Provision for income taxes 8,370 20,560 (59)
---------- ----------
Net income $ 12,277 $ 35,383 (65)
========== ==========
Earnings per share:
Basic $ 0.21 $ 0.57 (63)
Diluted $ 0.21 $ 0.56 (63)
Weighted average shares:
Basic 58,610 62,408 (6)
Diluted 58,725 63,446 (7)
Fiscal Year Ended
--------------------------------------
7/30/99 7/31/98 Change
----------- --------- ------
Net Sales:
Restaurant $ 1,163,213 $ 1,004,702 16%
Retail 368,127 312,402 18
----------- -----------
Total sales 1,531,340 1,317,104 16
Franchise fees and royalties 285 0 --
----------- -----------
Total revenue 1,531,625 1,317,104 16
Cost of goods sold 538,051 450,120 20
----------- -----------
Gross profit 993,574 866,984 15
Labor & other related expenses 538,348 441,121 22
Other store operating expenses 248,208 197,098 26
----------- -----------
Store operating income 207,018 228,765 (10)
General and administrative 82,006 63,647 29
Amortization of goodwill 2,169 209 938
----------- -----------
Operating income 122,843 164,909 (26)
Interest expense 11,324 3,026 274
Interest income 1,319 2,847 (54)
----------- -----------
Pretax income 112,838 164,730 (32)
Provision for income taxes 42,653 60,594 (30)
----------- -----------
Net income $ 70,185 $ 104,136 (33)
=========== ===========
Earnings per share:
Basic $ 1.16 $ 1.68 (31)
Diluted $ 1.16 $ 1.65 (30)
Weighted average shares:
Basic 60,329 61,832 (2)
Diluted 60,610 63,028 (4)
Ratio Analysis
Fourth Quarter Ended
----------------------------
7/30/99 7/31/98
----------- -----------
Net sales:
Restaurant 78.4% 77.3%
Retail 21.6 22.7
----- -----
Total sales 100.0 100.0
Franchise fees and royalties 0.0 0.0
----- -----
Total revenue 100.0% 100.0%
Cost of goods sold 35.2 32.7
----- -----
Gross profit 64.8 67.3
Labor & other related expenses 37.4 33.0
Other store operating expenses 15.7 14.6
----- -----
Store operating income 11.7 19.7
General and administrative 5.3 4.3
Amortization of goodwill 0.2 0.0
----- -----
Operating income 6.2 15.4
Interest expense 1.4 0.2
Interest income 0.1 0.1
----- -----
Pretax income 4.9 15.3
Provision for income taxes 2.0 5.6
----- -----
Net income 2.9% 9.7%
===== =====
Fiscal Year Ended
------------------------
7/30/99 7/31/98
----------- -----------
Net sales:
Restaurant 76.0% 76.3%
Retail 24.0 23.7
----- -----
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 34.2
----- -----
Gross profit 64.9 65.8
Labor & other related expenses 35.2 33.5
Other store operating expenses 16.2 15.0
----- -----
Store operating income 13.5 17.3
General and administrative 5.4 4.8
Amortization of goodwill 0.1 0.0
----- -----
Operating income 8.0 12.5
Interest expense 0.7 0.2
Interest income 0.1 0.2
----- -----
Pretax income 7.4 12.5
Provision for income taxes 2.8 4.6
----- -----
Net income 4.6% 7.9%
===== =====
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
(In thousands)
7/30/99 7/31/98
----------- -----------
Assets
Cash and cash equivalents $ 18,262 $ 62,593
Other current assets 117,432 102,233
Property and equipment, net 1,020,055 812,321
Other assets 119,576 14,961
----------- -----------
Total assets $ 1,275,325 $ 992,108
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities $ 141,497 $ 104,022
Long-term debt 312,000 59,500
Other long-term obligations 30,821 25,212
Shareholders' equity 791,007 803,374
----------- -----------
Total liabilities and
shareholders' equity $ 1,275,325 $ 992,108
=========== ===========
CONSOLIDATED CONDENSED CASH FLOW
(Unaudited)
(In thousands)
Fiscal Year Ended
-----------------------
7/30/99 7/31/98
----------- -----------
Cash flow from operating activities:
Net income $ 70,185 104,136
Depreciation and amortization 53,838 43,434
(Gain) loss on disposition of
property and equipment (259) 227
Net changes in other assets and
liabilities 12,686 3,001
----------- -----------
Net cash provided by operating activities 136,450 150,798
----------- -----------
Cash flows from investing activities:
Purchase of property and equipment (164,718) (180,599)
Cash paid for acquisition,
net of cash acquired (182,392) (1,886)
Net proceeds from other
investing activities 3,383 4,807
----------- -----------
Net cash used in investing activities (343,727) (177,678)
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 355,000 --
Proceeds from exercise of stock options 1,874 29,593
Treasury stock purchases (83,471) --
Principal payments under long-term debt and
other long-term obligations (109,502) (3,766)
Dividends on common stock (955) (1,287)
----------- -----------
Net cash provided by financing activities 162,946 24,540
----------- -----------
Net decrease in cash and cash equivalents (44,331) (2,340)
Cash and cash equivalents, beginning of period 62,593 64,933
----------- -----------
Cash and cash equivalents, end of period $ 18,262 $ 62,593
=========== ===========
CBRL GROUP, INC.
Supplemental Information by Concept
As of As of
7/30/99 7/31/98
--------------- ----------------
Units in Operation:
Cracker Barrel 397 357
Carmine's 2 2
Logan's - company-owned 54 NA(A)
--------------- ----------------
Total company-owned units 453 359
Logan's - franchised 4 NA
--------------- ----------------
System-wide units 457 359
=============== ================
Sales in Company-owned Stores: Fourth Quarter Ended
-----------------------------------
(In thousands) 7/30/99 7/31/98
--------------- ---------------
Cracker Barrel - restaurant $ 294,449 $ 281,791
Cracker Barrel - retail 90,408 81,250
---------- ----------
Cracker Barrel - total 384,857 363,041
---------- ----------
Carmine's 2,366 2,154
Logan's 39,277 NA
---------- ----------
Total sales $ 426,500 $ 365,195
========== ==========
Operating Weeks - Company-owned Stores:
Cracker Barrel 5,109 4,603
Logan's 668 NA
Average Same Store Sales - Company-owned
Stores:
(In thousands)
Cracker Barrel - restaurant $ 761.9 $ 803.4
Cracker Barrel - retail 232.2 231.3
---------- ----------
Cracker Barrel - total $ 994.1 $ 1,034.7
========== ==========
Logan's $ 795.7 NA
Fiscal Year Ended
----------------------------------
7/30/99 7/31/98
---------------- --------------
Cracker Barrel - restaurant $1,090,296 $1,003,946
Cracker Barrel - retail 358,577 309,923
---------- ----------
Cracker Barrel - total 1,448,873 1,313,869
---------- ----------
Carmine's 12,609 3,235
Logan's 69,858 NA
---------- ----------
Total sales $1,531,340 $1,317,104
========== ==========
Operating Weeks - Company-owned Stores:
Cracker Barrel 19,715 17,300
Logan's 1,178 NA
Average Same Store Sales - Company-owned
Stores:
(In thousands)
Cracker Barrel - restaurant $ 2,965.9 $ 3,062.1
Cracker Barrel - retail 960.4 938.3
---------- ----------
Cracker Barrel - total $ 3,926.3 $ 4,000.4
========== ==========
Logan's $ 1,621.5 NA
(A) NA - Not applicable.
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