CRACKER BARREL OLD COUNTRY STORE, INC. ANNOUNCES FISCAL YEAR-END RESULTS.LEBANON, Tenn.--(BUSINESS WIRE)--Sept. 10, 1997--Cracker Barrel Old Country Store, Inc. (Nasdaq:NM/CBRL) today announced results for its fiscal year ended August 1, 1997. 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 for fiscal 1997 were $1,123.9 million compared with net sales of $943.3 million in fiscal 1996. Pre-tax income was $137.5 million compared with $116.6 million last year before taking a one-time, pre-tax charge of $14.2 million last year. Net income was $86.6 million, or $1.41 per share, compared with $72.3 million, or $1.19 per share, last year before taking a one-time, after-tax charge of $8.8 million, or $0.15 per share. The one-time charge in the previous fiscal year covered the expense of closing three 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; costs associated with replacing the Company's point-of-sale system; and costs associated with closing its three Cracker Barrel Old Country Store Corner Markets. Net sales for the fourth quarter ended August 1, 1997, were $322.0 million compared with net sales of $282.2 million in the fourth quarter last year. Pre-tax income was $48.9 million compared with $43.1 million before the one-time charge in the year-earlier period. Net income was $31.2 million, or $0.51 per share, compared with $26.7 million, or $0.44 per share before the one-time charge a year ago. Commenting on the results, Dan W. Evins, chairman and chief executive officer, said, "Comparable 52-week same store restaurant sales for fiscal 1997 increased 3.3%, and same store retail sales increased 7.9% for a combined increase of 4.3%. The balance of the sales increase was attributable to new stores opened during the year, net of the effect of the three closed stores. "In the fourth quarter of fiscal 1997, comparable 13-week same store restaurant sales increased 3.0% and same store retail sales were up 4.4%, for a combined increase of 3.3%. Sales from new stores net of the effect of store closings and the effect of a one-week shift in comparable 13-week periods partially offset by an additional week in the fourth quarter of the previous fiscal year accounted for the balance of the fourth quarter increase. The fourth quarter of fiscal 1997 was the 13 weeks beginning May 3, 1997, and ending August 1, 1997. Last fiscal year the fourth quarter was the 14 weeks beginning April 27, 1996, and ending August 2, 1996. The two fiscal quarters do not cover the comparable 13-week periods because fiscal 1996 was a 53-week year. "In fiscal 1997, we opened 50 new Cracker Barrel stores bringing the total stores open at fiscal year end to 307. As of August 1, 1997, we had stores in 31 states which included the addition of Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and Utah during 1997. Our plan is to open 50 new Cracker Barrel stores in fiscal 1998, including new stores in the states of Idaho, Montana, Nebraska, and New Jersey, which will bring the total number of stores to 357 at the end of the year. Our growth strategy continues to focus on delivering quality and value to our customers." 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 Cracker Barrel Old Country Store, Inc. to differ materially from those expressed or implied 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 and train restaurant personnel in its expansion locations; the acceptance of the Cracker Barrel concept as the Company continues to expand into new geographic 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. , Cracker Barrel Old Country Store, Inc. currently operates 314 restaurants located in Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. , Florida, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , Texas, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Ohio, Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). , Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW).
Facts and FiguresArea, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , Louisiana, Pennsylvania, Oklahoma, Arkansas, Colorado, New York, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Wisconsin, Arizona, Kansas, Iowa, Minnesota, Utah, Maryland, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Connecticut, Montana, and New Jersey. -0-
CRACKER BARREL OLD COUNTRY STORE, INC.
Income Statements (Unaudited)
(In 000's, except share amounts)
Fourth Quarter Ended Fiscal Year Ended
Net sales: 08/01/9 08/02/96 Change 08/01/97 08/02/96 Change
Restaurant $249,334 $220,269 13% $862,954 $734,159 18%
Gift shop 72,698 61,945 17 260,897 209,128 25
-------- -------- -------- --------
Total sales 322,032 282,214 14 1,123,851 943,287 19
Cost of goods
sold 108,369 96,657 12 387,703 324,905 19
-------- -------- -------- --------
Gross profit 213,663 185,557 15 736,148 618,382 19
Labor & other
related
expenses 107,401 93,320 15 378,117 314,157 20
Other store
operating
expenses (1) 43,150 52,517 (18) 162,675 152,900 6
General and
administrative 13,787 11,104 24 57,798 50,627 14
-------- -------- -------- --------
Total expenses 164,338 156,941 5 598,590 517,684 16
Operating income 49,325 28,616 72 137,558 100,698 37
Interest expense 1,003 101 893 2,089 369 466
Interest income 602 349 72 1,988 2,051 (3)
-------- -------- -------- --------
Pretax income 48,924 28,864 69 137,457 102,380 34
Provision for
income taxes (1) 17,682 10,929 62 50,859 38,865 31
-------- -------- -------- --------
Net income $31,242 $17,935 74 $86,598 $63,515 36
======== ======== ======== ========
Earnings per
share $ 0.51 $ 0.29 76 $ 1.41 $ 1.04 36
Weighted average
shares 61,812 61,120 1 61,446 60,813 1
Ratio Analysis
Net sales:
Restaurant 77.4% 78.1% 76.8% 77.8%
Gift shop 22.6 21.9 23.2 22.2
-------- -------- -------- --------
Total sales 100.0 100.0 100.0 100.0
Cost of goods sold 33.7 34.2 34.5 34.4
-------- -------- -------- --------
Gross profit 66.3 65.8 65.5 65.6
Labor & other
related expenses 33.3 33.1 33.7 33.3
Other store
operating
expenses (1) 13.4 18.6 14.5 16.2
General and
administrative 4.3 3.9 5.1 5.4
-------- -------- -------- --------
Total expenses 51.0 55.6 53.3 54.9
-------- -------- -------- --------
Operating income 15.3 10.2 12.2 10.7
Interest expense 0.3 0.0 0.2 0.1
Interest income 0.2 0.1 0.2 0.2
-------- -------- -------- --------
Pretax income 15.2 10.3 12.2 10.8
Provision for
income taxes (1) 5.5 3.9 4.5 4.1
-------- -------- -------- --------
Net income 9.7% 6.4% 7.7% 6.7%
======== ======== ======== ========
(1) Includes the pre-tax charge of $14,199 related to write-offs in
the fourth quarter of fiscal 1996 for closure of three Cracker
Barrel stores, three Corner Markets, and the Company's
point-of-sale system. The after-tax effect of this one-time
charge was $8,806 or $0.15 per share.
CONTACT: Cracker Barrel Old Country Store Inc., Lebanon Michael A. Woodhouse, 615/444-5533 |
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