Cara Finishes The Year Strongly With Improved Fourth Quarter Results.Business Editors TORONTO--(BUSINESS WIRE)--May 30, 2002 Cara Operations Cara Operations Limited is a Canadian company that provides catering services to airlines and operates several restaurant and coffee shop chains including: Harvey's, Swiss Chalet, Kelsey's , Milestones and Montana's. The company is based across from Lester B. Limited
Cara Operations Limited
Report to Shareholders
For the Fourth Quarter ended March 31, 2002
with comparative figures
for the Fourth Quarter ended April 1, 2001
Cara Operations Limited ("Cara") today announced its operating results for the Fourth Fiscal Quarter of 2002 being the 16-week period ended March 31, 2002 (the "Fourth Quarter" or the "Quarter"). Cara finished Fiscal 2002 strongly, reporting Fourth Quarter system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. of $475.6 million and gross revenues of $307.1 million reflecting year-over-year growth of 9.8% and 5.8%, respectively. Net earnings and earnings per share for the Quarter improved to $10.1 million and 11 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. respectively compared to $9.9 million and 10.7 cents respectively reported last year. "We are pleased with the manner in which the Fourth Quarter operating results rebounded from the Third Quarter and with the year-over-year improvement. This positive performance was largely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the cost reductions implemented at Airline Services in the Third Quarter to counteract the negative impact of last year's slowing economy and the events of September September: see month. 11th, 2001, as well as the continued profitable growth of our recognized restaurant brands. Notwithstanding the significant adverse impact that the after-shock of September 11th had on the results of our Airline Services Division, Cara reported its second most profitable year on record (when measured by EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ). This fact underscores the evolutionary change that has occurred at Cara over the last few years, and we want to thank all our teammates and operating associates for their exemplary efforts and dedication towards this achievement. Subsequent to the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , we completed the sale of our Heathcare Services Division to Compass Group The British company Compass Group LSE: CPG is one of the largest food service businesses in the world. It provides catering services to many types of institutions, for example schools, hospitals, companies and nursing homes. Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of for total proceeds of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $30 million, and in addition, in a transaction having a total value of $34.4 million announced our intention to exchange our existing interest in The Spectra Group of Great Restaurants Inc. ("Spectra") for a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in the Milestone's restaurants Milestone's Restaurants Inc. is a Canadian bar and grill restaurant headquartered in North Vancouver, British Columbia owned by Cara Operations. There are over 30 locations in British Columbia, Alberta and Ontario. chain. In addition, during the Quarter, we completed the acquisition of the remaining shares of Second Cup. These strategic initiatives have positioned Cara as a leading integrated restaurant company dedicated to focusing our human and financial resources on the accelerated growth of our core brands. Our continued focus, together with the ongoing support of all our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , should enable Cara to further enhance stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. value and continue to build leadership businesses into fiscal 2003 and beyond", commented Gabe Tsampalieros, Cara's President and Chief Executive Officer. MANAGEMENT DISCUSSION & ANALYSIS OF OPERATIONS CONSOLIDATED con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: RESULTS Included as an integral part of its press release announcing quarterly financial results, Cara provides extensive disclosure including consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , statements of earnings, retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. , and cash flows and detailed accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. footnotes. All information is prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . As supplemental information, Cara also provides information on adjusted earnings bases including EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become , EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). and earnings before unusual items. These adjusted earnings, though commonly used and generally understood, do not have any standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meaning prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). under GAAP and, therefore, may not be necessarily comparable to similar measures presented by other issuers. The definitions of EBITDA, EBIT and earnings before unusual items are explained below and can also be specifically identified on the attached consolidated income statement consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. where such measures are reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to GAAP earnings. These adjusted earnings measures are considered useful information as they are used by Cara management to measure internal operating performance and are also used externally by most financial analysts in their assessment of the Company's financial condition, estimating future earnings and valuing the Company.
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4th Quarter 4th Quarter
(In thousands of dollars ended ended %
except for per March, 31-02 April 01-01 Variance
share data)
--------------------------------------------------------------------
System Sales (Note 1) $ 475,561 $ 433,021 9.8%
--------------------------------------------------------------------
Gross Revenue 307,148 290,341 5.8%
--------------------------------------------------------------------
EBITDA (Note 2) 33,694 27,353 23.2%
--------------------------------------------------------------------
EBIT (Note 3) 19,834 16,935 17.5%
--------------------------------------------------------------------
Net Earnings before
Unusual Items 10,100 9,902 2.0%
--------------------------------------------------------------------
Gain on sale of
business (Note 4) - -
--------------------------------------------------------------------
Cara's share in Second
Cup's investment
write-down - 47
--------------------------------------------------------------------
Net Earnings 10,100 9,949 1.5%
--------------------------------------------------------------------
EPS before Unusual items
(in cents) 11.0 10.7 2.8%
--------------------------------------------------------------------
EPS (in cents) 11.0 10.7 2.8%
--------------------------------------------------------------------
--------------------------------------------------------------------
52 Weeks 52 Weeks
(In thousands of dollars ended ended %
except for per March 31-02 April 01-01 Variance
share data)
--------------------------------------------------------------------
System Sales (Note 1) $ 1,548,745 $ 1,609,021 -3.7%
--------------------------------------------------------------------
Gross Revenue 1,036,749 1,127,460 -8.0%
--------------------------------------------------------------------
EBITDA (Note 2) 109,108 115,844 -5.8%
--------------------------------------------------------------------
EBIT (Note 3) 66,048 75,253 -12.2%
--------------------------------------------------------------------
Net Earnings before
Unusual Items 35,654 39,139 -8.9%
--------------------------------------------------------------------
Gain on sale of
business (Note 4) - 65,505
--------------------------------------------------------------------
Cara's share in Second
Cup's investment
write-down - (1,966)
--------------------------------------------------------------------
Net Earnings 35,654 102,678 -65.3%
--------------------------------------------------------------------
EPS before Unusual items
(in cents) 38.7 42.2 -8.3%
--------------------------------------------------------------------
EPS (in cents) 38.7 110.6 -65.1%
--------------------------------------------------------------------
Note 1: System sales include sales by Cara's franchisees and
franchise operators but exclude intercompany sales and sales to Cara's
franchise operators by Summit Food Service Distributors Inc. ($60.1
million and $45.3 million in the quarter for FY 2002 and FY 2001,
respectively; $205.2 million and $154.4 million year-to-date).
Note 2: EBITDA is earnings before interest, taxes, depreciation
and amortization.
Note 3: EBIT is earnings before interest, provision for taxes and
after-tax equity income.
Note 4: The gain on sale of Beaver Foods of $65.5 million is net
of applicable taxes of $24.0 million.
For the Fiscal Year ended March 31, 2002, system sales were $1.55 billion, gross revenues were $1.04 billion and net earnings were $35.7 million or 38.7 cents per share. These results reflect the adverse impact that the events of September 11th had on the operating results of the Airline Services Division which, in addition to the decline in revenue, expensed an aggregate of $3.5 million to increase its provision for bad debts and provide for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs associated with the cost reductions implemented at that time. Conversely con·verse 1 intr.v. con·versed, con·vers·ing, con·vers·es 1. To engage in a spoken exchange of thoughts, ideas, or feelings; talk. See Synonyms at speak. 2. , by any measure, Fiscal 2001, was a record year with system sales of $1.6 billion, gross revenues of $1.1 billion and net earnings of $102.7 million ($1.11 per share) inclusive of inclusive of prep. Taking into consideration or account; including. a $65.5 million after tax gain (70.6 cents per share) on the sale of substantially all of the contract food catering business of Cara's wholly-owned subsidiary, Beaver beaver, either of two large aquatic rodents, Castor fiber and Castor canadensis, known for their engineering feats. They were once widespread in N and central Eurasia except E Siberia, and in North America from the arctic tree line to the S United Foods Limited. In addition, during Fiscal 2001, $2.7 million (3.0 cents per share) of goodwill amortization was expensed, whereas as explained below, no goodwill amortization was expensed in Fiscal 2002. In the Quarter, consolidated net earnings increased to $10.1 million and earnings per share were 11 cents compared to $9.9 million and 10.7 cents per share respectively reported last year. The major factors that should be taken into account when comparing the Fourth Quarter results to those of the previous year include: -- The acquisition of the remaining 61.1% interest in Second Cup not owned by Cara for a total cash cost of $50.3 million. -- Cash flow of $25.5 million before changes in working capital, generated from operating activities. -- Capital expenditures of $18.2 million of which $8.5 million were for new restaurant construction and $4.5 million for restaurant renovations. -- Dividends paid of $7.4 million. At the end of the Quarter, Cara's net debt stood at $124.7 million, which is approximately $37.1 million higher than at the end of the third quarter, and compares with $61.3 million at the end of last year. Cash flow generated in the Quarter was strong and reflects the impact of the following: -- The acquisition of the remaining 61.1% interest in Second Cup not owned by Cara for a total cash cost of $50.3 million. -- Cash flow of $25.5 million before changes in working capital, generated from operating activities. -- Capital expenditures of $18.2 million of which $8.5 million were for new restaurant construction and $4.5 million for restaurant renovations. -- Dividends paid of $7.4 million. Set out below are some of the operating highlights of our major operating divisions: Swiss Chalet
Swiss Chalet is a chain of Canadian family restaurants originally founded in 1954 in Toronto, Ontario. In the Fourth Quarter, Swiss Chalet system sales grew by 8.2% to $122.9 million. Supported by good weather and another successful Festive fes·tive adj. 1. Of, relating to, or appropriate for a feast or festival. 2. Merry; joyous: a festive party. Special promotion, growth in same restaurant sales remained positive increasing by 2.3%, marking the tenth Tenth can mean: In mathematics:
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 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 compared to 179 last year. Harvey's This article is about the Canadian fast food chain. For other uses, see Harvey's (disambiguation). Harvey's is a fast food restaurant chain that operates in Canada, with locations concentrated in southern and eastern Ontario, southern Quebec, the Maritimes, and urban System sales in the Fourth Quarter increased by 0.3% to $78.6 million while same restaurant sales increased by 2.5%. Harvey's has also achieved year-over-year growth in same restaurant sales in each of the last ten fiscal quarters. On an annual basis, system sales increased by 2% with same restaurant sales up 3%. The growth in same restaurant sales is attributable to the continuing restaurant rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. program, enhanced guest focus and operational excellence. During the Quarter, 2 restaurants were opened (14 for the year) while 7 restaurants were closed (19 for the year) bringing the total number of Harvey's restaurants in operation at the end of the fiscal year to 363 (110 non traditional) versus 368 (102 non traditional) at this time last year. In the coming year and beyond, our focus will be on the accelerated development of "traditional", i.e., full service restaurants. Kelsey's System sales in the Fourth Quarter increased by 18.1% to $105.1 million. The significant increase is primarily attributable to the addition of 24 new restaurants in the last twelve months, and to same restaurant sales growth of 0.05% for the Kelsey's brand and 0.06% for the Montana's brand. For the year, same restaurant sales growth was 1.1% for Kelsey's and 0.4% for Montana's. In the Quarter, 3 Kelsey's (11 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. ) and 4 Montana's (11 year-to-date) restaurants were opened bringing the total number of restaurants operating under these brands to 160, consisting of 99 Kelsey's, 47 Montana's and 14 Outback restaurants. Airport Services In the Fourth Quarter, sales decreased by $6.7 million or 9.3% to $64.7 million. The primary factor affecting sales in the Quarter and the year-over-year variance The discrepancy between what a party to a lawsuit alleges will be proved in pleadings and what the party actually proves at trial. In Zoning law, an official permit to use property in a manner that departs from the way in which other property in the same locality was the substantial decline in passenger travel following September 11th, which was mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. to some extent by the assumption of the in-flight in-flight adj. 1. Occurring, carried out, or present while in flight: in-flight refueling. 2. Provided or offered during a flight: in-flight meals. catering requirements of the former Canadian Airlines' flights in Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing and Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. . However, as a result of the cost reduction initiatives implemented in the Third Quarter, improved operational efficiencies at the new flight kitchen in Toronto, and improving load factors, as expected, the divisions' operating performance improved in the Fourth Quarter, relative to the Third Quarter. Air Terminal Restaurants It is estimated that, following September 11th, passenger traffic in the airports has decreased by approximately 10%. As expected, throughout the Quarter, passenger traffic in the airports remained at the reduced levels and sales declined in the Quarter by 5.0% to $21.8 million compared to last year. On a positive note, subsequent to the year-end, Air Terminal Restaurants was awarded a 10-year contract by each of the Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. and Calgary Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial Airport Authorities An airport authority is an independent entity charged with the operation and oversight of an airport (or group of airports). These authorities are often governed by a group of airport commissioners, who are appointed to lead the authority by a government official. to develop and
operate food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. outlets. The Saskatoon award represents a new
opportunity for Cara while the Calgary award will further enhance
Cara's presence at that Airport. The estimated aggregate sales
potential of the two awards over the 10-year period is $60.5 million.
Summit Foods Sales (including inter-company sales) for the Quarter increased by 18.8% over a year ago to $112.6 million. This growth is primarily attributable to the new business being serviced from Summit's new 128,000 square foot distribution center in Mississauga, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen . The majority of the new business was internal and consists of Kelsey's and Montana's accounts and additional Harvey's and Swiss Chalet accounts in the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. . The division also reported sales growth in "Street" accounts including sales to Compass Canada. The rate of growth, although significant in absolute terms (Alg.) such as are known, or which do not contain the unknown quantity. See also: Absolute , is slower than that reported in previous Quarters as some of Summit's "street accounts" experienced sales decline in the Fourth Quarter. As a result of its continuing growth, construction is under way to expand Summit's London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. distribution centre by almost 20,000 square feet. Completion is expected by July July: see month. 2002. Second Cup Effective February February: see month. 9, 2002, Second Cup became a wholly-owned subsidiary of Cara. For the seven weeks ended March 31, 2002, Second Cup reported system sales of $22.7 million with positive 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 growth of 4.7%. The total number of cafes operating as at the end of fiscal 2002 was 388. During fiscal 2003, Second Cup will continue to focus on same store sales growth initiatives, operational excellence and synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. cost savings arising from and related to its new relationship with Cara. Subsequent Events On April 8, 2002, Cara announced that it, together with Wayne Wayne, city (1990 pop. 19,899), Wayne co., SE Mich., a suburb of Detroit, on the Lower Rouge River; inc. as a village 1869, and with surrounding areas as a city 1960. It has automobile and aircraft industries and other varied manufactures. Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h ("Holm") entered into an Arrangement Agreement to acquire the Milestone's restaurant business from The Spectra Group of Great Restaurants ("Spectra") in a cash and share transaction valued at $34.4 million, plus the assumption of related liabilities. Under the offer, Cara-Holm will surrender To give up, return, or yield. The word surrender presupposes the possession or ownership of the thing that is to be returned or given up. It indicates a transfer of title as well as possession, but it does not express or in any way suggest the transaction of a sale for cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. the 6.64 million shares of Spectra held by them and make a cash payment of $15 million to Spectra. As a result, Cara and Holm will each cease to be shareholders of Spectra. Milestone's Restaurants Inc., the new company established to own and operate the Milestone's business will be owned approximately 74% by Cara and 26% by Holm, who will also be its President. On April 29, 2002, the Company completed the sale of the Healthcare Services Division for total proceeds of approximately $30 million and will record a gain on the sale, as a result. On May 21, 2002, the Corporation approved and filed with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. a renewal Notice of Intention to make a Normal Course Issuer Bid permitting the Corporation to purchase through the facilities of the Exchange, up to a total of 2,149,225 common shares and 2,445,527 class A non-voting non-voting adj non-voting shares → azioni fpl senza diritto di voto shares of the Corporation representing approximately 5% of the outstanding common shares and class A non-voting shares of the Corporation respectively. DIVIDEND Cara also announced today that the Board of Directors has approved a semi-annual dividend of 8 cents per share payable on June June: see month. 18, 2002 to Common, and Class A shareholders of record on June 11, 2002. ANNUAL SHAREHOLDERS' MEETING shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. The Annual General Meeting of Shareholders of the Corporation will be held on Thursday Thursday: see week. , July 25th, 2002 at 11:00 am at The Toronto Hilton Hil·ton , Conrad Nicholson 1887-1979. American hotel-chain organizer who acquired hotels in many American cities and in 1946 founded the Hilton Hotel Corporation. , 145 Richmond Richmond, cities, United States Richmond. 1 City (1990 pop. 87,425), Contra Costa co., W Calif., on San Pablo Bay, an inlet of San Francisco Bay; inc. 1905. Street West, Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. M5H 2L2. With annual system sales of in excess of $1.8 billion, Cara Operations Limited, based in Toronto, Ontario, Canada is one of Canada's leading integrated restaurant companies, providing employment for more than 31,500 Canadians This is a list of Canadians. Architects
In food:
offer to acquire a controlling interest in the Milestone's restaurant business in a cash and share transaction having a total value of $34.4 million, which would result in Cara no longer owning shares in Spectra. An analyst conference call to review The Quarter and fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. results will be held at 9:00 am on May 31, 2002. Those who wish to "listen-in" on the call may do so by calling (416) 641-6655.
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CARA OPERATIONS LIMITED
Consolidated Statements of Earnings and Retained Earnings
Unaudited
Unaudited Audited
(In thousands of 16 Week 16 Week 52 Week 52 Week
dollars, except Period Period Period Period
earnings per Ended Ended Ended Ended
share data) March 31, April 1, March 31, April 1,
2002 2001 2002 2001
---------------------------------------------------------------------
---------------------------------------------------------------------
System Sales $ 475,561 $ 433,021 $ 1,548,745 $ 1,609,021
---------------------------------------------------------------------
---------------------------------------------------------------------
Gross Revenue $ 307,148 $ 290, 341 $ 1,036,749 $ 1,127,460
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings before the
following: $ 33,694 $ 27,353 $ 109,108 $ 115,844
Amortization of
property, plant and
equipment 13,497 9,344 41,830 36,008
Amortization of
goodwill, brands and
other intangible
assets (note 4) 363 1,074 1,230 4,583
---------------------------------------------------------------------
19,834 16,935 66,048 75,253
Net interest
expense (note 3) (1,110) 257 (5,487) (7,173)
Gain on Sale of
Business - - - (89,548)
Equity earnings
(loss) (467) (74) 887 (927)
---------------------------------------------------------------------
Earnings before
income taxes and
non-controlling
shareholders'
interest 18,257 17,118 61,448 67,153
Provision for income
taxes 7,257 6,235 23,434 28,114
Non-controlling
shareholders'
interest 900 934 2,360 1,866
---------------------------------------------------------------------
Earnings before: 10,100 9,949 35,654 37,173
Gain on sale of
business, net
of tax - - - 65,505
---------------------------------------------------------------------
Net earnings for
the period $ 10,100 $ 9,949 $ 35,654 $ 102,678
Retained Earnings -
Beginning of Period 320,408 305,303 308,064 219,108
Share repurchase
under Normal Course
Issuer Bid - (543) (5,228) (578)
Issuance of capital
stock on exercise
of options (259) (145) (800) (145)
Dividends (7,399) (6,500) (14,840) (12,999)
---------------------------------------------------------------------
Retained Earnings -
End of Period $ 322,850 $ 308,064 $ 322,850 $ 308,064
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings Per Share
before unusual items
(cents) (note 7)
Basic 11.0 10.7 38.7 42.2
Diluted 10.9 10.6 38.3 42.0
---------------------------------------------------------------------
Earnings Per Share
(cents) (note 7)
Basic 11.0 10.7 38.7 110.6
Diluted 10.9 10.6 38.3 110.3
---------------------------------------------------------------------
See accompanying notes to interim consolidated financial
statements.
-----------------------------------------------------------------
CARA OPERATIONS LIMITED
Consolidated Balance Sheets
As at March 31 As at April 1
2002 2001
(In thousands of dollars) Audited Audited
-----------------------------------------------------------------
-----------------------------------------------------------------
ASSETS
Current Assets
Cash $ 15,003 $ 106,429
Marketable investment (note 3) 75,710 -
Accounts receivable 68,793 64,138
Inventories 25,575 28,768
Prepaid expenses and
other assets 6,972 5,866
Future income taxes 9,500 6,414
Current portion of
long-term receivables 2,571 2,548
-----------------------------------------------------------------
204,124 214,163
Long-Term Receivables 12,704 15,149
Property, Plant and Equipment 376,041 363,716
Goodwill (note 4) 23,150 23,150
Brands and Other
Intangible Assets 116,325 34,565
Equity Investments (note 10) 14,294 37,984
-----------------------------------------------------------------
$ 746,638 $ 688,727
-----------------------------------------------------------------
-----------------------------------------------------------------
LIABILITIES
Current Liabilities
Bankers' acceptances $ 51,500 $ -
Accounts payable and
accrued liabilities 123,740 117,553
Income taxes payable 3,890 25,253
Current portion of
long-term debt 3,880 4,420
-----------------------------------------------------------------
183,010 147,226
Long-Term Debt (note 5) 160,024 162,697
Other Long-Term Liabilities 22,354 19,450
Future Income Taxes 18,382 15,052
-----------------------------------------------------------------
383,770 344,425
-----------------------------------------------------------------
-----------------------------------------------------------------
Non-controlling
shareholders' interest 9,310 5,800
-----------------------------------------------------------------
SHAREHOLDERS' EQUITY
Capital Stock (note 6) 30,708 30,438
Retained Earnings 322,850 308,064
-----------------------------------------------------------------
353,558 338,502
-----------------------------------------------------------------
$ 746,638 $ 688,727
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
See accompanying notes to interim consolidated financial
statements.
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CARA OPERATIONS LIMITED
Consolidated Statements of Cash Flows
Unaudited Unaudited Audited
16 Week 16 Week 52 Week 52 Week
Period Period Period Period
(In thousands of Ended Ended Ended Ended
dollars) March 31, April 1, March 31, April 1,
2002 2001 2002 2001
---------------------------------------------------------------------
Cash Flows Provided by
(Used in)
Operating Activities
Net earnings for
the period $ 10,100 $ 9,949 $ 35,654 $ 102,678
Adjustments for:
Amortization of
property, plant
and equipment 13,497 9,344 41,830 36,008
Amortization of
goodwill, brands
and other
intangible
assets 363 1,074 1,230 4,583
Gain on sale of
business - - - (89,548)
(Gain) loss on
disposal of
property,
plant and
equipment (147) 3,233 (188) 3,219
Future income taxes 1,021 6,371 1,021 6,371
Equity (earnings)
loss 467 74 (887) 927
Non-controlling
shareholders'
interest 900 934 2,360 1,866
Other non-cash
items (689) 308 (1,747) 430
Change in non-cash
operating working
capital (note 9) 13,516 (17,731) (21,601) 14,811
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39,028 13,556 57,672 81,345
Investing Activities
Acquisition of
marketable
investment $ - $ - $ (74,602) $ -
Business acquisition
(note 2) (50,254) - (50,254) -
Purchase of property,
plant and equipment (18,173) (36,148) (58,053) (114,789)
Dividends from The
Second Cup shares - - - 7,326
Proceeds on sale of
business - (2,235) - 149,058
Proceeds on disposal
of property, plant
and equipment 1,132 8,877 5,548 13,570
Purchase of
intangible
assets (128) 5 (248) (763)
Collection (issuance)
of mortgages and
notes 429 4,907 1,190 (2,518)
Collection of
employee share
purchase loans (1) 2,041 1,232 3,426
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$ (66,995) $ (22,553) $ (175,187) $ 55,310
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Financing Activities
Bankers' acceptances
issued $ 114,200 $ - $ 236,472 $ -
Repayment of bankers
acceptances issued (70,200) - (184,972) -
Share repurchase under
Normal Course Issuer
Bid - (600) (5,758) (641)
Repayment of
long-term debt (2,889) (18,741) (5,963) (20,086)
Dividends paid (7,399) (6,500) (14,840) (12,999)
Issuance of capital
stock by subsidiary - - 1,150 -
Issuance of capital
stock - 283 - 283
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$ 33,712 $ (25,558) $ 26,089 $ (33,443)
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Net Change in Cash 5,745 (34,555) (91,426) 103,212
Cash - Beginning of
Period 9,258 140,984 106,429 3,217
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Cash - End of Period $ 15,003 $ 106,429 $ 15,003 $ 106,429
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See accompanying notes to interim consolidated financial
statements.
Cara Operations Limited
Notes to Interim Consolidated Financial Statements
For the 52 week period ended March 31, 2002 and April 1, 2001
Unaudited
1. Basis of Presentation The Corporation prepares its interim financial statements in accordance with Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting on a basis consistent with those used and described in the annual consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge . The disclosures contained in these interim consolidated financial statements do not include all requirements of generally accepted accounting principles for annual financial statements. These interim consolidated financial statements should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the annual consolidated financial statements for the year ended April 1, 2001. In fiscal 2002, the Corporation adopted the new recommendations issued by The Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants (CICA) is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. Membership of the CICA totals 70,000 Chartered Accountants and 8,500 students. ("CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) ") on interim financial statements. Also in fiscal 2002, the Corporation adopted the new recommendations of The Canadian Institute of Chartered Accountants ("CICA") pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to goodwill and other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Under the new recommendations, which have been applied prospectively, goodwill and other intangible assets with indefinite INDEFINITE. That which is undefined; uncertain. INDEFINITE, NUMBER. A number which may be increased or diminished at pleasure. 2. When a corporation is composed of an indefinite number of persons, any number of them consisting of a majority of those useful lives are no longer amortized. Goodwill was reviewed for 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. upon adoption of the new recommendations and will be reviewed at least annually thereafter. 2. Business Acquisition Effective February 9, 2002, the Corporation acquired all the remaining issued and outstanding common shares of The Second Cup Ltd. ("Second Cup") pursuant to an offer of $8.00 cash per share made by the Corporation. Previously the Corporation had an equity investment of approximately 39% in Second Cup. The purchase price consisted of $50.3 million cash consideration paid for common shares and related acquisition costs. In addition, $7.0 million was accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. on acquisition to provide for restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and certain liabilities assumed. The fair value assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. to the brand has an indefinite life and accordingly is not subject to amortization. The acquisition has been accounted for by the purchase method and the Corporation has included the results of operations in its consolidated financial statements, from the effective date of acquisition. The net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. consolidated at the date of acquisition were as follows:
(In thousands of dollars)
Current assets $ 4,785
Property, plant and equipment 1,462
Other non-current assets 575
Brands 82,745
------------------------------------------------------
89,567
Liabilities 14,036
------------------------------------------------------
Total acquisition cost $ 75,531
-----------
-----------
Represented by:
Cash consideration $ 50,254
Previous acquired under equity investment 25,277
-----------
$ 75,531
-----------
-----------
3. Marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. Investment During the year, the Corporation made an investment totalling U.S. $48.5 million in a principal-protected forward contract to purchase marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has in July 2004. As this forward contract can be converted at any time into marketable securities at quoted market prices, it is classified as a current asset and carried at market value with any unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. and losses, including unrealized gains and losses with respect to the U.S. foreign exchange contract, included in net interest expense. To hedge the foreign exchange risk, the Corporation has entered into a forward contract to sell $50 million U.S. dollars at a rate approximating approximating, adj See approximal. the exchange rate at the time the investment was made. Should the investment remain outstanding until July 2004, the initial principal of U.S. $48.5 million invested in this forward contract would be fully recoverable at that time through a put option held by the Corporation for the sale of the marketable securities. The put option is a direct obligation of a bank that has an AA-credit rating from Standard & Poor's. 4. Goodwill, Brands and Other Intangible Assets The effect of adopting the new recommendations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc goodwill and other intangible assets in the year is an increase of $2.3 million in earnings or an increase of 2.5 cents per share. Last year's results included amortization of goodwill and brands in the amount of $2.7 million. If that amount had not been deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. from earnings, net earnings for the year ended April 1, 2001 would have increased by $2.7 million or 3.0 cents per share to $105.4 million or 113.6 cents per share. 5. Long -Term Debt During the year, the Corporation entered into interest rate swap Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. contracts to convert the current 5.95% fixed rate of interest paid by the Corporation on its medium term notes to a floating variable short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. rate based on 3 month bankers' acceptances A bankers' acceptance, or BA, is a time draft drawn on and accepted by a bank. Before acceptance, the draft is not an obligation of the bank; it is merely an order by the drawer to the bank to pay a specified sum of money on a specified date to a named person or to the for the term of the medium term notes, and is part of the Corporation's strategy to reduce interest cost in the context of current economic conditions. For the year ended March 31, 2002, a net interest differential of $2.3 million was recognized on the fixed-to-floating interest rate swap contract and reduced the net interest expense of the Corporation. The average effective rate of interest was 3.7%. 6. Capital Stock The Corporation's authorized capital stock authorized capital stock The number of shares of capital stock that a business may issue. Authorized capital stock is stated in a firm's articles of incorporation; changes in it may occur only if approved by the stockholders. consists of an unlimited number of common shares, class A non-voting shares and preference shares issuable in series. Shares issued are set out below:
Class A non-voting Common shares
---------------------------------------------------------------------
(In thousands of
dollars, except Number of Stated Number of Stated
number of shares) Shares Amount Shares Amount
---------------------------------------------------------------------
Balance at
April 1, 2001 49,851,952 $ 24,310 42,984,520 $ 6,128
Repurchase of
shares under
Normal Course
Issuer Bid (1,072,900) (530) - -
Options exercised 131,490 800 - -
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Balance at March
31, 2002 48,910,542 $ 24,580 42,984,520 $ 6,128
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Total
---------------------------------------------------------------------
(In thousands of
dollars, except Number of Stated
number of shares) Shares Amount
---------------------------------------------------------------------
Balance at April
1, 2001 92,836,472 $ 30,438
Repurchase of
shares under
Normal Course
Issuer Bid (1,072,900) (530)
Options exercised 131,490 800
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---------------------------------------------------------------------
Balance at March
31, 2002 91,895,062 $ 30,708
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Normal Course Issuer Bid On May 21, 2002, the Corporation approved and filed with the Toronto Stock Exchange, a renewal Notice of Intention to make a Normal Course Issuer Bid permitting the Corporation to purchase through the facilities of the Exchange, up to a total of 2,149,225 Common shares and 2,445,527 Class A non-voting shares. This represents approximately 5% of the outstanding Common shares and Class A non-voting shares. 7. Earnings Per Share The components of basic and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of are as follows:
16 Week 16 Week 52 Week 52 Week
Period Period Period Period
Ended Ended Ended Ended
March 31, April 1, March 31, April 1,
2002 2001 2002 2001
---------------------------------------------------------------------
Net earnings
before unusual
items ($000's) $ 10,100 $ 9,949 (1)$ 35,654 $ 39,139 (1)
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---------------------------------------------------------------------
Net earnings ($000's) $ 10,100 $ 9,949 $ 35,654 $ 102,678
---------------------------------------------------------------------
Weighted average
outstanding shares 91,895,062 92,824,889 92,248,616 92,845,735
Dilutive effect of
options 784,710 822,598 759,315 248,272
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92,679,772 93,647,487 93,007,931 93,094,007
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Earnings per share
before unusual
items (In cents)(2)
Basic 11.0 10.7 38.7 42.2
Diluted 10.9 10.6 38.3 42.0
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---------------------------------------------------------------------
Earnings per
share (In cents)
Basic 11.0 10.7 38.7 110.6
Diluted 10.9 10.6 38.3 110.3
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(1) Earnings before unusual items exclude the gain on sale of
Beaver Foods of $65.5 million and Cara's share of The Second Cup's
investment write down of $2.0 million.
(2) EPS before unusual items exclude the gain on sale of Beaver
Foods (70.6 cents) and Cara's share of The Second Cup's investment
write down (2.2 cents).
8. Segment Information
Set out below are system sales and gross revenue information for
each of the Corporation's significant brands or operating divisions:
16 Week 16 Week
Period Ended Period Ended
March 31, 2002 April 1, 2001
System Gross System Gross
(In thousands of dollars) Sales Revenue Sales Revenue
---------------------------------------------------------------------
Harvey's $ 78,626 $ 9,247 $ 78,418 $ 11,760
Swiss Chalet 122,923 36,701 113,566 33,118
Kelsey's, including
Montana's and Outback 105,090 72,105 88,962 63,219
Air Terminal
Restaurants 21,793 20,475 22,929 21,820
Second Cup 22,732 3,030 - -
Airport Services 64,705 64,705 71,355 71,355
Summit Foods 112,631 112,631 94,808 94,808
Health Services 7,183 7,183 8,267 8,267
Nutriflex Inc.
(Beaver) - - - -
Interdivision sales (60,122) (18,929) (45,284) (14,006)
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$ 475,561 $ 307,148 $ 433,021 $ 290,341
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52 Week 52 Week
Period Ended Period Ended
March 31, 2002 April 1, 2001
System Gross System Gross
(In thousands of dollars) Sales Revenue Sales Revenue
---------------------------------------------------------------------
Harvey's $ 276,444 $ 34,328 $ 271,129 $ 45,804
Swiss Chalet 405,582 120,290 379,566 112,660
Kelsey's, including
Montana's and Outback 326,259 224,794 271,000 191,356
Air Terminal
Restaurants 72,405 67,934 69,983 66,475
Second Cup 22,732 3,030 - -
Airport Services 238,605 238,605 246,038 246,038
Summit Foods 388,050 388,050 295,816 295,816
Health Services 23,852 23,852 23,399 23,399
Nutriflex Inc.
(Beaver) - - 206,506 206,506
Interdivision sales (205,184) (64,134) (154,416) (60,594)
---------------------------------------------------------------------
$1,548,745 $1,036,749 $1,609,021 $1,127,460
---------------------------------------------------------------------
9. Cash Flows
16 Week 16 Week 52 Week 52 Week
Period Period Period Period
Ended Ended Ended Ended
March 31, April 1, March 31, April 1,
(In thousands of dollars) 2002 2001 2002 2001
---------------------------------------------------------------------
Accounts receivable $ 5,178 $ (550) $ (434) $ (7,666)
Inventories 2,497 (4,298) 3,328 (9,661)
Prepaid expenses and
other assets (3,854) (3,795) (904) (3,422)
Accounts payable and
accrued liabilities 8,774 (1,489) (1,888) 17,858
Income taxes payable 921 (7,599) (21,703) 17,702
---------------------------------------------------------------------
Net Change in Non-Cash
Working Capital $ 13,516 $ (17,731) $ (21,601) $ 14,811
---------------------------------------------------------------------
10. Subsequent Events On April 8, 2002, the Corporation announced that it, together with Wayne Holm ("Holm") entered into an Arrangement Agreement to acquire the Milestone's restaurant business from Spectra in a cash and share transaction valued at $34.4 million, plus the assumption of related liabilities. Under the offer, the Corporation and Holm will surrender the shares of Spectra held by them for cancellation and make a cash payment of $15 million to Spectra. As a result, the Corporation and Holm will each cease to be shareholders of Spectra. Milestone's Restaurant Inc., the new company established to own and operate the Milestone's business will be owned approximately 74% by the Corporation and 26% by Holm, who will also be its President. On April 29, 2002, the Corporation completed the sale of its Healthcare Services Division for total proceeds of approximately $30 million and expects to recognize a gain on 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 . 11. Comparative Amounts Certain comparative amounts have been reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current period's presentation.
CARA OPERATIONS LIMITED - LOCATION STATISTICS
52 Weeks 36 Weeks 24 Weeks 12 Weeks 52 Weeks
Ended Ended Ended Ended Ended
Mar 31, Dec 9, Sept 16, June 24, April 1,
2002 2001 2001 2001 2001
---------------------------------------------------------------------
Swiss Chalet 186 185 183 182 179
Harvey's 363 368 368 369 368
Kelsey's 99 96 92 91 88
Montana's 47 43 40 37 36
Outback 14 14 14 13 12
Second Cup 388 391 392 393 395
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Airport Services
Division
Flight Kitchens 11 11 11 12 12
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Air Terminal
Restaurants 83 89 90 92 90
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Summit Food Service
Distribution Centers 4 4 4 4 4
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For additional shareholder information please contact:
---------------------------------------------------------------------
Michael Forsayeth
Senior V.P. & Chief Financial Officer
Tel: 905-405-6905
Fax: 905-405-6777
E-Mail: mforsayeth@cara.com
Website: cara.com
6303 Airport Road
Mississauga, Ontario
Canada L4V 1R8
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On pourra se procurer le texte francais de ce rapport en
communiquant avec le Responsable des relations avec les
investissuers
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Stock Exchange Listing
Toronto
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Transfer Agent and Registrar
Computershare Investor Services Inc.
c/o Montreal Trust Company
Tel: (416) 263-9487
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Market Share Prices
March 31, 2002
Common Shares, CAO (2001 $5.75) $7.60
Class A Subordinated Voting
Shares, CAO.A (2001 $5.90) $6.16
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