Cracker Barrel Old Country Store, Inc. Announces Fiscal 1998 Second Quarter Results.LEBANON, Tenn.--(BUSINESS WIRE)--Feb. 18, 1998--Cracker Barrel Old Country Store, Inc.(Nasdaq: NM/CBRL) today announced results for its second quarter and six months ended January 30, 1998. For the second quarter, 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 $321.8 million compared with $267.9 million a year ago, and pretax income pretax income Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. was $32.1 million compared with $25.5 million last year. Net income for the quarter was $20.3 million, or $0.32 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. ), up from $16.0 million, or $0.26 per share (diluted), for the quarter ended January 31, 1997. For the six months ended January 30, 1998, net sales were $634.5 million compared with $526.8 million a year ago. Pretax income was $69.6 million compared with $55.9 million last year; and net income was $44.0 million, or $0.70 per share (diluted), compared with net income of $34.8 million, or $0.57 per share (diluted), for the six months ended January 31, 1997. Commenting on the results, Dan W. Evins, chairman and chief executive officer, said, "For the second quarter ended January 30, 1998, same store restaurant sales increased 4.2%, and same store retail sales increased 5.7%, for a combined increase of 4.6%. Sales from new stores accounted for the balance of the net sales increase. Sales during the second quarter were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affected by generally above normal temperatures in several of our core markets during the month of January. "For the six months ended January 30, 1998, same store restaurant sales increased 3.0%, and same store retail sales increased 5.5%, for a combined increase of 3.6%. Sales from new stores accounted for the balance of the net sales increase. "Eight new stores were opened during the second quarter of fiscal 1998, including our first store in the state of Nebraska. Fifty new stores are planned to be opened in fiscal 1998, including 22 new stores to be opened in the third quarter, of which six have opened, including our first store in the state of Idaho," Evins concluded. 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 This article is about the restaurant-and-store chain. For the unrelated company marketing cheeses bearing the "Cracker Barrel" trademark, see Kraft Foods. Cracker Barrel Old Country Store, Inc. Old Country Store, Inc. currently operates 333 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, 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. , 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. , 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). , 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. , 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). , 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. , Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Mississippi Mississippi, state, United StatesMississippi (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 , Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (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 , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , Oklahoma, 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. , Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. , Colorado, Wisconsin, Iowa, Kansas, 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, Idaho, Montana, Nebraska, and New Jersey. Except for specific historical information, some 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. -0-
CRACKER BARREL OLD COUNTRY STORE, INC.
CONSOLIDATED INCOME STATEMENT (Unaudited)
(In thousands, except per share amounts)
Second Quarter Ended Six Months Ended
------------------ ------------------
Net sales: 1/30/98 1/31/97 Change 1/30/98 1/31/97 Change
-------- -------- ------ -------- -------- ------
Restaurant $232,137 $194,737 19% $474,367 $397,265 19%
Retail 89,653 73,117 23 160,178 129,491 24
-------- -------- -------- --------
Total sales 321,790 267,854 20 634,545 526,756 20
Cost of goods sold 116,636 97,572 20 223,127 186,887 19
-------- -------- -------- --------
Gross profit 205,154 170,282 20 411,418 339,869 21
Labor & other
related expenses 106,615 89,171 20 212,715 176,396 21
Other store
operating expenses 49,652 41,065 21 96,141 79,034 22
-------- -------- -------- --------
Store operating
income 48,887 40,046 22 102,562 84,439 21
General and
administrative 16,666 14,752 13 32,548 29,106 12
-------- -------- -------- --------
Operating income 32,221 25,294 27 70,014 55,333 27
Interest expense 838 358 134 1,898 358 430
Interest income 697 523 33 1,517 887 71
-------- -------- -------- --------
Pretax income 32,080 25,459 26 69,633 55,862 25
Provision for
income taxes 11,806 9,471 25 25,626 21,024 22
-------- -------- -------- --------
Net income $ 20,274 $ 15,988 27 $ 44,007 $ 34,838 26
======== ======== ======== ========
Earnings per share:
Basic $ 0.33 $ 0.26 27 $ 0.72 $ 0.57 26
Diluted $ 0.32 $ 0.26 23 $ 0.70 $ 0.57 23
Weighted average shares:
Basic 61,607 60,766 1 61,443 60,687 1
Diluted 62,760 61,286 2 62,543 61,185 2
Ratio Analysis
Net sales:
Restaurant 72.1% 72.7% 74.8% 75.4%
Retail 27.9 27.3 25.2 24.6
-------- -------- -------- --------
Total sales 100.0 100.0 100.0 100.0
Cost of goods sold 36.3 36.5 35.2 35.5
-------- -------- -------- --------
Gross profit 63.7 63.5 64.8 64.5
Labor & other
related expenses 33.1 33.3 33.5 33.5
Other store
operating expenses 15.4 15.3 15.2 15.0
-------- -------- -------- --------
Store operating income 15.2 14.9 16.1 16.0
General and
administrative 5.2 5.5 5.1 5.5
-------- -------- -------- --------
Operating income 10.0 9.4 11.0 10.5
Interest expense 0.2 0.1 0.3 0.1
Interest income 0.2 0.2 0.2 0.2
-------- -------- -------- --------
Pretax income 10.0 9.5 10.9 10.6
Provision for income
taxes 3.7 3.5 4.0 4.0
-------- -------- -------- --------
Net income 6.3% 6.0% 6.9% 6.6%
======== ======== ======== ========
CONSOLIDATED CONDENSED BALANCE SHEET
(In thousands)
January 30, August 1,
1998 1997
-------- --------
Assets (Unaudited) (Audited)
Cash and cash equivalents $ 66,460 $ 64,933
Other current assets 72,410 84,478
Property and equipment, net 744,426 678,167
Other assets 2,128 1,127
-------- --------
Total assets $885,424 $828,705
======== ========
Liabilities and Stockholders' Equity
Current liabilities $ 88,757 $ 88,757
Long-term debt 59,500 62,000
Other long-term obligations 17,451 17,516
Stockholders' equity 719,716 660,432
-------- --------
Total liabilities and stockholders' equity $885,424 $828,705
======== ========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
Six Months Ended
-----------------
1/30/98 1/31/97
------- -------
Cash flow from operating activities:
Net income $44,007 $34,838
Depreciation and amortization of property
and equipment 21,886 18,802
Loss (gain) on disposition of property
and equipment 534 (27)
Net changes in other assets and liabilities 10,401 (9,292)
------- -------
Net cash provided by operating activities 76,828 44,321
Cash flows from investing activities:
Purchase of property and equipment (89,381) (78,859)
Net proceeds from other investing activities 2,368 5,105
------- -------
Net cash used in investing activities (87,013) (73,754)
Cash flows from financing activities:
Proceeds from issuance of long-term debt -- 50,000
Proceeds from exercise of stock options 15,941 3,095
Net proceeds used in other financing activities (4,229) (4,672)
------- -------
Net cash provided by financing activities 11,712 48,423
Net increase in cash and cash equivalents 1,527 18,990
Cash and cash equivalents, beginning of year 64,933 28,971
------- -------
Cash and cash equivalents, end of period $66,460 $47,961
======= =======
SAME STORE SALES ANALYSIS - SAME 257 STORE AVERAGE
(Unaudited)
(In thousands)
Second Quarter Ended Six Months Ended
-------------------- -------------------
1/30/98 1/31/97 1/30/98 1/31/97
-------- -------- -------- --------
Restaurant $ 736.2 $ 706.2 $1,521.6 $1,477.2
Retail 279.5 264.5 505.0 478.8
-------- -------- -------- --------
Restaurant and retail $1,015.7 $ 970.7 $2,026.6 $1,956.0
======== ======== ======== ========
CONTACT: Cracker Barrel Old Country Store Inc., Lebanon Michael A. Woodhouse, 615/444-5533 |
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