Cracker Barrel Old Country Store, Inc. Announces Results for First Quarter of Fiscal 1999.LEBANON, Tenn.--(BUSINESS WIRE)--Nov. 18, 1998--Cracker Barrel Old Country Store, Inc. (Nasdaq/NM:CBRL CBRL CBRL Group, Inc (stock symbol) CBRL Council for British Research in the Levant (UK) ) today announced results for its first quarter ended October 30, 1998. 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 $351.5 million compared with $312.8 million in the first quarter a year ago. 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 $41.4 million compared with $37.6 million for the first quarter last year. Net income was $26.1 million, or $0.42 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. ), for the first quarter of this year compared with net income of $23.7 million, or $0.38 per share (diluted), for the first quarter a year ago. Commenting on the results, Dan W. Evins, chairman and chief executive officer, said, "Same store restaurant sales decreased 2.0%, and same store retail sales were down 0.2%, for a combined decrease of 1.6%. New stores accounted for the balance of the first quarter net sales increase. "While we are of course disappointed with the negative 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 the first quarter, we are implementing steps to bring sales back to our earlier plan. These steps include increased labor hours in the stores and improvements in the field management salary structure and bonus plans intended to reduce management turnover. We are also in the early stages of a menu test designed to improve our guest's perception of Cracker Barrel's price/value. We remain cautious about same store sales trends until the results of our actions begin to take full effect. "Primarily as a result of sales trends in fiscal 1999 being below plan and the additional expenditures contemplated to try and improve sales during the balance of fiscal 1999, earnings for the second quarter ended January 29, 1999, and for fiscal 1999 will be below current analyst consensus expectations of $0.37 and $1.89, respectively. We currently expect to report earnings for our second quarter ended January 29, 1999, in the range of $0.31 to $0.34 per diluted share and for fiscal 1999 in the range of $1.65 to $1.75 per diluted share. "Our new store plans remain on track. Twelve new stores were opened during the first quarter of fiscal 1999, including our first store in the state of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. . A total of fifty new stores are
planned to be opened in fiscal 1999, including 12 stores to be opened in
the second quarter, of which 3 have opened."As of October 30, 1998, we have purchased a total of 1,357,500 shares of the 3,000,000 authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. under the stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. announced on September 9, 1998," Evins concluded. 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 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. 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 two Carmine's Gourmet Markets located in Florida and 372 Cracker Barrel stores 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, Ohio, 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. , 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). , 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). , 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). , 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. , 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 , Mississippi, Arizona, Louisiana, 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 , 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. , Kansas, Oklahoma Kansas is a town in Delaware County, Oklahoma, United States. The population was 685 at the 2000 census. Geography Kansas is located at (36.202423, -94.795122)GR1. , Arkansas, Colorado, Wisconsin, Iowa, Minnesota, 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). , Utah, Maryland, Nebraska, New Jersey, Connecticut, Idaho, Massachusetts, and Montana. -0-
CRACKER BARREL OLD COUNTRY STORE, INC.
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In thousands, except per share amounts)
First Quarter Ended
---------------------
10/30/98 10/31/97 Change
-------- -------- ------
Net sales:
Restaurant $269,693 $242,230 11%
Retail 81,803 70,525 16
-------- --------
Total sales 351,496 312,755 12
Cost of goods sold 118,761 106,491 12
-------- --------
Gross profit on sales 232,735 206,264 13
Labor & other related expenses 118,381 106,100 12
Other store operating expenses 53,663 46,489 15
-------- --------
Store operating income 60,691 53,675 13
General and administrative 19,056 15,882 20
-------- --------
Operating income 41,635 37,793 10
Interest expense 785 1,060 (26)
Interest income 565 820 (31)
-------- --------
Pretax income 41,415 37,553 10
Provision for income taxes 15,282 13,820 11
-------- --------
Net income $ 26,133 $ 23,733 10
======== ========
Earnings per share:
Basic $ 0.42 $ 0.39 8
Diluted $ 0.42 $ 0.38 11
Weighted average shares:
Basic 62,151 61,279 1
Diluted 62,667 62,326 1
RATIO ANALYSIS
Net sales:
Restaurant 76.7% 77.5%
Retail 23.3 22.5
-------- --------
Total sales 100.0% 100.0%
Cost of goods sold 33.8 34.0
-------- --------
Gross profit 66.2 66.0
Labor & other related expenses 33.7 33.9
Other store operating expenses 15.3 14.9
-------- --------
Store operating income 17.3 17.2
General and administrative 5.4 5.1
-------- --------
Operating income 11.9 12.1
Interest expense 0.3 0.3
Interest income 0.2 0.2
-------- --------
Pretax income 11.8 12.0
Provision for income taxes 4.4 4.4
-------- --------
Net income 7.4% 7.6%
======== ========
CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
(In thousands)
October 30, July 31,
1998 1998
-------- --------
Assets
Cash and cash equivalents $ 24,906 $ 62,593
Other current assets 121,034 102,233
Property and equipment, net 829,729 812,321
Other assets 15,429 14,961
-------- --------
Total assets $991,098 $992,108
======== ========
Liabilities and Stockholders' Equity
Current liabilities $110,231 $104,022
Long-term debt 59,500 59,500
Other long-term obligations 25,188 25,212
Stockholders' equity 796,179 803,374
-------- --------
Total liabilities and stockholders' equity $991,098 $992,108
======== ========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
First Quarter Ended
-------------------
10/30/98 10/31/97
-------- --------
Cash flow from operating activities:
Net income $ 26,133 $ 23,733
Depreciation and amortization 12,130 10,464
(Gain) loss on disposition of property
and equipment (230) 437
Net changes in other assets and liabilities (12,855) (1,443)
-------- --------
Net cash provided by operating activities 24,818 33,191
-------- --------
Cash flows from investing activities:
Purchase of property and equipment (29,653) (41,381)
Net proceeds from other investing activities 500 978
-------- --------
Net cash used in investing activities (29,153) (40,403)
-------- --------
Cash flows from financing activities:
Proceeds from exercise of stock options 598 9,273
Purchases of treasury stock (33,614) --
Net proceeds used in other financing activities (336) (339)
-------- --------
Net cash (used in) provided by financing
activities (33,352) 8,934
-------- --------
Net (decrease) increase in cash and cash
equivalents (37,687) 1,722
Cash and cash equivalents, beginning of year 62,593 64,933
-------- --------
Cash and cash equivalents, end of period $ 24,906 $ 66,655
======== ========
SAME STORE SALES ANALYSIS - SAME 307 STORE AVERAGE
(Unaudited)
(In thousands)
First Quarter Ended
-------------------
10/30/98 10/31/97
-------- --------
Restaurant $ 754.6 $ 770.1
Retail 222.9 223.3
-------- --------
Restaurant and retail $ 977.5 $ 993.4
======== ========
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