UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (date of earliest event reported): February
20, 2007
CBRL
GROUP, INC.
|
Tennessee
|
0-25225
|
62-1749513
|
|
(State
or Other Jurisdiction
|
(Commission
File Number)
|
(I.R.S.
Employer
|
|
of
Incorporation)
|
Identification
No.)
|
305
Hartmann Drive, Lebanon, Tennessee 37087
(615)
444-5533
Check
the
appropriate box if the Form 8-K filing is intended to simultaneously satisfy
the
filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
2.02. Results of Operations and Financial
Condition.
On
February 20, 2007, CBRL Group, Inc.
issued the press release that is furnished as Exhibit 99.1 to this Current
Report on Form 8-K, which by this reference is incorporated herein as if copied
verbatim, with respect to fiscal 2007 second quarter results, fiscal 2007
outlook, other information and the conference call to be held to discuss this
information.
Item
7.01. Regulation FD
Disclosure.
The
information set forth in Item 2.02 above is incorporated by reference as if
fully set forth herein.
Item
9.01. Financial
Statements and Exhibits.
(d) Exhibits.
99.1 Press
Release issued by CBRL Group, Inc. dated February 20, 2007
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Dated: February 20, 2007 | CBRL GROUP, INC. |
| By: /s/ N.B. Forrest Shoaf | |
| Name: N.B. Forrest Shoaf | |
| Title: Senior Vice President, Secretary | |
| and General Counsel |
| [CBRL GROUP, INC. LOGO] |
Post
Office Box 787
|
|
Lebanon,
Tennessee
|
|
|
37088-0787
|
|
| C B R L G R O U P, I N C. |
|
Investor
Contact:
|
Diana
S. Wynne
|
| Senior Vice President, Corporate Affairs | |
| (615) 443-9837 | |
| Media Contact: | Julie K. Davis |
| Director, Corporate Communications | |
| (615) 443-9266 |
CBRL
GROUP, INC. ANNOUNCES INCREASE IN DILUTED INCOME PER SHARE FROM CONTINUING
OPERATIONS FOR
FISCAL
2007 SECOND QUARTER AND YEAR TO DATE
Provides
Updated Fiscal 2007 Outlook
LEBANON,
Tenn. (February 20, 2007) -- CBRL Group, Inc. (“CBRL” or the “Company”)
(Nasdaq: CBRL) today announced results for the second quarter ended January
26, 2007, reporting diluted income per share from continuing operations
of
$0.60, compared with $0.53 from continuing operations in the second quarter
of
fiscal 2006. After-tax income from continuing operations was $20.5 million,
compared with $26.7 million in the second quarter of fiscal 2006, with
the
reduction reflecting higher interest expense associated with the Company’s
recapitalization initiative begun in 2006. On December 6, 2006, the Company
announced that it had closed the sale of its subsidiary, Logan’s
Roadhouse®
Inc.
(“Logan’s”). Logan’s results and the related gain and expenses are classified as
discontinued operations. Total net income and diluted net income per share,
including the effect of Logan’s discontinued operations, were $102.5 million and
$2.88, respectively, compared with $30.8 million and $0.61, respectively,
in the
prior-year second quarter.
Highlights
of the fiscal 2007 second-quarter include:
| · |
Completion
of the sale of Logan’s for aggregate gross consideration of approximately
$486 million, including the proceeds from the Logan’s sale/leaseback and
the three Logan’s restaurants retained by the Company and leased back to
Logan’s.
|
| · |
Completion
of additional “Dutch Auction” tender offer in which the Company
repurchased 5,434,774 shares of its common stock for $46 per share
(aggregate cost of $250 million before
fees).
|
| · |
Comparable
store restaurant sales for the second quarter increased 0.5% for
Cracker
Barrel Old Country StoreÒ
(“Cracker Barrel”), while comparable store retail sales were up
5.5%.
|
| · |
Total
revenue from continuing operations for the second quarter of $612
million
was up 4.3% from the prior-year period.
|
| · | Operating income margin from continuing operations in the second quarter was 6.9% of total revenues compared to 7.3% in the year-ago quarter. |
-MORE-
CBRL Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page 2
February 20, 2007
| · |
After-tax
income and diluted income per share, both from continuing operations,
for
the second quarter were $20.5 million and $0.60, respectively, compared
with $26.7 million and $0.53, respectively, in the prior-year comparable
period. The second quarter of fiscal 2007 benefited from the Company’s
recapitalization initiatives, which had the effect of reducing income
from
continuing operations due to interest on a greater amount of debt
outstanding, while increasing diluted income per share from continuing
operations due to a reduction in the number of shares outstanding.
|
| · |
Announcement
of 10b5-1 repurchase plan under which the Company intends to purchase
up
to an additional $100 million of its common stock.
|
Second-Quarter
Fiscal 2007 Results
On
December 6, 2006, the Company announced that it had closed the sale of Logan’s.
Logan’s results and the gain and expenses related to the sale are reflected as
discontinued operations.
The
Company’s prior-year second quarter results included the effects of certain
charges and credits related to the closing of seven Cracker Barrel Old Country
Stores and certain organizational changes at Cracker Barrel. The aggregate
effect of these items was a charge to income from continuing operations that
totaled approximately
$4.7
million before income taxes ($3.0 million after taxes or $0.06 per diluted
share). The second quarter fiscal 2006 impairment charge for Cracker Barrel
store closings was approximately $3.7 million before income taxes ($2.4 million
after taxes or $0.05 per diluted share). In addition to the impairment charge,
Cracker Barrel recorded expenses of approximately $1.0 million before income
taxes ($0.6 million after taxes or $0.01 per diluted share) in the second
quarter related to organizational changes intended to improve both store
operations and retail merchandising.
During
the prior-year second quarter, the Company also completed actuarial reviews
of
its self-insured workers compensation and general liability reserves and
recorded adjustments to reduce these reserves to reflect the updated
actuarial-based outlook. The Company also updated its estimates of other
claims
and litigation expenses and associated insurance recoveries during the
prior-year quarter. These reviews resulted in recording a net credit to income
from continuing operations of $3.7 million before income taxes ($2.4 million
after taxes or $0.05 per diluted share).
A
similar
review performed in the fiscal 2007 second quarter resulted in a net credit
to
income from continuing operations of $3.0 million before income taxes ($2.0
million after taxes or $0.05 per diluted share).
Revenue
from continuing operations
Total
revenue from continuing operations for the second quarter of $612.1 million
represented an increase of 4.3% from the second quarter of fiscal 2006.
Comparable store restaurant sales for the period increased 0.5%, including
a
1.2% higher average check, while guest traffic declined 0.7%. Cracker Barrel’s
average menu price increase for the quarter was approximately 1.2% compared
with
last year. Comparable store retail sales increased 5.5% for the quarter.
During
the quarter, the Company opened four new Cracker Barrel Old Country Store
units.
-MORE-
CBRL Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page 3
February 20, 2007
Income
from continuing operations
Operating
income from continuing operations of $42.2 million was 6.9% of total revenue
during the second quarter of fiscal 2007 compared with $42.7 million, or
7.3% of
revenue, in the second quarter of fiscal 2006. After-tax income from continuing
operations of $20.5 million, or $0.60 per diluted share, during the second
quarter of 2007, compared with income from continuing operations of $26.7
million, or $0.53 per diluted share, for the comparable period of fiscal
2006.
Unfavorable expense items affecting second quarter comparable results included
higher interest expense due to the Company’s 2006 recapitalization initiatives
and correspondingly higher debt levels, higher labor costs including wage
inflation related to certain state minimum wage increases which went into
effect
January 1, 2007, higher bonus and incentive compensation expense, and increased
pre-Christmas retail markdowns. Partially offsetting these unfavorable items
were higher menu pricing, comparable-store retail sales increases, lower
food
cost as a percent of sales, favorable litigation settlement proceeds and
the
non-recurrence of certain impairment and organizational change costs incurred
in
the second quarter of fiscal 2006. Diluted income per share from continuing
operations reflected fewer shares outstanding compared with the comparable
prior-year period as a result of the Company’s two “Dutch Auction” tender offers
in which it repurchased in total 22,184,774 shares of the Company’s common
stock (approximately 47% of the amount previously outstanding) in the fourth
quarter fiscal 2006 and the second quarter of fiscal 2007.
Commenting
on the second-quarter results, CBRL Group, Inc. Chairman, President and Chief
Executive Officer Michael A. Woodhouse said, “We are continuing to work on
improving our operations in a challenging sales environment for the industry.
We
were pleased with the retail sales generated from the more extensive and
appealing Christmas merchandise and the strong visual appeal of the stores
during the holiday season. Apparel, home decor and an expanded offering of
candles sold well in the retail stores. We began the roll-out of our table
optimization initiative and are now focusing on a comprehensive effort to
improve speed of service. We continue to be focused on improving margins
and
leveraging the strength of the Cracker Barrel brand.”
Year-to-Date
Fiscal 2007 Results
Total
revenue from continuing operations year-to-date for fiscal 2007 of $1.2 billion
increased 4.3% from the year-to-date period in fiscal 2006. Comparable store
restaurant sales year-to-date increased 0.9%, including a 1.2% higher check,
while guest traffic declined by 0.3%. Comparable store retail sales increased
5.1%
year-to-date.
In the first six months of fiscal 2007, the Company opened nine new Cracker
Barrel Old Country Stores.
The
Company reported year-to-date income from continuing operations of $35.7
million, or $1.05 per diluted share, compared with income from continuing
operations of $48.8 million, or $0.98 per diluted share, for the same period
in
fiscal 2006.
-MORE-
CBRL Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page 4
February 20, 2007
Year-to-date
net cash flow from operating activities was $109.2 million and exceeded cash
used for purchase of property and equipment (capital expenditures) of $46.9
million. The net cash proceeds from the sale of Logan’s of $267.3 million are
shown under net cash provided by investing activities and the proceeds from
the
Logan’s sale/leaseback are included in the net cash provided by discontinued
operations.
Fiscal
2007 Outlook
The
Company urges caution in considering its current trends and the outlook
disclosed in this press release. The restaurant industry is highly competitive,
and trends and guidance are subject to numerous factors and influences, some
of
which are discussed in the cautionary language at the end of this press release.
The Company disclaims any obligations to update disclosed information on
trends
or targets other than in its periodic filings on Forms 10-K and 10-Q with
the
Securities and Exchange Commission.
The
Company commented on its outlook for fiscal 2007 and reiterated that it has
adopted the practice of providing guidance on full fiscal year targets rather
than quarterly expectations or objectives. The Company noted that its outlook
reflects many assumptions, the accuracy of which are not yet known. Based
on the
first six months’ operating results and trends, the Company presently expects
fiscal 2007 total revenues to increase 6.5 to 7.5% over revenues from continuing
operations in fiscal 2006, reflecting the opening of 19 new Cracker Barrel
stores during the year, full-year comparable store restaurant sales that
are
projected to be up 1 to 2% and full-year comparable store retail sales that
are
estimated to be up 5 to 6% compared to prior year (on a comparable week basis),
and the benefit of an estimated $45-50 million in revenues from a 53rd week
in
fiscal 2007. The Company also expects fiscal 2007 operating income margins
from
continuing operations to be approximately 7.0 to 7.2%. The Company’s margin
expectations reflect favorable food costs as a percent of sales, deferral
or
elimination of previously planned expenses based on a review of discretionary
spending, and expected pricing effects, offset by higher retail markdowns
and
bonus expenses and the effect of hourly wage pressures including minimum
wage
changes on tipped employees becoming effective in certain states. Commodity
cost
inflation in the second half of the year, with approximately 75% of product
needs contracted, is expected to be 1.5 to 2%. Certain expenses related to
the
Company’s strategic initiatives begun in fiscal 2006 continue in fiscal 2007.
The Company presently expects fiscal 2007 capital expenditures of approximately
$95 million.
Commenting
on the outlook, Mr. Woodhouse said, “Fiscal 2007 is a transition year for CBRL.
We have completed the major steps of the strategic initiatives we began in
fiscal 2006 to become a single concept operating company and to achieve the
appropriate capital structure. We are totally focused on driving increased
traffic and retail sales to improve operating results in our stores. Both
of
these goals are directly related to strengthening our brand and building
long-term shareholder value.”
Fiscal
2007 Second-Quarter Conference Call
As
previously announced, the live broadcast of CBRL Group’s quarterly conference
call will be available to the public on-line at earnings.com
or
cbrlgroup.com
today
beginning at 11:00 a.m. (ET). The on-line replay will be available at 2:00
p.m.
(ET) and continue through February 27, 2007.
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
5
February
20, 2007
Headquartered
in Lebanon, Tennessee, CBRL Group, Inc. presently operates 555 Cracker Barrel
Old Country Store restaurants and gift shops located in 41 states.
Except
for specific historical information, many of the matters discussed in this
press
release may express or imply projections of revenues or expenditures, statements
of plans and objectives or future operations or statements of future economic
performance. These, and similar statements are forward-looking statements
concerning matters that involve risks, uncertainties and other factors which
may
cause the actual performance of CBRL Group, Inc. and its subsidiaries to
differ
materially from those expressed or implied by this discussion. All
forward-looking information is provided by the Company pursuant to the safe
harbor established under the Private Securities Litigation Reform Act of
1995
and should be evaluated in the context of these factors. Forward-looking
statements generally can be identified by the use of forward-looking terminology
such as “trends,” “assumptions,” “target,” “guidance,” “outlook,” “opportunity,”
“future,” “plans,” “goals,” “objectives,” “expectations,” “near-term,”
“long-term,” “projection,” “may,” “will,” “would,” “could,” “expect,” “intend,”
“estimate,” “anticipate,” “believe,” “potential,” “regular,” or “continue” (or
the negative or other derivatives of each of these terms) or similar
terminology. Factors which could materially affect actual results include,
but
are not limited to: the timing and ability of the Company to successfully
complete its share repurchase authorizations; the effects of incurring
substantial indebtedness and associated restrictions on the Company’s financial
and operating flexibility and ability to execute or pursue its operating
plans
and objectives; the effects of uncertain consumer confidence, higher costs
for
energy, consumer debt payments, or general or regional economic weakness,
or
weather on sales and customer travel, discretionary income or personal
expenditure activity of our customers; the ability of the Company to identify,
acquire and sell successful new lines of retail merchandise and new menu
items
at our restaurants; the ability of the Company to sustain or the effects
of
plans intended to improve operational execution and performance; changes
in or
implementation of additional governmental or regulatory rules, regulations
and
interpretations affecting tax, wage and hour matters, health and safety,
pensions, insurance or other undeterminable areas; the effects of plans intended
to promote or protect the Company’s brands and products; commodity, workers
compensation, group health and utility price changes; consumer behavior based
on
negative publicity or concerns over nutritional or safety aspects of the
Company’s products or restaurant food in general, including concerns about E.
coli bacteria, hepatitis A, “mad cow” disease, “foot-and-mouth” disease, and
bird flu, as well as the possible effects of such events on the price or
availability of ingredients used in our restaurants; changes in interest
rates
or capital market conditions affecting the Company’s financing costs or ability
to obtain financing or execute initiatives; the effects of business trends
on
the outlook for individual restaurant locations and the effect on the carrying
value of those locations; the ability of the Company to retain key personnel;
the ability of and cost to the Company to recruit, train, and retain qualified
hourly and management employees; the effects of increased competition at
Company
locations on sales and on labor recruiting, cost, and retention; the
availability and cost of suitable sites for restaurant development and our
ability to identify those sites; changes in building materials and construction
costs; the actual results of pending, future or threatened litigation or
governmental investigations and the costs and effects of negative publicity
associated with these activities; practical or psychological effects
of
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
6
February
20, 2007
natural
disasters or terrorist acts or war and military or government responses;
disruptions to the Company’s restaurant or retail supply chain; changes in
foreign exchange rates affecting the Company’s future retail inventory
purchases; implementation of new or changes in interpretation of existing
accounting principles generally accepted in the United States of America
(“GAAP”); effectiveness of internal controls over financial reporting and
disclosure; and other factors described from time to time in the Company’s
filings with the Securities and Exchange Commission, press releases, and
other
communications.
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
7
February
20, 2007
CBRL
GROUP,
INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except
share amounts)
|
Second
Quarter Ended
|
Six
Months Ended
|
||||||||||||||||||
|
|
|
1/26/07
|
|
1/27/06
|
|
Change
|
1/26/07
|
1/27/06
|
Change
|
||||||||||
|
Total
revenue
|
$ | 612,134 | $ | 586,741 | 4 | % | $ | 1,170,397 | $ | 1,122,226 | 4 | % | |||||||
|
Cost
of goods sold
|
210,352 | 200,226 | 5 | 383,208 | 366,838 | 4 | |||||||||||||
|
Gross
profit
|
401,782 | 386,515 | 4 | 787,189 | 755,388 | 4 | |||||||||||||
|
Labor
& other related expenses
|
219,594 | 208,222 | 5 | 431,768 | 412,640 | 5 | |||||||||||||
|
Other
store operating expenses
|
105,932 | 99,942 | 6 | 203,654 | 195,126 | 4 | |||||||||||||
|
Impairment
charges
|
-- | 3,705 | (100 | ) | -- | 3,705 | (100 | ) | |||||||||||
|
Store
operating income
|
76,256 | 74,646 | 2 | 151,767 | 143,917 | 5 | |||||||||||||
|
General
and administrative expenses
|
34,022 | 31,921 | 7 | 71,282 | 64,983 | 10 | |||||||||||||
|
Operating
income
|
42,234 | 42,725 | (1 | ) | 80,485 | 78,934 | 2 | ||||||||||||
|
Interest
expense
|
14,609 | 2,319 | 530 | 29,786 | 4,806 | 520 | |||||||||||||
|
Interest
income
|
3,857 | 93 | 4,047 | 4,455 | 93 | 4,690 | |||||||||||||
| Pretax income | 31,482 | 40,499 | (22 | ) | 55,154 | 74,221 | (26 | ) | |||||||||||
|
Provision
for income taxes
|
10,981 | 13,790 | (20 | ) | 19,491 | 25,458 | (23 | ) | |||||||||||
|
Income
from continuing operations
|
20,501 | 26,709 | (23 | ) | 35,663 | 48,763 | (27 | ) | |||||||||||
|
Income
from discontinued
operations
|
82,011 | 4,088 | 1,906 | 86,276 | 7,756 | 1,012 | |||||||||||||
| Net income | $ | 102,512 | $ | 30,797 | 233 | $ | 121,939 | $ | 56,519 | 116 | |||||||||
Earnings
per share - Basic:
|
|||||||||||||||||||
|
Income from continuing
operations
|
$ | 0.66 | $ | 0.57 | 16 | $ | 1.14 | $ | 1.04 | 10 | |||||||||
|
Income from discontinued
operations
|
$ | 2.66 | $ | 0.09 | 2,856 | $ | 2.76 | $ | 0.17 | 1,524 | |||||||||
| Net income per share | $ | 3.32 | $ | 0.66 | 403 | $ | 3.90 | $ | 1.21 | 222 | |||||||||
Earnings
per share - Diluted:
|
|||||||||||||||||||
|
Income from continuing
operations
|
$ | 0.60 | $ | 0.53 | 13 | $ | 1.05 | $ | 0.98 | 7 | |||||||||
|
Income from discontinued
operations
|
$ | 2.28 | $ | 0.08 | 2,750 | $ | 2.38 | $ | 0.15 | 1,487 | |||||||||
| Net income per share | $ | 2.88 | $ | 0.61 | 372 | $ | 3.43 | $ | 1.13 | 204 | |||||||||
| Weighted average shares: | |||||||||||||||||||
| Basic | 30,839,209 | 46,782,140 | (34 | ) | 31,226,657 | 46,727,171 | (33 | ) | |||||||||||
| Diluted | 36,016,304 | 51,843,383 | (31 | ) | 36,204,862 | 51,839,989 | (30 | ) | |||||||||||
| Ratio Analysis | |||||||||||||||||||
| Total revenue | |||||||||||||||||||
| Restaurant | 73.2 | % | 74.0 | % | 76.1 | % | 76.7 | % | |||||||||||
| Retail | 26.8 | 26.0 | 23.9 | 23.3 | |||||||||||||||
| Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | |||||||||||||||
| Cost of goods sold | 34.4 | 34.1 | 32.7 |
32.7
|
|||||||||||||||
| Gross profit | 65.6 | 65.9 | 67.3 | 67.3 | |||||||||||||||
| Labor & other related expenses | 35.8 | 35.5 | 36.9 | 36.8 | |||||||||||||||
| Other store operating expenses | 17.3 | 17.1 | 17.4 | 17.4 | |||||||||||||||
| Impairment charges | -- | 0.6 | -- | 0.3 | |||||||||||||||
| Store operating income | 12.5 | 12.7 | 13.0 | 12.8 | |||||||||||||||
| General and administrative expenses | 5.6 | 5.4 | 6.1 | 5.8 | |||||||||||||||
| Operating income | 6.9 | 7.3 | 6.9 | 7.0 | |||||||||||||||
| Interest expense | 2.4 | 0.4 | 2.6 | 0.4 | |||||||||||||||
| Interest income | 0.6 | -- | 0.4 | -- | |||||||||||||||
| Pretax income | 5.1 | 6.9 | 4.7 | 6.6 | |||||||||||||||
| Provision for income taxes | 1.8 | 2.3 | 1.7 | 2.3 | |||||||||||||||
| Income from continuing operations | 3.3 | 4.6 | 3.0 | 4.3 | |||||||||||||||
| Income from discontinued operations | 13.4 | 0.6 | 7.4 | 0.7 | |||||||||||||||
| Net income | 16.7 | % | 5.2 | % | 10.4 | % |
5.0
|
%
|
|||||||||||
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
8
February
20, 2007
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except shares)
|
1/26/07
|
|
7/28/06
|
|
||||
| Assets | |||||||
| Cash and cash equivalents | $ | 258,401 | $ | 87,830 | |||
| Assets held for sale | 5,915 | 3,127 | |||||
| Other current assets | 153,353 | 161,651 | |||||
| Current assets of discontinued operations | -- | 401,222 | |||||
| Property and equipment, net | 1,002,273 | 982,504 | |||||
| Long-lived assets | 46,312 | 44,963 | |||||
| Total assets | $ | 1,466,254 | 1,681,297 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Current liabilities | $ | 293,369 | $ | 258,888 | |||
| Current liabilities of discontinued operations | -- | 71,645 | |||||
| Long-term debt | 836,438 | 911,464 | |||||
| Other long-term obligations | 143,758 | 137,018 | |||||
| Shareholders' equity | 192,689 | 302,282 | |||||
| Total liabilities and shareholders' equity | $ | 1,466,254 | $ | 1,681,297 | |||
| Common shares outstanding | 26,129,641 | 30,926,906 | |||||
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
9
February
20, 2007
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Six
Months Ended
|
|||||||
|
1/26/07
|
|
1/27/06
|
|||||
| Cash flows from continuing operations: | |||||||
| Cash flows from operating activities | |||||||
| Net income | $ | 121,939 | $ | 56,519 | |||
| Income from discontinued operations, net of tax | (86,276 | ) | (7,756 | ) | |||
| Depreciation and amortization | 28,017 | 27,650 | |||||
| Loss on disposition of property and equipment | 1,304 | 1,242 | |||||
| Impairment | -- | 3,705 | |||||
| Accretion on zero-coupon notes | 2,934 | 2,845 | |||||
| Share-based compensation, net of excess tax benefit | 5,338 | 4,086 | |||||
| Net changes in other assets and liabilities | 35,985 | (35,801 | ) | ||||
| Net cash provided by operating activities | 109,241 | 52,400 | |||||
| Cash flows from investing activities: | |||||||
| Purchase of property and equipment, net of insurance recoveries | (46,909 | ) | (44,950 | ) | |||
| Proceeds from sale of Logan's | 267,262 | -- | |||||
| Proceeds from sale of property and equipment | 1,636 | 103 | |||||
| Net cash provided by (used in) investing activities | 221,989 | (44,847 | ) | ||||
| Cash flows from financing activities: | |||||||
|
Net
payments
for credit facilities
and
other long-term
obligations
|
(78,863 | ) | (6,605 | ) | |||
| Proceeds from exercise of stock options | 20,171 | 13,594 | |||||
| Excess tax benefit from share-based compensation | 1,947 | 2,890 | |||||
| Purchases and retirement of common stock | (250,142 | ) | -- | ||||
| Dividends on common stock | (8,464 | ) | (11,746 | ) | |||
| Net cash used in financing activities | (315,351 | ) | (1,867 | ) | |||
| Net cash provided by (used in) discontinued operations | 154,692 | (4,183 | ) | ||||
| Net increase in cash and cash equivalents | 170,571 | 1,503 | |||||
| Cash and cash equivalents, beginning of period | 87,830 | 15,577 | |||||
| Cash and cash equivalents, end of period | $ | 258,401 | $ | 17,080 | |||
-MORE-
CBRL
Announces Fiscal 2007 Second Quarter And Year-To-Date Results
Page
10
February
20, 2007
CBRL
GROUP, INC.
Supplemental
Information
(Unaudited)
|
Second
Quarter Ended
|
Six Months
Ended
|
||||||||||||
|
|
|
1/26/07
|
|
1/27/06
|
|
1/26/07
|
|
1/27/06
|
|
||||
| Units in operation: | |||||||||||||
| Open at beginning of period |
548
|
537
|
543
|
529
|
|||||||||
| Opened during period |
4
|
3
|
9
|
11
|
|||||||||
| Open at end of period |
552
|
540
|
552
|
540
|
|||||||||
| Total revenue: (In thousands) | |||||||||||||
| Restaurant | $ | 447,782 | $ | 434,431 | $ | 890,109 | $ | 861,076 | |||||
| Retail | 164,352 | 152,310 | 280,288 | 261,150 | |||||||||
| Total revenue | $ | 612,134 | $ | 586,741 | $ | 1,170,397 | $ | 1,122,226 | |||||
| Operating weeks: | 7,160 | 7,007 | 14,236 | 13,944 | |||||||||
| Average unit volume: (In thousands) | |||||||||||||
| Restaurant | $ | 813.0 | $ | 806.1 | $ | 1,625.7 | $ | 1,605.6 | |||||
| Retail | 298.4 | 282.6 | 511.9 | 486.9 | |||||||||
| Total | $ | 1,111.4 | $ | 1,088.7 | $ | 2,137.6 | $ | 2,092.5 | |||||
|
Q2
2007 vs. Q2 2006
|
6
mo. 2007 vs. 6 mo. 2006
|
||||||||||||
| Comparable store sales period to period increase: | |||||||||||||
| Restaurant |
0.5%
|
0.9%
|
|||||||||||
| Retail |
5.5%
|
5.1%
|
|||||||||||
|
|
|||||||||||||
| Number of locations in comparable store base | 513 | 507 | |||||||||||
-END-