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): September 16,
2008
CBRL
GROUP, INC.
| Tennessee | 0-25225 | 62-1749513 |
| (State or Other Jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of Incorporation) | Identification No.) |
&
#160;
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 September 16, 2008, 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 the conference call to be held to discuss the fiscal 2008 fourth quarter and year-end earnings and the fiscal 2009 initial outlook. |
| 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. |
| See Exhibit Index immediately following signature page. |
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: | September 16, 2008 | CBRL GROUP, INC. |
| By: | /s/N.B.Forrest Shoaf |
| Name: | N.B. Forrest Shoaf | |
| Title: | Senior Vice President, Secretary | |
| and General Counsel |
EXHIBIT
INDEX
| Exhibit No. | Description |
| 99.1 | Press Release issued by CBRL Group, Inc. dated September 16, 2008 (furnished only) |
EXHIBIT 99.1
| [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. REPORTS FISCAL 2008 FOURTH QUARTER
Reports
Full Year Fiscal 2008 Results
Issues
Guidance for Fiscal 2009
| ● |
Fully
diluted income from continuing operations per share of $0.91 for the
fourth quarter fiscal 2008 compared
with $1.15 in the prior-year period1
|
| ● |
Revenue
for the fourth quarter declined 4.8% to $601.8 million compared with the
prior year quarter1
|
| ● |
Operating
income margin from continuing operations in the fourth quarter was 6.9% of
total revenue compared with 9.1% in the year-ago quarter reflecting one
less week in the
|
| quarter, higher product costs and operating expenses1 |
| 1) | Fiscal 2007 included an additional week in the fiscal fourth quarter, which contributed $46.3 million of revenue, $7.8 million of operating income or 0.6 percent on a | |
|
revenue-adjusted
basis and $0.17 of income per diluted share in the
quarter.
|
LEBANON, Tenn. -- September 16, 2008 -- CBRL
Group, Inc. (“CBRL” or the “Company”) (Nasdaq: CBRL) today reported income
from continuing operations of $0.91 per diluted share for the fourth quarter of
fiscal 2008, compared with $1.15 per diluted share from continuing operations in
the fourth quarter of fiscal 2007, a decrease of 20.9%. Income from
continuing operations was $20.6 million compared with $28.2 million in the
fourth quarter of fiscal 2007, with the reduction reflecting lower operating
income for the fourth quarter of fiscal 2008 and non-recurrence of $4.4 million
in after-tax income from the additional week in the fourth quarter of fiscal
2007, partially offset by a lower effective tax rate in fiscal
2008.
Fourth-Quarter
Fiscal 2008 Results
Revenue
from
continuing operations
Total
revenue from continuing operations of $601.8 million for the fourth quarter
represented a decrease of 4.8% from the fourth quarter of fiscal
2007. Comparable store restaurant sales for the period decreased
0.8%, including a 3.7% higher average check on a comparable weeks
basis. Comparable store retail sales were up 0.8% for the quarter on
a comparable weeks basis. During the quarter, the Company opened one
new Cracker
-MORE
CBRL
Announces Fourth Quarter Results
Page 2
September 16, 2008
Barrel
Old Country Store unit, bringing the new store openings for fiscal 2008 to
17. Excluding the effect of last year’s additional week, fourth
quarter revenue would have increased 2.7%.
Income from continuing
operations
Operating
income from continuing operations of $41.6 million was 6.9% of total revenue for
the fourth quarter of fiscal 2008 compared with $57.6 million, or 9.1% of total
revenue, in the fourth quarter of fiscal 2007. The additional week in
the fourth quarter of fiscal 2007 contributed an estimated $7.8 million of
operating income to the quarter, or 0.6 percentage points of operating margin on
a revenue-adjusted basis. Operating income from continuing
operations for the fourth quarter of fiscal 2008 compared with the fourth
quarter of fiscal 2007 was negatively affected by higher food and retail costs,
increased operating expenses including utilities, advertising and supplies
expenses and higher general and administrative expenses. Labor costs
were 0.4 percentage point lower as a percent of revenues than the fourth quarter
of fiscal 2007.
After-tax
income from continuing operations was $20.6 million, or $0.91 per diluted share,
for the fourth quarter of fiscal 2008, compared with $28.2 million, or $1.15 per
diluted share, from continuing operations in the fourth quarter of fiscal
2007. The lower after-tax income from continuing operations reflected
$4.4 million less income, $0.17 per share, from the extra week in the fiscal
2007 fourth quarter and lower operating income partly offset by a lower tax rate
in the fiscal 2008 fourth quarter.
Commenting
on the fourth-quarter results, CBRL Group, Inc. Chairman, President and Chief
Executive Officer Michael A. Woodhouse said, “The soft consumer demand combined
with commodity and operating cost pressures resulted in lower operating profit
for the quarter. Despite these challenges, we outperformed many in
the casual dining industry as measured by comparable store sales published by
the industry monitoring Knapp-Track™ report. Our key to success is
simple: providing honest value which we define as ample portions of high quality
food at a fair price. As we enter fiscal 2009, we intend to continue
to leverage the strength of the Cracker Barrel brand to build traffic in our
restaurants and increase retail sales.”
Fiscal
2008 Results
Total
revenue from continuing operations of $2.38 billion for fiscal 2008 represented
an increase of 1.4% over fiscal 2007. Comparable store restaurant
sales increased 0.5% on a comparable weeks basis, including a 3.4% higher
check. Comparable store retail sales decreased 0.3% on a comparable
weeks basis. Excluding the additional week in fiscal 2007, revenues
increased 3.4%.
The
Company reported income from continuing operations of $65.3 million, or $2.79
per diluted share, compared with income from continuing operations of $76.0
million, or $2.52 per diluted share, in fiscal 2007. Excluding the
$0.14 effect of the 53rd week in
fiscal 2007, earnings per share in fiscal 2008 would have increased 17 percent
from fiscal 2007.
-MORE-
CBRL
Announces Fourth Quarter Results
Page 3
September 16, 2008
Net cash
flow provided by operating activities was $124.5 million, compared with $96.9
million in fiscal 2007, reflecting lower net income from continuing operations
in fiscal 2008 and the non-recurrence of the taxes and expenses related to
disposing of our Logan’s Roadhouse operations and redeeming our previously
outstanding senior notes in fiscal 2007. Cash provided by operating
activities exceeded the Company’s capital expenditure needs, which totaled $87.8
million for the year.
Fiscal
2009 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, risks and
influences, some of which are discussed in the cautionary language at the end of
this press release and others that are described in the Company’s Annual Report
on Form 10-K for the fiscal year ended August 3, 2007 and subsequent Quarterly
Reports on Form 10-Q which can be found on the Securities and Exchange
Commission’s website, sec.gov, and the Company’s website,
cbrlgroup.com. The Company disclaims any obligations to update
disclosed information on trends or targets other than in its periodic filings
with the Securities and Exchange Commission.
The
Company commented that its outlook for fiscal 2009 reflects many assumptions,
the accuracy of which is not yet known. Based on current trends and
estimates, the Company presently expects fiscal 2009 total revenue to increase
approximately 4.5% to 5.5% over revenue in fiscal 2008. The revenue
increase reflects the expected opening of 12 new Cracker Barrel units during the
year, a projected comparable store restaurant sales increase of between 2% to
3%, including approximately 3.5% of menu pricing, and a projected comparable
store retail sales increase of between 2.5% to 3.5%. The Company also
presently expects fiscal 2009 operating income margin as a percent of revenues
to be approximately 6.0% to 6.3% compared with 6.3% in fiscal
2008. Commodity cost inflation for fiscal 2009 is expected to be 4%
to 5% with nearly 60% of product needs presently
contracted. Depreciation for the year is expected to be approximately
$62 million. Net interest expense is estimated at $57 to $58 million,
and diluted shares outstanding are expected to average approximately 22.5 to
23.0 million. The Company expects its full year 2009 effective tax
rate to be between 30% and 31%. Income from continuing operations per
diluted share is projected to be in the range of $2.80 to $3.00 per
share. The Company presently expects capital expenditures during
fiscal 2009 to be between $95 and $98 million. As previously
announced, the Company has authority to repurchase up to $65 million of its
outstanding common stock. Any repurchases will be effected solely
from free cash flow.
Commenting
on the outlook, Mr. Woodhouse said, “As we look forward to our 40th
anniversary, we recognize that we face significant challenges in the year
ahead. Nonetheless, we are excited about the longer term
opportunities to reach new generations of family diners with our unique offering
of down-home cooking and nostalgic retail offerings. We aim to make
our good brand better. This includes improving our financial results
with operational initiatives to generate higher restaurant and retail
sales. Achieving higher profit margins on each sales dollar will
largely depend on our ability to manage our costs. Most important, we
cannot lose the energy and excitement of our 65,000 employees who serve our
guests every day.”
-MORE-
CBRL
Announces Fourth Quarter Results
Page 4
September 16, 2008
Fiscal
2008 Fourth-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 investor.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 September 30, 2008.
The
Company plans to announce its fiscal 2009 first quarter earnings and comparable
restaurant and retail sales for fiscal August, September, and October 2009 on
Monday, November 24, 2008 before the market opens. CBRL’s Annual
Shareholders’ Meeting will be held on November 25, 2008 at the Company’s Home
Office in Lebanon, TN. The record date for shareholders entitled to
vote at the Annual Meeting is September 29, 2008.
Headquartered
in Lebanon, Tennessee, CBRL Group, Inc. presently operates 577 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,” ”should,” “ projects,”
“forecasts,” or “continue” (or the negative or other derivatives of
each of these terms) or similar terminology. Factors that could
materially affect actual results include, but are not limited to: uncertain
consumer confidence, higher levels of general inflation, general or regional
economic weakness, bad weather, changes in the discretionary income of our
guests or changes in their personal spending habits; higher costs for energy,
labor, health care and commodities; the ability of the Company to identify,
acquire and sell successful new lines of retail merchandise and new menu items
at our restaurants; increased competition at Company locations; our ability to
successfully develop and staff new restaurant sites and to staff existing
sites; consumer behavior based on negative publicity or concerns over
nutritional or safety aspects of the Company’s products or restaurant food in
general as well as the possible effects of such events on the price or
availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on the Company’s financial
and operating flexibility and ability to execute or pursue its operating plans
and objectives; financial market conditions that affect the Company’s financing
costs or ability to obtain financing; business trends that change the outlook
for individual restaurant locations and the carrying value of those locations;
the ability of the Company to retain key personnel; the actual results of
pending, future or threatened litigation or governmental investigations and the
costs and effects of negative publicity associated with these activities;
disruptions to the Company’s restaurant or retail supply chain; and
other factors described from
-MORE-
CBRL
Announces Fourth Quarter Results
Page 5
September 16, 2008
time to time in the Company’s filings with the Securities and Exchange Commission, press releases, and other communications.
-MORE-
CBRL
Announces Fourth Quarter Results
Page 6
September 16,
2008
CBRL
GROUP, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
Fourth
Quarter Ended
|
Twelve
Months Ended
|
|||||||||||||||||||||||
|
8/1/08
|
8/3/07
|
Percentage
Change
|
8/1/08
|
8/3/07
|
Percentage
Change
|
|||||||||||||||||||
|
Total
revenue
|
$ | 601,765 | $ | 632,129 | (5 | )% | $ | 2,384,521 | $ | 2,351,576 | 1 | % | ||||||||||||
|
Cost
of goods sold
|
189,206 | 193,139 | (2 | ) | 773,757 | 744,275 | 4 | |||||||||||||||||
|
Gross
profit
|
412,559 | 438,990 | (6 | ) | 1,610,764 | 1,607,301 | -- | |||||||||||||||||
|
Labor
and other related expenses
|
227,894 | 242,059 | (6 | ) | 909,546 | 892,839 | 2 | |||||||||||||||||
|
Other
store operating expenses
|
107,443 | 105,966 | 1 | 422,293 | 410,131 | 3 | ||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | 877 | -- | -- | ||||||||||||||||||
|
Store
operating income
|
77,222 | 90,965 | (15 | ) | 278,048 | 304,331 | (9 | ) | ||||||||||||||||
|
General
and administrative expenses
|
35,632 | 33,368 | 7 | 127,273 | 136,186 | (7 | ) | |||||||||||||||||
|
Operating
income
|
41,590 | 57,597 | (28 | ) | 150,775 | 168,145 | (10 | ) | ||||||||||||||||
|
Interest
expense
|
13,867 | 15,851 | (13 | ) | 57,445 | 59,438 | (3 | ) | ||||||||||||||||
|
Interest
income
|
-- | 1,120 | (100 | ) | 185 | 7,774 | (98 | ) | ||||||||||||||||
|
Pretax
income
|
27,723 | 42,866 | (35 | ) | 93,515 | 116,481 | (20 | ) | ||||||||||||||||
|
Provision
for income taxes
|
7,116 | 14,657 | (51 | ) | 28,212 | 40,498 | (30 | ) | ||||||||||||||||
|
Income
from continuing operations
|
20,607 | 28,209 | (27 | ) | 65,303 | 75,983 | (14 | ) | ||||||||||||||||
|
Income
(loss) from discontinued operations, net of tax
|
396 | (408 | ) | (197 | ) | 250 | 86,082 | (100 | ) | |||||||||||||||
|
Net
income
|
$ | 21,003 | $ | 27,801 | (24 | ) | $ | 65,553 | $ | 162,065 | (60 | ) | ||||||||||||
|
Earnings
per share – Basic:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.93 | $ | 1.18 | (21 | ) | $ | 2.87 | $ | 2.75 | 4 | |||||||||||||
|
Income
(loss) from discontinued operations,
net of tax
|
$ | 0.02 | $ | (0.02 | ) | (200 | ) | $ | 0.01 | $ | 3.11 | (100 | ) | |||||||||||
|
Net
income per share
|
$ | 0.95 | $ | 1.16 | (18 | ) | $ | 2.88 | $ | 5.86 | (51 | ) | ||||||||||||
|
Earnings
per share – Diluted:
|
||||||||||||||||||||||||
|
Income
from continuing operations
|
$ | 0.91 | $ | 1.15 | (21 | ) | $ | 2.79 | $ | 2.52 | 11 | |||||||||||||
|
Income
(loss) from discontinued operations,
net of
tax
|
$ | 0.02 | $ | (0.02 | ) | (200 | ) | $ | 0.01 | $ | 2.71 | (100 | ) | |||||||||||
|
Net
income per share
|
$ | 0.93 | $ | 1.13 | (18 | ) | $ | 2.80 | $ | 5.23 | (46 | ) | ||||||||||||
|
Weighted
average shares:
|
||||||||||||||||||||||||
|
Basic
|
22,151,070 | 24,030,135 | (8 | ) | 22,782,608 | 27,643,098 | (18 | ) | ||||||||||||||||
|
Diluted
|
22,608,468 | 25,057,887 | (10 | ) | 23,406,044 | 31,756,582 | (26 | ) | ||||||||||||||||
|
Ratio
Analysis
|
||||||||||||||||||||||||
|
Total
revenue:
|
||||||||||||||||||||||||
|
Restaurant
|
80.4 | % | 80.6 | % | 78.5 | % | 78.4 | % | ||||||||||||||||
|
Retail
|
19.6 | 19.4 | 21.5 | 21.6 | ||||||||||||||||||||
|
Total
revenue
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
|
Cost
of goods sold
|
31.4 | 30.6 | 32.4 | 31.7 | ||||||||||||||||||||
|
Gross
profit
|
68.6 | 69.4 | 67.6 | 68.3 | ||||||||||||||||||||
|
Labor
and other related expenses
|
37.9 | 38.3 | 38.2 | 38.0 | ||||||||||||||||||||
|
Other
store operating expenses
|
17.9 | 16.7 | 17.7 | 17.4 | ||||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | -- | -- | ||||||||||||||||||||
|
Store
operating income
|
12.8 | 14.4 | 11.7 | 12.9 | ||||||||||||||||||||
|
General
and administrative expenses
|
5.9 | 5.3 | 5.4 | 5.7 | ||||||||||||||||||||
|
Operating
income
|
6.9 | 9.1 | 6.3 | 7.2 | ||||||||||||||||||||
|
Interest
expense
|
2.3 | 2.5 | 2.4 | 2.5 | ||||||||||||||||||||
|
Interest
income
|
-- | 0.2 | -- | 0.3 | ||||||||||||||||||||
|
Pretax
income
|
4.6 | 6.8 | 3.9 | 5.0 | ||||||||||||||||||||
|
Provision
for income taxes
|
1.2 | 2.4 | 1.2 | 1.8 | ||||||||||||||||||||
|
Income
from continuing operations
|
3.4 | 4.4 | 2.7 | 3.2 | ||||||||||||||||||||
|
Income
(loss) from discontinued operations,
net
of tax
|
0.1 | -- | -- | 3.7 | ||||||||||||||||||||
|
Net
income
|
3.5 | % | 4.4 | % | 2.7 | % | 6.9 | % | ||||||||||||||||
-MORE-
CBRL
Announces Fourth Quarter Results
Page 7
September 16,
2008
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
8/1/08
|
8/3/07
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 11,978 | $ | 14,248 | ||||
|
Assets
held for sale
|
3,248 | 4,676 | ||||||
|
Other
current assets
|
205,413 | 181,357 | ||||||
|
Property
and equipment, net
|
1,045,240 | 1,018,982 | ||||||
|
Long-lived
assets
|
47,824 | 45,767 | ||||||
|
Total
assets
|
$ | 1,313,703 | $ | 1,265,030 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities
|
$ | 264,719 | $ | 274,669 | ||||
|
Long-term
debt
|
779,061 | 756,306 | ||||||
|
Interest
rate swap liability
|
39,618 | 13,680 | ||||||
|
Other
long-term obligations
|
137,554 | 116,252 | ||||||
|
Shareholders’
equity
|
92,751 | 104,123 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 1,313,703 | $ | 1,265,030 | ||||
|
Common
shares outstanding
|
22,325,341 | 23,674,175 | ||||||
-MORE-
CBRL
Announces Fourth Quarter Results
Page 8
September 16, 2008
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Twelve
Months Ended
|
||||||||
|
8/1/08
|
8/3/07
|
|||||||
|
Cash
flows from continuing operations:
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net income
|
$ | 65,553 | $ | 162,065 | ||||
|
Income from discontinued operations, net of tax
|
(250 | ) | (86,082 | ) | ||||
|
Depreciation and amortization
|
57,689 | 56,908 | ||||||
|
Loss on disposition of property and equipment
|
1,195 | 53 | ||||||
|
Impairment
|
532 | -- | ||||||
|
Accretion on zero-coupon notes
|
-- | 5,237 | ||||||
|
Share-based compensation, net of excess tax benefit
|
8,491 | 6,075 | ||||||
|
Cash paid for accretion of zero-coupon senior convertible
notes
|
-- | (27,218 | ) | |||||
|
Net changes in other assets and liabilities
|
(8,700 | ) | (20,166 | ) | ||||
|
Net
cash provided by operating activities
|
124,510 | 96,872 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchase of property and equipment, net of insurance
recoveries
|
(87,849 | ) | (96,447 | ) | ||||
|
Proceeds from sale of property and equipment
|
5,143 | 8,726 | ||||||
|
Net
cash used in investing activities
|
(82,706 | ) | (87,721 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Net proceeds (payments) for credit facilities and other long-term
obligations
|
23,358 | (120,989 | ) | |||||
|
Proceeds from exercise of stock options
|
306 | 33,179 | ||||||
|
Excess tax benefit from share-based compensation
|
-- | 6,642 | ||||||
|
Purchase and retirement of common stock
|
(52,380 | ) | (405,531 | ) | ||||
|
Dividends on common stock
|
(15,743 | ) | (15,610 | ) | ||||
|
Net
cash used in financing activities
|
(44,459 | ) | (502,309 | ) | ||||
|
Cash
flows from discontinued operations:
|
||||||||
|
Net cash provided by (used in) operating activities of discontinue
operations
|
385 | (33,818 | ) | |||||
|
Net cash provided by investing activities of discontinued
operations
|
-- | 453,394 | ||||||
|
Net
cash provided by discontinued operations
|
385 | 419,576 | ||||||
|
Net
decrease in cash and cash equivalents
|
(2,270 | ) | (73,582 | ) | ||||
|
Cash
and cash equivalents, beginning of period
|
14,248 | 87,830 | ||||||
|
Cash
and cash equivalents, end of period
|
$ | 11,978 | $ | 14,248 | ||||
-MORE-
CBRL
Announces Fourth Quarter Results
Page
9
September 16, 2008
CBRL
GROUP, INC.
Supplemental
Information
(Unaudited)
|
Fourth Quarter
Ended
|
Twelve Months
Ended
|
|||||||||||||||
|
8/1/08
|
8/3/07
|
8/1/08
|
8/3/07
|
|||||||||||||
|
Units
in operation:
|
||||||||||||||||
|
Open
at beginning of period
|
576 | 557 | 562 | 543 | ||||||||||||
|
Opened
during period
|
1 | 5 | 17 | 19 | ||||||||||||
|
Closed
during period
|
-- | -- | (2 | ) | -- | |||||||||||
|
Open
at end of period
|
577 | 562 | 577 | 562 | ||||||||||||
|
Total
revenue: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 483,888 | $ | 509,772 | $ | 1,872,152 | $ | 1,844,804 | ||||||||
|
Retail
|
117,877 | 122,357 | 512,369 | 506,772 | ||||||||||||
|
Total
revenue
|
$ | 601,765 | $ | 632,129 | $ | 2,384,521 | $ | 2,351,576 | ||||||||
|
Operating
weeks:
|
7,495 | 7,830 | 29,661 | 29,282 | ||||||||||||
|
Average
unit volume: (In thousands)1
|
||||||||||||||||
|
Restaurant
|
$ | 839.3 | $ | 911.4 | $ | 3,282.2 | $ | 3,339.1 | ||||||||
|
Retail
|
204.5 | 218.8 | 898.2 | 917.2 | ||||||||||||
|
Total
|
$ | 1,043.8 | $ | 1,130.2 | $ | 4,180.4 | $ | 4,256.3 | ||||||||
|
1) Fiscal
2007 included an additional week in the fourth quarter.
|
||||||||||||||||
|
Q4 2008 vs. Q4 2007
|
12 mo. 2008 vs. 12 mo. 2007
|
|||||||
|
Comparable
store sales period to period increase (decrease):
|
||||||||
|
Restaurant
|
(0.8)% | 0.5% | ||||||
|
Retail
|
0.8% | (0.3)% | ||||||
|
Number
of locations in comparable store base
|
546 | 531 | ||||||
- END -