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 26, 2008
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 26, 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 fiscal 2008 second quarter results, fiscal 2008
outlook 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. |
| 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: | February 26, 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 February 26, 2008 (furnished only) | ||
Exhibit
99.1
 |
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 42% INCREASE IN INCOME PER DILUTED SHARE FROM
CONTINUING
OPERATIONS FOR FISCAL 2008 SECOND QUARTER
Affirms
Guidance for Fiscal 2008
|
·
|
Comparable
store restaurant sales for the second quarter fiscal 2008 increased 1.1%
from prior year for Cracker
Barrel Old Country Store®
(“Cracker Barrel”) while comparable store retail sales were up 1.4%, both
on a comparable weeks
basis.
|
|
·
|
Revenue
for the second quarter grew 3.6% to $634 million compared with the prior
year quarter.
|
|
·
|
Operating
income margin from continuing operations in the second quarter improved to
7.2% of total revenue
compared with 6.9% in the year-ago
quarter.
|
|
·
|
Income
from continuing operations increased 42% to $0.85 per diluted share for
the second quarter fiscal
2008 from $0.60 in the prior-year comparable
period.
|
|
·
|
In
the second quarter, the Company completed its share repurchase
authorizations by repurchasing 1.6 million shares of the Company’s common
stock for $52.4 million. At the end of the quarter, 22.1
million shares were issued and
outstanding.
|
LEBANON,
Tenn. -- February
26, 2008 -- CBRL Group, Inc. (“CBRL” or the “Company”)
(Nasdaq: CBRL) today reported income from continuing operations of $0.85
per diluted share for the second quarter of fiscal 2008, compared with $0.60 per
diluted share from continuing operations in the second quarter of fiscal 2007,
an increase of 42%. Income from continuing operations was $20.2
million compared with $20.5 million in the second quarter of fiscal 2007,
reflecting higher operating income offset by lower interest
income. Higher revenues, better operating margin and the reduction in
shares outstanding associated with the Company’s strategic initiatives and
related stock repurchase programs that it completed in fiscal 2007 contributed
to the 42% increase in income per diluted share from continuing
operations.
Second-Quarter
Fiscal 2008 Results
Revenue
from
continuing operations
Total
revenue from continuing operations of $634 million during the second quarter
represented an increase of 3.6% from the second quarter of fiscal
2007. Comparable store restaurant sales for the period increased
1.1%, including a 3.4% higher average check, while guest traffic declined 2.3%,
both on a comparable weeks basis.
-MORE-
CBRL
Announces Second Quarter Results
Page 2
February 26, 2008
Cracker
Barrel’s average menu price increase for the quarter was approximately 3.5%
compared with last year. Comparable store retail sales were up 1.4%
for the quarter on a comparable weeks basis. During the quarter, the
Company opened four new Cracker Barrel Old Country Store units, bringing the new
store openings to date for fiscal 2008 to ten out of the 17 planned in fiscal
2008.
Income
from continuing operations
Operating
income from continuing operations of $45.4 million was 7.2% of total revenue
during the second quarter of fiscal 2008 compared with $42.2 million, or 6.9% of
total revenue, in the second quarter of fiscal 2007. Operating income
margin was favorably affected by higher sales and lower general insurance,
general and administrative expenses, advertising, and store hourly labor
costs. Partly offsetting these favorable effects were higher food and
retail freight costs, higher workers compensation expenses and the
non-recurrence of favorable litigation settlement proceeds in the prior-year
second quarter. During the second quarter, actuarial reviews of the
Company’s self-insured workers compensation and general insurance reserves
resulted in a less favorable credit to workers compensation reserves this year
than the prior year but a more favorable credit to general insurance
reserves. General and administrative expenses declined because of
lower incentive compensation accruals in the second quarter and the gain on the
sale during the quarter of a Logan’s restaurant property that had been retained
in the Company’s disposition of Logan’s Roadhouse®
Inc. (“Logan’s”) in December 2006.
Income
from continuing operations was $20.2 million, or $0.85 per diluted share, for
the second quarter of fiscal 2008, compared with $20.5 million, or $0.60 per
diluted share, from continuing operations in the comparable period of fiscal
2007. The lower income from continuing operations reflected lower
interest income. Higher income per diluted share from continuing
operations was due to fewer shares outstanding compared with the comparable
prior-year period as a result of repurchases of the Company’s common stock that
are part of the Company’s strategic initiatives completed in fiscal
2007. In the second quarter, the Company completed its share
repurchase authorizations by purchasing 1.6 million shares of the Company’s
common stock for $52.4 million.
Commenting on the
second-quarter results, CBRL Group, Inc. Chairman, President and Chief Executive
Officer Michael A. Woodhouse said, “In light of the challenging consumer
environment, we are pleased to report positive comparable store sales for both
restaurant and retail. Our restaurant traffic continues to outperform
the casual dining industry and our
retail sales growth was achieved without resorting to higher markdowns than last
year. We are also pleased to
achieve better-than-expected operating margin thanks to our efforts in
controlling labor and operating
expenses.”
Year-to-date
Fiscal 2008 Results
Total
revenue from continuing operations of $1.22 billion year-to-date for fiscal 2008
represented an increase of 3.9% over fiscal 2007. Comparable store
restaurant sales increased 1.4% on a comparable weeks basis, including a 3.2%
higher check, while guest traffic declined by 1.8%. Comparable store
retail sales decreased
-MORE-
CBRL
Announces Second Quarter Results
Page 3
February 26, 2008
0.1% on a
comparable weeks basis. In the first six months of fiscal 2008, the
Company opened ten new Cracker Barrel Old Country Stores and closed two
units.
The
Company reported income from continuing operations of $34.2 million, or $1.42
per diluted share, compared with income from continuing operations of $35.7
million, or $1.05 per diluted share, in fiscal 2007.
Year-to-date net cash flow
provided by operating activities was $63.6 million, compared with $109.2 million
in fiscal
2007, reflecting the timing of income taxes payable in fiscal 2007 related to
the Logan's sale/leaseback and the gain on the sale of
Logan's.
Fiscal
2008 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 2008 reflects many assumptions,
the accuracy of which is not yet known. Based on current trends and
estimates, the Company presently expects fiscal 2008 total revenue to increase
approximately 2% to 3% over revenues from continuing operations in fiscal 2007
(which included a 53rd week equaling $46.3 million of sales). The
revenue increase reflects the opening of 17 new Cracker Barrel units during the
year, comparable store restaurant sales projected to be up 1% to 2% on a
comparable weeks basis, including approximately 3.5% of menu pricing, and
comparable store retail sales are expected to be flat to up 1.5% compared to
fiscal 2007 on a comparable weeks basis. The Company also presently
expects fiscal 2008 operating income margin as a percent of revenues from
continuing operations to be approximately 6.7% to 6.9% compared with 7.0%,
excluding the effect of a 53rd
week, in fiscal 2007. Commodity cost inflation for fiscal 2008 is
expected to be 5% to 5.5% with an estimated 80% of product needs contracted for
the remainder of fiscal 2008. Depreciation for the year is expected
to be approximately $60 million. Net interest expense is estimated at
approximately $60 million and diluted shares outstanding are expected to average
approximately 23.5 million. The Company expects its full year 2008
effective tax rate to be between 31.5% and 32.0%, with the third and fourth
quarter effective tax rates to be lower than the full year effective tax
rate. Income from continuing operations per diluted share is
projected to be in the range of $3.00 to $3.15 per share. The Company
presently expects full year fiscal 2008 capital expenditures of approximately
$90 million.
-MORE-
CBRL Announces Second
Quarter Results
Page 4
February 26, 2008
Commenting on the outlook,
Mr. Woodhouse said, “Despite an environment of continuing sales and commodity
cost pressures, the system-wide cost control initiatives that we implemented
earlier this year are gaining traction, and we are pleased to affirm our
earnings guidance for the full year.”
Fiscal
2008 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 in the News and Events section
under the Investor Relations tab on the Company’s website at 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 March 11, 2008.
Headquartered in Lebanon,
Tennessee, CBRL Group, Inc. presently operates 571 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 which could
materially affect actual results include, but are not limited to: 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 or marketing 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 price
increases including weather effects on supply and the effects of demand for corn
for ethanol production on the costs of animal feed and resulting protein prices;
the ability of and cost to the Company to recruit, train, and retain qualified
hourly and management employees in an escalating wage environment; 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; workers compensation, group
health and utility
-MORE-
CBRL
Announces Second Quarter Results
Page 5
February 26, 2008
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; 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; changes in interest rates
or capital market conditions affecting the Company’s financing costs or ability
to obtain financing; 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; changes in land,
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 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 Second Quarter
Results
Page 6
February 26, 2008
CBRL
GROUP, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited)
(In
thousands, except share amounts)
|
Second
Quarter Ended
|
Six
Months Ended
|
|||||||||||||||||||||||
|
2/1/08
|
1/26/07
|
Percentage
Change
|
2/1/08
|
1/26/07
|
Percentage
Change
|
|||||||||||||||||||
|
Total
revenue
|
$ | 634,453 | $ | 612,134 | 4 | % | $ | 1,215,618 | $ | 1,170,397 | 4 | % | ||||||||||||
|
Cost
of goods sold
|
223,735 | 210,352 | 6 | 403,963 | 383,208 | 5 | ||||||||||||||||||
|
Gross
profit
|
410,718 | 401,782 | 2 | 811,655 | 787,189 | 3 | ||||||||||||||||||
|
Labor
& other related expenses
|
229,133 | 219,594 | 4 | 454,801 | 431,768 | 5 | ||||||||||||||||||
|
Other
store operating expenses
|
106,473 | 105,932 | 1 | 211,693 | 203,654 | 4 | ||||||||||||||||||
|
Impairment
and store closing charges
|
68 | -- | -- | 877 | -- | -- | ||||||||||||||||||
|
Store
operating income
|
75,044 | 76,256 | (2 | ) | 144,284 | 151,767 | (5 | ) | ||||||||||||||||
|
General
and administrative expenses
|
29,623 | 34,022 | (13 | ) | 62,841 | 71,282 | (12 | ) | ||||||||||||||||
|
Operating
income
|
45,421 | 42,234 | 8 | 81,443 | 80,485 | 1 | ||||||||||||||||||
|
Interest
expense
|
14,454 | 14,609 | (1 | ) | 29,363 | 29,786 | (1 | ) | ||||||||||||||||
|
Interest
income
|
128 | 3,857 | (97 | ) | 185 | 4,455 | (96 | ) | ||||||||||||||||
|
Pretax
income
|
31,095 | 31,482 | (1 | ) | 52,265 | 55,154 | (5 | ) | ||||||||||||||||
|
Provision
for income taxes
|
10,861 | 10,981 | (1 | ) | 18,048 | 19,491 | (7 | ) | ||||||||||||||||
|
Income
from continuing operations
|
20,234 | 20,501 | (1 | ) | 34,217 | 35,663 | (4 | ) | ||||||||||||||||
|
(Loss)
income from discontinued operations
|
(17 | ) | 82,011 | (100 | ) | (111 | ) | 86,276 | (100 | ) | ||||||||||||||
|
Net
income
|
$ | 20,217 | $ | 102,512 | (80 | ) | $ | 34,106 | $ | 121,939 | (72 | ) | ||||||||||||
|
Earnings
per share – Basic:
Income
from continuing operations
|
$ | 0.87 | $ | 0.66 | 32 | $ | 1.46 | $ | 1.14 | 28 | ||||||||||||||
|
(Loss)
income from discontinued operations
|
$ | -- | $ | 2.66 | (100 | ) | $ | -- | $ | 2.76 | (100 | ) | ||||||||||||
|
Net
income per share
|
$ | 0.87 | $ | 3.32 | (74 | ) | $ | 1.46 | $ | 3.90 | (63 | ) | ||||||||||||
|
Earnings
per share – Diluted:
Income
from continuing operations
|
$ | 0.85 | $ | 0.60 | 42 | $ | 1.42 | $ | 1.05 | 35 | ||||||||||||||
|
(Loss)
income from discontinued operations
|
$ | -- | $ | 2.28 | (100 | ) | $ | -- | $ | 2.38 | (100 | ) | ||||||||||||
|
Net
income per share
|
$ | 0.85 | $ | 2.88 | (70 | ) | $ | 1.42 | $ | 3.43 | (59 | ) | ||||||||||||
|
Weighted
average shares:
Basic
|
23,133,206 | 30,839,209 | (25 | ) | 23,419,403 | 31,226,657 | (25 | ) | ||||||||||||||||
|
Diluted
|
23,758,343 | 36,016,304 | (34 | ) | 24,101,665 | 36,204,862 | (33 | ) | ||||||||||||||||
|
Ratio
Analysis
|
||||||||||||||||||||||||
|
Total
Revenue:
Restaurant:
|
73.3 | % | 73.2 | % | 76.3 | % | 76.1 | % | ||||||||||||||||
|
Retail:
|
26.7 | 26.8 | 23.7 | 23.9 | ||||||||||||||||||||
|
Total
revenue
|
100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||||||||
|
Cost
of goods sold
|
35.3 | 34.4 | 33.2 | 32.7 | ||||||||||||||||||||
|
Gross
profit
|
64.7 | 65.6 | 66.8 | 67.3 | ||||||||||||||||||||
|
Labor
& other related expenses
|
36.1 | 35.8 | 37.4 | 36.9 | ||||||||||||||||||||
|
Other
store operating expenses
|
16.8 | 17.3 | 17.4 | 17.4 | ||||||||||||||||||||
|
Impairment
and store closing charges
|
-- | -- | 0.1 | -- | ||||||||||||||||||||
|
Store
operating income
|
11.8 | 12.5 | 11.9 | 13.0 | ||||||||||||||||||||
|
General
and administrative expenses
|
4.6 | 5.6 | 5.2 | 6.1 | ||||||||||||||||||||
|
Operating
income
|
7.2 | 6.9 | 6.7 | 6.9 | ||||||||||||||||||||
|
Interest
expense
|
2.3 | 2.4 | 2.4 | 2.6 | ||||||||||||||||||||
|
Interest
income
|
-- | 0.6 | -- | 0.4 | ||||||||||||||||||||
|
Pretax
income
|
4.9 | 5.1 | 4.3 | 4.7 | ||||||||||||||||||||
|
Provision
for income taxes
|
1.7 | 1.8 | 1.5 | 1.7 | ||||||||||||||||||||
|
Income
from continuing operations
|
3.2 | 3.3 | 2.8 | 3.0 | ||||||||||||||||||||
|
(Loss)
income from discontinued operations
|
-- | 13.4 | -- | 7.4 | ||||||||||||||||||||
|
Net
income
|
3.2 | % | 16.7 | % | 2.8 | % | 10.4 | % | ||||||||||||||||
-MORE-
CBRL
Announces Second Quarter Results
Page 7
February 26, 2008
CONDENSED
CONSOLIDATED BALANCE SHEET
(Unaudited
and in thousands, except share amounts)
|
2/1/08
|
8/3/07
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 11,433 | $ | 14,248 | ||||
|
Assets
held for sale
|
2,577 | 4,676 | ||||||
|
Other
current assets
|
189,392 | 181,357 | ||||||
|
Property
and equipment, net
|
1,034,005 | 1,018,982 | ||||||
|
Long-lived
assets
|
45,939 | 45,767 | ||||||
|
Total
assets
|
$ | 1,283,346 | $ | 1,265,030 | ||||
|
Liabilities
and Shareholders’ Equity
|
||||||||
|
Current
liabilities
|
$ | 241,049 | $ | 274,669 | ||||
|
Long-term
debt
|
787,810 | 756,306 | ||||||
|
Other
long-term obligations
|
198,413 | 129,932 | ||||||
|
Shareholders’
equity
|
56,074 | 104,123 | ||||||
|
Total
liabilities and shareholders’ equity
|
$ | 1,283,346 | $ | 1,265,030 | ||||
|
Common
shares outstanding
|
22,133,878 | 23,674,175 | ||||||
-MORE-
CBRL Announces Second Quarter
Results
Page 8
February 26, 20008
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited
and in thousands)
|
Six
Months Ended
|
||||||||
|
2/1/08
|
1/26/07
|
|||||||
|
Cash
flows from continuing operations:
|
||||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income
|
$ | 34,106 | $ | 121,939 | ||||
|
Loss
(income) from discontinued operations, net of tax
|
111 | (86,276 | ) | |||||
|
Depreciation
and amortization
|
27,983 | 28,017 | ||||||
|
(Gain)
loss on disposition of property and equipment
|
(446 | ) | 1,304 | |||||
|
Impairment
|
532 | -- | ||||||
|
Accretion
on zero-coupon notes
|
-- | 2,934 | ||||||
|
Share-based
compensation, net of excess tax benefit
|
4,931 | 5,338 | ||||||
|
Net
changes in other assets and liabilities
|
(3,627 | ) | 35,985 | |||||
|
Net
cash provided by operating activities
|
63,590 | 109,241 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Purchase
of property and equipment, net of insurance recoveries
|
(45,009 | ) | (46,909 | ) | ||||
|
Proceeds
from sale of property and equipment
|
4,786 | 1,636 | ||||||
|
Net
cash used in investing activities
|
(40,223 | ) | (45,273 | ) | ||||
|
Cash
flows from financing activities:
|
||||||||
|
Net proceeds (payments) for credit facilities and other long-term
obligations
|
32,014 | (78,863 | ) | |||||
|
Proceeds
from exercise of stock options
|
1,965 | 20,171 | ||||||
|
Excess
tax benefit from share-based compensation
|
49 | 1,947 | ||||||
|
Purchase
and retirement of common stock
|
(52,380 | ) | (250,142 | ) | ||||
|
Dividends
on common stock
|
(7,660 | ) | (8,464 | ) | ||||
|
Net
cash used in financing activities
|
(26,012 | ) | (315,351 | ) | ||||
|
Cash
flows from discontinued operations:
|
||||||||
|
Net
cash used in operating activities of discontinued
operations
|
(170 | ) | (32,716 | ) | ||||
|
Net cash provided by investing activities of discontinued
operations
|
-- | 454,670 | ||||||
|
Net
cash (used in) provided by discontinued operations
|
(170 | ) | 421,954 | |||||
|
Net
(decrease) increase in cash and cash equivalents
|
(2,815 | ) | 170,571 | |||||
|
Cash
and cash equivalents, beginning of period
|
14,248 | 87,830 | ||||||
|
Cash
and cash equivalents, end of period
|
$ | 11,433 | $ | 258,401 | ||||
-MORE-
CBRL Announces Second Quarter
Results
Page 9
February 26, 2008
CBRL
GROUP, INC.
Supplemental
Information
(Unaudited)
|
Second
Quarter Ended
|
Six
Months Ended
|
|||||||||||||||
|
2/1/08
|
1/26/07
|
2/1/08
|
1/26/07
|
|||||||||||||
|
Units
in operation:
|
||||||||||||||||
|
Open
at beginning of period
|
566 | 548 | 562 | 543 | ||||||||||||
|
Opened
during period
|
4 | 4 | 10 | 9 | ||||||||||||
|
Closed
during period
|
-- | -- | (2 | ) | -- | |||||||||||
|
Open
at end of period
|
570 | 552 | 570 | 552 | ||||||||||||
|
Total
revenue: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 465,105 | $ | 447,782 | $ | 927,858 | $ | 890,109 | ||||||||
|
Retail
|
169,348 | 164,352 | 287,760 | 280,288 | ||||||||||||
|
Total
revenue
|
$ | 634,453 | $ | 612,134 | $ | 1,215,618 | $ | 1,170,397 | ||||||||
|
Operating
weeks:
|
7,399 | 7,160 | 14,721 | 14,236 | ||||||||||||
|
Average
unit volume: (In thousands)
|
||||||||||||||||
|
Restaurant
|
$ | 817.2 | $ | 813.0 | $ | 1,638.8 | $ | 1,625.7 | ||||||||
|
Retail
|
297.5 | 298.4 | 508.2 | 511.9 | ||||||||||||
|
Total
|
$ | 1,114.7 | $ | 1,111.4 | $ | 2,147.0 | $ | 2,137.6 | ||||||||
|
Q2 2008 vs. Q2 2007
|
6
mo. 2008 vs. 6 mo. 2007
|
||||
|
Comparable
store sales period to period increase (decrease):
|
|||||
|
Restaurant
|
1.1%
|
1.4%
|
|||
|
Retail
|
1.4%
|
(.1)%
|
|||
|
Number
of locations in comparable store base
|
537
|
531
|
|||
-END-