x |
Quarterly report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ |
Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 |
| Delaware |
33-0197361 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| June 30, 2002
|
December 30, 2001 |
|||||||
| (Unaudited) |
||||||||
| ASSETS |
||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ |
26,058 |
|
$ |
27,982 |
| ||
| Restricted cash |
|
10,661 |
|
|
12,992 |
| ||
| Receivables, net |
|
1,822 |
|
|
1,894 |
| ||
| Inventories |
|
1,679 |
|
|
1,887 |
| ||
| Other current assets |
|
5,019 |
|
|
5,139 |
| ||
| Property held for sale |
|
14,786 |
|
|
15,844 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
60,025 |
|
|
65,738 |
| ||
| Property and equipment, net |
|
91,472 |
|
|
96,926 |
| ||
| Other assets, net |
|
10,430 |
|
|
11,218 |
| ||
| |
|
|
|
|
| |||
| $ |
161,927 |
|
$ |
173,882 |
| |||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS DEFICIT |
||||||||
| Liabilities not subject to compromise |
||||||||
| Current liabilities: |
||||||||
| Current portion of long-term debt, including capitalized lease obligations |
$ |
620 |
|
$ |
234,271 |
| ||
| Accounts payable |
|
6,492 |
|
|
6,178 |
| ||
| Current portion of self-insurance reserves |
|
1,862 |
|
|
2,012 |
| ||
| Other accrued liabilities |
|
35,614 |
|
|
81,117 |
| ||
| Income taxes payable |
|
3,373 |
|
|
3,379 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
47,961 |
|
|
326,957 |
| ||
| Self-insurance reserves |
|
5,840 |
|
|
5,964 |
| ||
| Other long-term liabilities |
|
2,511 |
|
|
2,648 |
| ||
| Long-term debt, including capitalized lease obligations, less current portion |
|
902 |
|
|
967 |
| ||
| Liabilities subject to compromise under reorganization proceedings |
|
282,996 |
|
|
|
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
340,210 |
|
|
336,536 |
| ||
| |
|
|
|
|
| |||
| Commitments and contingencies |
||||||||
| Stockholders deficit: |
||||||||
| Common stockauthorized 300,000,000 shares, par value $.01 per share, 180,380,513 shares issued and outstanding on
June 30, 2002 and on December 30, 2001 |
|
1,804 |
|
|
1,804 |
| ||
| Additional paid-in capital |
|
222,353 |
|
|
222,353 |
| ||
| Accumulated deficit |
|
(402,440 |
) |
|
(386,811 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders deficit |
|
(178,283 |
) |
|
(162,654 |
) | ||
| |
|
|
|
|
| |||
| $ |
161,927 |
|
$ |
173,882 |
| |||
| |
|
|
|
|
| |||
| For the Quarters Ended |
||||||||
| June 30, 2002
|
July 1, 2001
|
|||||||
| Sales |
$ |
67,494 |
|
$ |
74,528 |
| ||
| |
|
|
|
|
| |||
| Product costs |
|
16,584 |
|
|
19,846 |
| ||
| Payroll and related costs |
|
23,660 |
|
|
26,509 |
| ||
| Occupancy and other operating expenses |
|
18,856 |
|
|
22,402 |
| ||
| Depreciation and amortization |
|
3,062 |
|
|
3,900 |
| ||
| General and administrative expenses |
|
4,094 |
|
|
5,842 |
| ||
| Opening costs |
|
|
|
|
57 |
| ||
| Loss on disposition of properties, net |
|
513 |
|
|
369 |
| ||
| Provision for divestitures and write-down of long-lived assets |
|
550 |
|
|
|
| ||
| Restructuring costs |
|
1,391 |
|
|
2,057 |
| ||
| |
|
|
|
|
| |||
| Total costs and expenses |
|
68,710 |
|
|
80,982 |
| ||
| |
|
|
|
|
| |||
| Operating loss |
|
(1,216 |
) |
|
(6,454 |
) | ||
| Interest expense, net (contractual interest of $7,373 for 2002) |
|
3,056 |
|
|
7,066 |
| ||
| |
|
|
|
|
| |||
| Loss before reorganization items and income tax provision |
|
(4,272 |
) |
|
(13,520 |
) | ||
| Reorganization items |
|
492 |
|
|
|
| ||
| |
|
|
|
|
| |||
| Loss before income tax provision |
|
(4,764 |
) |
|
(13,520 |
) | ||
| Income tax provision |
|
93 |
|
|
107 |
| ||
| |
|
|
|
|
| |||
| Net loss |
$ |
(4,857 |
) |
$ |
(13,627 |
) | ||
| |
|
|
|
|
| |||
| Net loss per sharebasic and diluted |
$ |
(0.03 |
) |
$ |
(0.08 |
) | ||
| |
|
|
|
|
| |||
| Weighted average shares outstandingbasic and diluted |
|
180,380,513 |
|
|
180,380,513 |
| ||
| |
|
|
|
|
| |||
| For the Six Months Ended |
||||||||
| June 30, 2002
|
July 1, 2001 |
|||||||
| Sales |
$ |
135,389 |
|
$ |
150,510 |
| ||
| |
|
|
|
|
| |||
| Product costs |
|
33,850 |
|
|
40,307 |
| ||
| Payroll and related costs |
|
48,148 |
|
|
54,116 |
| ||
| Occupancy and other operating expenses |
|
37,778 |
|
|
44,790 |
| ||
| Depreciation and amortization |
|
6,085 |
|
|
8,077 |
| ||
| General and administrative expenses |
|
8,765 |
|
|
11,715 |
| ||
| Opening costs |
|
1 |
|
|
107 |
| ||
| Loss on disposition of properties, net |
|
654 |
|
|
771 |
| ||
| Provision for divestitures and write-down of long-lived assets |
|
2,757 |
|
|
189 |
| ||
| Restructuring costs |
|
1,772 |
|
|
2,553 |
| ||
| |
|
|
|
|
| |||
| Total costs and expenses |
|
139,810 |
|
|
162,625 |
| ||
| |
|
|
|
|
| |||
| Operating loss |
|
(4,421 |
) |
|
(12,115 |
) | ||
| Interest expense, net (contractual interest of $14,846 for 2002) |
|
10,529 |
|
|
13,712 |
| ||
| |
|
|
|
|
| |||
| Loss before reorganization items and income tax provision |
|
(14,950 |
) |
|
(25,827 |
) | ||
| Reorganization items |
|
492 |
|
|
|
| ||
| |
|
|
|
|
| |||
| Loss before income tax provision |
|
(15,442 |
) |
|
(25,827 |
) | ||
| Income tax provision |
|
187 |
|
|
213 |
| ||
| |
|
|
|
|
| |||
| Net loss |
$ |
(15,629 |
) |
$ |
(26,040 |
) | ||
| |
|
|
|
|
| |||
| Net loss per share - basic and diluted |
$ |
(0.09 |
) |
$ |
(0.14 |
) | ||
| |
|
|
|
|
| |||
| Weighted average shares outstanding - basic and diluted |
|
180,380,513 |
|
|
180,380,513 |
| ||
| |
|
|
|
|
| |||
| For the Six Months Ended |
||||||||
| June 30, 2002 |
July 1, 2001 |
|||||||
| Cash flows from operating activities: |
||||||||
| Cash received from customers, franchisees and licensees |
$ |
135,961 |
|
$ |
151,197 |
| ||
| Cash paid to suppliers and employees |
|
(134,614 |
) |
|
(154,701 |
) | ||
| Interest received (paid), net |
|
(153 |
) |
|
406 |
| ||
| Opening costs |
|
(1 |
) |
|
(107 |
) | ||
| Restructuring costs |
|
(707 |
) |
|
(1,223 |
) | ||
| Income taxes paid |
|
(193 |
) |
|
(396 |
) | ||
| |
|
|
|
|
| |||
| Net cash provided by (used in) operating activities before reorganization items |
|
293 |
|
|
(4,824 |
) | ||
| Reorganization items |
|
(276 |
) |
|
|
| ||
| |
|
|
|
|
| |||
| Net cash provided by (used in) operating activities |
|
17 |
|
|
(4,824 |
) | ||
| |
|
|
|
|
| |||
| Cash flows from investing activities: |
||||||||
| Proceeds from disposal of property and equipment |
|
70 |
|
|
139 |
| ||
| Proceeds from payments on notes receivable |
|
|
|
|
348 |
| ||
| Capital expenditures |
|
(1,064 |
) |
|
(2,994 |
) | ||
| Lease termination payments |
|
(1,512 |
) |
|
(611 |
) | ||
| Other divestment expenditures |
|
(987 |
) |
|
(1,023 |
) | ||
| Cash required for the El Torito Sale |
|
(128 |
) |
|
(1,085 |
) | ||
| Decrease (increase) in restricted cash, net |
|
2,260 |
|
|
(9,568 |
) | ||
| Other |
|
126 |
|
|
(1,125 |
) | ||
| |
|
|
|
|
| |||
| Net cash used in investing activities |
|
(1,235 |
) |
|
(15,919 |
) | ||
| |
|
|
< | |||||