[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 |
58-1654960 | |
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. employer identification
no.) | |
| 4300 West Cypress Street |
||
| Suite 600 |
||
| Tampa, FL |
33607 | |
| (Address of principal executive offices) |
(Zip code) |
| PART I |
FINANCIAL INFORMATION |
PAGE | ||
| Item 1 |
Financial Statements |
|||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 6 | ||||
| Item 2 |
10 | |||
| Item 3 |
17 | |||
| Item 4 |
18 | |||
| PART II |
OTHER INFORMATION |
|||
| Item 1 |
18 | |||
| Item 2 |
20 | |||
| Item 3 |
20 | |||
| Item 4 |
20 | |||
| Item 5 |
20 | |||
| Item 6 |
20 |
| September 9, 2002 |
December 31, 2001 |
|||||||
| Current Assets: |
||||||||
| Cash and cash equivalents |
$ |
14,192 |
|
$ |
7,159 |
| ||
| Restricted cash |
|
3,818 |
|
|
3,482 |
| ||
| Accounts, notes and leases receivable, net |
|
2,922 |
|
|
3,420 |
| ||
| Inventory |
|
1,054 |
|
|
1,122 |
| ||
| Prepaid expenses and other current assets |
|
1,780 |
|
|
2,337 |
| ||
| Property and equipment held for sale |
|
2,174 |
|
|
3,230 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
25,940 |
|
|
20,750 |
| ||
| Property and equipment, net |
|
48,378 |
|
|
49,136 |
| ||
| Notes receivable, netless current portion |
|
3,970 |
|
|
3,527 |
| ||
| Leases receivable, netless current portion |
|
5,969 |
|
|
6,669 |
| ||
| Intangible assets, net |
|
44,933 |
|
|
45,189 |
| ||
| Other assets, net |
|
1,732 |
|
|
1,989 |
| ||
| |
|
|
|
|
| |||
| $ |
130,922 |
|
$ |
127,260 |
| |||
| |
|
|
|
|
| |||
| Current Liabilities: |
||||||||
| Current maturities of long-term debt and obligations under capital leases |
$ |
3,204 |
|
$ |
4,743 |
| ||
| Accounts payable |
|
6,393 |
|
|
6,645 |
| ||
| Reserves for restaurant relocations and abandoned sites |
|
1,534 |
|
|
1,879 |
| ||
| Accrued wages and benefits |
|
2,466 |
|
|
2,271 |
| ||
| Accrued liabilities |
|
6,407 |
|
|
7,686 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
20,004 |
|
|
23,224 |
| ||
| Long-term debt, less current maturities |
|
22,258 |
|
|
25,192 |
| ||
| Obligations under capital leases, less current maturities |
|
6,454 |
|
|
6,981 |
| ||
| Long-term reserves for restaurant relocations and abandoned sites |
|
2,418 |
|
|
2,549 |
| ||
| Minority interests in joint ventures |
|
224 |
|
|
312 |
| ||
| Deferred revenue |
|
5,141 |
|
|
5,440 |
| ||
| Other long-term liabilities |
|
4,270 |
|
|
3,938 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
60,769 |
|
|
67,636 |
| ||
| Stockholders Equity: |
||||||||
| Preferred stock, $.001 par value, authorized 2,000,000 shares, none issued at September 9, 2002 and December 31, 2001 |
|
|
|
|
|
| ||
| Common stock, $.001 par value, authorized 175,000,000 shares, issued 12,300,607 at September 9, 2002 and 10,914,727 at December 31, 2001 |
|
12 |
|
|
11 |
| ||
| Additional paid-in capital |
|
145,581 |
|
|
143,004 |
| ||
| Accumulated deficit |
|
(74,908 |
) |
|
(82,891 |
) | ||
| |
|
|
|
|
| |||
| |
70,685 |
|
|
60,124 |
| |||
| Less: Treasury stock, 48,242 at September 9,
2002 and December 31, 2001, at cost |
|
(465 |
) |
|
(400 |
) | ||
| Note receivableofficer |
|
(67 |
) |
|
(100 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
70,153 |
|
|
59,624 |
| ||
| |
|
|
|
|
| |||
| $ |
130,922 |
|
$ |
127,260 |
| |||
| |
|
|
|
|
| |||
| Quarter Ended |
Three Quarters Ended |
|||||||||||||||
| Sept. 9, 2002 |
Sept. 10, 2001 |
Sept. 9, 2002 |
Sept. 10, 2001 |
|||||||||||||
| REVENUES: |
||||||||||||||||
| Restaurant sales |
$ |
38,816 |
|
$ |
34,306 |
|
$ |
114,964 |
|
$ |
99,197 |
| ||||
| Franchise royalty revenue |
|
3,485 |
|
|
3,655 |
|
|
10,287 |
|
|
10,932 |
| ||||
| Franchise fees and other income |
|
103 |
|
|
28 |
|
|
278 |
|
|
392 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total revenues |
$ |
42,404 |
|
$ |
37,989 |
|
$ |
125,529 |
|
$ |
110,521 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| COSTS AND EXPENSES: |
||||||||||||||||
| Restaurant food and paper costs |
|
12,040 |
|
|
11,245 |
|
|
35,211 |
|
|
32,891 |
| ||||
| Restaurant labor costs |
|
12,093 |
|
|
11,346 |
|
|
35,784 |
|
|
32,560 |
| ||||
| Restaurant occupancy expenses |
|
2,651 |
|
|
3,125 |
|
|
8,109 |
|
|
8,333 |
| ||||
| Restaurant depreciation and amortization |
|
1,559 |
|
|
929 |
|
|
4,166 |
|
|
2,869 |
| ||||
| Other restaurant operating expenses |
|
5,219 |
|
|
4,722 |
|
|
15,640 |
|
|
12,939 |
| ||||
| General and administrative expenses |
|
2,598 |
|
|
2,976 |
|
|
8,405 |
|
|
8,700 |
| ||||
| Advertising |
|
2,690 |
|
|
1,690 |
|
|
7,013 |
|
|
5,470 |
| ||||
| Bad debt expense |
|
23 |
|
|
161 |
|
|
223 |
|
|
502 |
| ||||
| Non-cash compensation |
|
23 |
|
|
30 |
|
|
69 |
|
|
76 |
| ||||
| Other depreciation and amortization |
|
156 |
|
|
661 |
|
|
463 |
|
|
2,377 |
| ||||
| Impairment of long lived assets |
|
429 |
|
|
223 |
|
|
921 |
|
|
223 |
| ||||
| Restaurant closure expense |
|
449 |
|
|
98 |
|
|
867 |
|
|
(139 |
) | ||||
| Gain on sale of assets |
|
(609 |
) |
|
(203 |
) |
|
(712 |
) |
|
(746 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total costs and expenses |
|
39,321 |
|
|
37,003 |
|
|
116,159 |
|
|
106,055 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Operating income |
|
3,083 |
|
|
986 |
|
|
9,370 |
|
|
4,466 |
| ||||
| OTHER INCOME (EXPENSE): |
||||||||||||||||
| Interest income |
|
317 |
|
|
478 |
|
|
1,032 |
|
|
1,383 |
| ||||
| Interest expense |
|
(705 |
) |
|
(914 |
) |
|
(2,349 |
) |
|
(3,572 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before minority interests and income tax expense |
|
2,695 |
|
|
550 |
|
|
8,053 |
|
|
2,277 |
| ||||
| Minority interests in operations of joint ventures |
|
(9 |
) |
|
(7 |
) |
|
(38 |
) |
|
(43 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before income tax expense |
|
2,686 |
|
|
543 |
|
|
8,015 |
|
|
2,234 |
| ||||
| Income tax expense |
|
|
|
|
91 |
|
|
|
|
|
163 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
2,686 |
|
$ |
452 |
|||||||||||