|
ITEM 6. Selected
Financial Data
The following table contains selected
consolidated financial and operating data. Statement of
income, balance sheet and cash flow data for each fiscal
year has been derived from our audited Consolidated Financial
Statements. The selected financial data should be read
in conjunction with “Management’s Discussion
and Analysis of Financial Condition and Results of Operations”
and our Consolidated Financial Statements and Notes thereto
included elsewhere in this annual report on Form 10-K.
| |
|
Fiscal
Year Ended
|
|
| |
|
2002
|
|
|
2001
|
|
|
2000(1)
|
|
|
1999
|
|
|
1998
|
|
| |
|
(in
thousands, except per share data,
restaurant-related
data and footnotes)
|
|
|
Statement
of Income Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
|
$
|
265,518
|
|
|
$
|
214,963
|
|
|
$
|
180,413
|
|
|
$
|
121,430
|
|
|
$
|
110,953
|
|
|
Franchise
royalties and fees
|
|
|
8,565
|
|
|
|
9,002
|
|
|
|
8,247
|
|
|
|
8,249
|
|
|
|
7,193
|
|
|
Rent
revenue
|
|
|
327
|
|
|
|
520
|
|
|
|
510
|
|
|
|
333
|
|
|
|
69
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
|
274,410
|
|
|
|
224,485
|
|
|
|
189,170
|
|
|
|
130,012
|
|
|
|
118,215
|
|
|
Costs
and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Restaurant
operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of sales
|
|
|
61,084
|
|
|
|
50,914
|
|
|
|
43,945
|
|
|
|
30,159
|
|
|
|
27,679
|
|
|
Labor
|
|
|
94,030
|
|
|
|
74,854
|
|
|
|
64,566
|
|
|
|
43,504
|
|
|
|
39,089
|
|
|
Operating
|
|
|
40,428
|
|
|
|
33,195
|
|
|
|
27,960
|
|
|
|
19,429
|
|
|
|
17,382
|
|
|
Occupancy
|
|
|
18,095
|
|
|
|
14,785
|
|
|
|
11,519
|
|
|
|
7,998
|
|
|
|
6,379
|
|
|
Restaurant
closures and impairment
|
|
|
1,133
|
|
|
|
36
|
|
|
|
1,302
|
|
|
|
(330
|
)
|
|
|
140
|
|
|
Depreciation
and amortization
|
|
|
12,883
|
|
|
|
10,491
|
|
|
|
8,065
|
|
|
|
5,394
|
|
|
|
5,008
|
|
|
General
and administrative
|
|
|
20,357
|
|
|
|
16,845
|
|
|
|
17,116
|
|
|
|
13,434
|
|
|
|
13,578
|
|
|
Franchise
development
|
|
|
3,256
|
|
|
|
3,704
|
|
|
|
3,386
|
|
|
|
2,508
|
|
|
|
1,982
|
|
|
Pre-opening
costs
|
|
|
1,879
|
|
|
|
921
|
|
|
|
2,506
|
|
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|
771
|
|
|
|
—
|
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Gain
on lease buy-out
|
|
|
(945
|
)
|
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|
—
|
|
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|
—
|
|
|
|
—
|
|
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|
—
|
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Impairment
of property held for sale
|
|
|
150
|
|
|
|
—
|
|
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|
—
|
|
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|
—
|
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|
—
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
costs and expenses
|
|
|
252,350
|
|
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|
205,745
|
|
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|
180,365
|
|
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|
122,867
|
|
|
|
111,237
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|
| |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Income
from operations
|
|
|
22,060
|
|
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|
18,740
|
|
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|
8,805
|
|
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|
7,145
|
|
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|
6,978
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Other
(income) expense:
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|
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|
|
|
|
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|
|
|
|
|
|
|
|
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Interest
expense
|
|
|
5,769
|
|
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|
7,850
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|
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|
6,482
|
|
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|
4,156
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|
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|
4,460
|
|
|
Interest
income
|
|
|
(398
|
)
|
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|
(746
|
)
|
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|
(742
|
)
|
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|
(186
|
)
|
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|
(282
|
)
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Loss
on early extinguishment of debt
|
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4,336
|
|
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|
—
|
|
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|
—
|
|
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|
—
|
|
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|
—
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Other
expense
|
|
|
8
|
|
|
|
190
|
|
|
|
191
|
|
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|
391
|
|
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|
595
|
|
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|
|
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|
|
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|
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|
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Total
other expense
|
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9,715
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|
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|
7,294
|
|
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|
5,931
|
|
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4,361
|
|
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|
4,773
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
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Income
before income taxes
|
|
|
12,345
|
|
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|
11,446
|
|
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|
2,874
|
|
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|
2,784
|
|
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|
2,205
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|
(Provision)
benefit for income taxes(2)
|
|
|
(4,081
|
)
|
|
|
(3,722
|
)
|
|
|
12,557
|
|
|
|
1,596
|
|
|
|
33
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net
income(2)
|
|
$
|
8,264
|
|
|
$
|
7,724
|
|
|
$
|
15,431
|
|
|
$
|
4,380
|
|
|
$
|
2,238
|
|
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Net
income per common share(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic
|
|
$
|
0.67
|
|
|
$
|
0.77
|
|
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$
|
2.07
|
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|
$
|
1.47
|
|
|
$
|
0.78
|
|
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|
|
|
|
|
|
|
|
|
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|
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|
|
|
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Diluted
|
|
$
|
0.65
|
|
|
$
|
0.75
|
|
|
$
|
2.07
|
|
|
$
|
1.47
|
|
|
$
|
0.78
|
|
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|
|
|
|
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|
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|
|
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|
Shares
used in computing net income per common
share
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
Basic
|
|
|
12,278
|
|
|
|
10,085
|
|
|
|
7,444
|
|
|
|
2,971
|
|
|
|
2,903
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Diluted
|
|
|
12,660
|
|
|
|
10,236
|
|
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|
7,444
|
|
|
|
2,971
|
|
|
|
2,903
|
|
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|
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|
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26
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