|
ITEM
6. Selected Financial Data (continued)
| |
|
Fiscal
Year Ended
|
|
| |
|
2002
|
|
|
2001
|
|
|
2000(1)
|
|
|
1999
|
|
|
1998
|
|
| |
|
(in
thousands, except per share data,
restaurant-related
data and footnotes)
|
|
|
Cash
flow Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash provided by operating activities
|
|
$
|
29,114
|
|
|
$
|
25,762
|
|
|
$
|
8,184
|
|
|
$
|
7,339
|
|
|
$
|
8,214
|
|
|
|
Selected
Operating Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System-wide
restaurants open at end of period
|
|
|
194
|
|
|
|
182
|
|
|
|
164
|
|
|
|
144
|
|
|
|
131
|
|
|
Company-owned
restaurants open at end of period
|
|
|
96
|
|
|
|
77
|
|
|
|
73
|
|
|
|
46
|
|
|
|
44
|
|
|
Average
annual comparable company-owned restaurant
sales(3)
|
|
$
|
2,975
|
|
|
$
|
3,020
|
|
|
$
|
2,890
|
|
|
$
|
2,664
|
|
|
$
|
2,496
|
|
|
Comparable
company-owned restaurant sales increase(3)
|
|
|
1.6
|
%
|
|
|
2.0
|
%
|
|
|
6.9
|
%
|
|
|
5.8
|
%
|
|
|
4.9
|
%
|
|
Restaurant-level
operating profit(4)
|
|
$
|
51,881
|
|
|
$
|
41,215
|
|
|
$
|
32,423
|
|
|
$
|
20,340
|
|
|
$
|
20,424
|
|
|
|
Balance
Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
$
|
4,797
|
|
|
$
|
18,992
|
|
|
$
|
8,317
|
|
|
$
|
5,176
|
|
|
$
|
5,645
|
|
|
Total
assets(1)
|
|
|
169,626
|
|
|
|
154,441
|
|
|
|
141,184
|
|
|
|
70,706
|
|
|
|
55,338
|
|
|
Long-term
debt, including current portion
|
|
|
39,980
|
|
|
|
80,087
|
|
|
|
78,413
|
|
|
|
66,120
|
|
|
|
57,509
|
|
|
Total
stockholders’ equity (deficit)(1)
|
|
$
|
98,989
|
|
|
$
|
46,978
|
|
|
$
|
39,773
|
|
|
$
|
(14,861
|
)
|
|
$
|
(19,291
|
)
|
| (1) |
|
In
May 2000, we purchased all of the outstanding
capital stock of one of our franchisees, The
Snyder Group Company, for approximately $23.7
million, plus liabilities assumed of $20.0
million, thereby acquiring 14 restaurants
and significantly changing our capital structure.
|
In addition, in May 2000, we sold 4,310,344 shares of our common
stock to affiliates of Quad-C, a private equity firm,
for $25.0 million. The proceeds were used to pay off debentures
and promissory notes, as well as pay down bank debt and
fund new restaurant construction.
| (2) |
|
Net
income in 1999 included a benefit for income
taxes of $1.6 million and net income in 2000
included a benefit for income taxes of $12.6
million, in each case as a result of the reversal
of previously recorded deferred tax asset
valuation allowance. Due to our improved profitability,
the deferred tax asset valuation allowance
was reversed because it became more likely
than not that the deferred tax asset would
be realized in the future. |
| (3) |
|
Company-owned
restaurants become comparable in the first
period following the first full fiscal year
of operations. For example, a restaurant opened
in September 2002 will be included in comparable
company-owned restaurants beginning in 2004.
|
| (4) |
|
We
define restaurant-level operating profit to
be restaurant sales minus restaurant operating
costs, excluding restaurant closures and impairment
costs. It does not include general and administrative
costs, depreciation and amortization, franchise
development costs and pre-opening costs. Although
restaurant-level operating profit is a measure
commonly used in the restaurant industry to
evaluate operating performance, it is not
a measurement determined in accordance with
generally accepted accounting principles and
should not be considered in isolation or as
an alternative to net income, cash flows generated
by operations, investing or financing activities
or other financial statement data presented
as indicators of financial performance or
liquidity. Restaurant-level operating profit
as presented may not be comparable to other
similarly titled measures of other companies.
The following table sets forth our calculation
of restaurant-level operating profit: |
| |
|
2002
|
|
2001
|
|
2000(1)
|
|
1999
|
|
1998
|
|
Restaurant
Revenues
|
|
$
|
265,518
|
|
$
|
214,963
|
|
$
|
180,413
|
|
$
|
121,430
|
|
$
|
110,953
|
|
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-level
operating profit
|
|
$
|
51,881
|
|
$
|
41,215
|
|
$
|
32,423
|
|
$
|
20,340
|
|
$
|
20,424
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
