Cracker Barrel Old Country Store, Inc.
CRACKER BARREL OLD COUNTRY STORE, INC (Form: 8-K, Received: 02/21/2017 08:56:02)

 

 

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 21, 2017

 

 

CRACKER BARREL OLD COUNTRY STORE, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Tennessee   001-25225   62-0812904

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

305 Hartmann Drive, Lebanon, Tennessee 37087

(Address of Principal Executive Offices) (Zip code)

(615) 444-5533

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below 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 21, 2017, Cracker Barrel Old Country Store, Inc. (the “Company”) issued a press release (the “Press Release”) announcing the Company’s fiscal 2017 second quarter results of operations and projected outlook for the remainder of fiscal 2017. A copy of the Press Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

  99.1 Press Release issued by Cracker Barrel Old Country Store, Inc. dated February 21, 2017


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.

 

Date: February 21, 2017   CRACKER BARREL OLD COUNTRY STORE, INC.
  By:  

/s/ Jill M. Golder

  Name:   Jill M. Golder
  Title:   Senior Vice President and Chief Financial Officer


EXHIBIT INDEX

 

Exhibit No.    Description
99.1    Press Release issued by Cracker Barrel Old Country Store, Inc. dated February 21, 2017

Exhibit 99.1

 

LOGO

 

LOGO

Investor Contact:     Jessica Hazel

(615) 235-4367

Media Contact:        Janella Escobar

(615) 235-4618

CRACKER BARREL REPORTS RESULTS FOR SECOND QUARTER FISCAL 2017

AND REAFFIRMS EARNINGS GUIDANCE FOR FISCAL 2017

Eleventh Consecutive Quarter of Positive Comparable Restaurant Sales Growth

Second Quarter Operating Income Margin increased 150 basis points

LEBANON, Tenn. February  21, 2017 – Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2017 ended January 27, 2017.

Second Quarter Fiscal 2017 Highlights

 

    Compared to the prior year second quarter, comparable store restaurant sales increased 0.6%, marking the Company’s eleventh consecutive quarter of positive comparable store restaurant sales.

 

    Operating income as a percent of total revenue increased 150 basis points, over the prior year quarter, to 10.7%.

 

    Earnings per diluted share were $2.19, compared to GAAP earnings per diluted share of $2.01 in the prior year quarter, an increase of 9.0%. Adjusted for the impact of the prior year retroactive reinstatement of the Work Opportunity Tax Credit (“WOTC”), earnings per diluted share increased 15% from adjusted EPS of $1.91 in the prior year quarter. (See non-GAAP reconciliation below.)

Commenting on the second quarter, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, “I am pleased to report another significant increase in earnings per diluted share. We delivered second quarter operating margin growth largely driven by continued commodity favorability and the success of our cost reduction initiatives. As we look to the second half of this fiscal year, our teams remain focused on executing at the store level, providing the great food, friendly service, welcoming atmosphere and retail shopping experience that differentiates our brand from our competitors.”

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 2

February 21, 2017

 

Second Quarter Fiscal 2017 Results

Revenue

The Company reported total revenue of $772.7 million for the second quarter of fiscal 2017, representing an increase of 1.1% over the second quarter of the prior year. Comparable store restaurant sales increased 0.6%, including a 2.7% increase in average check partially offset by a 2.1% decrease in comparable store restaurant traffic. The average menu price increase for the quarter was approximately 2.1%. Comparable store retail sales decreased 2.2% from the prior year quarter.

Comparable store restaurant traffic, average check and comparable store restaurant sales and retail sales for the fiscal months of November, December and January and the second quarter were as follows:

 

     November   December (1,2)   January (2)   Second
Quarter

Comparable restaurant traffic

   0.8%   -1.0%   -5.7%   -2.1%

Average check

   2.6%   3.0%   2.6%   2.7%

Comparable restaurant sales

   3.4%   2.0%   -3.1%   0.6%

Comparable retail sales

   -1.7%   -2.6%   -1.9%   -2.2%

 

(1) The Company estimates inclement weather in December reduced traffic and sales by approximately 1.6%.
(2) The Company estimates the Christmas fiscal calendar timing shift, from fiscal December in the prior year to fiscal January in the current year, increased December traffic and sales by approximately 5.7% while reducing January traffic and sales by approximately 5.0%.

Operating Income

Operating income in the second quarter was $82.7 million, or 10.7% of total revenue, an increase over the prior year quarter result of $70.5 million, or 9.2% of total revenue. As a percentage of total revenue, reductions in cost of goods sold, other store operating expenses, and general and administrative expenses were partially offset by an increase in labor and related expenses.

Diluted Earnings per Share

Earnings per diluted share were $2.19, compared to GAAP EPS of $2.01 in the prior year quarter, an increase of 9.0%. Adjusted for the impact of the prior year retroactive reinstatement of the Work Opportunity Tax Credit, earnings per diluted share increased 15% from adjusted EPS of $1.91 in the prior year quarter. (For a reconciliation of GAAP to non-GAAP financial measures, please see the tables accompanying this release.)

Fiscal 2017 Outlook

The Company reaffirmed its previous earnings guidance and expects to report earnings per diluted share for the 2017 fiscal year between $8.10 and $8.25. The Company now expects total revenue of approximately $2.95 billion, reflecting the expected opening of eight new Cracker Barrel stores and four new Holler & Dash Biscuit House restaurants. The Company now expects comparable store restaurant sales of between 0.5% and 1.0% and comparable store retail sales of approximately -2.0%, reflecting the Company’s more cautious expectations for the second half of the fiscal year. The Company expects food commodity deflation of approximately 4.0% for the year. The Company projects an operating income margin in the range of 10.0% and 10.5% of total revenue for fiscal 2017. The Company expects depreciation expense between $85 million and $87 million; net interest expense of approximately $15 million; and capital expenditures of approximately $125 million. The Company anticipates an effective tax rate for fiscal 2017 of approximately 32%.

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 3

February 21, 2017

 

The Company expects to report earnings per diluted share for the third quarter of 2017 of between $1.75 and $1.85. The Company reminds investors that its outlook for fiscal 2017 reflects a number of assumptions, many of which are outside the Company’s control.

Fiscal 2017 Second Quarter Conference Call

As previously announced, the live broadcast of Cracker Barrel’s quarterly conference call will be available to the public on-line at investor.crackerbarrel.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 7, 2017.

About Cracker Barrel Old Country Store ®

Cracker Barrel Old Country Store provides a friendly home-away-from-home in its old country stores and restaurants. Guests are cared for like family while relaxing and enjoying real home-style food and shopping that’s surprisingly unique, genuinely fun and reminiscent of America’s country heritage…all at a fair price. The restaurants serve up delicious, home-style country food such as meatloaf and homemade chicken n’ dumplins as well as our signature biscuits using an old family recipe. The authentic old country retail store is fun to shop and offers unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969 in Lebanon, Tenn. and operates 641 company-owned Cracker Barrel locations and four company-owned Holler & Dash Biscuit House locations across 43 states. Every Cracker Barrel store is open seven days a week with hours Sunday through Thursday, 6 a.m. – 10 p.m., and Friday and Saturday, 6 a.m.—11 p.m. For more information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain 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 Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is subject to completion of our financial procedures for Q2 FY 2017 and is provided 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 and include the expected effects of operational improvement initiatives, such as new menu items and retail offerings. Factors which could materially affect actual results include, but are not limited to: the effects of uncertain consumer confidence, higher costs for energy, general or regional economic weakness, weather on sales and customer travel, discretionary income or personal expenditure activity of our customers; our

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 4

February 21, 2017

 

ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at our restaurants; our ability 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 our brands and products; commodity price increases; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees in an escalating wage environment; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; workers’ compensation, group health and utility price changes; consumer behavior based on negative publicity or concerns over nutritional or safety aspects of our food or products or those of the restaurant industry in general, including concerns about pandemics, as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of our indebtedness and associated restrictions on our financial and operating flexibility and ability to execute or pursue our operating plans and objectives; changes in interest rates or capital market conditions affecting our financing costs and ability to refinance all or portions of our indebtedness; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; our ability to retain key personnel; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; our ability to enter successfully into new geographic markets that may be less familiar to us; 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 our restaurant or retail supply chain; changes in foreign exchange rates affecting our future retail inventory purchases; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America (“GAAP”); and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 5

February 21, 2017

 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED INCOME STATEMENT

(Unaudited)

(In thousands, except share and per share amounts, percentages and ratios)

 

     Second Quarter Ended     Six Months Ended  
                 Percentage                 Percentage  
     1/27/17     1/29/16     Change     1/27/17     1/29/16     Change  

Total revenue

   $ 772,682     $ 764,002       1   $ 1,482,653     $ 1,466,631       1

Cost of goods sold (exclusive of depreciation and rent)

     254,920       264,932       (4     468,029       487,905       (4

Labor and other related expenses

     259,270       251,935       3       508,374       496,257       2  

Other store operating expenses

     140,979       141,103       (0     278,905       276,810       1  
  

 

 

   

 

 

     

 

 

   

 

 

   

Store operating income

     117,513       106,032       11       227,345       205,659       11  

General and administrative expenses

     34,817       35,507       (2     68,905       69,826       (1
  

 

 

   

 

 

     

 

 

   

 

 

   

Operating income

     82,696       70,525       17       158,440       135,833       17  

Interest expense

     3,638       3,569       2       7,314       7,113       3  
  

 

 

   

 

 

     

 

 

   

 

 

   

Pretax income

     79,058       66,956       18       151,126       128,720       17  

Provision for income taxes

     26,331       18,714       41       50,044       39,613       26  
  

 

 

   

 

 

     

 

 

   

 

 

   

Net income

   $ 52,727     $ 48,242       9     $ 101,082     $ 89,107       13  
  

 

 

   

 

 

     

 

 

   

 

 

   

Earnings per share – Basic:

   $ 2.19     $ 2.02       8     $ 4.21     $ 3.72       13  
  

 

 

   

 

 

     

 

 

   

 

 

   

Earnings per share – Diluted:

   $ 2.19     $ 2.01       9     $ 4.19     $ 3.70       13  
  

 

 

   

 

 

     

 

 

   

 

 

   

Weighted average shares:

 

Basic

     24,040,243       23,937,812       0       24,020,976       23,947,183       0  

Diluted

     24,109,000       24,047,042       0       24,106,748       24,060,047       0  

Ratio Analysis

            

Total revenue:

            

Restaurant

     76.5     76.0       78.6     77.9  

Retail

     23.5       24.0         21.4       22.1    
  

 

 

   

 

 

     

 

 

   

 

 

   

Total revenue

     100.0       100.0         100.0       100.0    

Cost of goods sold (exclusive of depreciation and rent)

     33.0       34.7         31.6       33.3    

Labor and other related expenses

     33.6       33.0         34.3       33.8    

Other store operating expenses

     18.2       18.4         18.8       18.9    
  

 

 

   

 

 

     

 

 

   

 

 

   

Store operating income

     15.2       13.9         15.3       14.0    

General and administrative expenses

     4.5       4.7         4.6       4.7    
  

 

 

   

 

 

     

 

 

   

 

 

   

Operating income

     10.7       9.2         10.7       9.3    

Interest expense

     0.5       0.5         0.5       0.5    
  

 

 

   

 

 

     

 

 

   

 

 

   

Pretax income

     10.2       8.7         10.2       8.8    

Provision for income taxes

     3.4       2.4         3.4       2.7    
  

 

 

   

 

 

     

 

 

   

 

 

   

Net income

     6.8     6.3       6.8     6.1  
  

 

 

   

 

 

     

 

 

   

 

 

   

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 6

February 21, 2017

 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited and in thousands, except share amounts)

 

     1/27/17      1/29/16  

Assets

     

Cash and cash equivalents

   $ 185,698      $ 171,643  

Accounts receivable

     19,654        15,900  

Income tax receivable

     0        2,447  

Inventory

     155,879        150,959  

Prepaid expenses

     18,727        18,289  

Deferred income taxes

     2,252        5,795  

Property and equipment, net

     1,088,612        1,048,715  

Other long-term assets

     64,069        63,051  
  

 

 

    

 

 

 

Total assets

   $ 1,534,891      $ 1,476,799  
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Accounts payable

   $ 100,388      $ 91,474  

Other current liabilities

     259,247        234,854  

Long-term debt

     400,000        400,000  

Interest rate swap liability

     6,538        15,649  

Other long-term obligations

     126,607        134,552  

Deferred income taxes

     60,394        45,401  

Shareholders’ equity, net

     581,717        554,869  
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 1,534,891      $ 1,476,799  
  

 

 

    

 

 

 

Common shares issued and outstanding

     24,042,573        23,939,248  

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 7

February 21, 2017

 

CRACKER BARREL OLD COUNTRY STORE, INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Unaudited and in thousands)

 

 
     Six Months Ended  
     1/27/17     1/29/16  

Cash flows from operating activities:

    

Net income

   $ 101,082     $ 89,107  

Depreciation and amortization

     41,830       37,783  

Loss on disposition of property and equipment

     2,472       2,667  

Share-based compensation, net of excess tax benefit

     2,808       3,007  

(Increase) decrease in inventories

     (3,571     2,099  

(Decrease) in accounts payable

     (32,105     (41,643

Net changes in other assets and liabilities

     36,986       (7,407
  

 

 

   

 

 

 

Net cash provided by operating activities

     149,502       85,613  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchase of property and equipment, net of insurance recoveries

     (52,934     (36,797

Proceeds from sale of property and equipment

     412       472  
  

 

 

   

 

 

 

Net cash (used in) investing activities

     (52,522     (36,325
  

 

 

   

 

 

 

Cash flows from financing activities:

    

(Taxes withheld) from exercise of share-based compensation awards, net

     (6,031     (5,343

Excess tax benefit from share-based compensation

     1,203       1,948  

Purchases and retirement of common stock

     0       (14,653

Dividends on common stock

     (57,420     (125,052
  

 

 

   

 

 

 

Net cash (used in) financing activities

     (62,248     (143,100
  

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     34,732       (93,812

Cash and cash equivalents, beginning of period

     150,966       265,455  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 185,698     $ 171,643  
  

 

 

   

 

 

 

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 8

February 21, 2017

 

CRACKER BARREL OLD COUNTRY STORE, INC.

Supplemental Information

(Unaudited)

 

 
     Second Quarter Ended      Six Months Ended  
     1/27/17      1/29/16      1/27/17      1/29/16  

Units in operation:

           

Open at beginning of period

     643        635        641        637  

Opened during period

     2        0        4        0  

(Closed) during period

     0        0        0        (2
  

 

 

    

 

 

    

 

 

    

 

 

 

Open at end of period

     645        635        645        635  

Total revenue: (In thousands)

           

Restaurant

   $ 591,113      $ 580,918      $ 1,164,790      $ 1,143,197  

Retail

     181,569        183,084        317,863        323,434  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue

   $ 772,682      $ 764,002      $ 1,482,653      $ 1,466,631  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cost of goods sold: (In thousands)

           

Restaurant

   $ 153,316      $ 164,776      $ 298,852      $ 319,566  

Retail

     101,604        100,156        169,177        168,339  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total cost of goods sold

   $ 254,920      $ 264,932      $ 468,029      $ 487,905  
  

 

 

    

 

 

    

 

 

    

 

 

 

Average unit volume: (In thousands)

           

Restaurant

   $ 917.6      $ 914.9      $ 1,811.3      $ 1,798.0  

Retail

     281.8        288.3        494.3        508.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 1,199.4      $ 1,203.2      $ 2,305.6      $ 2,306.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating weeks:

     8,375        8,255        16,720        16,531  

 

       Q2 2017 vs. Q2 2016       6 mo. 2017 vs. 6 mo. 2016  

Comparable store sales period to period increase (decrease):

    

Restaurant

     0.6     0.9

Retail

     (2.2 %)      (3.0 %) 

Number of locations in comparable store base:

    
     632       632  

 

- MORE -


Cracker Barrel Reports Second Quarter Results

Page 9

February 21, 2017

 

CRACKER BARREL OLD COUNTRY STORE, INC.

Reconciliation of GAAP basis operating

results to adjusted non-GAAP operating results

(Unaudited and in thousands)

In the accompanying press release the Company makes reference to As Adjusted provision for taxes and net income per share before the impact of the retroactive restatement of the Work Opportunity Tax Credit. The Company believes that excluding this item and its related tax effects from its financial results reflects operating results that are more indicative of the Company’s ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company’s past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for operating income or earnings per share information prepared in accordance with GAAP.

 

     Second Quarter ended January 27, 2017      Second Quarter ended January 29, 2016  
     As
Reported
     Adjust      As
Adjusted
     As
Reported
     Adjust     As
Adjusted
 
                                 (1)        

Store operating income

   $ 117,513      $ —        $ 117,513      $ 106,032      $ —       $ 106,032  

General and administrative expenses

     34,817        —          34,817        35,507        —         35,507  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     82,696        —          82,696        70,525        —         70,525  

Interest Expense

     3,638        —          3,638        3,569        —         3,569  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Pretax income

     79,058        —          79,058        66,956        —         66,956  

Provision for income taxes

     26,331        —          26,331        18,714        2,292       21,006  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income

   $ 52,727      $ —        $ 52,727      $ 48,242      ($ 2,292   $ 45,950  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Earnings per share—Basic

   $ 2.19      $ —        $ 2.19      $ 2.02      ($ 0.10   $ 1.92  

Earnings per share—Diluted

   $ 2.19      $ —        $ 2.19      $ 2.01      ($ 0.10   $ 1.91  

 

     Six Months ended January 27, 2017      Six Months ended January 29, 2016  
     As
Reported
     Adjust      As
Adjusted
     As
Reported
     Adjust     As
Adjusted
 
                                 (1)        

Store operating income

   $ 227,345      $ —        $ 227,345      $ 205,659      $ —       $ 205,659  

General and administrative expenses

     68,905        —          68,905        69,826        —         69,826  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Operating income

     158,440        —          158,440        135,833        —         135,833  

Interest Expense

     7,314        —          7,314        7,113        —         7,113  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Pretax income

     151,126        —          151,126        128,720        —         128,720  

Provision for income taxes

     50,044        —          50,044        39,613        2,292       41,905  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Net income

   $ 101,082      $ —        $ 101,082      $ 89,107      ($ 2,292   $ 86,815  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

 

Earnings per share—Basic

   $ 4.21      $ —        $ 4.21      $ 3.72      ($ 0.09   $ 3.63  

Earnings per share—Diluted

   $ 4.19      $ —        $ 4.19      $ 3.70      ($ 0.09   $ 3.61  

 

(1) Provision for income taxes adjusted to exclude the prior year favorable effect of the retroactive reinstatement of the Work Opportunity Tax Credit.

 

- END -