Cracker Barrel Announces Preliminary First Quarter Fiscal 2021 Results
Commenting on the first quarter results,
Third |
Fourth |
First |
|
Comparable store restaurant sales |
(41.7%) |
(39.2%) |
(16.4%) |
Comparable store retail sales |
(45.5%) |
(32.3%) |
(8.1%) |
1 Preliminary Results (Unaudited) |
For the first quarter of fiscal 2021, the Company expects to report net income of approximately
- An approximately
$218 million non-cash gain on sale of assets from the previously disclosed sale-leaseback transaction that closed in August - Approximately
$5 million in expenses incurred to-date related to the Company's contested proxy
(See the non-GAAP reconciliation below.)
This press release contains estimates for the Company's preliminary financial results for the three months ended
Non-GAAP Measures
The preliminary results in this press release include adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is defined as earnings (net income or loss) before interest expense, income tax expense, and depreciation and amortization excluding i) the non-cash gain on sale of assets from the Company's previously disclosed sale-leaseback transaction and ii) expenses related to the proxy contest associated with the Company's 2020 annual meeting of shareholders. Adjusted EBITDA is used by management to measure operating performance of the business, excluding these non-cash and other specifically identified items that management believes are not relevant to management's assessment of our operating performance. The table at the end of this press release provides a reconciliation of estimated net income to adjusted EBITDA.
About
CBRL-F
Reconciliation of GAAP-basis operating results to non-GAAP operating results
(Unaudited)
In the accompanying press release, the Company makes reference to its preliminary first quarter 2021 adjusted EBITDA. This reconciliation excludes the non-cash gain on sale of assets from the sale-leaseback transaction which occurred in the first quarter and expenses related to the Company's contested annual meeting of shareholders. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results and clearer comparability to prior period results. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.
$M |
Low |
Estimate |
High |
GAAP Net Income |
$ 167 |
$ 172 |
|
(+) Depreciation & Amortization |
~ |
||
(+) Amortization of asset recognized from the gain on sale-leaseback transactions |
~ |
||
(+) Interest Expense |
~ |
||
(+) Tax Expense |
~ |
||
EBITDA |
$ 263 |
$ 268 |
|
Adjustments |
|||
(-) Gain on Sale Leaseback |
~ |
||
(+) Contested Proxy Expenses |
~ |
||
Adjusted EBITDA |
$ 50 |
$ 55 |
Investor Contact: |
Adam Hanan |
(615) 443-9887 |
|
Media Contact: |
|
(615) 235-4135 |
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