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):
September 9, 1998
_________
CRACKER BARREL OLD COUNTRY STORE, INC
(Exact name of Registrant as specified in its Charter)
Tennessee
(State of Incorporation)
0-7536 62-0812904
(Commission File No.) (IRS Employer
Identification No.)
305 Hartmann Drive, Lebanon, Tennessee 37087
(Address of Principal Executive Offices) (Zip Code)
_________
Registrant's telephone number, including area code:
(615) 444-5533
Item 5. Other Events.
The registrant, at its option, reports the following
information which is not otherwise called for by this form, that
the registrant deems may be of importance to security holders:
On September 9, 1998, the registrant announced a
stock repurchase program involving up to 3,000,000
shares of its capital stock. The full text of the
registrant's press release is attached as Exhibit 1.
Item 7. Financial Statements and Exhibits.
(c) Exhibit
(99) Press Release dated September 9, 1998 - Cracker Barrel
Old Country Store, Inc. Announces Fiscal Year End
Results
SIGNATURES
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.
CRACKER BARREL OLD COUNTRY STORE, INC.
(Registrant)
Date: September 14, 1998 By:/s/James F. Blackstock
__________________ ______________________
James F. Blackstock
VP, General Counsel,
Secretary
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Contact: Michael A. Woodhouse
Chief Financial Officer
CRACKER BARREL OLD COUNTRY STORE, INC.
ANNOUNCES FISCAL YEAR-END RESULTS
BOARD APPROVES 3 MILLION SHARE STOCK BUYBACK
Lebanon, Tennessee (September 9, 1998) - Cracker Barrel Old Country
Store, Inc. (Nasdaq:NM/CBRL) today announced record results for its
fiscal year ended July 31, 1998.
Net sales for fiscal 1998 were $1,317.1 million compared with net
sales of $1,123.9 million in fiscal 1997. Pre-tax income was $164.7
million compared with $137.5 million last year. Net income was $104.1
million, or $1.65 per share (diluted), compared with $86.6 million, or
$1.41 per share (diluted), last year.
Net sales for the fourth quarter ended July 31, 1998, were $365.2
million compared with net sales of $322.0 million in the fourth quarter
last year. Pre-tax income was $55.9 million compared with $48.9
million. Net income was $35.4 million, or $0.56 per share (diluted),
compared with $31.2 million, or $0.51 per share (diluted).
Commenting on the results, Dan W. Evins, chairman and chief
executive officer, said, "Comparable 52-week same store restaurant
sales for fiscal 1998 increased 1.6%, and same store retail sales
increased 2.5% for a combined increase of 1.8%. In the fourth quarter
of fiscal 1998, comparable 13-week same store restaurant sales decreased
0.3% and same store retail sales were down 2.6%, for a combined decrease
of 0.8%. Sales from new stores accounted for the balance of the net
sales increase in both periods.
"In fiscal 1998, we opened 50 new Cracker Barrel stores bringing
the total stores open at fiscal year end to 357. As of July 31, 1998,
we had stores in 35 states which included the addition of Idaho, Montana,
Nebraska, and New Jersey in the fiscal year. Our plan is to open 50
new Cracker Barrel stores in fiscal 1999, including new stores in the
states of Massachusetts and Nevada, which will bring the total number of
stores to 407 at the end of the year. In addition, we plan to open two
Carmine's Gourmet Markets."
The Company also announced that the Board of Directors has
authorized the repurchase of up to 3 million shares of Cracker Barrel's
common stock. This will allow the Company to repurchase approximately
5% of the 62.5 million shares outstanding. The purchases are to be made
from time to time in the open market at prevailing market prices. One
effect of the share repurchase will be to minimize dilution to existing
shareholders as shares are issued under the Company's Stock Option Plan.
Except for specific historical information, the matters discussed
in this press release are forward-looking statements that involve risks,
uncertainties and other factors which may cause actual results and
performance of Cracker Barrel Old Country Store, Inc. to differ
materially from those expressed or implied by such statements. Factors
which will affect actual results include, but are not limited to: the
availability and costs of acceptable sites for development; the ability
of the Company to recruit and train restaurant personnel in its
expansion locations; the acceptance of the Cracker Barrel concept as the
Company continues to expand into new geographic regions; continued
successful development of new and regional menu items; changes in or
implementation of additional governmental rules and regulations; and
other factors described from time to time in the Company's filings with
the Securities and Exchange Commission, press releases and other
communications.
Headquartered in Lebanon, Tennessee, Cracker Barrel Old Country
Store, Inc. currently operates two Carmine's Gourmet Markets located in
Florida and 361 Cracker Barrel stores located in Tennessee, Florida,
Georgia, Texas, North Carolina, Ohio, Illinois, Indiana, Alabama,
Kentucky, Michigan, Virginia, Missouri, South Carolina, Arizona,
Louisiana, Mississippi, Pennsylvania, New York, West Virginia, Oklahoma,
Kansas, Arkansas, Colorado, Wisconsin, Iowa, Minnesota, New Mexico,
Utah, Maryland, Connecticut, Idaho, Montana, Nebraska, and New Jersey.
CRACKER BARREL OLD COUNTRY STORE, INC.
CONSOLIDATED CONDENSED INCOME STATEMENT (Unaudited)
(In 000's, except per share amounts)
Fourth Quarter Ended Fiscal Year Ended
____________________ _________________
Net sales: 7/31/98 8/1/97 Change 7/31/98 8/1/97 Change
_______ ______ ______ _______ ______ ______
Restaurant $282,257 $249,334 13% $1,004,702 $ 862,954 16%
Retail 82,938 72,698 14 312,402 260,897 20
________ ________ __________ __________
Total sales 365,195 322,032 13 1,317,104 1,123,851 17
Cost of goods sold 119,571 108,369 10 450,120 387,703 16
________ ________ __________ __________
Gross profit 245,624 213,663 15 866,984 736,148 18
Labor & other
related expenses 120,392 107,401 12 441,121 378,117 17
Other store
operating expenses 53,171 43,150 23 197,098 162,675 21
General and
administrative 15,828 13,787 15 63,856 57,798 10
________ ________ __________ __________
Total expenses 189,391 164,338 15 702,075 598,590 17
Operating income 56,233 49,325 14 164,909 137,558 20
Interest expense 867 1,003 (14) 3,026 2,089 45
Interest income 577 602 (4) 2,847 1,988 43
________ ________ __________ __________
Pretax income 55,943 48,924 14 164,730 137,457 20
Provision for
income taxes 20,560 17,682 16 60,594 50,859 19
________ ________ __________ __________
Net income $ 35,383 $ 31,242 13 $ 104,136 $ 86,598 20
======== ======== ========== ==========
Earnings per share:
Basic $ 0.57 $ 0.51 12 $ 1.68 $ 1.42 18
Diluted $ 0.56 $ 0.51 10 $ 1.65 $ 1.41 17
Weighted average shares:
Basic 62,408 61,020 2 61,832 60,824 2
Diluted 63,446 61,817 3 63,028 61,456 3
Ratio Analysis
______________
Net sales:
Restaurant 77.3% 77.4% 76.3% 76.8%
Retail 22.7 22.6 23.7 23.2
________ ________ __________ __________
Total sales 100.0 100.0 100.0 100.0
Cost of goods sold 32.7 33.7 34.2 34.5
________ ________ __________ __________
Gross profit 67.3 66.3 65.8 65.5
Labor & other
related expenses 33.0 33.3 33.5 33.7
Other store
operating expenses 14.6 13.4 15.0 14.5
General and
administrative 4.3 4.3 4.8 5.1
________ ________ __________ __________
Total expenses 51.9 51.0 53.3 53.3
________ ________ __________ __________
Operating income 15.4 15.3 12.5 12.2
Interest expense 0.2 0.3 0.2 0.2
Interest income 0.1 0.2 0.2 0.2
________ ________ __________ __________
Pretax income 15.3 15.2 12.5 12.2
Provision for
income taxes 5.6 5.5 4.6 4.5
________ ________ __________ __________
Net income 9.7% 9.7% 7.9% 7.7%
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CONSOLIDATED CONDENSED BALANCE SHEET
(Unaudited)
(In thousands)
7/31/98 8/1/97
_______ ______
Assets
Cash and cash equivalents $ 62,593 $ 64,933
Other current assets 102,233 84,478
Property and equipment, net 812,321 678,167
Other assets 14,961 1,127
________ ________
Total assets $992,108 $828,705
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Liabilities and Stockholders' Equity
Current liabilities $104,022 $ 88,757
Long-term debt 59,500 62,000
Other long-term obligations 25,212 17,516
Stockholders' equity 803,374 660,432
________ ________
Total liabilities and stockholders' equity $992,108 $828,705
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CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(Unaudited)
(In thousands)
Fiscal Year Ended
_________________
7/31/98 8/1/97
_______ ______
Cash flow from operating activities:
Net income $104,136 $86,598
Depreciation and amortization 43,434 35,735
Loss on disposition of property
and equipment 227 135
Net changes in other assets and
liabilities 3,001 1,727
________ ________
Net cash provided by operating activities 150,798 124,195
________ ________
Cash flows from investing activities:
Purchase of property and equipment (180,599) (148,649)
Net proceeds from other investing
activities 2,921 6,933
________ ________
Net cash used in investing activities (177,678) (141,716)
________ ________
Cash flows from financing activities:
Proceeds from issuance of long-term debt -- 50,000
Proceeds from exercise of stock options 29,593 9,135
Net proceeds used in other financing
activities (5,053) (5,652)
________ ________
Net cash provided by financing activities 24,540 53,483
________ ________
Net (decrease) increase in cash and cash
equivalents (2,340) 35,962
Cash and cash equivalents, beginning of year 64,933 28,971
________ ________
Cash and cash equivalents, end of period $ 62,593 $ 64,933
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SAME STORE SALES ANALYSIS - SAME 257 STORE AVERAGE
(Unaudited)
(In thousands)
Fourth Quarter Ended Fiscal Year Ended
____________________ _________________
7/31/98 8/1/97 7/31/98 8/1/97
_______ ______ _______ ______
Restaurant $ 828.2 $ 831.1 $3,102.2 $3,053.5
Retail 233.7 239.8 942.2 919.2
________ ________ ________ ________
Restaurant and retail $1,061.9 $1,070.9 $4,044.4 $3,972.7
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