==========================================================================
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): September 12, 2002
------------------
CBRL GROUP, INC.
Tennessee 0-25225 62-1749513
--------- ------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
305 Hartmann Drive, Lebanon, Tennessee 37087
(615) 444-5533
==========================================================================
ITEM 5. OTHER EVENTS.
CBRL Group, Inc. (the "Company") is responding to questions recently
posed by the U.S. Department of Justice ("DOJ") in an investigation of its
subsidiary Cracker Barrel Old Country Store, Inc. In the first quarter of
fiscal 2003, the DOJ formally contacted Cracker Barrel pursuant to Title II
of the Civil Rights Act of 1964 to request background information concerning
claims of discrimination in public accommodations. The Company understands
this to be a preliminary fact-finding inquiry and welcomes the opportunity to
respond to the DOJ. The Company and Cracker Barrel intend to cooperate fully
with the DOJ in order to demonstrate that any claims of discrimination are
without merit.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements. None.
(b) Pro Forma Financial Information. None.
(c) Exhibits. See Exhibit Index immediately following the signature
page hereto.
ITEM 9. REGULATION FD DISCLOSURE.
On September 12, 2002, CBRL Group, Inc. issued the press release that is
attached as Exhibit 99 to this Current Report on Form 8-K, which by this
reference is incorporated herein as if copied verbatim, with respect to
certain 2002 fiscal year-end and 2002 fourth quarter-end financial and other
information, recent sales trends, and earnings guidance for the first fiscal
quarter and full year of 2003.
In addition, the Company's Chief Financial Officer stated the following
at a previously disclosed conference call, open to the public, held on
September 12, 2002: "We do expect to file the required CEO and CFO
certifications under both SEC Order 4-460 and under Sarbanes-Oxley on time.
Our due date for filing our Form 10-K is October 31, 2002."
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.
Dated: September 12, 2002 CBRL GROUP, INC.
By: /s/ James F. Blackstock
------------------------------
Name: James F. Blackstock
Title: Senior Vice President, General
Counsel and Secretary
2
EXHIBIT INDEX
Exhibit No. Description Page No.
- ----------- ----------- --------
99 Press Release issued by CBRL Group, Inc. on 4
September 12, 2002.
3
Exhibit 99
POST OFFICE BOX 787
LEBANON, TENNESSEE
37088-0787
PHONE 615.444.5533
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CBRL GROUP, INC.
===========================================================================
[LOGO OF CBRL GROUP, INC.]
Contact: Lawrence E. White
Senior Vice President,
Finance and Chief
Financial Officer
615-444-5533
CBRL GROUP, INC. BREAKS THE $2 BILLION REVENUE MARK, ANNOUNCES STRONG,
ON-TARGET FOURTH QUARTER AND YEAR-END RESULTS, REPORTS CURRENT SALES
TRENDS AND PROVIDES EARNINGS GUIDANCE FOR FISCAL 2003
LEBANON, Tenn. - (September 12, 2002) - CBRL Group, Inc. (the "Company")
(Nasdaq: CBRL) today announced results for its fourth quarter of fiscal 2002
ended August 2, 2002, reporting diluted earnings per share of $0.56, up 16.7%
from $0.48 in the year-earlier quarter after excluding the impact of certain
charges taken last year and described below and in the Company's Annual
Report on Form 10-K for fiscal 2001. The prior year $0.48 was benefited by
approximately $0.09 as a result of a non-recurring fourteenth week (the
August 2, 2002 fiscal quarter had thirteen weeks). The fiscal 2002 fourth
quarter diluted earnings per share of $0.56 was in the high end of the
Company's guidance and exceeded the First Call consensus estimate of $0.54.
Total revenue for the fiscal year exceeded $2 billion for the first time in
the Company's 33-year history. The Company also announced additional fiscal
year 2002 results, recent sales trends, and earnings guidance for the first
fiscal quarter and full year of 2003.
Highlights of the fiscal 2002 fourth quarter and year-end results and
fiscal 2003 sales trends and earnings guidance included:
* Diluted earnings per share for the thirteen-week fourth quarter of
fiscal 2002 up 16.7% and net income up 12.5% from the fourteen-week
fourth quarter of fiscal 2001 (excluding the effect of $0.43 of
certain prior-year charges described below), on approximately the
same level of total revenue.
* Diluted earnings per share for the 52-week fiscal 2002 of $1.64,
compared with $1.30 (excluding the effect of $0.43 of certain prior-
year charges described below) in the 53-week fiscal 2001, an increase
of 26.2%.
* Total revenue for the full fiscal 2002 year exceeded $2 billion, a
first for the Company.
* Store operating income margins for the fourth fiscal quarter of 2002
improved 0.8% as a percent of revenues compared with a year earlier
(excluding the effect of certain prior-year charges described below).
CBRL Announces Fourth Quarter Results
Page 2
September 12, 2002
* Comparable store sales for the quarter up 3.9% and 1.9% on a
comparable week basis for the Company's Cracker Barrel Old Country
Store(R) ("Cracker Barrel") restaurant and retail operations,
respectively, marking the tenth consecutive quarter of positive
comparable restaurant sales and twelfth consecutive quarter of
positive comparable restaurant guest traffic.
* Comparable store sales increased 1.3% on a comparabl week basis in
the Company's Logan's Roadhouse(R) ("Logan's") restaurants.
* Approximately 7.6 million shares of the Company's outstanding common
stock were repurchased at an average price of $28.41 during fiscal
2002.
* Comparable store restaurant sales trends thus far in the first
quarter of fiscal 2003 are up approximately 1-1.5% in Cracker Barrel
and are approximately flat in Logan's.
* To date, fiscal 2003 first quarter comparable store retail sales
trends in Cracker Barrel are down approximately 3.5%.
* Diluted earnings per share guidance in the high $0.30's to low
$0.40's for the first fiscal quarter of 2003, compared with $0.35 in
the prior fiscal year on total revenue growth of approximately 6%;
full-year fiscal 2003 diluted earnings per share growth target of 15%
or better compared to the $1.64 for fiscal 2002, on total revenue
growth of 8-9%.
Total revenue for the fourth quarter ended August 2, 2002, of $544
million approximated total revenue for the fiscal fourth quarter of 2001.
This comparison includes the effect of the non-recurring fourteenth week in
last year's fiscal fourth quarter (there were 13 weeks this year), which
benefited last year's quarter by approximately $40.5 million, or
approximately 8%. Comparable store sales for the Cracker Barrel concept
increased 3.9% for restaurants on a comparable week basis, including 1.5%
higher guest traffic, and 1.9% in retail. The Logan's concept achieved 1.3%
higher comparable store sales, including a 1.8% increase in guest traffic.
During the quarter, the Company opened six new Cracker Barrel units and one
new franchised Logan's restaurant.
The Company reported net income for the fourth quarter of fiscal 2002 of
$30.5 million, or $0.56 per diluted share, reflecting increases of 12.5% and
16.7%, respectively, from net income of $27.1 million and diluted earnings
per share of $0.48 for the fourth quarter of fiscal 2001 before the effect of
certain charges last year, a description of which and their affect on actual
results is provided below and in the Company's fiscal 2001 Annual Report on
Form 10-K. These comparisons also reflect the non-recurrence of the benefit
of an additional week in the prior year fiscal quarter, which added an
estimated $0.09 to diluted earnings per share, and approximately $5 million
to net income last fiscal year.
Store operating income margins in the fourth quarter improved from 13.5%
of total revenue last fiscal year before the effect of the charges referenced
above to 14.3% in fiscal 2002. The improvement in margin of 0.8% as a
percent of revenue reflected lower cost of goods sold and labor and related
expenses, partly offset by higher other store operating expenses, which were
reduced in the prior fiscal year as a percent of total revenue by the
favorable effect of the fourteenth week.
For the fiscal year ended August 2, 2002, total revenue was $2,067
million compared with $1,964 million for the full year of fiscal 2001, an
increase of 5.3% including the effect of the non-recurring fifty-third week
last fiscal year compared to 52 weeks in fiscal 2002. Comparable store
restaurant sales for Cracker Barrel were up 5.3% from a year ago on a
comparable week basis, including 2.4% higher guest traffic, and comparable
store retail sales grew 2.3%. For Logan's,
-MORE-
CBRL Announces Fourth Quarter Results
Page 3
September 12, 2002
comparable store sales for the full fiscal year increased 2.4% on a
comparable week basis, with a 2.3% increase in guest traffic. The Company
opened 20 new Cracker Barrel units and nine new company-operated and four
franchised Logan's restaurants during the year.
Net income for the Company for the full fiscal year of 2002 increased to
$91.8 million, or $1.64 per diluted share, from $73.7 million, or $1.30 per
diluted share, last fiscal year before the effect of the charges referenced
above, reflecting increases of 24.6% and 26.2%, respectively. Store
operating income margin for the full fiscal year improved 0.8% as a percent
of total revenue, from 12.0% (before the effect of the charges referenced
above) to 12.8%.
The charges, referred to above, taken in the fourth fiscal quarter of
2001 reflected the costs of exiting the Company's Carmine Giardini's
restaurant and gourmet market business, closing seven other units in the
Company's Cracker Barrel and Logan's concepts, and accruing for a settlement
proposal for a certain collective action lawsuit under the Fair Labor
Standards Act not considered routine litigation incidental to the Company's
business. The pre-tax cost of exiting the Carmine Giardini's business and
closing seven other units included the following: $10.4 million for write-
off of goodwill related to the original acquisition of the Carmine Giardini's
business; $14.8 million for loss on disposition of inventories and property
and equipment net of projected sales proceeds; and $4.4 million for estimated
lease termination expenses, severance costs, and other incidental costs of
exiting and closing. The accrual for estimated settlement of litigation was
$3.5 million. These charges were reflected in the Company's consolidated
statements of income for the fourth fiscal quarter and full fiscal year ended
August 3, 2001, as follows: cost of goods sold, $0.7 million; labor and
other related expenses, $0.9 million; other store operating expenses, $20.6
million; general and administrative expenses, $0.5 million; and amortization
of goodwill, $10.4 million. The following table summarizes the results before
the effect of these charges and actual results:
Fiscal Fiscal
Fourth Quarter Full Year
------------------ ---------------
2002 2001(a) 2002 2001(a)
---- ------- ---- -------
Net Income (in millions)
- ------------------------
Before effect of charges $30.5 $27.1 (b) $91.8 $73.7 (b)
Actual $30.5 $2.6 $91.8 $49.2
Earnings per Share (diluted)
- ----------------------------
Before effect of charges $0.56 $0.48 (b) $1.64 $1.30 (b)
Actual $0.56 $0.05 $1.64 $0.87
(a) The fourth quarter and full year of fiscal 2001 benefited from a non-
recurring 14th and 53rd week, respectively, which improved Net Income
and Diluted Earnings per Share by an estimated $5.0 million and
$0.09, respectively, and is included in the table.
(b) Results before effect of charges reflect earnings before charges
taken in the fourth quarter of fiscal 2001 for exiting the Carmine
Giardini's restaurant and gourmet market business, closing of seven
other units, and providing for estimated settlement value of certain
litigation.
During fiscal 2002, the Company repurchased approximately 7.6 million
shares of its outstanding common stock for almost $217 million, or
approximately $28.41 per share. These repurchases included
-MORE-
CBRL Announces Fourth Quarter Results
Page 4
September 12, 2002
2.1 million shares repurchased simultaneously with the closing of the
Company's issuance of $172.7 million of zero-coupon senior convertible notes
during the third fiscal quarter. In the fourth quarter, approximately 2.6
million shares were repurchased at an average price of approximately $29.45.
Commenting on the results, CBRL Group, Inc. President and Chief
Executive Officer Michael A. Woodhouse said, "We are extremely pleased with
our fiscal 2002 fourth quarter performance, which was in the high end of our
guidance and continued the stronger than expected performance already
achieved in previous quarters. We believe that the strength of our
restaurant sales and guest traffic in both concepts during the fourth fiscal
quarter, despite a slowdown in sales for many across the industry, reaffirms
our strategy of making our concepts destinations of choice for consumers. We
maintained momentum in growing our operating margins as we continued to see
reductions in product costs and realized improvements in labor costs despite
paying higher bonuses associated with the strong operating results,
demonstrating the continued improving performance of our business."
THE COMPANY URGES CAUTION IN CONSIDERING ITS CURRENT TRENDS AND THE
EARNINGS TARGETS DISCLOSED IN THIS PRESS RELEASE. THE RESTAURANT INDUSTRY IS
HIGHLY COMPETITIVE, AND TRENDS AND TARGETS ARE SUBJECT TO NUMEROUS FACTORS
AND INFLUENCES, SOME OF WHICH ARE DISCUSSED IN THE CAUTIONARY LANGUAGE AT THE
END OF THIS PRESS RELEASE. THE COMPANY ASSUMES NO OBLIGATION TO UPDATE
DISCLOSED INFORMATION ON TRENDS OR TARGETS OTHER THAN IN ITS PERIODIC FILINGS
UNDER FORMS 10-K, 10-Q, AND 8-K WITH THE SECURITIES AND EXCHANGE COMMISSION.
The Company reported that quarter-to-date comparable store restaurant
sales for the first quarter of fiscal 2003 in its Cracker Barrel units are up
approximately 1-1.5% compared with the same period a year ago, reflecting
approximately flat traffic and increases in average check, including menu
pricing of less than 1%. Quarter-to-date retail sales in the comparable units
are down approximately 3.5%, primarily resulting from logistical delays
associated with rerouting of imported holiday merchandise. Fall apparel
sales also have been softer. Quarter-to-date comparable store sales in the
Company's Logan's restaurants are approximately flat compared with last year,
including approximately 0.5% lower guest traffic.
President and CEO Michael A. Woodhouse commented on the trends, "Our
industry has experienced sales softness in recent weeks, and we were not
immune. After maintaining positive restaurant sales and traffic at Cracker
Barrel in August, our current trends appear to have been disrupted by the
events leading up to the anniversary of September 11 and their effect on
consumers. We are pleased, however, that our sales on a relative basis
appear to compare well with many in our industry, which we feel is a
reaffirmation of our strategy for our concepts to be destinations of choice
through delivery of superior value and service."
The Company's present guidance for diluted earnings per share for the
first quarter of fiscal 2003, which ends on November 1, 2002, is in the high
$0.30's to low $0.40's, compared with $0.35 in the year-ago quarter, on total
revenue growth of approximately 6%. Earnings guidance reflects many
assumptions, most of which cannot be known with certainty, including very
importantly, sales expectations. The Company presently expects to finish the
first fiscal quarter with positive comparable restaurant sales and traffic at
Cracker Barrel and with improvements in Logan's comparable sales and traffic
trends. The Company also anticipates that the stocking of holiday retail
merchandise in Cracker Barrel stores will be completed in October, back on
track from the logistical delays described above, and before the busiest part
of the holiday merchandising season. The Company expects to open four new
Cracker Barrel units and five company-operated Logan's restaurants in the
first fiscal quarter.
-MORE-
CBRL Announces Fourth Quarter Results
Page 5
September 12, 2002
For the full fiscal year of 2003, the Company's present guidance is for
diluted earnings per share growth to meet or exceed the Company's goal of 15%
or better increases on total revenue growth of 8-9%. The guidance reflects
comparable store sales growth generally at or above first quarter
expectations, apart from some potential relative softness in the second
fiscal quarter based on relatively difficult comparisons against last year's
unusually mild winter weather. During fiscal 2003 the Company expects to
open approximately 23 new Cracker Barrel units and approximately 12 new
Logan's company-operated restaurants.
The Company also reported that it is responding to questions recently
posed by the U.S. Department of Justice ("DOJ") in an investigation of its
subsidiary Cracker Barrel Old Country Store, Inc. In the first quarter of
fiscal 2003, the DOJ formally contacted Cracker Barrel pursuant to Title II
of the Civil Rights Act of 1964 to request background information concerning
claims of discrimination in public accommodations. The Company understands
this to be a preliminary fact-finding inquiry and welcomes the opportunity to
respond to DOJ. The Company and Cracker Barrel intend to cooperate fully
with the DOJ in order to demonstrate that any claims of discrimination are
without merit.
Finally, the Company announced that it has been authorized by its Board
of Directors to repurchase up to 2 million additional shares of its common
stock. Such repurchases are expected to be made from time to time in open
market transactions.
Headquartered in Lebanon, Tennessee, CBRL Group, Inc. presently operates
457 Cracker Barrel Old Country Store restaurants and gift shops located in 41
states and 85 company-operated and 12 franchised Logan's Roadhouse
restaurants in 17 states.
EXCEPT FOR SPECIFIC HISTORICAL INFORMATION, THE MATTERS DISCUSSED IN
THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS,
UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS AND PERFORMANCE
OF CBRL GROUP, INC. TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY
THIS DISCUSSION. ALL FORWARD-LOOKING INFORMATION IS PROVIDED BY THE COMPANY
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 "ASSUMPTIONS", "TARGET", "GUIDANCE",
"PLANS", "MAY", "WILL", "WOULD", "EXPECT", "INTEND", "ESTIMATE",
"ANTICIPATE", "BELIEVE", "POTENTIAL" OR "CONTINUE" (OR THE NEGATIVE OF EACH
OF THESE TERMS) OR SIMILAR TERMINOLOGY. FACTORS WHICH WILL AFFECT ACTUAL
RESULTS INCLUDE, BUT ARE NOT LIMITED TO: ADVERSE GENERAL ECONOMIC CONDITIONS
INCLUDING UNCERTAIN CONSUMER CONFIDENCE EFFECTS ON SALES; THE ACTUAL RESULTS
OF PENDING OR THREATENED LITIGATION OR GOVERNMENTAL INVESTIGATIONS; THE
EFFECTS OF NEGATIVE PUBLICITY; COMMODITY, WORKERS' COMPENSATION, GROUP HEALTH
AND UTILITY PRICE CHANGES; WEATHER CONDITIONS AND CUSTOMER TRAVEL ACTIVITY
AND RETAIL BUYING TRENDS; THE EFFECTS OF PLANS INTENDED TO IMPROVE
OPERATIONAL EXECUTION AND PERFORMANCE INCLUDING RETAIL LOGISTICS INITIATIVES;
THE EFFECTS OF INCREASED COMPETITION AT COMPANY LOCATIONS ON SALES AND ON
LABOR RECRUITING, COST AND RETENTION; THE ABILITY OF AND COST TO THE COMPANY
TO RECRUIT, TRAIN AND RETAIN QUALIFIED RESTAURANT HOURLY AND MANAGEMENT
EMPLOYEES; THE ABILITY OF THE COMPANY TO IDENTIFY SUCCESSFUL NEW LINES OF
RETAIL MERCHANDISE; THE AVAILABILITY AND COST OF ACCEPTABLE SITES FOR
DEVELOPMENT; THE ACCEPTANCE OF THE COMPANY'S CONCEPTS AS THE COMPANY
CONTINUES TO EXPAND INTO NEW MARKETS AND GEOGRAPHIC REGIONS; CHANGES IN
INTEREST RATES AFFECTING THE COMPANY'S FINANCING COSTS; CHANGES IN OR
IMPLEMENTATION OF ADDITIONAL GOVERNMENTAL OR REGULATORY RULES AND REGULATIONS
AFFECTING ACCOUNTING, WAGE AND HOUR MATTERS, HEALTH AND SAFETY, PENSIONS AND
INSURANCE; PRACTICAL OR PSYCHOLOGICAL EFFECTS OF TERRORIST ACTS, OR MILITARY
OR GOVERNMENT RESPONSES; OTHER UNDETERMINABLE AREAS OF GOVERNMENT OR
REGULATORY ACTIONS
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CBRL Announces Fourth Quarter Results
Page 6
September 12, 2002
OR 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.
-MORE-
CBRL Announces Fourth Quarter Results
Page 7
September 12, 2002
CBRL GROUP, INC.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
FOURTH QUARTER ENDED YEAR ENDED
---------------------------- ---------------------------------
8/02/02 8/03/01 CHANGE 8/02/02 8/03/01 CHANGE
--------- --------- ------ ----------- ----------- ------
Net sales:
Restaurant $ 444,917 $ 440,005 1% $ 1,645,696 $ 1,543,815 7%
Retail 98,873 103,846 (5) 420,057 419,104 -
--------- --------- ----------- -----------
Net sales 543,790 543,851 -- 2,065,753 1,962,919 5
Franchise fees and royalties 337 218 55 1,139 773 47
--------- --------- ----------- -----------
Total revenue 544,127 544,069 -- 2,066,892 1,963,692 5
Cost of goods sold 171,544 178,053 (4) 677,738 664,332 2
--------- --------- ----------- -----------
Gross profit 372,583 366,016 2 1,389,154 1,299,360 7
Labor & other related expenses 203,718 206,859 (2) 777,617 732,419 6
Other store operating expenses 91,367 107,810 (15) 347,085 353,334 (2)
--------- --------- ----------- -----------
Store operating income 77,498 51,347 51 264,452 213,607 24
General and administrative 28,057 27,285 3 115,152 102,541 12
Amortization of goodwill -- 11,374 (100) -- 14,370 (100)
--------- --------- ----------- -----------
Operating income 49,441 12,688 290 149,300 96,696 54
Interest expense 2,153 2,526 (15) 6,769 12,316 (45)
Interest income -- -- -- -- 84 (100)
--------- --------- ----------- -----------
Pretax income 47,288 10,162 365 142,531 84,464 69
Provision for income taxes 16,835 7,568 122 50,742 35,283 44
--------- --------- ----------- -----------
Net income $ 30,453 $ 2,594 1,074 $ 91,789 $ 49,181 87
========= ========= =========== ===========
Earnings per share:
Basic $ 0.59 $ 0.05 1,075 $ 1.69 $ 0.88 92
Diluted $ 0.56 $ 0.05 1,020 $ 1.64 $ 0.87 89
Weighted average shares:
Basic 51,840 55,236 (6) 54,199 56,129 (3)
Diluted 53,923 55,923 (4) 56,091 56,799 (1)
Ratio Analysis
- --------------
Net sales:
Restaurant 81.7% 80.9% 79.6% 78.6%
Retail 18.2 19.1 20.3 21.4
-------- --------- ----------- -----------
Net sales 99.9 100.0 99.9 100.0
Franchise fees and royalties 0.1 -- 0.1 --
-------- --------- ----------- -----------
Total revenue 100.0 100.0 100.0 100.0
Cost of goods sold 31.5 32.7 32.8 33.8
-------- --------- ----------- -----------
Gross profit 68.5 67.3 67.2 66.2
Labor & other related expenses 37.4 38.0 37.6 37.3
Other store operating expenses 16.8 19.8 16.8 18.0
-------- --------- ----------- -----------
Store operating income 14.3 9.5 12.8 10.9
General and administrative 5.2 5.0 5.6 5.2
Amortization of goodwill -- 2.1 -- 0.8
-------- --------- ----------- -----------
Operating income 9.1 2.4 7.2 4.9
Interest expense 0.4 0.5 0.3 0.6
Interest income -- -- -- --
-------- --------- ----------- -----------
Pretax income 8.7 1.9 6.9 4.3
Provision for income taxes 3.1 1.4 2.5 1.8
-------- --------- ----------- -----------
Net income 5.6% 0.5% 4.4% 2.5%
======== ========= =========== ===========
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CBRL Announces Fourth Quarter Results
Page 8
September 12, 2002
CONSOLIDATED CONDENSED BALANCE SHEET
(UNAUDITED)
(IN THOUSANDS)
8/02/02 8/03/01
------- -------
Assets
Cash and cash equivalents $ 15,074 $ 11,807
Other current assets 156,414 143,383
Property and equipment, net 984,817 955,028
Goodwill, net 92,882 92,882
Other assets 14,550 9,772
----------- -----------
Total assets $ 1,263,737 $ 1,212,872
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 233,075 $ 197,249
Long-term debt 194,476 125,000
Other long-term obligations 53,192 44,515
Stockholders' equity 782,994 846,108
----------- -----------
Total liabilities and stockholders' equity $ 1,263,737 $ 1,212,872
=========== ===========
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(UNAUDITED)
(IN THOUSANDS)
FISCAL YEAR ENDED
----------------------
8/02/02 8/03/01
------- -------
Cash flow from operating activities:
Net income $ 91,789 $ 49,181
Depreciation and amortization 62,759 64,902
(Gain)/loss on disposition of property
and equipment (781) 671
Impairment loss -- 24,431
Net changes in other assets and liabilities 37,657 8,577
----------- ------------
Net cash provided by operating activities 191,424 147,762
----------- ------------
Cash flows from investing activities:
Purchase of property and equipment (96,692) (91,439)
Net proceeds from sale of property and
equipment 5,813 141,283
----------- -----------
Net cash (used in) provided by investing
activities (90,879) 49,844
----------- -----------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 591,756 355,600
Principal payments under long-term debt and
capital lease obligations (524,140) (522,790)
Proceeds from exercise of stock options 53,103 5,155
Purchase and retirement of common stock (216,834) (36,444)
Dividends on common stock (1,163) (1,185)
----------- -----------
Net cash used in financing activities (97,278) (199,664)
----------- -----------
Net increase (decrease) in cash and cash
equivalents 3,267 (2,058)
Cash and cash equivalents, beginning of year 11,807 13,865
----------- -----------
Cash and cash equivalents, end of year $ 15,074 $ 11,807
=========== ===========
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CBRL Announces Fourth Quarter Results
Page 9
September 12, 2002
CBRL GROUP, INC.
SUPPLEMENTAL INFORMATION
(UNAUDITED)
AS OF AS OF
8/02/02 8/03/01
---------- ----------
Common shares outstanding 50,272,459 55,026,846
Units in operation:
Cracker Barrel 457 437
Logan's Roadhouse - company-owned 84 75
Carmine Giardini's Gourmet Market* -- --
---------- ----------
Total company-owned units 541 512
Logan's Roadhouse - franchised 12 8
---------- ----------
System-wide units 553 520
========== ==========
FOURTH QUARTER ENDED FISCAL YEAR ENDED
-------------------- --------------------
Net sales in company-owned stores**: 8/02/02 8/03/01 8/02/02 8/03/01
-------- --------- ------- -------
(In thousands)
Cracker Barrel - restaurant $ 384,922 $ 380,767 $ 1,405,669 $ 1,324,903
Cracker Barrel - retail 98,873 101.595 420,057 407,887
--------- --------- ----------- -----------
Cracker Barrel - total 483,795 482,362 1,825,726 1,732,790
Logan's Roadhouse 59,995 58,492 240,027 214,542
Carmine Giardini's Gourmet Market* -- 2,997 -- 15,587
--------- --------- ----------- -----------
Total net sales $ 543,790 $ 543,851 $ 2,065,753 $ 1,962,919
========= ========= =========== ===========
Operating weeks - company-owned
stores**:
Cracker Barrel 5,910 6,161 23,187 23,049
Logan's Roadhouse 1,092 1,086 4,238 3,906
Average comparable store sales -
Company-owned stores: (In thousands)
Cracker Barrel - restaurant $ 843.7 $ 812.0 $ 3,150.1 $ 2,992.5
Cracker Barrel - retail 220.3 216.3 945.2 923.8
--------- --------- ----------- -----------
Cracker Barrel - total $ 1,064.0 $ 1,028.3 $ 4,095.3 $ 3,916.3
========= ========= =========== ===========
Logan's Roadhouse $ 716.5 $ 707.5 $ 2,959.1 $ 2,890.3
========= ========= =========== ===========
Capitalized interest $ 87 $ 120 $ 363 $ 851
========= ========= =========== ===========
* The Company exited the Carmine Giardini's Gourmet Market business at
the end of fiscal 2001.
** The Company's fiscal year ended August 3, 2001, consisted of 53 weeks
and the fourth quarter of fiscal 2001 consisted of 14 weeks.
-END-
