-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UFR5C+18ynG2wwSBNwOXCa7Tf8m0obsP8o4n5K2xabkjUsjnpzUYlHDJXZl7KfF0 svqTU3ROhZshvVlS01MN8Q== 0001005408-96-000006.txt : 19961121 0001005408-96-000006.hdr.sgml : 19961121 ACCESSION NUMBER: 0001005408-96-000006 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961012 FILED AS OF DATE: 19961120 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: JITNEY JUNGLE STORES INC CENTRAL INDEX KEY: 0001005408 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 133863017 STATE OF INCORPORATION: DE FISCAL YEAR END: 0429 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-80833 FILM NUMBER: 96669495 BUSINESS ADDRESS: STREET 1: 126 EAST 56TH STREET STREET 2: 29TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2125594333 FORMER COMPANY: FORMER CONFORMED NAME: JJ ACQUISITIONS CORP DATE OF NAME CHANGE: 19951227 10-Q 1 FORM 10-Q FOR JITNEY JUNGLE STORES OF AMERICA FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Quarterly Report Under Section 13 or 15 (d) of The Securities and Exchange Act of 1934 QUARTER ENDED October 12, 1996 COMMISSION FILE NO. 33-80833 JITNEY-JUNGLE STORES OF AMERICA, INC. (Exact name of registrant as specified in its charter) STATE OF INCORPORATION I.R.S. EMPLOYER I.D. NO. Mississippi 64-0280539 ADDRESS OF PRINCIPAL EXECUTIVE OFFICE 1770 Ellis Avenue, Suite 200, Jackson, MS 39204 REGISTRANT'S TELEPHONE NUMBER INCLUDING AREA CODE 601-965-8600 The number of shares of Registrant's Common Stock, par value one cent ($.01) per share, outstanding at October 12, 1996, was 425,000. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. YES (X) NO JITNEY-JUNGLE STORES OF AMERICA, INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION PAGE Item 1. Financial Statements: Condensed Consolidated Balance Sheets October 12, 1996 (Unaudited) and April 27, 1996 2 Condensed Consolidated Statements of Operations Twenty-four (24) and Twelve (12) Week Periods Ended October 12, 1996 (Unaudited) and Twenty-four (24) and Twelve (12) Week Periods Ended October 14, 1995 (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Deficit Twenty-four (24) Week Periods Ended October 12, 1996 (Unaudited) and October 14, 1995 (Unaudited) 4 Condensed Consolidated Statements of Cash Flows Twenty-four (24) Week Periods Ended October 12, 1996 (Unaudited) and October 14, 1995 (Unaudited) 5 Notes to Condensed Consolidated Financial Statements October 12, 1996 (Unaudited) and October 14, 1995 (Unaudited) 6 - 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 - 11 PART II. OTHER INFORMATION Item 1. Legal Proceedings 11 Item 2. Change in Securities 11 Item 3. Defaults Upon Senior Securities 11 Item 4. Submission of Matters to a Vote of Security Holders 11 Item 5. Other Information 11 Item 6. Exhibits and Reports on Form 8-K 12 PART I. ITEM 1. FINANCIAL STATEMENTS JITNEY-JUNGLE STORES OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands) October 12, April 27, 1996 1996 (Unaudited) ASSETS ----------- ----------- Current assets: Cash and cash equivalents $ 7,744 $ 5,676 Short-term investments 337 Receivables 6,519 4,892 Inventories at LIFO 82,231 77,445 Prepaid expenses and other 4,622 6,783 Deferred income taxes 377 376 ---------- ---------- Total current assets 101,493 95,509 ---------- ---------- PROPERTY AND EQUIPMENT - net 174,535 173,787 ---------- ---------- OTHER ASSETS - net 9,016 9,707 ---------- ---------- TOTAL ASSETS $ 285,044 $ 279,003 ========== ========== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 50,504 $ 44,118 Accrued expenses 24,520 19,055 Current portion of capitalized leases 4,260 4,259 ---------- ---------- Total current liabilities 79,284 67,432 ---------- ---------- Noncurrent liabilities: Long-term debt 234,181 239,059 Obligations under capitalized leases 57,801 59,143 Deferred income taxes 8,056 8,196 ---------- ---------- Total noncurrent liabilities 300,038 306,398 ---------- ---------- Commitments and contingencies Redeemable Preferred stock (aggregate liquidation preference value of $54,037) 51,778 49,988 ---------- ---------- Stockholders' deficit: Class C Preferred stock - Series 1 7,604 7,604 Common stock ($.01 par value, authorized 5,000,000 shares, issued and outstanding 425,000 shares) 4 4 Additional paid-in capital (302,290) (302,326) Retained earnings 148,626 149,903 ---------- ---------- Total stockholders' deficit (146,056) (144,815) ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 285,044 $ 279,003 ========== ========== See notes to condensed consolidated financial statements. JITNEY-JUNGLE STORES OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in Thousands Except Per Share Amounts) Twenty-four Weeks Ended Twelve Weeks Ended October 12, October 14, October 12, October 14, 1996 1995 1996 1995 (Unaudited) (Unaudited) (Unaudited) (Unaudited) ---------- ----------- ----------- ----------- NET SALES $ 553,000 $ 544,351 $ 270,834 $ 264,181 ---------- ---------- ---------- ---------- COSTS AND EXPENSES: Cost of goods sold 422,381 418,407 208,365 201,179 Direct store, warehouse and administrative expenses 113,072 111,863 55,773 54,553 Interest expense - net 16,729 4,689 8,351 2,284 ---------- ---------- ---------- ---------- Total costs and expenses 552,182 534,959 272,489 258,016 ---------- ---------- ---------- ---------- Earnings (loss) before taxes on income 818 9,392 (1,655) 6,165 TAXES ON INCOME 305 3,520 (616) 2,311 ---------- ---------- ---------- ---------- NET EARNINGS (LOSS) $ 513 $ 5,872 $ (1,039) $ 3,854 ========== ========== ========== ========== EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE $ (6.67) $ 288.30 $ (6.46) $ 189.22 ========== ========== ========== ========== See notes to condensed consolidated financial statements. JITNEY-JUNGLE STORES OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT FOR THE TWENTY-FOUR (24) WEEK PERIODS ENDED OCTOBER 12, 1996 (Unaudited) AND OCTOBER 14, 1995 (Unaudited) (Dollars in thousands) Class C Preferred Redeemable Stock, Preferred Stock Series 1 Common Stock Additional No. of No. of No. of Paid-In Retained Shares Amount Shares Amount Shares Amount Capital Earnings ------ ------ ------ ------ ------ ------ ---------- --------- Balance Apr 29, 1995 20,368 $1,061 $ 1,807 $137,348 Net earnings 5,872 ------ ------ ---------- --------- Balance Oct 14, 1995 20,368 $1,061 $ 1,807 $143,220 ====== ====== ========== ========= Balance Apr 27, 1996 523,418 $49,988 76,042 $7,604 425,000 $ 4 $(302,326) $149,903 Net earnings 513 Accretion of discount on Class A Preferred stock 95 (95) Cumulation of dividends on Class A Preferred stock 1,695 (1,695) Merger costs 36 ------- ------- ------ ------ ------- ------ ---------- --------- Balance Oct 12, 1996 523,418 $51,778 76,042 $7,604 425,000 $ 4 $(302,290) $148,626 ======= ======= ====== ====== ======= ====== ========== ========= See notes to condensed consolidated financial statements. JITNEY-JUNGLE STORES OF AMERICA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) Twenty-four Weeks Ended October 12, October 14, 1996 1995 (Unaudited) (Unaudited) OPERATING ACTIVITIES: ---------- ----------- Net earnings $ 513 $ 5,872 Adjustment to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 14,243 12,050 Gain on disposition of property and other assets (83) (8) Deferred income tax expense (benefit) (1) (7) Changes in assets and liabilities (net): Notes and accounts receivable (1,627) 1,517 Store and warehouse inventories (4,786) (2,247) Prepaid expenses 2,161 2,019 Accounts payable 6,386 (2,495) Accrued expenses 5,490 689 ---------- ---------- Net cash provided by operating activities 22,296 17,390 ---------- ---------- INVESTING ACTIVITIES: Capital expenditures (15,500) (10,825) Disposal of property and other assets 1,118 149 Purchases of short-term investments (23,000) Maturities of short-term investments 337 18,300 ---------- ---------- Net cash used in investing activities (14,045) (15,376) ---------- ---------- FINANCING ACTIVITIES: Payments on long-term debt - net (4,878) (2,989) Merger costs 36 Payments on capitalized lease obligations (1,341) (1,803) --------- ---------- Net cash used in financing activities (6,183) (4,792) --------- ---------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,068 (2,778) CASH AND CASH EQUIVALENTS - BEGINNING 5,676 20,159 ------- ---------- CASH AND CASH EQUIVALENTS - ENDING $ 7,744 $ 17,381 ========== ========== See notes to condensed consolidated financial statements. JITNEY-JUNGLE STORES OF AMERICA, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OCTOBER 12, 1996 (Unaudited) AND OCTOBER 14, 1995 (Unaudited) (Dollars in thousands) 1. BASIS OF PRESENTATION The unaudited condensed consolidated financial statements include those of Jitney-Jungle Stores of America, Inc. and its wholly-owned subsidiaries, Southern Jitney Jungle Company, Interstate Jitney-Jungle Stores, Inc., McCarty-Holman Co., Inc. and subsidiary, and Jitney-Jungle Bakery, Inc. All material intercompany profits, transactions and balances have been eliminated. These interim financial statements have been prepared on the basis of accounting principles used in the annual financial statements ended April 27, 1996. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (all of which were of a normal recurring nature) necessary for a fair statement of consolidated financial position and results of operations of the Company for the interim periods. The results of operations of the Company for the twenty-four weeks ended October 12, 1996, are not necessarily indicative of the results which may be expected for the entire year. 2. MERGER On March 5, 1996, JJ Acquisitions Corp. ("JJAC") merged with and into the Company with the Company continuing as the surviving corporation (the "Merger"). JJAC was a wholly-owned subsidiary of Bruckmann, Rosser, Sherrill & Co., L. P. (the "Fund"). Upon consummation of the Merger, the Fund and related investors received 83.82% of the Company's Common Stock and 11.76% was retained by the shareholders at the time of the Merger. The Merger was accounted for as a recapitalization which resulted in a charge to equity of $312,541 to reflect the redemption of Common Stock of the Company outstanding immediately prior to the Merger and related merger costs, including a closing fee of $4,000 paid to the Fund Manager, an affiliate of the Fund's sole General Partner. 3. LONG-TERM DEBT Long-term debt consisted of the following: October 12, April 27, 1996 1996 --------- --------- Senior notes @ 12%, maturing in 2006 .......... $200,000 $200,000 Revolving credit loans ........................ 34,181 39,059 --------- --------- Long-term debt ................................ $234,181 $239,059 ========= ========= The Company has available a Credit Facility of $100,000 (under which letters of credit aggregating $10,481 and borrowings of $34,181 were outstanding at October 12, 1996). 4. EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE Earnings (loss) per common and common equivalent share is based on net income (loss) after preferred stock dividend requirements and the weighted average number of shares outstanding during each interim period. Cumulative dividends not declared or paid on preferred shares amounted to $3,346 for the twenty-four weeks ended October 12, 1996. The number of shares used in computing the earnings per share was 425,000 for the twenty-four weeks and the twelve weeks ended October 12, 1996 and 20,368 for the twenty-four weeks and the twelve weeks ended October 14, 1995. Incremental shares attributed to outstanding warrants were not included in the computation as their effect on earnings (loss) per share would be antidilutive. 5. COMMITMENTS AND CONTINGENCIES The Company is a party to certain litigation incurred in the normal course of business. In the opinion of management, the ultimate liability, if any, which may result from this litigation will not have a material adverse effect on the Company's financial position or results of operations. In connection with the Merger, the Company entered into an agreement whereby the Fund Manager is entitled to receive $250 per year from the Company as a management fee for the performance of strategic and financial planning services. The amount of the annual management fee may be increased by up to an additional $750 per year based upon certain performance criteria. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands) The following is management's discussion and analysis of significant factors affecting the Company's earnings during the periods included in the accompanying consolidated statements of operations. A table showing the percentage of net sales represented by certain items in the Company's consolidated statements of operations is as follows: Twenty-four Weeks Ended Twelve Weeks Ended Oct 12, Oct 14, Oct 12, Oct 14, 1996 1995 1996 1995 ------ ------ ------ ------ Net sales ....................... 100.0% 100.0% 100.0% 100.0% Gross profit .................... 23.6 23.1 23.1 23.8 Direct store, warehouse and administrative expenses ....... 20.4 20.5 20.6 20.6 Operating income ................ 3.2 2.6 2.5 3.2 Interest expense, net ........... 3.0 .9 3.1 .9 Earnings before income taxes .... .2 1.7 (.6) 2.3 Provision for income taxes ...... .1 .6 (.2) .9 Net income (loss) ............... .1 1.1 (.4) 1.4 EBITDA .......................... 5.7 4.9 5.1 5.5 A summary of the period to period changes in certain items included in the consolidated statements of operations for the twenty-four week periods and twelve week periods ended October 12, 1996 and October 14, 1995 is as follows: Increase (Decrease) Twenty-four Weeks Twelve Weeks Ended Ended Oct 12, 1996 Oct 12, 1996 $ % $ % ------- ------- -------- ------- Net sales ............................ 8,649 1 .59% $ 6,653 2.52% Gross profit ......................... 4,675 3.71 (533) (.85) Direct store, warehouse and administrative expenses ............ 1,209 1.08 1,220 2.24 Operating income ..................... 3,466 24.61 (1,753) (20.75) Interest expense, net ................ 12,040 n/m 6,067 n/m Earnings before income taxes ......... (8,574) n/m (7,820) n/m Provision for income taxes ........... (3,215) n/m (2,927) n/m Net income (loss) .................... (5,359) n/m (4,893) n/m EBITDA ............................... 5,159 19.52 (630) (4.37) (n/m - not meaningful comparison) RESULTS OF OPERATIONS NET SALES Net sales increased $6,653 or 2.52% in the twelve week period and $8,649 or 1.59% in the twenty-four week period ended October 12, 1996 as compared to the corresponding periods ended October 14, 1995. The net sales increase was primarily attributable to increased promotional activities in the second quarter of fiscal 1997 and the opening of new grocery stores and gasoline stations. Same store sales increased approximately .2% for the twelve week period and decreased approximately .3% for the twenty-four week period ended October 12, 1996. The Company's store count at October 12, 1996 was 105 supermarkets and 51 gasoline stations. During the twenty-four week period ended October 12, 1996, the Company opened two supermarkets and five gasoline stations. GROSS PROFIT Gross profit as a percentage of net sales was 23.1% for the second quarter ended October 12, 1996 as compared to 23.8% for the same quarter of the preceding year. The decrease in gross profit was primarily due to increased promotional activities in the second quarter of the current fiscal year as noted above. Gross profit as a percentage of net sales was 23.6% for the twenty-four week period ended October 12, 1996 as compared to 23.1% for the corresponding period ended October 14, 1995. The increase in gross profit was primarily due to (1) improved procurement results due to continued enhancements and improved utilization of the Company's information systems and (2) the renegotiation of a supply contract with Fleming Companies, Inc. in January 1996. In addition, the current year LIFO provision was a credit of $200 at October 12, 1996, compared to a charge of $300 at October 12, 1995. DIRECT STORE, WAREHOUSE AND ADMINISTRATIVE EXPENSES Direct store, warehouse and administrative expenses were $55,773, or 20.6% of net sales and $54,553, or 20.6% of net sales for the twelve week period and were $113,072 or 20.4% of net sales and $111,863 or 20.5% of net sales for the twenty-four week period ended October 12, 1996 and October 12, 1995, respectively. The increases in both periods were primarily the result of increased depreciation and amortization partially offset by reductions in advertising costs and store supplies expense. EBITDA EBITDA (net income before interest income, interest expense, income taxes, depreciation and amortization and LIFO charges) was $13,777, or 5.1% of net sales in the second quarter of fiscal 1997 as compared to $14,407 or 5.5% of net sales in the second quarter of fiscal 1996. The decrease in EBITDA for the second quarter of the current fiscal year was primarily due to the increased promotional activities as noted above. EBITDA was $31,590 or 5.7% of net sales and $26,431 or 4.9% of net sales for the twenty-four week period ended October 12, 1996 and October 12, 1995, respectively. EBITDA is a widely accepted financial indicator of a company's ability to service debt. However, EBITDA should not be construed as an alternative to operating income, net income or cash flows from operating activities (as determined in accordance with generally accepted accounting principles) and should not be construed as an indication of the Company's operating performance or as a measure of liquidity. NET INTEREST EXPENSE Interest expense was $8,351 in the second quarter of fiscal 1997 as compared to $2,284 in the second quarter of fiscal 1996 and was $16,729 and $4,689 for the twenty-four week period ended October 12, 1996 and October 12, 1995, respectively. This increase in interest expense was due to the Company's long-term debt increasing from $34,740 at April 29, 1995 to $234,181 at October 12, 1996 as a result of the Merger and the decrease in interest income which was approximately $69 and $1,509 for the twenty-four week period ended October 12, 1996 and October 14, 1995, respectively. INCOME TAXES Income taxes were ($616) with an effective tax rate of 37.2% for the second quarter of fiscal 1997 and $2,311 with an effective tax rate of 37.5% for the second quarter of fiscal 1996. Income taxes were $305 with an effective tax rate of 37.3% and $3,520 with an effective tax rate of 37.5% for the twenty-four week period ended October 12, 1996 and October 14, 1995, respectively. The decrease in income taxes was principally due to lower pretax earnings. LIQUIDITY AND CAPITAL RESOURCES Historically, the Company has funded its working capital requirements, capital expenditures and other needs principally from operating cash flows. Due to the Merger, however, the Company has become highly leveraged and has certain restrictions on its operations. The Company's principal sources of liquidity are expected to be cash flow from operations and borrowings under the $100,000 Credit Facility (under which letters of credit aggregating $10,481 and borrowings of $34,181 were outstanding at October 12, 1996). Cash provided by operating activities during the twenty-four week period ended October 12, 1996 was $22,296 compared to $17,390 for the twenty-four week period ended October 14, 1995. The increase was primarily the result of the receipt of $5,250 in May, 1996 as consideration for entering into a five year supply agreement with the purchaser of certain bakery assets. Net cash used in investing activities was $14,045 and $15,376 for the twenty-four week period ended October 12, 1996 and October 14, 1995, respectively. Cash was primarily used for capital expenditures. Capital expenditures were $15,500 and $10,825 for the twenty-four week period ended October 12, 1996 and October 14, 1995, respectively. Net cash used in financing activities was $6,183 and $4,792 for the twenty-four week period ended October 12, 1996 and October 14, 1995, respectively. The principal use of funds in financing activities for the twenty-four week period ended October 12, 1996 was the payment of principal on long-term debt (including the Credit Facility) and capital lease obligations. The Company believes that capital expenditures for the remainder of fiscal 1997 will be financed through cash flows from operations and borrowings under its Credit Facility. Capital expenditures for the remainder of fiscal 1997 are expected to be approximately $9,000 which will include expenditures primarily for new store openings, remodels, expansions of existing stores and for the completion of the Company's MIS upgrade. Capital expenditure plans are continuously evaluated and modified from time to time depending on cash availability and other economic factors. PART II. OTHER INFORMATION (Dollars in thousands) ITEM 1. LEGAL PROCEEDINGS The Company is a party to certain litigation incurred in the normal course of business. In the opinion of management, the ultimate liability, if any, which may result from this litigation will not have a material adverse effect on the Company's financial position or results of operations. ITEM 2. CHANGE IN SECURITIES None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None. ITEM 5. OTHER INFORMATION The Company completed the construction of a new 67,000 square foot produce warehouse in Jackson, Mississippi at an approximate cost of $6,000 and began shipping fresh produce from this location in September, 1996. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits Exhibit No. ------- * 10.1 Consulting Agreement dated as of October 16, 1996 by and among Jitney-Jungle stores of America, Inc. and Michael E. Julian. * 27.1 Financial Data Schedule * Filed herewith. (b) Reports on Form 8-K None. 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, thereunto duly authorized. JITNEY-JUNGLE STORES OF AMERICA, INC. (Registrant) /s/ David R. Black ------------------ David R. Black Senior Vice President - Finance, Chief Financial Officer Dated: November 20, 1996 EX-10 2 MATERIAL CONTRACT FOR JITNEY JUNGLE Exhibit 10.1 JITNEY-JUNGLE STORES OF AMERICA, INC. October 16, 1996 Mr. Michael E. Julian P. O. Box 1289 Norfolk, VA 23501-1289 Dear Mike: The purpose of this letter is to confirm our agreement regarding your fees for certain consulting services provided by you to Jitney-Jungle Stores of America, Inc., during the past six months. These services have included (1) advice on the development of a Frequent Shoppers Card marketing program; (2) advice on labor scheduling and productivity improvement; (3) a market analysis and expansion plan for our Memphis market area; (4) advice on the produce cross dock; (5) development of a discount store strategy; and (6) general strategic planning. We appreciate the extensive time you devoted to these projects, including your travel, site visits and meetings with management. For your services, we have agreed to pay you a fee of $170,000. Enclosed you will find our check in payment of this amount. Please acknowledge your agreement with the foregoing and receipt of this fee by executing and returning a copy of this letter. Sincerely, JITNEY-JUNGLE STORES OF AMERICA, INC. By: /s/ Roger P. Friou ---------------------- Roger P. Friou President Agreed and Acknowledged: /s/ Michael E. Julian - --------------------- Michael E. Julian EX-27 3 FDS 10-12-96 FINANCIALS FOR JITNEY JUNGLE
5 1,000 OTHER MAY-03-1997 JUL-21-1996 OCT-12-1996 7,744 0 6,519 0 82,231 101,493 174,535 7,181 285,044 79,284 0 51,778 7,604 4 (153,664) 285,044 270,834 270,834 208,365 264,138 0 0 8,351 (1,655) (616) (1,039) 0 0 0 (1,039) (6.67) (6.67)
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