8-K

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): October 27, 2003 (October 24, 2003)

J. ALEXANDER’S CORPORATION

(Exact name of registrant as specified in its charter)

Tennessee	1-08766	62-0854056
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer
		Identification No.)

3401 West End Avenue, Suite 260, P.O. Box 24300, Nashville, Tennessee 37202

(Address of principal executive offices) (Zip Code)

(615) 269-1900

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Item 12. Results of Operations and Financial Condition.

     On October 24, 2003, J. Alexander’s Corporation issued a press release announcing its financial results for the third quarter ended September 28, 2003, the text of which is set forth in Exhibit 99.1

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: October 27, 2003	J. ALEXANDER’S CORPORATION
	By:	/s/ R. Gregory Lewis R. Gregory Lewis Chief Financial Officer, Vice President of Finance and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Earnings Press Release issued by J. Alexander’s Corporation dated October 24, 2003

EX-99.1 3 g85435exv99w1.txt EX-99.1 PRESS RELEASE EXHIBIT 99.1 FOR IMMEDIATE RELEASE CONTACT: GREG LEWIS (615) 269-1900 J. ALEXANDER'S CORPORATION REPORTS HIGHER INCOME FOR THIRD QUARTER, FIRST NINE MONTHS OF 2003 NASHVILLE, TN., Oct. 24, 2003 - J. Alexander's Corporation (AMEX: JAX), owner and operator of 26 J. Alexander's full-service, contemporary upscale American restaurants in 12 states, today reported significant increases in net income for the third quarter and first nine months of 2003. Lonnie J. Stout II, chairman, president and chief executive officer, said the Company's net income for the third quarter ending September 28, 2003, rose to $385,000, or $.06 per diluted share from $44,000, or $.01 per diluted share, achieved in the same period of 2002. Due to a reduction in the Company's estimated effective tax rate for the year, net income for the third quarter of 2003 included a tax benefit of $55,000, while net income for the third period of 2002 included a tax provision of $34,000. "We are pleased with the Company's performance for the most recent period, one of the strongest third quarters in several years," Stout said in announcing financial results. "During the third period of 2003, we continued to meet or exceed our business plan despite continued upward pressure on food costs." For the most recent quarter of 2003, J. Alexander's Corporation recorded net sales of $25,832,000 up 9% from $23,698,000 reported in the third period of 2002. The 2 Company's same store sales, which included sales from restaurants open for more than 18 months, climbed 4.9% to $79,700 per week in the third quarter of 2003 from $76,000 achieved in the corresponding period of 2002. During the most recent quarter, the average weekly sales per restaurant increased 4.6% to $79,500 from $76,000 in the third period of 2002. Net income for the first nine months of 2003 climbed 98%, increasing to $1,531,000, or $.23 per diluted share, from net income of $774,000, or $.11 per diluted share, posted in the first three quarters of 2002. Net income for the first nine months of 2002 included a goodwill impairment charge of $171,000, or $.03 per share, which was recorded as a cumulative effect of change in accounting principle in connection with the adoption of SFAS No. 142 "Goodwill and Other Intangible Assets" by the Company as of the beginning of fiscal year 2002. J. Alexander's Corporation's net sales for the first three quarters of 2003 rose 6.8% to $78,697,000 from $73,680,000 recorded in the comparable three periods of 2002. The Company's same store sales were up 3.6% to $81,400 per week in the first three quarters of 2003 from $78,600 recorded for the corresponding three periods of the previous year. Average weekly sales per restaurant increased 3.2% to $81,300 in the first nine months of 2003 from $78,800 in the same three periods a year ago. "The robust trend in our same store sales results continued to support our financial performance in the third quarter," Stout pointed out. "Indications during the first three weeks of the fourth quarter have provided us with confidence that this upward trend in same store sales will be sustained through the balance of 2003." 3 Stout noted that the Company is also continuing to experience certain pressures on restaurant operating expenses. "Food costs have been higher than expected for most of the year, with an increase in the sales of beef entrees, which have a higher food cost than most of our other menu items, and higher poultry costs contributing to an increase in cost of sales. We also upgraded our strip steaks and ground chuck to Certified Angus Beef earlier this year. This change was part of our continuing program to provide the highest quality products to our guests, but it has increased input costs, particularly for strip steaks, somewhat during the past six months." During the third period of 2003, the Company's cost of sales rose to 32.6% of sales from 31.9% in the same quarter of 2002. "Despite these challenging factors, we anticipate another solid period during the final three months of 2003. We will, however, incur significant pre-opening expenses in the fourth quarter due to the opening of two new restaurants," Stout added. The J. Alexander's Corporation chief executive officer said that the Company has already opened one new J. Alexander's restaurant, located in Houston, Texas, in the fourth quarter. Another J. Alexander's restaurant is scheduled to open in the greater Chicago market in November of 2003. J. Alexander's Corporation presently owns and operates 26 J. Alexander's restaurants in Alabama, Colorado, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Michigan, Ohio, Tennessee and Texas. J. Alexander's is a contemporary American restaurant placing a special emphasis on food quality and professional service. The Company is headquartered in Nashville, Tennessee. This press release contains forward-looking statements that involve risks and uncertainties. Actual results, performance or developments could differ materially from those expressed or implied by those forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those associated with the Company's ability to increase sales and profitability in certain of its restaurants, and others described from time-to-time in the Company's filings with the Securities and Exchange Commission, press releases and other communications. 4 J. ALEXANDER'S CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

Nine Months Ended Quarters Ended -------------------- -------------------- SEPT 28 Sept 29 SEPT 28 Sept 29 2003 2002 2003 2002 -------- -------- -------- -------- Net sales ..................................... $ 78,697 $ 73,680 $ 25,832 $ 23,698 Costs and expenses: Cost of sales .............................. 25,345 23,338 8,418 7,570 Restaurant labor and related costs ......... 25,751 24,644 8,519 8,073 Depreciation and amortization of restaurant property and equipment ................... 3,201 3,295 1,065 1,099 Other operating expenses ................... 14,332 13,849 4,814 4,651 -------- -------- -------- -------- Total restaurant operating expenses ...... 68,629 65,126 22,816 21,393 General and administrative expenses ........... 5,888 5,915 1,968 1,903 Pre-opening expense ........................... 526 42 236 42 -------- -------- -------- -------- Operating income .............................. 3,654 2,597 812 360 Other income (expense): Interest expense, net ...................... (1,594) (850) (500) (254) Other, net ................................. (19) (60) 18 (28) -------- -------- -------- -------- Total other expense ...................... (1,613) (910) (482) (282) -------- -------- -------- -------- Income before income taxes and cumulative effect of change in accounting principle ... 2,041 1,687 330 78 Income tax (provision) benefit ................ (510) (742) 55 (34) -------- -------- -------- -------- Income before cumulative effect of change in accounting principle ....................... 1,531 945 385 44 Cumulative effect of change in accounting principle .................................. -- (171) -- -- -------- -------- -------- -------- Net income .................................... $ 1,531 $ 774 $ 385 $ 44 ======== ======== ======== ======== Basic earnings per share: Income before cumulative effect of change in accounting principle ..................... $ .24 $ .14 $ .06 $ .01 Cumulative effect of change in accounting principle ................................ -- (.03) -- -- -------- -------- -------- -------- Basic earnings per share ................... $ .24 $ .11 $ .06 $ .01 ======== ======== ======== ======== Diluted earnings per share: Income before cumulative effect of change in accounting principle ..................... $ .23 $ .14 $ .06 $ .01 Cumulative effect of change in accounting principle ................................ -- (.03) -- -- -------- -------- -------- -------- Diluted earnings per share ................. $ .23 $ .11 $ .06 $ .01 ======== ======== ======== ======== Weighted average number of shares: Basic earnings per share ................... 6,504 6,780 6,424 6,764 Diluted earnings per share ................. 6,627 6,839 6,632 6,825

5 J. ALEXANDER'S CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME PERCENTAGES OF SALES

Nine Months Ended Quarters Ended -------------------- ---------------- SEPT 28 Sept 29 SEPT 28 Sept 29 2003 2002 2003 2002 ---- ---- ---- ---- Net sales............................................ 100.0% 100.0% 100.0% 100.0% Costs and expenses: Cost of sales..................................... 32.2 31.7 32.6 31.9 Restaurant labor and related costs................ 32.7 33.4 33.0 34.1 Depreciation and amortization of restaurant property and equipment.......................... 4.1 4.5 4.1 4.6 Other operating expenses.......................... 18.2 18.8 18.6 19.6 ---- ----- ----- ----- Total restaurant operating expenses............. 87.2 88.4 88.3 90.3 Restaurant operating income.......................... 12.8 11.6 11.7 9.7 General and administrative expenses.................. 7.5 8.1 7.7 8.1 Pre-opening expense.................................. 0.7 0.1 0.9 0.2 ----- ----- ----- ----- Operating income..................................... 4.6 3.5 3.1 1.5 Other income (expense): Interest expense, net............................ (2.0) (1.1) (1.9) (1.0) Other, net........................................ - (0.1) 0.1 (0.1) ----- ----- ----- ----- Total other expense............................. (2.0) (1.2) (1.8) (1.2) ----- ----- ----- ----- Income before income taxes and cumulative effect of change in accounting principle.......... 2.6 2.3 1.3 0.3 Income tax (provision) benefit....................... (0.6) (1.0) 0.2 (0.1) ----- ----- ----- ----- Income before cumulative effect of change in accounting principle.............................. 1.9 1.3 1.5 0.2 Cumulative effect of change in accounting principle......................................... - (0.2) - - ----- ----- ----- ----- Net income........................................... 1.9% 1.1% 1.5% 0.2% ===== ===== ===== ===== Note: Certain percentage totals do not sum due to rounding. AVERAGE WEEKLY SALES INFORMATION: Average weekly sales per restaurant.................. $81,300 $78,800 $79,500 $76,000 Percent increase..................................... +3.2% +4.6% Same store weekly sales per restaurant (1)........... $81,400 $78,600 $79,700 $76,000 Percent increase..................................... +3.6% +4.9%

(1) Includes the twenty-four restaurants open for more than eighteen months. 6 J. ALEXANDER'S CORPORATION AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (DOLLARS IN THOUSANDS)

SEPTEMBER 28 December 29 2003 2002 ------- ------- ASSETS Current Assets Cash and cash equivalents ............. $ 742 $10,525 Deferred income taxes ................. 488 488 Other current assets .................. 1,817 1,887 ------- ------- Total current assets ............... 3,047 12,900 Other assets ................................ 1,012 951 Property and equipment, net ................. 73,530 69,521 Deferred income taxes ....................... 712 712 Deferred charges, net ....................... 915 949 ------- ------- $79,216 $85,033 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities ......................... $10,009 $17,495 Long-term obligations ....................... 24,825 24,451 Other long-term liabilities ................. 2,497 2,288 Stockholders' equity ........................ 41,885 40,799 ------- ------- $79,216 $85,033 ======= =======

-----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    EXHIBIT 99.1




FOR IMMEDIATE RELEASE                                   CONTACT:  GREG LEWIS
                                                                  (615) 269-1900


                       J. ALEXANDER'S CORPORATION REPORTS
                        HIGHER INCOME FOR THIRD QUARTER,
                            FIRST NINE MONTHS OF 2003


         NASHVILLE, TN., Oct. 24, 2003 - J. Alexander's Corporation (AMEX: JAX),
owner and operator of 26 J. Alexander's full-service, contemporary upscale
American restaurants in 12 states, today reported significant increases in net
income for the third quarter and first nine months of 2003.

         Lonnie J. Stout II, chairman, president and chief executive officer,
said the Company's net income for the third quarter ending September 28, 2003,
rose to $385,000, or $.06 per diluted share from $44,000, or $.01 per diluted
share, achieved in the same period of 2002. Due to a reduction in the Company's
estimated effective tax rate for the year, net income for the third quarter of
2003 included a tax benefit of $55,000, while net income for the third period of
2002 included a tax provision of $34,000.

         "We are pleased with the Company's performance for the most recent
period, one of the strongest third quarters in several years," Stout said in
announcing financial results. "During the third period of 2003, we continued to
meet or exceed our business plan despite continued upward pressure on food
costs."

         For the most recent quarter of 2003, J. Alexander's Corporation
recorded net sales of $25,832,000 up 9% from $23,698,000 reported in the third
period of 2002. The


                                        2


Company's same store sales, which included sales from restaurants open for more
than 18 months, climbed 4.9% to $79,700 per week in the third quarter of 2003
from $76,000 achieved in the corresponding period of 2002. During the most
recent quarter, the average weekly sales per restaurant increased 4.6% to
$79,500 from $76,000 in the third period of 2002.

         Net income for the first nine months of 2003 climbed 98%, increasing to
$1,531,000, or $.23 per diluted share, from net income of $774,000, or $.11
per diluted share, posted in the first three quarters of 2002. Net income for
the first nine months of 2002 included a goodwill impairment charge of $171,000,
or $.03 per share, which was recorded as a cumulative effect of change in
accounting principle in connection with the adoption of SFAS No. 142 "Goodwill
and Other Intangible Assets" by the Company as of the beginning of fiscal year
2002.

         J. Alexander's Corporation's net sales for the first three quarters of
2003 rose 6.8% to $78,697,000 from $73,680,000 recorded in the comparable three
periods of 2002. The Company's same store sales were up 3.6% to $81,400 per week
in the first three quarters of 2003 from $78,600 recorded for the corresponding
three periods of the previous year. Average weekly sales per restaurant
increased 3.2% to $81,300 in the first nine months of 2003 from $78,800 in the
same three periods a year ago.

         "The robust trend in our same store sales results continued to support
our financial performance in the third quarter," Stout pointed out. "Indications
during the first three weeks of the fourth quarter have provided us with
confidence that this upward trend in same store sales will be sustained through
the balance of 2003."



                                        3


         Stout noted that the Company is also continuing to experience certain
pressures on restaurant operating expenses. "Food costs have been higher than
expected for most of the year, with an increase in the sales of beef entrees,
which have a higher food cost than most of our other menu items, and higher
poultry costs contributing to an increase in cost of sales. We also upgraded our
strip steaks and ground chuck to Certified Angus Beef earlier this year. This
change was part of our continuing program to provide the highest quality
products to our guests, but it has increased input costs, particularly for strip
steaks, somewhat during the past six months." During the third period of 2003,
the Company's cost of sales rose to 32.6% of sales from 31.9% in the same
quarter of 2002.

         "Despite these challenging factors, we anticipate another solid period
during the final three months of 2003. We will, however, incur significant
pre-opening expenses in the fourth quarter due to the opening of two new
restaurants," Stout added.

         The J. Alexander's Corporation chief executive officer said that the
Company has already opened one new J. Alexander's restaurant, located in
Houston, Texas, in the fourth quarter. Another J. Alexander's restaurant is
scheduled to open in the greater Chicago market in November of 2003.

         J. Alexander's Corporation presently owns and operates 26 J.
Alexander's restaurants in Alabama, Colorado, Florida, Georgia, Illinois,
Kansas, Kentucky, Louisiana, Michigan, Ohio, Tennessee and Texas. J. Alexander's
is a contemporary American restaurant placing a special emphasis on food quality
and professional service. The Company is headquartered in Nashville, Tennessee.

This press release contains forward-looking statements that involve risks and
uncertainties. Actual results, performance or developments could differ
materially from those expressed or implied by those forward-looking statements
as a result of known or unknown risks, uncertainties and other factors,
including those associated with the Company's ability to increase sales and
profitability in certain of its restaurants, and others described from
time-to-time in the Company's filings with the Securities and Exchange
Commission, press releases and other communications.





                                       4


J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)



                                                   Nine Months Ended         Quarters Ended
                                                  --------------------    --------------------
                                                  SEPT 28     Sept 29      SEPT 28     Sept 29
                                                    2003        2002        2003        2002
                                                  --------    --------    --------    --------
                                                                          
Net sales .....................................   $ 78,697    $ 73,680    $ 25,832    $ 23,698

Costs and expenses:
   Cost of sales ..............................     25,345      23,338       8,418       7,570
   Restaurant labor and related costs .........     25,751      24,644       8,519       8,073
   Depreciation and amortization of restaurant
     property and equipment ...................      3,201       3,295       1,065       1,099
   Other operating expenses ...................     14,332      13,849       4,814       4,651
                                                  --------    --------    --------    --------
     Total restaurant operating expenses ......     68,629      65,126      22,816      21,393

General and administrative expenses ...........      5,888       5,915       1,968       1,903
Pre-opening expense ...........................        526          42         236          42
                                                  --------    --------    --------    --------
Operating income ..............................      3,654       2,597         812         360
Other income (expense):
   Interest expense, net ......................     (1,594)       (850)       (500)       (254)
   Other, net .................................        (19)        (60)         18         (28)
                                                  --------    --------    --------    --------
     Total other expense ......................     (1,613)       (910)       (482)       (282)
                                                  --------    --------    --------    --------

Income before income taxes and cumulative
   effect of change in accounting principle ...      2,041       1,687         330          78
Income tax (provision) benefit ................       (510)       (742)         55         (34)
                                                  --------    --------    --------    --------
Income before cumulative effect of change in
   accounting principle .......................      1,531         945         385          44
Cumulative effect of change in accounting
   principle ..................................       --          (171)       --          --
                                                  --------    --------    --------    --------
Net income ....................................   $  1,531    $    774    $    385    $     44
                                                  ========    ========    ========    ========

Basic earnings per share:
   Income before cumulative effect of change in
     accounting principle .....................   $    .24    $    .14    $    .06    $    .01
   Cumulative effect of change in accounting
     principle ................................       --          (.03)       --          --
                                                  --------    --------    --------    --------
   Basic earnings per share ...................   $    .24    $    .11    $    .06    $    .01
                                                  ========    ========    ========    ========

Diluted earnings per share:
   Income before cumulative effect of change in
     accounting principle .....................   $    .23    $    .14    $    .06    $    .01
   Cumulative effect of change in accounting
     principle ................................       --          (.03)       --          --
                                                  --------    --------    --------    --------
   Diluted earnings per share .................   $    .23    $    .11    $    .06    $    .01
                                                  ========    ========    ========    ========

Weighted average number of shares:
   Basic earnings per share ...................      6,504       6,780       6,424       6,764
   Diluted earnings per share .................      6,627       6,839       6,632       6,825







                                        5



J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
PERCENTAGES OF SALES



                                                                 Nine Months Ended              Quarters Ended
                                                                --------------------           ----------------
                                                              SEPT 28         Sept 29        SEPT 28     Sept 29
                                                                2003            2002           2003        2002
                                                                ----            ----           ----        ----
                                                                                             
Net sales............................................           100.0%         100.0%         100.0%      100.0%

Costs and expenses:
   Cost of sales.....................................            32.2           31.7           32.6        31.9
   Restaurant labor and related costs................            32.7           33.4           33.0        34.1
   Depreciation and amortization of restaurant
     property and equipment..........................             4.1            4.5            4.1         4.6
   Other operating expenses..........................            18.2           18.8           18.6        19.6
                                                                 ----          -----          -----       -----
     Total restaurant operating expenses.............            87.2           88.4           88.3        90.3

Restaurant operating income..........................            12.8           11.6           11.7         9.7

General and administrative expenses..................             7.5            8.1            7.7         8.1
Pre-opening expense..................................             0.7            0.1            0.9         0.2
                                                                -----          -----          -----       -----
Operating income.....................................             4.6            3.5            3.1         1.5
Other income (expense):
   Interest expense, net............................             (2.0)          (1.1)          (1.9)       (1.0)
   Other, net........................................               -           (0.1)           0.1        (0.1)
                                                                -----          -----          -----       -----
     Total other expense.............................            (2.0)          (1.2)          (1.8)       (1.2)
                                                                -----          -----          -----       -----

Income before income taxes and cumulative
   effect of change in accounting principle..........             2.6            2.3            1.3         0.3
Income tax (provision) benefit.......................            (0.6)          (1.0)           0.2        (0.1)
                                                                -----          -----          -----       -----
Income before cumulative effect of change in
   accounting principle..............................             1.9            1.3            1.5         0.2
Cumulative effect of change in accounting
   principle.........................................               -           (0.2)             -           -
                                                                -----          -----          -----       -----
Net income...........................................             1.9%           1.1%           1.5%        0.2%
                                                                =====          =====          =====       =====

Note: Certain percentage totals do not sum due to rounding.


AVERAGE WEEKLY SALES INFORMATION:

Average weekly sales per restaurant..................         $81,300        $78,800        $79,500     $76,000
Percent increase.....................................            +3.2%                         +4.6%

Same store weekly sales per restaurant (1)...........         $81,400        $78,600        $79,700     $76,000
Percent increase.....................................            +3.6%                         +4.9%



(1) Includes the twenty-four restaurants open for more than eighteen months.




                                       6



J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(DOLLARS IN THOUSANDS)



                                                SEPTEMBER 28  December 29
                                                    2003         2002
                                                   -------      -------
                                                        
                                 ASSETS

Current Assets
      Cash and cash equivalents .............      $   742      $10,525
      Deferred income taxes .................          488          488
      Other current assets ..................        1,817        1,887
                                                   -------      -------
         Total current assets ...............        3,047       12,900

Other assets ................................        1,012          951
Property and equipment, net .................       73,530       69,521
Deferred income taxes .......................          712          712
Deferred charges, net .......................          915          949
                                                   -------      -------
                                                   $79,216      $85,033
                                                   =======      =======




         LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities .........................      $10,009      $17,495
Long-term obligations .......................       24,825       24,451
Other long-term liabilities .................        2,497        2,288
Stockholders' equity ........................       41,885       40,799
                                                   -------      -------
                                                   $79,216      $85,033
                                                   =======      =======