Note 18 - Quarterly Financial Information

12 Months Ended

Aug. 27, 2014

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information [Text Block]

Note 18. Quarterly Financial Information

The following tables summarize quarterly unaudited financial information for fiscal years 2014 and 2013.

	Quarter Ended (a)
	August 27, 2014			May 7, 2014			February 12, 2014			November 20, 2013 (As Revised)
	(112 days)			(84 days)			(84 days)			(84 days)
	(In thousands except per share data)
Restaurant sales (c)	$	115,549		$	90,141		$	83,045		$	80,064
Franchise revenue		2,284			1,684			1,545			1,514
Culinary contract services		5,772			4,534			3,979			4,270
Total sales		123,605			96,359			88,569			85,848
Income from continuing operations (b) (c)		(1,081	)		1,742			(1,581	)		(693	)
Discontinued operations (c)		(366	)		(12	)		(603	)		(853	)
Net income (loss)		(1,447	)		1,730			(2,184	)		(1,546	)
Net income (loss) per share:
Basic		(0.06	)		0.06			(0.08	)		(0.05	)
Assuming dilution		(0.06	)		0.06			(0.08	)		(0.05	)
Costs and Expenses
(As a percentage of restaurant sales)
Cost of food		29.1	%		28.6	%		29.0	%		28.6	%
Payroll and related costs		35.0	%		33.3	%		35.3	%		35.2	%
Other operating expenses		19.3	%		17.7	%		18.6	%		18.9	%
Occupancy costs		5.8	%		5.4	%		5.8	%		5.9	%

	Quarter Ended (a)
	August 28, 2013 (As Revised)			May 8, 2013 (As Revised)			February 13, 2013 (As Revised)			November 21, 2012 (As Revised)
	(112 days)			(84 days)			(84 days)			(84 days)
	(In thousands except per share data)
Restaurant sales(c)	$	115,947		$	89,671		$	80,858		$	74,091
Franchise revenue		2,235			1,640			1,539			1,522
Culinary contract services		5,086			4,099			3,667			3,841
Total sales		123,268			95,410			86,064			79,454
Income from continuing operations (b) (c)		1,086			2,624			663			174
Discontinued operations(c)		(657	)		(163	)		(482	)		(84	)
Net income		429			2,461			181			90
Net income per share:
Basic		0.01			0.09			0.01			0.01
Assuming dilution		0.01			0.09			0.01			0.01
Costs and Expenses
(As a percentage of restaurant sales)
Cost of food		28.8	%		28.6	%		28.9	%		28.2	%
Payroll and related costs		33.8	%		33.5	%		35.6	%		35.2	%
Other operating expenses		19.2	%		17.3	%		17.1	%		18.0	%
Occupancy costs		6.3	%		5.5	%		6.0	%		5.5	%

(a) The quarters ended August 27, 2014 and August 28, 2013 consists of four four-week periods. All other quarters presented represent three four-week periods.

(b) The first quarter encompasses the typical start of school and second quarter includes Christmas and Thanksgiving holidays.

(c) In the second quarter of fiscal 2014, we identified and corrected immaterial accounting errors in prepaid assets and payroll related liabilities. The Company did not expense amounts related to these accounts properly in the appropriate prior periods. The errors impacted all prior reporting periods beginning in 2007. Based on management’s analysis of the error as required by guidance in ASC 250-10 relating to SEC Staff Accounting Bulletin (“SAB”) Topic1.M, Assessing Materiality and SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, Income from continuing operations for quarter one of fiscal year 2014 and quarters one through four of fiscal year 2013 have been revised. See Note 1. Nature of Operations and Significant Accounting Policies. In addition, Restaurant sales, Income from continuing operations and Discontinued operations were revised to reflect the Company’s disposal plans discussed in Note 8.