-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Wg6bfa92l/rLyxQq8elfskC8Qab0z/HdQVrLqGmFXAmR/V7+c3jOCHCir9BCa7tT yZYfeHaxNkKlmSJAaEIe5g== 0000068270-95-000002.txt : 19950105 0000068270-95-000002.hdr.sgml : 19950105 ACCESSION NUMBER: 0000068270-95-000002 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940727 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950103 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORRISON RESTAURANTS INC/ CENTRAL INDEX KEY: 0000068270 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 630475239 STATE OF INCORPORATION: DE FISCAL YEAR END: 0605 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-12454 FILM NUMBER: 95500086 BUSINESS ADDRESS: STREET 1: 4721 MORRISON DR STREET 2: P O BOX 160266 CITY: MOBILE STATE: AL ZIP: 36609 BUSINESS PHONE: 2053443000 FORMER COMPANY: FORMER CONFORMED NAME: MORRISON INC /DE/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MORRISON CAFETERIAS CONSOLIDATED INC DATE OF NAME CHANGE: 19680605 8-K/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A1 Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 27, 1994 (June 27, 1994) Date of report (Date of earliest event reported) MORRISON RESTAURANTS INC. (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 1-12454 63-0475239 (Commission File Number) (I.R.S. Employer Identification No.) 4721 Morrison Drive P.O.Box 160266 Mobile, Alabama 36625 (Address of Principal Executive Offices) (Zip Code) (205) 344-3000 (Registrant's Telephone Number) N/A (Former Name or Former Address, if Changed Since Last Report) -1- Item 7(b). Financial Statements, Pro Forma Financial Information and Exhibits. (b) Pro Forma Financial Information: MORRISON RESTAURANTS INC. PRO FORMA FINANCIAL INFORMATION The unaudited pro forma financial information set forth below is presented in order to illustrate the estimated effects of the sale of certain education, business and industry (B&I) accounts to Gardner Merchant Food Services, Inc. and the closure of the remaining B&I accounts. The pro forma financial statements for the Registrant assume for statement of income purposes that the education, business and industry transactions were consummated as of the first day of the periods reported and assume for balance sheet purposes that the transactions were consummated on March 5, 1994, the last day of the period reported. The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the Registrant's results of operations or financial position in the future or of what the Registrant's results of operations or financial position would have been had the transactions been consummated on or as of the dates referred to above. The pro forma financial information should be read in conjunction with the consolidated financial statements of the Registrant and the notes thereto included in the Registrant's Fiscal 1993 Form 10-K. -2- ITEM 7(b) - CONTINUED MORRISON RESTAURANTS INC. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (In thousands) (Unaudited) March 5, 1994
Pro Forma Pro Forma Historical Adjustments Results ASSETS CURRENT ASSETS: Cash and short-term investments......... $ 18,919 $97,772 $116,691 Receivables - Accounts and Notes (net).. 37,188 (14,505) 22,683 Inventories............................. 17,010 (4,895) 12,115 Prepaid expenses and other current assets........................ 23,634 (3,961) 19,673 Total current assets.................... 96,751 74,411 171,162 PROPERTY AND EQUIPMENT - at cost........ 491,878 (28,274) 463,604 Less accumulated depreciation and amortization...................... 233,849 (13,316) 220,533 258,029 (14,958) 243,071 OTHER INVESTMENTS....................... 8,450 (72) 8,378 COST IN EXCESS OF NET ASSETS ACQUIRED... 22,772 (6,911) 15,861 OTHER ASSETS............................ 44,912 (9,639) 35,273 TOTAL ASSETS............................ $430,914 $42,831 $473,745 See page 7 for a description of balance sheet pro forma adjustments. See Notes to Pro Forma Consolidated Financial Statements.
-3- ITEM 7(b) - CONTINUED MORRISON RESTAURANTS INC. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET (In thousands) (Unaudited) March 5, 1994
Pro Forma Pro Forma Historical Adjustments Results LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts and notes payable.............. $40,930 ($8,711) $32,219 Other current liabilities............... 73,263 35,897 109,160 Total Current Liabilities............... 114,193 27,186 141,379 LONG-TERM DEBT.......................... 9,008 0 9,008 OTHER DEFERRED LIABILITIES.............. 75,795 (5,655) 70,140 STOCKHOLDERS' EQUITY: Common Stock, $.01 par value (authorized: 50,000 shares; issued: 03/05/94 - 43,644 shares)...... 436 0 436 Capital in excess of par value.......... 78,093 0 78,093 Retained earnings....................... 238,776 21,300 260,076 317,305 21,300 338,605 Less common stock held in treasury - at cost (7,562 shares @ 03/05/94)............... 85,387 0 85,387 231,918 21,300 253,218 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $430,914 $42,831 $473,745 See page 7 for a description of balance sheet pro forma adjustments. See Notes to Pro Forma Consolidated Financial Statements.
-4- ITEM 7(b) - CONTINUED MORRISON RESTAURANTS INC. PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME (In thousands) (Unaudited) For the Thirty-Nine Weeks Ended March 5, 1994
Pro Forma Pro Forma Historical Adjustments Results SALES................................... $902,469 $(186,536) $715,933 COST AND EXPENSES: Cost of Merchandise.................. 281,437 (69,286) 212,151 Payroll and related costs............ 325,881 (70,831) 255,050 Other operating costs................ 157,204 (28,305) 128,899 Selling, general and administrative.. 55,956 (10,142) 45,814 Depreciation......................... 29,208 (2,350) 26,858 Interest expense net of interest income............................. 283 0 283 849,969 (180,914) 669,055 Income Before Provision for Income Taxes and Cumulative Effect of Accounting Changes............... 52,500 (5,622) 46,878 Provision for Federal and State Income Taxes........................ 20,053 (2,231) 17,822 Net Income.............................. $ 32,447 $ (3,391) $ 29,056 Earnings Per Common and Common Equivalent Share: Primary.............................. $0.87 ($0.09) $0.78 Fully Diluted........................ $0.87 ($0.09) $0.78 Weighted average shares used in earnings per common and common equivalent shares computation: Primary.............................. 37,481 37,481 37,481 Fully Diluted........................ 37,510 37,510 37,510 See page 7 for a description of Statement of Income Pro Forma Adjustments. See Notes to Pro Forma Consolidated Financial Statements.
-5- ITEM 7(b) - CONTINUED MORRISON RESTAURANTS INC. AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME (In thousands) (Unaudited) For the Fifty-Two Weeks Ended June 5, 1993
Pro Forma Pro Forma Historical Adjustments Results REVENUES: Net Sales and Operating Revenues.... $1,098,268 $(221,033) $877,235 Other Revenues...................... 1,577 (1,369) 208 1,099,845 (222,402) 877,443 OPERATING COSTS AND EXPENSES: Cost of merchandise................. 352,043 (83,126) 268,917 Payroll and related costs........... 398,077 (85,919) 312,158 Other............................... 191,846 (31,744) 160,102 Selling, general and administrative. 61,229 (11,829) 49,400 Depreciation and amortization....... 35,449 (2,871) 32,578 Interest expense net of interest income totaling $1,822............. 317 0 317 1,038,961 (215,489) 823,472 Income Before Provision for Income Taxes and Cumulative Effect of Accounting Changes............... 60,884 (6,913) 53,971 Provision for Federal and State Income Taxes........................ 22,725 (2,686) 20,039 Income Before Cumulative Effect of Accounting Changes............... $ 38,159 $ (4,227) $ 33,932 Earnings Per Common and Common Equivalent Share Before Cumulative Effect of Accounting Changes: Primary............................. $1.01 ($0.11) $0.90 Fully Diluted....................... $1.01 ($0.11) $0.90 Weighted average shares used in earnings per common and common equivalent shares computation: Primary............................. 38,078 38,078 38,078 Fully Diluted....................... 38,151 38,151 38,151 See page 7 for a description of Statement of Income Pro Forma Adjustments. See Notes to Pro Forma Consolidated Financial Statements.
-6- ITEM 7(b) - CONTINUED MORRISON RESTAURANTS INC. Pro Forma Adjustments The pro forma balance sheet adjustments give effect to the items described below: (i) Adjustments to reflect the removal of education, business and industry (B&I) assets and liabilities. (ii) Adjustments to reflect the expected cash proceeds from sale ($100 million), the accrual for liabilities and income taxes to be incurred ($55 million) and the expected net of tax gain ($21 million). The pro forma statement of income adjustments give effect to the items described below: (i) Adjustments to reflect the removal of B&I results of operations. (ii) The following items are not included in the pro forma adjustments due to their non-recurring nature. * Net gain on sale and discontinuance of B&I contracts and assets of approximately $35 million pre-tax which includes certain expenses incurred in relation to the divestiture of B&I. The pro forma adjustments do not give effect to the phase-out of the L&N Seafood Grill concept for which a pre-tax charge of $19.7 million will be made in the Company's financial statements for the quarter ended September 3, 1994 as discussed in Note 12 to the fiscal 1994 financial statements of the Registrant. ITEM 7(c) Exhibits The following are annexed hereto as an Exhibit to this Report. Asset Purchase Agreement by and among Morrison Restaurants Inc. and Gardner Merchant Food Services, Inc. and the related exhibits to such agreement. The Index to Exhibits to this Report is incorporated herein by reference. Schedules to these exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant hereby undertakes to furnish supplementally a copy of any omitted schedule to the Commission upon request. -7- 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. MORRISON RESTAURANTS INC. (Registrant) 01/03/95 /s/ J. Russell Mothershed DATE J. RUSSELL MOTHERSHED Senior Vice President, Finance (Senior Vice President and Principal Accounting Officer) -8- -----END PRIVACY-ENHANCED MESSAGE-----