Note 13 - Supplemental Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Feb. 28, 2017

Notes Tables

Condensed Balance Sheet [Table Text Block]

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	32,495		$	132	$	–		$	32,627
Accounts and other receivables		8,223			5,192		–			13,415
Inventories		13,068			4,949		–			18,017
Income tax receivable		173,370			–		(168 ,632	)		4,738
Other current assets		16,906			11,679		–			28,585
Total current assets		244,062			21,952		(168,632	)		97,382
Property and equipment, net		459,402			142,146		–			601,548
Investment in subsidiaries		70,596			–		(70 ,596	)		–
Due from/(to) subsidiaries		93,299			222,799		(316 ,098	)		–
Other assets		39,617			4,263		–			43,880
Total assets	$	906,976		$	391,160	$	(555 ,326	)	$	742,810
Liabilities & Shareholders ’ Equity
Current liabilities:
Accounts payable	$	18,834		$	4,749	$	–		$	23,583
Accrued and other current liabilities		50,686			18,313		–			68,999
Deferred revenue – gift cards		(502	)		17,974		–			17,472
Current maturities of long-term debt,
including capital leases		(1 ,132	)		1,481		–			349
Income tax payable		–			168,632		(168 ,632	)		–
Total current liabilities		67,886			211,149		(168,632	)		110,403
Long-term debt and capital leases,
less current maturities		209,911			3,622		–			213 ,533
Due to/(from) subsidiaries		222,799			93,299		(316 ,098	)		–
Other deferred liabilities		91,984			12,494		–			104,478
Total liabilities		592,580			320,564		(484 ,730	)		428,414
Shareholders ’ equity:
Common stock		605			–		–			605
Capital in excess of par value		78,937			–		–			78,937
Retained earnings		243,897			70,596		( 70,596	)		243,897
Accumulated other comprehensive loss		(9 ,043	)		–		–			(9,043	)
Total shareholders ’ equity		314,396			70,596		(70,596	)		314,396
Total liabilities & shareholders ’ equity	$	906,976		$	391,160	$	(555 ,326	)	$	742,810

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	67,208		$	133	$	–		$	67,341
Accounts and other receivables		8,102			4,725		–			12,827
Inventories		15,401			6,194		–			21,595
Income tax receivable		167,065			–		(164,062	)		3,003
Other current assets		11,282			4,868		–			16,150
Total current assets		269,058			15,920		(164,062	)		120,916
Property and equipment, net		501,482			169,768		–			671,250
Investment in subsidiaries		98,929			–		(98,929	)		–
Due from/(to) subsidiaries		76,208			213,816		(290,024	)		–
Other assets		40,626			5,125		–			45,751
Total assets	$	986,303		$	404,629	$	(553,015	)	$	837,917
Liabilities & Shareholders ’ Equity
Current liabilities:
Accounts payable	$	17,405		$	4,736	$	–		$	22,141
Accrued and other current liabilities		36,155			13,122		–			49,277
Deferred revenue – gift cards		(481	)		16,835		–			16,354
Current maturities of long-term debt,
including capital leases		(1,067	)		11,001		–			9,934
Income tax payable		–			164,062		(164,062	)		–
Total current liabilities		52,012			209,756		(164,062	)		97,706
Long-term debt and capital leases,
less current maturities		209,058			4,745		–			213,803
Due to/(from) subsidiaries		213,816			76,208		(290,024	)		–
Other deferred liabilities		103,637			14,991		–			118,628
Total liabilities		578,523			305,700		(454,086	)		430,137
Shareholders ’ equity:
Common stock		601			–		–			601
Capital in excess of par value		75,938			–		–			75,938
Retained earnings		341,350			98,929		(98,929	)		341,350
Accumulated other comprehensive loss		(10,109	)		–		–			(10,109	)
Total shareholders ’ equity		407,780			98,929		(98,929	)		407,780
Total liabilities & shareholders ’ equity	$	986,303		$	404,629	$	(553,015	)	$	837,917

Condensed Income Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	165,005		$	59,933		$	–		$	224,938
Franchise revenue		–			794			–			794
Total revenue		165,005			60,727			–			225,732
Operating costs and expenses:
Cost of goods sold		47,164			17,176			–			64,340
Payroll and related costs		57,485			22,595			–			80,080
Other restaurant operating costs		33,356			11,730			–			45,086
Depreciation and amortization		7,509			2,612			–			10,121
G eneral and administrative expenses		7,295			6,581			–			13,876
Intercompany general and administrative allocations		9,167			(9,167	)		–			–
Marketing expenses, net		10,296			3,511			–			13,807
Closures and impairments, net		11,253			2,188			–			13,441
Equity in earnings of subsidiaries		(2,017	)		–			2,017			–
Interest expense, net		4,688			182			–			4,870
Intercompany interest expense/(income)		3,035			(3,035	)		–			–
Total operating costs and expenses		189,231			54,373			2,017			245,621
(Loss)/income before income taxes		(24 ,226	)		6,354			2,017			(19,889	)
(Benefit)/provision for income taxes		(4,421	)		4,337			–			(84	)
Net (loss)/income	$	(19 ,805	)	$	2,017		$	(2,017	)	$	(19,805	)
Other comprehensive income:
Pension liability reclassification		356			–			–			356
Total comprehensive (loss)/income	$	(19 ,449	)	$	2,017		$	(2,017	)	$	(19,449	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	507,414		$	187,103		$	–		$	694,517
Franchise revenue		10			2,581			–			2,591
Total revenue		507,424			189,684			–			697,108
Operating costs and expenses:
Cost of goods sold		145,051			53,621			–			198,672
Payroll and related costs		179,149			71,956			–			251,105
Other restaurant operating costs		108,613			40,456			–			149,069
Depreciation and amortization		23,265			8,573			–			31,838
G eneral and administrative expenses		26,376			21,983			–			48,359
Intercompany general and administrative allocations		28,223			(28,223	)		–			–
Marketing expenses, net		32,119			11,209			–			43,328
Closures and impairments, net		38,025			21,316			–			59,341
Equity in losses of subsidiaries		7,791			–			(7 ,791	)		–
Interest expense, net		13,829			762			–			14,591
Intercompany interest expense/(income)		8,983			(8,983	)		–			–
Total operating costs and expenses		611,424			192,670			(7 ,791	)		796,303
(Loss)/income before income taxes		(104 ,000	)		(2 ,986	)		7,791			(99 ,195	)
(Benefit)/provision for income taxes		(6 ,547	)		4,805			–			(1 ,742	)
Net loss	$	(97 ,453	)	$	(7 ,791	)	$	7,791		$	(97,453	)
Other comprehensive income:
Pension liability reclassification		1,066			–			–			1,066
Total comprehensive loss	$	(96,387	)	$	(7 ,791	)	$	7,791		$	(96,387	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	194,527		$	75,341		$	–		$	269,868
Franchise revenue		90			1,512			–			1,602
Total revenue		194,617			76,853			–			271,470
Operating costs and expenses:
Cost of goods sold		54,209			20,934			–			75,143
Payroll and related costs		65,474			27,883			–			93,357
Other restaurant operating costs		40,008			15,303			–			55,311
Depreciation and amortization		9,008			3,724			–			12,732
General and administrative expenses		7,315			6,833			–			14,148
Intercompany general and administrative allocations		10,726			(10,726	)		–			–
Marketing expenses, net		9,685			3,545			–			13,230
Closures and impairments, net		3,993			2,130			–			6,123
Equity in earnings of subsidiaries		(5,676	)		–			5,676			–
Interest expense, net		4,556			439			–			4,995
Intercompany interest expense/(income)		3,058			(3,058	)		–			–
Total operating costs and expenses		202,356			67,007			5,676			275,039
(Loss)/income before income taxes		(7,739	)		9,846			(5,676	)		(3,569	)
(Benefit)/provision for income taxes		(4,653	)		4,170			–			(483	)
Net (loss)/income	$	(3,086	)	$	5,676		$	(5,676	)	$	(3,086	)
Other comprehensive income:
Pension liability reclassification, net of tax		885			–			–			885
Total comprehensive (loss)/income	$	(2,201	)	$	5,676		$	(5,676	)	$	(2,201	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	583,055		$	224,050		$	–		$	807,105
Franchise revenue		220			4,581			–			4,801
Total revenue		583,275			228,631			–			811,906
Operating costs and expenses:
Cost of goods sold		160,212			61,477			–			221,689
Payroll and related costs		197,732			83,244			–			280,976
Other restaurant operating costs		126,234			47,669			–			173,903
Depreciation and amortization		27,305			11,169			–			38,474
General and administrative expenses		23,797			20,429			–			44,226
Intercompany general and administrative allocations		32,188			(32,188	)		–			–
Marketing expenses, net		29,591			10,805			–			40,396
Closures and impairments, net		16,080			4,827			–			20,907
Equity in earnings of subsidiaries		(18,907	)		–			18,907			–
Interest expense, net		13,806			2,294			–			16,100
Intercompany interest expense/(income)		9,049			(9,049	)		–			–
Total operating costs and expenses		617,087			200,677			18,907			836,671
(Loss)/income before income taxes		(33,812	)		27,954			(18,907	)		(24,765	)
(Benefit)/provision for income taxes		(10,733	)		9,047			–			(1,686	)
Net (loss)/income	$	(23,079	)	$	18,907		$	(18,907	)	$	(23,079	)
Other comprehensive income:
Pension liability reclassification, net of tax		1,347			–			–			1,347
Total comprehensive (loss)/income	$	(21,732	)	$	18,907		$	(18,907	)	$	(21,732	)

Condensed Cash Flow Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Net cash (used)/pr ovided by operating activities	$	(38,058	)	$	27,897		$	(11 ,558	)	$	(21,719	)
Investing activities:
Purchases of property and equipment		( 21,631	)		(5 ,321	)		–			(26 ,952	)
Proceeds from disposal of assets		13,471			8,573			–			22,044
Insurance proceeds from property claims		358			–						358
Reductions in Deferred Compensation Plan assets		1,702			–						1,702
Other, net		1,439			–			–			1,439
Net cash (used)/provided by investing activities		(4,661	)		3 ,252			–			(1,409	)
Financing activities:
Principal payments on long-term debt		(4	)		(10,609	)		–			(10,613	)
Stock repurchases		(26	)		–			–			(26	)
Payments for debt issuance costs		(947	)		–			–			(947	)
Intercompany dividend		–			(20 ,541	)		20,541			–
Other i ntercompany transactions		8,983			–			(8,983	)		–
Net cash ( used)/provided by financing activities		8,006			(31 ,150	)		11,558			( 11,586	)
De crease in cash and cash equivalents		(34,713	)		(1	)		–			(34,714	)
Cash and cash equivalents:
Beginning of fiscal year		67,208			133			–			67,341
End of quarter	$	32,495		$	132		$	–		$	32,627

	Parent			Guarantors			Eliminations			Consolidated
Net cash (used)/provided by operating activities	$	(8 ,133	)	$	41,932		$	( 15,260	)	$	18,539
Investing activities:
Purchases of property and equipment		( 19,892	)		( 7,454	)		–			( 27,346	)
Proceeds from disposal of assets		6,193			–			–			6,193
Other, net		2,444			–			–			2,444
Net cash used by investing activities		( 11,255	)		(7 ,454	)		–			( 18,709	)
Financing activities:
Principal payments on long-term debt		( 2,390	)		(10,274	)		–			(12,664	)
Stock repurchases		(10,009	)		–			–			(10,009	)
Payments for debt issuance costs		( 30	)		–			–			(30	)
Intercompany dividend		–			(24,309	)		24,309			–
Other intercompany transactions		9,049			–			(9,049	)		–
Net cash (used)/provided by financing activities		(3,380	)		(34 ,583	)		15,260			(22 ,703	)
Decrease in cash and cash equivalents		(22,768	)		(105	)		–			(22 ,873	)
Cash and cash equivalents:
Beginning of fiscal year		75,034			297			–			75,331
End of quarter	$	52,266		$	192		$	–		$	52,458