-----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, JE7j+e8aWhyIuCSCXmy/Ly8XcZpTUgMZ41DvDO8zclfR3YCpQ8YUlhiLxaIJTfA/ H2Ztt2FRjOXiw++LgzY7+g== 0000703799-98-000012.txt : 19980612 0000703799-98-000012.hdr.sgml : 19980612 ACCESSION NUMBER: 0000703799-98-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980430 FILED AS OF DATE: 19980611 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICORP RESTAURANTS INC CENTRAL INDEX KEY: 0000703799 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 840511072 STATE OF INCORPORATION: CO FISCAL YEAR END: 1026 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12343 FILM NUMBER: 98646621 BUSINESS ADDRESS: STREET 1: 400 W 48TH AVE CITY: DENVER STATE: CO ZIP: 80216 BUSINESS PHONE: 3032962121 10-Q 1 SECOND QUARTER 10-Q UNITED STATES SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 1998 -------------- OR [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ Commission file number 0-12343 ------- VICORP Restaurants, Inc. ------------------------ (Exact name of registrant as specified in its charter) COLORADO 84-0511072 -------- ---------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 400 West 48th Avenue, Denver, Colorado 80216 -------------------------------------------- (Address of principal executive offices) (Zip Code) (303) 296-2121 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name, former address and former fiscal year, if changed since last report) 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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- The registrant had 9,156,499 shares of its $.05 par value Common Stock outstanding as of June 9, 1998. PART I - FINANCIAL INFORMATION Item 1. Financial Statements VICORP Restaurants, Inc. CONSOLIDATED BALANCE SHEETS (in thousands)
April 30, October 31, 1998 1997 --------- ----------- (unaudited) ASSETS Current assets Cash $ 2,105 $ 1,464 Receivables 2,392 4,105 Inventories 5,237 6,751 Deferred income taxes 5,000 5,000 Prepaid expenses and other 1,103 1,190 ---------- --------- Total current assets 15,837 18,510 --------- --------- Property and equipment, net 123,817 128,915 Deferred income taxes 36,529 38,619 Other assets 8,599 8,946 ---------- ---------- Total assets $ 184,782 $ 194,990 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current maturities of long- term debt (Note 2) $ 129 $ 83 Current maturities of capitalized lease obligations 1,431 1,502 Accounts payable, trade 11,419 14,083 Accrued compensation 6,224 4,119 Accrued taxes 7,645 8,276 Accrued insurance 4,390 4,429 Other accrued expenses 4,076 4,580 --------- --------- Total current liabilities 35,314 37,072 --------- --------- Long-term debt (Note 2) 1,779 12,172 Capitalized lease obligations 6,515 7,293 Non-current accrued insurance 1,831 2,327 Other non-current liabilities and credits 5,224 6,207 Shareholders' equity Series A Junior Participating Preferred Stock, $.10 par value, 200,000 shares authorized, no shares issued Common stock, $.05 par value, 20,000,000 shares authorized, 9,144,499 and 9,132,786 shares issued and outstanding 459 458 Paid-in capital 85,186 85,177 Retained earnings 48,474 44,284 ---------- --------- Total shareholders' equity 134,119 129,919 ---------- --------- Total liabilities and shareholders' equity $ 184,782 $ 194,990 ========== =========
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)
Three Three Six Six months months months months ended ended ended ended --------- --------- --------- --------- April 30, April 30, April 30, April 30, 1998 1997 1998 1997 --------- --------- --------- --------- Revenues Restaurant operations $ 82,041 $ 78,569 $ 168,568 $ 161,671 Franchise operations 905 747 1,755 1,575 ------- ------- ------- ------- Total revenues 82,946 79,316 170,323 163,246 Costs and expenses Restaurant operations Food 24,971 24,387 52,784 51,674 Labor 27,007 25,190 54,869 51,019 Other operating 21,404 20,755 42,940 42,063 General and administrative 6,333 5,803 12,477 11,850 ------- ------- ------- ------- Operating Profit 3,231 3,181 7,253 6,640 Interest expense 403 659 892 1,416 Other (income), net (141) (187) (187) (338) ------- ------- ------- ------- Income before income tax expense 2,969 2,709 6,548 5,562 Income tax expense 1,070 976 2,358 2,003 ------- ------- ------- ------- Net income $ 1,899 $ 1,733 $ 4,190 $ 3,559 ======= ======= ======= ======= Basic earnings per share $ .21 $ .19 $ .46 $ .39 ======= ======= ======= ======= Diluted earnings per share $ .21 $ .19 $ .45 $ .39 ======= ======= ======= ======= Weighted average common shares and dilutive common share equivalents 9,263 9,119 9,249 9,121 ======= ======= ======= =======
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Six Six Months Months ended ended April 30, April 30, 1998 1997 --------- --------- Operations Net income $ 4,190 $ 3,559 Reconciliation to cash provided by operations Depreciation and amortization 9,874 9,880 Deferred income tax provision 2,090 1,512 Loss on disposition of assets 173 89 Other, net (397) (289) ------- ------- 15,930 14,751 Change in assets and liabilities Trade receivables 1,554 1,180 Inventories 1,514 1,520 Accounts payable, trade (2,664) (1,611) Other current assets and liabilities 997 (127) Non-current accrued insurance (496) (922) ------- ------- Cash provided by operations 16,835 14,791 ------- ------- Investing activities Purchase of property and equipment (7,228) (4,404) Purchase of other assets (177) (66) Disposition of property 2,036 1,493 Collection of non-trade receivables 232 518 ------- ------- Cash (used for) investing activities (5,137) (2,459) ------- ------- Financing activities Issuance of debt -- -- Payment of debt and capitalized lease obligations (11,247) (11,355) Purchase of common stock -- -- Issuance of common stock 134 182 Other, net 56 97 ------- ------- Cash used for financing activities (11,057) (11,076) ------- ------- Increase in cash 641 1,256 Cash at beginning of period 1,464 1,406 ------- ------- Cash at end of period $ 2,105 $ 2,662 ======= ======= Supplemental information Cash paid during the period for Interest (net of amount capitalized) $ 940 $ 1,209 Income taxes 144 293
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. NOTES TO FINANCIAL STATEMENTS (unaudited) - ----------------------------------------- 1. The consolidated financial statements should be read in conjunction with the annual report to shareholders for the year ended October 31, 1997. The unaudited financial statements for the six months ended April 30, 1998 and April 30, 1997 contain all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. All of the adjustments included are of a normal and recurring nature. 2. As of April 30, 1998, the Company had $1,700,000 of borrowings outstanding and $4,300,000 of letters of credit placed under its bank credit facility. The maturity date of the Company's bank credit agreement is February 28, 2001. 3. Basic earnings per share is calculated using the average number of common shares outstanding. Diluted earnings per share is computed on the basis of the average number of common shares outstanding plus the effect of outstanding stock options using the "treasury stock" method.
Three Three Six Six Months Months Months Months Ended Ended Ended Ended --------- --------- --------- --------- April 30, April 30, April 30, April 30, 1998 1997 1998 1997 --------- --------- --------- --------- (in thousands, except per share data) Net income available to common shareholders(A) $ 1,899 $ 1,733 $ 4,190 $ 3,559 ======= ======= ======= ======= Average outstanding: Common Stock (B) 9,166 9,076 9,163 9,070 Stock options 97 43 86 51 ------- ------- ------- ------- Common stock and common stock equivalents (C) 9,263 9,119 9,249 9,121 ======= ======= ======= ======= Earnings per share: Basic (A/B) $ 0.21 $ 0.19 $ 0.46 $ 0.39 ======= ======= ======= ======= Diluted (A/C) $ 0.21 $ 0.19 $ 0.45 $ 0.39 ======= ======= ======= =======
4. The Company has stock option plans which generally provide for the granting of options to all employees and non-employee directors of the Company at exercise prices not less than the market value of the common stock on the date of the grant. The options generally vest over three years and expire ten years after the date of grant or three months after employment termination, whichever occurs first. The following table summarizes information about the stock options outstanding and exercisable as of April 30, 1998:
Options Outstanding Options Exercisable ------------------- ------------------- Weighted Number Average Weighted Exercisable Weighted Remaining Average At Average Range of Options Contractual Exercise April 30, Exercise Exercise Prices Outstanding Life Price 1998 Price --------------- ----------- ----------- -------- ----------- -------- $ 9.875-$11.50 134,000 6.25 years $11.24 59,000 $10.90 $12.25 -$12.75 24,000 5.41 years $12.46 24,000 $12.46 $13.00 100,000 8.30 years $13.00 100,000 $13.00 $13.25 -$17.00 131,017 3.90 years $15.98 129,017 $16.00 $18.25 -$26.00 106,000 7.47 years $20.98 68,500 $22.48 ------- ------- $ 9.875-$26.00 495,017 6.26 years $14.99 380,517 $15.36 ======= =======
5. In the fourth quarter of 1994, the Company adopted a plan to dispose of 50 restaurant locations in trade areas that are no longer considered appropriate for the Company's existing concepts. As part of the disposal plan, the carrying value of those restaurants' assets were written down to net realizable values. The Company also accrued for expected carrying costs pending disposition and sublease disposition losses. In the third quarter of fiscal 1996, the Company recorded an asset disposal charge related to a decision to close and dispose of six of its Angel's Diners. As of the end of fiscal 1996, the Company had closed all the restaurants related to both disposal plans. Consequently, operating results for the second quarter of fiscal 1997 and 1998 did not include any amounts for these units. Fifty stores have been disposed through conversion, sublease, assignment, lease termination or sale. During the first quarter of 1998, $401,000 of closure and carrying related costs were charged against the liability established for such costs. As of April 30, 1998, the Company had $4,148,000 of reserves remaining to provide for the disposal of 15 closed properties and 12 subleased properties. Units classified as subleased may return to closed status upon sublease termination. The reserves consisted of $2,836,000 to reduce the disposal property to net realizable value and $1,312,000 to provide for expected carrying costs and sublease losses. Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations Results of operations - --------------------- The Company's quarterly financial information is subject to seasonal fluctuation. Restaurant operations The following table sets forth certain operating information for the Company's operating concepts and the Company as a whole.
Second Quarter Year-to-Date --------------------------- --------------------------- Three Three Six Six months ended months ended months ended months ended ------------ ------------ ------------ ------------ April 30, April 30, April 30, April 30, 1998 1997 1998 1997 ------------ ------------ ------------ ------------ Bakers Square Restaurant sales $ 49,057,000 $ 46,180,000 $101,977,000 $ 96,615,000 Restaurant operating profit 2,869,000 2,832,000 6,469,000 6,184,000 Restaurant operating profit % 5.8% 6.1% 6.3% 6.4% Divisional administrative costs 1,268,000 1,254,000 2,427,000 2,385,000 Divisional operating profit 1,601,000 1,576,000 4,042,000 3,799,000 Restaurants at quarter-end 150 152 Village Inn Restaurant sales $ 32,984,000 $ 31,960,000 $ 66,591,000 $ 64,245,000 Restaurant operating profit 5,790,000 5,370,000 11,506,000 10,722,000 Restaurant operating profit % 17.6% 16.8% 17.3% 16.7% Franchise income 905,000 747,000 1,755,000 1,575,000 Divisional administrative costs 1,182,000 880,000 2,290,000 1,656,000 Divisional operating profit 5,303,000 5,239,000 10,971,000 10,641,000 Restaurants at quarter-end 97 97 Angel's Restaurant sales $ -- $ 429,000 $ -- $ 811,000 Restaurant operating profit -- 35,000 -- 9,000 Restaurant operating profit % -- 8.2% -- 1.1% Divisional administrative costs -- -- -- 7,000 Divisional operating profit -- 35,000 -- 2,000 Restaurants at quarter-end -- 1 Consolidated Restaurant sales $ 82,041,000 $ 78,569,000 $168,568,000 $161,671,000 Food cost % 30.4% 31.0% 31.3% 32.0% Labor cost % 32.9% 32.1% 32.6% 31.6% Other operating cost % 26.1% 26.4% 25.5% 26.0% Restaurant operating profit % 10.6% 10.5% 10.7% 10.5% Restaurant operating profit 8,659,000 8,237,000 17,975,000 16,915,000 Franchise income 905,000 747,000 1,755,000 1,575,000 Divisional general and administrative costs 2,450,000 2,134,000 4,717,000 4,048,000 ----------- ----------- ----------- ----------- Divisional operating profit 7,114,000 6,850,000 15,013,000 14,442,000 ----------- ----------- ----------- ----------- Unallocated general and administrative costs 3,883,000 3,669,000 7,760,000 7,802,000 ----------- ----------- ----------- ----------- Operating profit 3,231,000 3,181,000 7,253,000 6,640,000 =========== =========== =========== ===========
- ----------------------- At the end of the first quarter 1997, the company changed its method of allocating administrative and support expenses between its various divisions during the second quarter. The operating results for the first half of the year in this report incorporate restated figures for the first quarter which do not conform to the figures previously reported for that period. Consolidated restaurant sales increased $3.5 million, or 4.4%, during the second fiscal quarter and increased $6.9 million, or 4.3% for the first two quarters of fiscal 1998 compared to last year. The sales increase resulted from strong year-to-year comparable store sales and guest count comparisons. During the second quarter of fiscal 1998, sales increased 5.8% and guest counts increased 3.5% on a comparable same store basis. Same store sales for Village Inn increased 3.7% and Bakers Square's same store sales increased by 7.3%. Comparable guest counts for Village Inn improved 2.0% and Bakers Square improved 4.8%. Restaurant remodel programs continued to contribute to the increase. For the first half of fiscal 1998, comparable total store sales increased 5.9%, reflective of a 6.9% increase for Bakers Square and a 4.4% increase for Village Inn. Comparable total guest counts increased 4.0%, reflective of a 4.4% increase for Bakers Square and a 3.5% increase for Village Inn. The Company continues to focus on increasing the guest counts at its Bakers Square concept. Bakers Square Midwest units were remodeled in a significant campaign to enhance the dining experience. In addition, both tactical marketing programs and special incentive programs in the local restaurants will be expanded to increase customer awareness and improve service levels. Consolidated restaurant operating profit increased by $422,000 increasing as a percentage of restaurant sales from 10.5% to 10.6% in the second quarter of 1998 versus the second quarter of 1997. Bakers Square's restaurant operating profit percentage decreased by .3 percentage points while Village Inn's increased by .8 percentage points over the same quarter of 1997. The improved operating profit was due to increased sales and operating efficiencies. Consolidated restaurant operating profit increased by $1.0 million for the first two quarters of fiscal 1998 compared to 1997's first two quarters largely due to an increase in sales and operating efficiencies in food, labor and other costs. The following presents select quarterly trend data related to the operations of Bakers Square and Village Inn:
Bakers Square Village Inn ------------- ----------- Comparable Comparable Comparable Store Store Comparable Store Store Store Guest Operating Store Guest Operating Sales Counts Margin Sales Counts Margin ----------------------------------- ---------------------------------- 1997: 1st Qtr (4.6%) (2.4%) 6.7% (0.2%) (0.2%) 16.6% 2nd Qtr (5.6%) (3.3%) 6.1% (1.5%) (1.0%) 16.8% 3rd Qtr (3.7%) (0.9%) 6.4% (0.1%) 1.5% 16.7% 4th Qtr 0.5% 0.9% 5.2% 3.1% 3.1% 17.0% 1998: 1st Qtr 6.5% 4.0% 6.8% 5.1% 4.9% 17.0% 2nd Qtr 7.3% 4.8% 5.8% 3.7% 2.0% 17.6%
Other revenues and expense - -------------------------- Compared to 1997's second quarter, franchise revenue in 1998's second quarter increased by $158,000. For the first two quarters of fiscal 1998, franchise revenue increased by $180,000 compared to the first two quarters of 1997. The increase was largely the result of an expansion in the number of operating stores plus a growth in royalties as a result of higher franchise sales income. As a percent of sales, general and administrative expense increased slightly in the second quarter of 1998 from the comparable 1997 second quarter. Actual general and administrative expense increased $530,000 during the second quarter and $627,000 year-to-date over the corresponding 1997 periods, due to increased head count and training program investment. Year-to-date, general and administrative expense as a percent of revenues was 7.3% for both 1998 and 1997. Interest expense declined 39%, or $256,000, for the second quarter and 37%, or $524,000, for the first two quarters of 1998 as compared to fiscal 1997 due to a substantial reduction in long-term debt. The Company's effective tax rate for the second quarter and first half of 1998 was 36% representing statutory tax rates offset somewhat by the effect of FICA tax credits. Liquidity and capital resources - ------------------------------- Operating cash flows increased $2.0 million in the first two quarters of 1998 versus the first two quarters of 1997. The increase resulted primarily from improved operating results and reduced working capital requirements. As of April 30, 1998, $1,700,000 of advances were outstanding under the Company's bank credit facility and approximately $34,000,000 was available for additional direct advances, subject to limitations on combined balances of direct advances and letters of credit. In the first two quarters of 1998, the Company reduced its outstanding borrowings by $10.4 million. On December 19, 1997, the Company accepted an amended and restated credit agreement which provided an available credit limit of $40,000,000. The agreement expires on February 28, 2001. During the first two quarters of 1998, the Company disposed of seven properties, three through sale, one through sublease, three through lease termination. Also during that time, closure and carrying costs of $401,000 were charged against the liability established for such, and cash proceeds of $2,437,000 were realized from the disposition of properties. At April 30, 1998, the Company had 17 closed properties remaining which it was trying to sell or sublease. Three of those properties were owned in fee and the rest were leased. The Company also had 13 subleased properties. The Company hopes to sell the fee properties over the next year and $1.2 million of proceeds are expected to be realized from their sale. The Company does not anticipate significant proceeds from the disposition of the leased properties. It is expected that the majority of the leased properties will be subleased over the next twelve to eighteen months. Cash carrying costs of approximately $1.3 million are expected to be incurred over that period. The Company expects to sublease nine of the properties at rentals lower than the Company's obligations under the prime leases. Those sublease losses will be incurred over the remaining years of the leases and the Company does not anticipate that the losses will materially affect the Company's liquidity. As of April 30, 1998, authorizations granted by the Board of Directors for the purchase of 300,500 common shares of the Company's common stock remained available. No shares were purchased in the first half of 1998. Future purchases with respect to the authorizations may be made from time to time in the open market or through privately negotiated transactions and will be dependent upon various business and financial considerations. Capital expenditures approximating $11.1 million are expected during the remainder of the fiscal year. The level of planned expenditures may be reduced as a result of operating conditions. Cash provided by operations, the unused portion of the Company's bank credit facility and other financing sources are expected to be adequate to fund these expenditures and any cash outlays for the purchase of the Company's common stock as authorized by the Board. VICORP has guaranteed certain leases for approximately twenty-five restaurant properties sold to others in 1986 and approximately twenty restaurant leases of certain franchisees and others. Minimum future rental payments remaining under these leases were approximately $9.5 million as of October 31, 1997. These guarantees are included in the definition of financial instruments with off-balance-sheet risk of accounting loss; however, the Company has not been required to make any payments with respect to these guarantees and presently has no reason to believe any payments will be required in the future. The Company believes it is impracticable to estimate the fair value of these financial guarantees (e.g., amounts the Company could pay to remove the guarantees) because the Company has no present intention or need to attempt settlement of any of the guarantees. Outlook - ------- The minimum wage in California increased to $5.75 per hour in March 1998, and a number of other states have indicated that they are considering raising their minimum wage rate above the federal level. In addition, Congress is considering raising the federal minimum wage over the next two years. In order to partially offset this labor cost inflation, some menu price increases may become necessary to offset this increased cost. The Company is evaluating various alternative investment strategies for utilizing cash flow from operations. These alternatives include, but may not be limited to, new Village Inn restaurant properties, paydown of credit facility debt, acquisition of new computer systems, repurchase of common stock, and acquisition of restaurant concerns in the family style segment. Certain matters discussed in this report are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risk and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those currently anticipated. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this report and the Company undertakes no obligation to publicly update such forward- looking statements to reflect subsequent events or circumstances. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Securities Holders. On April 9, 1998, the Registrant held its Annual Meeting of Shareholders. At that meeting, two proposals were submitted to the shareholders for approval. Those proposals related to the election of directors and the ratification of the appointment of the Company's independent auditors for VICORP's 1998 fiscal year. As to the first proposal, each of the nominees for directors were elected based upon the following vote:
Director For Against Abstain Broker Non- Votes - ---------------------------------------------------------------------------------- Carole Lewis Anderson 8,181,208 97,479 -- -- Bruce B. Brundage 8,183,356 95,411 -- -- Charles R. Frederickson 8,182,356 96,411 -- -- John C. Hoyt 8,183,356 95,411 -- -- J. Michael Jenkins 8,182,256 96,511 -- -- Robert T. Marto 8,183,356 95,411 -- -- Dudley C. Mecum 8,183,356 95,411 -- -- Dennis B. Robertson 8,183,356 95,411 -- -- Hunter Yager 8,182,956 95,811 -- -- Arthur Zankel 8,183,356 95,411 -- --
The selection of Arthur Andersen LLP to serve as the Company's independent accountants for fiscal 1998 was ratified. The vote was 8,262,273 for; 144 against; 16,350 abstained; and no broker non-votes. Item 5. Other Information. J. Michael Jenkins resigned as President and Chief Executive Officer on April 30, 1998. His duties were assumed by Charles R. Frederickson, Chairman of the Board of the Company. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits (27) Financial data schedule. (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. VICORP Restaurants, Inc. ------------------------ (Registrant) June 10, 1998 By: /s/ Charles R. Frederickson --------------------------- Charles R. Frederickson Chairman of the Board, President and Chief Executive Officer June 10, 1998 By: /s/ Richard E. Sabourin ----------------------- Richard E. Sabourin Executive Vice President and Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE - 2ND QTR
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VICORP RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS AS OF APRIL 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000703799 VICORP RESTAURANTS, INC. 1,000 6-MOS OCT-31-1998 APR-30-1998 2,105 0 2,392 0 5,237 15,837 283,497 159,680 184,782 35,314 8,294 0 0 459 133,630 184,782 168,568 170,323 52,784 52,784 97,809 0 892 6,548 2,358 4,190 0 0 0 4,190 .46 .45
-----END PRIVACY-ENHANCED MESSAGE-----