-----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, Qz3fvUwLjK0S1j+wLssGvkanoauoBVVyrIyCbA/+LCw9Oty0PEZWntzkgY7Zl6e4 HO5o25BM0Arc2VqgdTu6ng== 0000703799-00-000008.txt : 20000308 0000703799-00-000008.hdr.sgml : 20000308 ACCESSION NUMBER: 0000703799-00-000008 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000123 FILED AS OF DATE: 20000307 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: 562628 BUSINESS ADDRESS: STREET 1: 400 W 48TH AVE CITY: DENVER STATE: CO ZIP: 80216 BUSINESS PHONE: 3032962121 10-Q 1 FIRST 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 January 23, 2000 --------------------------------- 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 6,743,624 shares of its $.05 par value Common Stock outstanding as of March 3, 2000. PART I - FINANCIAL INFORMATION Item 1. Financial Statements VICORP Restaurants, Inc. BALANCE SHEETS
(in thousands) January 23, October 31, 2000 1999 ------- ------- ASSETS (unaudited) Cash $ 5,017 $ 33,187 Receivables 2,547 5,801 Inventories(Note 3) 5,772 9,989 Deferred income taxes 7,059 7,059 Prepaid expenses and other 1,424 1,253 -------- -------- Total current assets 21,819 57,289 -------- -------- Property and equipment, net 128,411 128,753 Deferred income taxes 31,632 33,303 Long-term receivables 1,139 1,204 Other assets 7,645 7,722 -------- -------- Total assets $190,646 $228,271 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current maturities of long-term debt and capitalized lease obligations $ 1,543 $ 1,582 Accounts payable, trade 13,676 18,054 Accrued compensation 7,620 7,616 Accrued taxes 10,969 11,008 Accrued insurance 2,135 2,246 Other accrued expenses 6,589 6,528 -------- -------- Total current liabilities 42,532 47,034 -------- -------- Long-term debt (Note 2) 4,000 40 Capitalized lease obligations 4,092 4,548 Non-current accrued insurance 2,760 2,757 Other non-current liabilities and credits 21,655 22,044 Commitments and contingencies Shareholders' equity Common Stock, $.05 par value, 20,000,000 shares authorized 6,742,443 and 8,845,581 shares issued and outstanding 338 444 Paid-in capital 40,812 80,673 Retained earnings 74,457 70,731 -------- -------- Total shareholders'equity 115,607 151,848 -------- -------- Total liabilities and shareholders'equity $190,646 $228,271 ======== ======== The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc. STATEMENTS OF OPERATIONS (in thousands, except per share data)
Twelve Twelve Weeks Weeks Ended Ended ------------ ------------ January 23, January 24, 2000 1999 ------------ ------------ (unaudited) Revenues Restaurant operations $ 86,583 $ 83,377 Franchise operations 613 716 -------- -------- Total revenues 87,196 84,093 -------- -------- Costs and expenses Restaurant operations Food 26,992 26,385 Labor 27,499 26,371 Other operating 20,465 20,186 General and administrative 6,439 6,218 -------- -------- Operating profit 5,801 4,933 Interest expense, net 187 239 Other income, net (254) (81) -------- -------- Income before income taxes 5,868 4,775 Provision for income taxes 2,142 1,743 -------- -------- Net income $ 3,726 $ 3,032 ======== ======== Earnings per share: Basic and diluted earnings per share $ .45 $ .33
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. STATEMENTS OF CASH FLOWS (in thousands)
Twelve Twelve Weeks Weeks Ended Ended ----------- ----------- January 23, January 24, 2000 1999 ----------- ----------- (unaudited) Operations Net income $ 3,726 $ 3,032 Reconciliation to cash provided by operations: Depreciation and amortization 4,181 4,447 Deferred income tax provision 1,671 1,457 Loss on disposition of assets 12 12 Other, net (404) (157) Change in assets and liabilities: Receivables 3,254 864 Inventories 4,217 2,306 Accounts payable, trade (4,378) (2,448) Other current assets and liabilities (256) (3,000) Non-current accrued insurance 3 (428) ------- ------- Cash provided by operations 12,026 6,085 ------- ------- Investing activities Purchase of property and equipment (4,372) (6,926) Purchase of other assets (52) (774) Disposition of property 690 603 Collection of non-trade receivables 65 86 Other, net (27) -- ------- ------- Cash used for investing activities (3,696) (7,011) ------- ------- Financing activities Proceeds from issuance of debt 4,000 -- Payments of debt and capital lease obligations (535) (492) Purchase of common stock (40,150) (54) Issuance of common stock 185 32 Other, net -- 288 ------- ------- Cash used for financing activities (36,500) (226) ------- ------- Decrease in cash (28,170) (1,152) Cash at beginning of period 33,187 10,262 ------- ------- Cash at end of period $ 5,017 $ 9,110 ======= ======= Supplemental information: Cash paid during the period for Interest (net of amount capitalized) $ 145 $ 248 Income taxes 58 90
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. NOTES TO FINANCIAL STATEMENTS (unaudited) - ----------------------------------------- 1. Basis of Presentation --------------------- The accompanying unaudited financial statements of VICORP Restaurants, Inc. (the "Company") have been prepared in accordance with generally accepted accounting principles for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments considered necessary (which are of a normal and recurring nature) for fair presentation have been included. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended October 31, 1999, filed with the Securities and Exchange Commission in the Company's Annual Report on Form 10-K. 2. Debt ---- As of January 23, 2000, the Company had borrowings outstanding of $4,000,000 and letters of credit of $1,850,000 placed in connection with its insurance programs under its bank credit facility. Management is currently negotiating an extension of the credit agreement, which is due to expire on February 28, 2001. 3. Inventories ----------- Inventories consisted of the following (in thousands):
January 23, October 31, 2000 1999 ---- ---- Inventories at production facilities and third party storage locations: Raw materials $1,885 $2,401 Finished goods 1,811 5,192 ------ ------ 3,696 7,593 Restaurant inventories 2,076 2,396 ------ ------ $5,772 $9,989 ====== ====== 4. Earnings Per Share ------------------ 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 potentially dilutive common stock equivalents using the treasury stock method. Weighted average common shares outstanding:
Twelve Twelve Weeks Weeks Ended Ended ------------ ------------ January 23, January 24, 2000 1999 ------------ ------------ Basic 8,217,939 9,090,860 Effect of dilutive common stock equivalents 38,497 13,229 --------- --------- Diluted 8,256,436 9,104,089 ========= =========
5. Tender Offer ------------ On November 23, 1999, the Company commenced a tender offer to purchase up to 2,000,000 shares of the outstanding common stock for $19.00 per share. The tender offer concluded on December 22, 1999, and the Company funded the transaction on December 29, 1999 whereby 2,000,000 shares were purchased. 6. Operating Segments ------------------ The Company has three reportable segments; Bakers Square, Village Inn and Franchising. All amounts not attributed to segments relate to administrative functions and other non-reportable segments. Certain asset balances at October 31, 1999 were reclassed between the Company's segments. Summarized financial information concerning the Company's reportable segments is shown in the following table (in thousands):
Bakers Square Village Inn Franchising Other Total ------------- ----------- ----------- ----- ----- Net Sales --------- Twelve weeks ended $53,024 $33,559 -- -- $86,583 January 23, 2000 Twelve weeks ended January 24, 1999 51,049 32,328 -- -- 83,377 Operating Profit/(Loss) ----------------------- Twelve weeks ended $6,027 $5,600 $613 $(6,439) $5,801 January 23, 2000 Twelve weeks ended January 24, 1999 4,934 5,501 716 (6,218) 4,933 Total Assets ------------ Twelve weeks ended $76,570 $46,243 $4,762 $63,071 $190,646 January 23, 2000 Year ended October 31, 1999 85,758 43,099 5,137 94,277 228,271
7. Subsequent Events ----------------- On September 1, 1999, the Company entered into an operating agreement with Pies, Inc. to operate a bakery facility for a term of five months and purchase the facility at the completion of the operating term. The Company purchased the facility for $2,600,000 on February 1, 2000. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview - -------- VICORP Restaurants, Inc. operates family style restaurants under the names "Bakers Square" and "Village Inn," and franchises restaurants under the Village Inn brandname. At January 23, 2000, the Company operated two hundred fifty-two Company-owned restaurants in thirteen states. Of the two hundred fifty-two Company-owned restaurants, one hundred fifty were Bakers Squares and one hundred two were Village Inns, with an additional one hundred fifteen franchised Village Inn restaurants in twenty-one states. The Company-owned and franchised restaurants are concentrated in Arizona, California, Florida, the Rocky Mountain region and the Midwest. The Company operates a pie manufacturing division to support the restaurants, which operates under the name "VICOM". VICOM has three production facilities located in Santa Fe Springs, California, Oak Forest, Illinois and Mounds View, Minnesota. Results of Operations - --------------------- The Company's quarterly financial information is subject to seasonal fluctuation and may not be indicative of annual results. The following table sets forth selected operating statistics by concept (in thousands, except restaurants at quarter-end).
Twelve Twelve Weeks Weeks Ended Ended ------------ ------------ January 23, January 24, 2000 1999 ------------ ------------ Bakers Square Restaurant sales $ 53,024 $ 51,049 Restaurant operating profit 6,027 4,934 Restaurant operating profit % 11.4% 9.7% Divisional administrative costs 1,100 1,474 Divisional operating profit 4,927 3,460 Restaurants at quarter-end 150 150 Village Inn Restaurant sales $ 33,559 $ 32,328 Restaurant operating profit 5,600 5,501 Restaurant operating profit % 16.7% 17.0% Franchise income 613 716 Divisional administrative costs 1,086 1,093 Divisional operating profit 5,127 5,124 Restaurants at quarter-end 102 100 Consolidated Restaurant sales $ 86,583 $ 83,377 Food cost % 31.1% 31.6% Labor cost % 31.8% 31.6% Other operating cost % 23.7% 24.2% Restaurant operating profit % 13.4% 12.5% Restaurant operating profit 11,627 10,435 Franchise income 613 716 Divisional administrative costs 2,186 2,567 ------ ------ Divisional operating profit 10,054 8,584 ------ ------ Unallocated general and administrative costs 4,253 3,651 ------ ------ Operating profit $ 5,801 $ 4,933 ===== =====
Twelve Weeks Ended January 23, 2000 Compared to the Twelve Weeks Ended January 24, 1999 Restaurant Sales - ---------------- Consolidated restaurant sales increased 3.8% or $3,206,000 for the quarter ended January 23, 2000 compared to the quarter ended January 24, 1999. The Company experienced an overall comparable same store sales increase of 2.1% over the prior year quarter. The Bakers Square concept registered a 3.5% increase in same store sales and a 1.6% increase in same store customer counts for the first quarter of 2000 compared to the first quarter of 1999. The Company was successful in capturing an additional $1,975,000 or 3.9% in sales during the key holiday pie season. Overall, Village Inn sales increased by 3.8% or $1,231,000 as a result of operating two additonal Village Inn restaurants. Village Inn same store sales decreased 0.2% and same store customer counts decreased 3.5% over the prior year. The decrease in same store customer counts is partially attributable to the initial impact of opening of new stores in established market areas. The following table sets forth selected quarterly statistics related to Bakers Square and Village Inn operations:
Bakers Square Village Inn ------------- ----------- Comparable Comparable Comparable Store Store Comparable Store Store Store Guest Operating Store Guest Operating Sales Counts Margin Sales Counts Margin ---------------------------------- ----------------------------------- 2000: 1st Qtr 3.5% 1.6% 11.4% (0.2%) (3.5%) 16.7% 1999: 1st Qtr 5.5% 0.5% 9.7% 2.0% (0.4%) 17.0% 2nd Qtr 4.7% 1.0% 8.8% 0.8% (0.8%) 16.9% 3rd Qtr 5.6% 2.6% 10.6% 0.5% (1.8%) 17.1% 4th Qtr 3.0% 1.3% 9.9% 0.1% (3.2%) 16.3%
Restaurant Operating Profit - --------------------------- Consolidated restaurant operating profit increased 11.4% or $1,192,000 for the quarter ended January 23, 2000 compared to the quarter ended January 24, 1999. Bakers Square's restaurant operating profit for the quarter ended January 23, 2000 increased 22.2% or $1,093,000 over the quarter ended January 24, 1999, while restaurant operating profit as a percent of sales increased to 11.4% from 9.7% for the quarter ended January 24, 1999. The significant improvement of Bakers Square restaurant operating profit was driven by the 3.5% increase in same stores sales, as well as the excellent execution during the key holiday pie season and good store-level cost management. As a result of the improvement in store-level profitability, the Company intends on opening two new Bakers Square restaurants in its Chicago market in the fourth quarter of this fiscal year. Village Inn's restaurant operating profit for the quarter ended January 23, 2000 increased 1.8% or $99,000 due to operating two additional stores in the first quarter of 2000 versus the quarter ended January 24, 1999. Restaurant operating profit as a percent of sales decreased slightly from 17.0% to 16.7% for the quarter ended January 24, 2000. Franchise Operations - -------------------- Net franchise income decreased 14.4% or $103,000 between the quarter ended January 23, 2000 and the quarter ended January 24, 1999 primarily as a result of four additional franchisees participating in a service fee prepayment program which provides for a discount on fees, as well as fewer equipment sales to franchisees during the first quarter of 2000. General and Administrative Expenses - ----------------------------------- General and administrative expenses for the first quarter of 2000 were $6,439,000 compared to $6,218,000 during the first quarter of 1999. The $221,000 or 3.6% increase is attributed to depreciation on the Enterprise Resource Planning systems implemented at corporate headquarters late in the first quarter of 1999. Certain executive compensation, which had been accounted for as Bakers Square divisional administrative costs in the first quater of 1999, is now being accounted for as unallocated general and administrative cost. Overall, general and administrative expenses, as a percent of restaurant sales, remained relatively consistent at 7.4% for the quarter ended January 23, 2000 and 7.5% for the quarter ended January 24, 1999. Other Income - ------------ Other income for the quarter ended January 23, 2000 increased $173,000 or 213.6% from the quarter ended January 24, 1999 due primarily to interest earned on the $28,700,000 in net proceeds received from the sale leaseback transaction completed on October 28, 1999. The proceeds were used to fund the tender offer for 2,000,000 shares at $19.00 per share on December 29, 1999. Interest Expense - ---------------- Interest expense declined 21.8%, or $52,000 between the quarter ended January 23, 2000 and the quarter ended January 24, 1999 due to twelve capital leases being paid in full during 1999. Effective Tax Rate - ------------------ The Company's effective tax rate for the quarter ended January 23, 2000 and the quarter ended January 24, 1999 was 36.5%. Liquidity and Capital Resources - ------------------------------- Net cash provided by operating activities for the quarter ended January 23, 2000 was $12,026,000 compared with $6,085,000 provided by operating activities for the quarter ended January 24, 1999. The $5,941,000 increase was primarily due to a $694,000 or 23% increase in net income, as well as effective working capital management. The Company's investing activities for the quarter ended January 23, 2000 utilized cash of $3,696,000 compared with $7,011,000 for the quarter ended January 24, 1999. The $3,315,000 decrease was primarily attributable to $2,554,000 less in capital expenditures. During the first quarter of 2000, one new Village Inn restaurant was opened in Colorado. Management expects to invest approximately $29,600,000 during fiscal 2000 in developing eight to ten Company-operated restaurants (including two Bakers Square restaurants in the Chicago area) and completing several remodel projects on existing restaurants. Three Village Inn restaurants are scheduled to open during the second quarter of 2000. The Company's financing activities for the quarter ended January 23, 2000 utilized $36,500,000 compared with $226,000 for the quarter ended January 24, 1999. The $36,274,000 increase was a result of the tender offer commenced on November 23, 1999 to purchase up to 2,000,000 shares of the outstanding common stock at $19.00 per share. The tender offer concluded on December 22, 1999, and the Company funded the transaction on December 29, 1999 whereby 2,000,000 shares were purchased. The transaction was funded using the $28,700,000 in net proceeds received from the sale leaseback transaction completed on October 28, 1999, as well as a $4,000,000 draw on the credit facility. An additional 115,000 shares were repurchased subsequent to the tender offer under the Company's share repurchase plan. As of January 23, 2000, 338,375 common shares remained available for purchase under the Board of Directors authorizations. 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. On December 19, 1997, the Company executed an amended and restated credit agreement, which provides for an available credit limit of $40,000,000 in the aggregate with a sublimit of $10,000,000 on letters of credit. Management is currently negotiating an extension of the credit agreement, which is due to expire on February 28, 2001. As of January 23, 2000, the Company had $4,000,000 outstanding under the Company's bank credit facility and $1,850,000 in letters of credit issued in connection with its insurance programs. Cash and cash equivalents at January 23, 2000 equaled $5,017,000, a decrease of $4,093,000 from $9,110,000 at January 24, 1999. The Company believes anticipated cash flow from operations, as well as the availability of funds under the $40,000,000 line of credit, and other financing sources will provide sufficient capital to meet current foreseeable cash needs, including working capital and capital expenditures. In 1996, the Company determined the strategy of using the Angel's Diner restaurants concept to invigorate underperforming restaurant properties was not economically viable and recorded a $5,800,000 asset disposal charge. The charge reduced the carrying values of related assets to net realizable value and provided for closure and carrying costs. In 1994, the Company recorded a $23,000,000 charge related primarily to a plan to close and dispose of underperforming restaurants and discontinue a portion of the Company's manufacturing and distribution activities. Also, included was the recognition of the impairment of the carrying values on four properties and an accrual for other costs directly related to the restructuring. During the first quarter of 2000, the Company sold the Denver bakery facility for $690,000, with a resulting loss of $614,000, which was applied against the property disposal reserve previously established for this purpose. At January 23, 2000, there were six idle properties the Company was attempting to dispose of either through sale or sublease. Four of the properties are owned in fee and two are leased. The Company anticipates selling the four fee properties over the next year and $1,340,000 of proceeds are expected to be realized from their sale. It is expected that the two remaining leased properties will be subleased over the next six to eighteen months at rentals lower than the Company's obligations under the prime leases. The Company does not anticipate the losses will materially affect the Company's liquidity. At January 23, 2000, the Company had $2,327,000 remaining to provide for the disposal of the six properties; $1,608,000 to reduce the properties to realizable value and $719,00 to provide for carrying costs and losses. During the first quarter of 2000, closure and carrying costs of $39,000 were charged against the liability. The Company guaranteed certain leases for twenty-five restaurant properties sold in 1986 and sixteen restaurant leases of certain franchisees. Minimum future rental payments remaining under these leases were $5,300,000 as of October 31, 1999. These guarantees are included in the definition of financial instruments with off-balance-sheet risk of accounting loss. During fiscal 1999, the Company took possession of one of these properties, which has since been subleased, and settled on a defaulted lease in the amount of $57,000 as a result of a sublessee bankruptcy filing. The Company has no reason to believe that any material liability exists and believes it is impracticable to estimate the fair value of these financial guarantees (e.g., amounts the Company could pay to remove the guarantees). Y2K - --- In 1997, the Company completed a review of the existing computer systems which resulted in a decision to replace a large portion of the existing systems. The principal purpose of implementing the new systems was to upgrade and integrate the Company's information systems. Enterprise Resource Planning systems were implemented at corporate headquarters in January 1999 and a new back-of- house point-of-sale system was completed in October 1999. The Company believes the new systems are Year 2000 compliant. The Company does not believe the costs related to the Year 2000 readiness project are material to its financial position or results of operations. The Company did not experience any significant malfunctions or errors in its operating or business systems when the date changed from 1999 to 2000. Based on operations since January 1, 2000, the Company does not expect any significant impact to its ongoing business as a result of the Year 2000 issue. However, it is possible that the full impact of the date change has not been fully recognized. For example, Year 2000 or similar issues such as leap year-related problems may occur. The Company believes that any such problems are likely to be minor and correctable. In addition, the Company currently is not aware of any significant Year 2000 or similar problems that have arisen for its customers, suppliers or franchisees. Outlook - ------- 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, new Bakers Square restaurant properties, repurchase of common stock, and acquisition of restaurant concerns in the family style segment. Forward-Looking Statements - -------------------------- 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. New Accounting Pronouncements - ----------------------------- In June 1999, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 137 which delayed the effective date of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities" ("SFAS 133"), until fiscal quarters of fiscal years beginning after June 15, 2000. SFAS 133 requires all derivatives to be recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives should be recognized in either net income or other comprehensive income, depending on the designated purpose of the derivative. At present, the Company is investigating the effect the adoption of this statement will have on the Company's results of operations, financial position and cash flows, if any. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits. (27) Financial data schedule. (b) Reports on Form 8-K. The Company filed a report on Form 8-K dated November 9, 1999, reporting a disposition of assets under Item 2. On October 28, 1999, the Company completed the sale and the leaseback of the real estate related to twenty-one restaurant properties. The Company received $28,700,000 in net proceeds from the sale. 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) March 7, 2000 By:/s/Charles R. Frederickson -------------------------- Charles R. Frederickson, Chairman of the Board and Chief Executive Officer March 7, 2000 By:/s/Richard E. Sabourin ---------------------- Richard E. Sabourin, Executive Vice President and Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VICORP RESTAURANTS, INC. BALANCE SHEETS AND STATMENTS OF OPERATIONS AS OF JANUARY 23, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 3-MOS OCT-29-2000 JAN-23-2000 5,017 0 4,180 494 5,772 21,819 296,896 168,486 190,646 42,532 8,092 0 0 338 115,269 190,646 86,583 87,196 26,992 26,992 47,964 0 187 5,868 2,142 3,726 0 0 0 3,726 .45 .45
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