-----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, LPq4ZA75MrHTqBXmHz1h/4snVwon+VQCdsAEY/TxImRWAoT9H+34UNLbpC4c+VUL 7l2JlYEEclwAX/bxwQPHow== 0000950134-97-003912.txt : 19970515 0000950134-97-003912.hdr.sgml : 19970515 ACCESSION NUMBER: 0000950134-97-003912 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970330 FILED AS OF DATE: 19970514 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: EATERIES INC CENTRAL INDEX KEY: 0000796369 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 731230348 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14968 FILM NUMBER: 97605809 BUSINESS ADDRESS: STREET 1: 3240 W BRITTON RD STE 202 CITY: OKLAHOMA CITY STATE: OK ZIP: 73120 BUSINESS PHONE: 4057553607 10-Q 1 FORM 10-Q FOR QUARTER ENDED MARCH 30, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Act of 1934 for the Quarterly Period ended March 30, 1997. Commission File Number: 0-14968 --------------------------------------------------------- EATERIES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Oklahoma 73-1230348 - -------------------------------------- -------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 3240 W. Britton Rd., Ste. 202, Oklahoma City, Oklahoma 73120 - ---------------------------------------- ------------------------------------- (Address of principal executive offices) (Zip Code) (405) 755-3607 - ------------------------------------------------------------------------------- (Registrant's telephone number, including area code) 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. [X] Yes [ ] No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. - As of May 10, 1997, 3,922,562 common shares, $.002 par value, were outstanding. 2 EATERIES, INC. AND SUBSIDIARIES FORM 10-Q INDEX
Page ---- Part I. FINANCIAL INFORMATION Item 1. Financial Statements Condensed Consolidated Balance Sheets December 29, 1996 and March 30, 1997 (unaudited)............................................................ 4 Condensed Consolidated Statements of Income (unaudited) Thirteen weeks ended March 31, 1996 and March 30, 1997.................................................................... 5 Condensed Consolidated Statements of Cash Flows (unaudited) Thirteen weeks ended March 31, 1996 and March 30, 1997.................................................................... 6 Notes to Condensed Consolidated Financial Statements (unaudited)................................................................ 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations................................................ 9 Part II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K............................................................. 17
2 3 PART I FINANCIAL INFORMATION 3 4 Item 1. Financial Statements EATERIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
December 29, March 30, 1996 1997 ------------ ------------ (unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 695,481 $ 833,969 Receivables 801,546 1,024,060 Deferred income taxes 387,000 683,000 Inventories 1,400,262 1,317,591 Other 209,929 220,205 ------------ ------------ Total current assets 3,494,218 4,078,825 PROPERTY AND EQUIPMENT 33,024,956 33,863,307 Less landlord finish-out allowances (13,896,522) (14,288,522) Less accumulated depreciation and amortization (5,444,896) (5,982,670) ------------ ------------ Net property and equipment 13,683,538 13,592,115 DEFERRED INCOME TAXES 975,000 584,000 OTHER ASSETS, net 555,945 509,210 ------------ ------------ $ 18,708,701 $ 18,764,150 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 4,359,571 $ 3,270,615 Accrued liabilities 2,562,336 2,050,070 Current portion of long-term obligations 28,308 39,949 ------------ ------------ Total current liabilities 6,950,215 5,360,634 OTHER NONCURRENT LIABILITIES 638,017 687,384 LONG-TERM OBLIGATIONS, net of current portion 1,470,715 2,817,292 COMMITMENTS STOCKHOLDERS' EQUITY: Preferred stock, none issued -- -- Common stock 8,287 8,300 Additional paid-in capital 9,340,519 9,360,781 Retained earnings 1,666,092 1,894,903 ------------ ------------ 11,014,898 11,263,984 Treasury stock, at cost, 282,761 shares at December 29, 1996 and March 30, 1997 (1,365,144) (1,365,144) ------------ ------------ Total stockholders' equity 9,649,754 9,898,840 ------------ ------------ $ 18,708,701 $ 18,764,150 ============ ============
See notes to condensed consolidated financial statements. 4 5 EATERIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
Thirteen Weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 --------------- --------------- REVENUES: Food and beverage sales $12,611,122 $14,031,238 Franchise fees and royalties 65,138 70,639 Other income 95,456 101,538 ----------- ----------- 12,771,716 14,203,415 ----------- ----------- COSTS AND EXPENSES: Cost of sales 3,840,928 4,081,825 Operating expenses 7,462,761 8,188,374 Pre-opening costs 120,000 18,000 General and administrative 833,837 981,858 Depreciation and amortization 432,939 542,026 Interest expense 28,972 67,524 ----------- ----------- 12,719,437 13,879,607 ----------- ----------- INCOME BEFORE INCOME TAXES 52,279 323,808 PROVISION FOR INCOME TAXES 15,000 95,000 ----------- ----------- NET INCOME $ 37,279 $ 228,808 =========== =========== WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES 3,932,113 4,083,604 =========== =========== NET INCOME PER SHARE $ 0.01 $ 0.06 =========== ===========
See notes to condensed consolidated financial statements. 5 6 EATERIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Thirteen Weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 --------------- ------------- Cash flows from operating activities: Net income $ 37,279 $ 228,808 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation & amortization 432,939 542,026 Common stock bonuses -- 1,950 Provision for deferred income taxes 15,000 95,000 (Increase) decrease in: Receivables (146,998) (125,130) Inventories 70,756 82,671 Other (30,108) (10,276) Increase (decrease) in: Accounts payable 856,051 (216,411) Accrued liabilities (543,744) (512,266) Other noncurrent liabilities (8,468) 49,366 ----------- ----------- Total adjustments 645,428 (93,070) ----------- ----------- Net cash provided by operating activities 682,707 135,738 ----------- ----------- Cash flows from investing activities: Capital expenditures (2,351,485) (838,348) Landlord allowances 1,038,613 294,616 Additions to other assets (4,478) 42,484 ----------- ----------- Net cash used in investing activities (1,317,350) (501,248) ----------- ----------- Cash flows from financing activities: Decrease in bank overdraft included in accounts payable -- (872,545) Payments on notes payable to vendor (13,139) -- Net borrowings under revolving credit agreement 900,000 1,250,000 Borrowing under note payable -- 115,000 Payments on long-term obligations -- (6,782) Proceeds from sale of common stock -- 325 Proceeds from exercise of stock options 60,727 18,000 ----------- ----------- Net cash provided by financing activities 947,588 503,998 ----------- ----------- Net increase in cash & cash equivalents 312,945 138,488 Cash and cash equivalents at beginning of period 1,001,954 695,481 ----------- ----------- Cash and cash equivalents at end of period $ 1,314,899 $ 833,969 =========== ===========
See notes to condensed consolidated financial statements. 6 7 EATERIES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 - Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company changed its fiscal year-end in the first quarter of 1996 to a 52/53 week year ending on the last Sunday in December. As a result of this change, each of the Company's quarters will consist of thirteen weeks. In a 53 week fiscal year, the fourth quarter will include fourteen weeks. Operating results for the thirteen weeks ended March 30, 1997 are not necessarily indicative of the results that may be expected for the year ended December 28, 1997. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 29, 1996. Note 2 - Balance Sheet Information Receivables are comprised of the following:
December 29, March 30, 1996 1997 ------------ ----------- Franchisees $ 53,685 $ 48,528 Insurance refunds 164,219 192,910 Landlord finish-out allowances 188,866 286,250 Other 394,776 496,372 ---------- ---------- $ 801,546 $1,024,060 ========== ==========
Accrued liabilities are comprised of the following:
December 29, March 30, 1996 1997 ------------ ----------- Compensation $1,388,058 $1,302,701 Taxes, other than income 456,681 346,050 Other 717,597 401,319 ---------- ---------- $2,562,336 $2,050,070 ========== ==========
7 8 Note 3 - Supplemental Cash Flow Information For the thirteen-week periods ended March 31, 1996 and March 30, 1997, the Company had the following non-cash investing activity:
Thirteen Weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 --------------- --------------- Net increase (decrease) in receivables for landlord finish-out allowances $(265,528) $ 97,384
Note 4 - Provision for Restaurant Closures and Other Disposals During 1995, the Company approved and began the implementation of a plan to close four underperforming restaurants. In 1996, the Company identified two additional restaurants for closure. As of March 30, 1997, the Company has closed all six of these restaurants and has incurred all costs associated with these closures. Management expects the effect of closing these underperforming stores to result in improved margins and increased profitability in future periods. In the normal course of business, management performs a regular review of the strength of its operating assets. It is management's plan to continue to make such decisions to dispose of assets it considers in the best long-term interest of the Company's shareholders. Note 5 - New Accounting Standard In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings Per Share," which replaces primary earnings per share (EPS) with basic EPS. Basic EPS includes no dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. The Statement is effective for periods ending after December 15, 1997, and the Company believes the effect on its EPS will be immaterial. 8 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. From time to time, the Company may publish forward-looking statements relating to certain matters including anticipated financial performance, business prospects, the future opening of Company-owned and franchised restaurants, anticipated capital expenditures, and other similar matters. All statements other than statements of historical fact contained in this Form 10-K or in any other report of the Company are forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of that safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. In addition, the Company disclaims any intent or obligation to update those forward-looking statements. INTRODUCTION As of March 30, 1997, the Company owned and operated 40 and franchised eight (Garfield's) casual theme, dinnerhouse restaurants. The Company currently has three Garfield's in development. As of the date of this report, the entire system includes 43 (40 Garfield's, two Pepperoni Grills and one test Casa Ole') Company and eight franchise Garfield's restaurants. Unlike a majority of its publicly-held competitors which capitalize and amortize restaurant pre-opening costs over a period of up to 24 months, the Company expenses such costs as incurred. 9 10 PERCENTAGE RESULTS OF OPERATIONS AND RESTAURANT DATA The following table sets forth, for the periods indicated, (i) the percentages that certain items of income and expense bear to total revenues, unless otherwise indicated, and (ii) selected operating data:
Thirteen Weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 ---- ---- Statements of Income Data: Revenues: Food and beverage sales ............ 98.7% 98.8% Franchise fees and royalties ....... 0.5% 0.5% Other income ....................... 0.8% 0.7% --------- --------- 100.0% 100.0% Costs and Expenses: Cost of sales (1) .................. 30.5% 29.1% Operating expenses (1) ............. 59.2% 58.4% Pre-opening costs (1) .............. 1.0% 0.1% General and administrative ......... 6.5% 6.9% Depreciation and amortization (1) .. 3.4% 3.9% Interest expense ................... 0.2% 0.5% --------- --------- Income before income taxes .................. 0.4% 2.3% Provision for income taxes .................. 0.1% 0.7% --------- --------- Net income .................................. 0.3% 1.6% ========= ========= Selected Operating Data: (Dollars in thousands) System-wide sales: Company restaurants ................ $ 12,611 $ 14,031 Franchise restaurants .............. 2,033 1,994 --------- --------- Total ............................ $ 14,644 $ 16,025 ========= ========= Number of restaurants (at end of period): Company restaurants ................ 42 43 Franchise restaurants .............. 8 8 --------- --------- Total ............................ 50 51 ========= =========
(1) As a percentage of food and beverage sales. RESULTS OF OPERATIONS For the quarter ended March 30, 1997, the Company recorded net income of $229,000 ($0.06 per share) on revenues of $14,203,000. This compares to net income of $37,000 ($0.01 per share) for the quarter ended March 31, 1996 on revenues of $12,772,000. 10 11 REVENUES Company revenues for the quarter ended March 30, 1997 increased 11% over the revenues reported for the same period in 1996. The number of Company restaurants operating at the end of each respective first quarter and the number of operating months during that quarter were as follows:
Number of Number of Average Monthly Quarter Ended Units Open Operating Months Sales Per Unit ------------- ---------- ---------------- --------------- March 30, 1997 43 131 $107,100 March 31, 1996 42 124 $101,700
Average monthly sales per unit increased by $5,400 or 5.3% during the first quarter of 1997 versus 1996. This increase is attributable to the following items: During 1996, the Company began testing electronic advertising campaigns in selected markets. Based on the favorable results of these tests, the Company expanded its electronic advertising campaign into additional markets during the first quarter of 1997. Since April, 1996, the Company has rolled out three new menu revisions (in July and October, 1996 and January, 1997), which included selective modest price increases (inline with competitor pricing on comparable food selections) and introduced new higher-priced product selections that were featured in the Company's electronic and newspaper advertising campaigns. During 1996, the Company changed its fiscal year to a 52/53 week year ending on the last Sunday in December. As a result of this change, the Company's 1996 fiscal year ended on December 29, 1996. This moved two of the Company's highest sales volume days (December 30 and 31) into the first quarter of 1997. As a result of the Company's strategy to close underperforming locations, the mix of restaurants open during the first quarter of 1997 represents a higher sales volume mix than was open during the first quarter of 1996. The effects of the previously noted items, along with the local efforts of our restaurant management teams, contributed to the Company's average monthly sales per unit increases. Franchise fees and continuing royalties increased to $71,000 from $65,000 in the quarters ended March 30, 1997 and March 31, 1996, respectively. Other income for the quarter ended March 30, 1997 was $102,000 as compared to the previous year's amount of $95,000. 11 12 COSTS AND EXPENSES The following is a comparison of cost of sales and labor costs (excluding payroll taxes and fringe benefits) as a percentage of food and beverage sales at Company-owned restaurants:
Thirteen Weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 --------------- --------------- Cost of sales 30.5% 29.1% Labor costs 27.9% 26.5% ------ ------ Total 58.4% 55.6% ====== ======
The decrease in cost of sales percentages during 1997 versus 1996 primarily relates to continued menu development, increased vendor rebates and improved store-level food and beverage cost controls. The decrease in labor costs as a percentage of food and beverage sales during 1997 versus 1996 primarily relates to a new scheduling program, a reduction in the average number of managers per store and continued refinement of restaurant operations resulting in reduced kitchen labor costs. For the quarter ended March 30, 1997, operating expenses as a percentage of food and beverage sales decreased to 58.4% from 59.2% in the quarter ended March 31, 1996. This decrease principally relates to lower labor costs (as previously explained) partially offset by an increase in restaurant occupancy costs. Restaurant pre-opening development costs, which are expensed as incurred, were $18,000 in 1997 (0.1% of food and beverage sales) versus $120,000 (1.0% of food and beverage sales) in 1996. No restaurants were opened in the 1997 first quarter while one restaurant was opened in the 1996 first quarter. Under the Company's policy of expensing pre-opening costs as incurred, income from operations, on an annual and quarterly basis, could be adversely affected during periods of restaurant development; however, the Company believes that its initial investment in the restaurant pre-opening costs yields a long-term benefit of increased operating income in subsequent periods. During the quarters ended March 30, 1997 and March 31, 1996, general and administrative costs as a percentage of total revenues were 6.9% and 6.5%, respectively. The first quarter 1997 increase as a percentage of revenues primarily relates to an increase in incentive 12 13 compensation and severance costs. The higher absolute levels of general and administrative costs from 1996 to 1997 are related primarily to additional personnel costs and related costs of operating the expanding restaurant system. The Company anticipates that its costs of supervision and administration of Company and franchise stores will increase at a slower rate than revenue increases during the next few years. Depreciation and amortization expense increased during the first quarter of 1997 to $542,000 (3.9% of food and beverage sales) compared to $433,000 (3.4% of food and beverage sales) in 1996. The increase principally relates to the increase in net assets subject to depreciation and amortization in 1997 versus 1996 because of additional Garfield's and Pepperoni Grill restaurants opened since April 1, 1996, and the remodeling of older restaurants. Interest expense during the first quarter of 1997 was $68,000 (0.5% of total revenues) versus $29,000 (0.2% of total revenues) in the first quarter of 1996. This increase primarily relates to an increase in the average borrowing amount under the Company's revolving credit agreement during the first quarter of 1997 versus the first quarter of 1996. INCOME TAXES The Company's provision for income taxes was $95,000 during the first quarter of 1997 versus $15,000 during 1996. The effective tax rate for the Company during the first quarter of 1997 was 29.3% versus 28.7% during the previous year's first quarter. NET INCOME PER SHARE AMOUNTS Net income per share amounts are computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Per share amounts are based on total outstanding shares plus the assumed exercise of all dilutive stock options and warrants. Common and common equivalent share amounts were 3,932,113 and 4,083,604 in the quarters ended March 31, 1996 and March 30, 1997, respectively. Under the treasury stock method of computation, outstanding stock options and warrants represented 124,022 and 220,337 common equivalent shares for the quarters ended March 31, 1996 and March 30, 1997, respectively. In March 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings Per Share," which replaces primary earnings per share (EPS) with basic EPS. Basic EPS includes no dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. 13 14 The Statement is effective for periods ending after December 15, 1997, and the Company believes the effect on its EPS will be immaterial. IMPACT OF INFLATION The impact of inflation on the costs of food and beverage products, labor and real estate can affect the Company's operations. Over the past few years, inflation has had a lesser impact on the Company's operations due to the lower rates of inflation in the nation's economy and the economic conditions in the Company's market area. Management believes the Company has historically been able to absorb or pass on increased costs through certain selected menu price increases and increased productivity and purchasing efficiencies, but there can be no assurance that the Company will be able to do so in the future. Management anticipates that the average cost of restaurant real estate leases and construction costs could increase in the future which could affect the Company's ability to expand. In addition, mandated health care and an increase in the Federal or state minimum wages could significantly increase the Company's costs of doing business. LIQUIDITY AND CAPITAL RESOURCES At March 30, 1997, the Company's working capital ratio was .76 to 1 compared to .50 to 1 at December 29, 1996. The Company's working capital was $(1,271,000) at March 30, 1997 versus $(3,456,000) at December 29, 1996. As is customary in the restaurant industry, the Company has operated with negative working capital and has not required large amounts of working capital. Historically, the Company has leased the majority of its restaurant locations and through a strategy of controlled growth financed its expansion from operating cash flow, proceeds from the sale of common stock and utilizing the Company's revolving line of credit. During the quarter ended March 30, 1997, the Company had net cash provided by operating activities of $136,000 as compared to net cash provided by operating activities of $683,000 during the comparable 1996 period. The Company plans to open three to five units during 1997 in restaurant locations leased in regional malls. The Company believes the cash generated from its operations and borrowing availability under its credit facility (described below), will be sufficient to satisfy the Company's net capital expenditures and working capital requirements during 1997. 14 15 In August, 1995, the Company entered into an agreement with a bank for a revolving line of credit for $3,000,000. In July, 1996, this line of credit was increased to $5,000,000 and the term was extended by one year to August, 1999. This revolver is unsecured, has a three-year term and contains customary financial covenants. This new credit facility provides the Company additional borrowing capacity to continue its expansion plans over the next several years. 15 16 PART II OTHER INFORMATION 16 17 Item 6. Exhibits and Reports on Form 8-K. (a) Exhibit 11.1 - Computation of net income per share. Exhibit 27.1 - Financial Data Schedule (b) No reports on Form 8-K were filed during the thirteen weeks ended March 30, 1997. 17 18 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. EATERIES, INC. Registrant Date: May 13, 1997 By: /s/ COREY GABLE ------------------------------ Corey Gable Vice President/Treasurer Chief Financial and Accounting Officer 18 19 EXHIBIT INDEX
Exhibit Number Description - ------- ----------- 11.1 Computation of net income per share 27.1 Financial Data Schedule
EX-11.1 2 COMPUTATION OF EARNINGS PER SHARE 1 EXHIBIT 11.1 STATEMENT RE: COMPUTATION OF NET INCOME PER SHARE. 19 2 Exhibit 11.1 EATERIES, INC. COMPUTATION OF NET INCOME PER SHARE
Thirteen weeks Thirteen Weeks Ended March 31, Ended March 30, 1996 1997 --------------- --------------- Shares for net income per share computation: Weighted average shares: Common shares outstanding from beginning of period 3,745,095 3,860,630 Common shares issued upon exercise of stock options 62,996 2,637 ----------- ----------- 3,808,091 3,863,267 Common stock equivalents: Shares issuable upon exercise of options and warrants 761,983 556,983 Assumed repurchase of outstanding shares under the treasury stock method (based on average market price for the quarter) (637,961) (336,646) ----------- ----------- 124,022 220,337 ----------- ----------- 3,932,113 4,083,604 =========== =========== Net income $ 37,279 $ 228,808 =========== =========== Net income per share $ 0.01 $ 0.06 =========== ===========
20 EX-27 3 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 30, 1997 AND THE CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE THIRTEEN WEEKS ENDED MARCH 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 3-MOS DEC-28-1997 DEC-30-1996 MAR-30-1997 834 0 1,024 0 1,318 4,079 19,575 5,983 18,764 5,361 2,817 0 0 8 9,891 18,764 14,031 14,203 4,082 12,812 1,067 0 68 324 95 229 0 0 0 229 0.06 0.06
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