-----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, UATXj0pM0BcO+cd1cPlVbdKRJTK5mRhoMRfBkDtkLGs4RG3bujy9mM+bZP7Vkimq 4VS/hRq4nusvipxA5cenzw== 0000950135-97-002297.txt : 19970513 0000950135-97-002297.hdr.sgml : 19970513 ACCESSION NUMBER: 0000950135-97-002297 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970330 FILED AS OF DATE: 19970512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNO RESTAURANT CORP CENTRAL INDEX KEY: 0000812075 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 042953702 STATE OF INCORPORATION: DE FISCAL YEAR END: 0929 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09573 FILM NUMBER: 97600925 BUSINESS ADDRESS: STREET 1: 100 CHARLES PARK RD CITY: WEST ROXBURY STATE: MA ZIP: 02132 BUSINESS PHONE: 6173239200 MAIL ADDRESS: STREET 1: 100 CHARLES PARK ROAD CITY: WEST ROXBURY STATE: MA ZIP: 02132 10-Q 1 UNO RESTAURANT GROUP FORM 10-Q 3/30/97 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 30, 1997 ----------------- OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------- ----------------- Commission file number 1-9573 ------------------------------------------- UNO RESTAURANT CORPORATION ------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 04-2953702 ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 CHARLES PARK ROAD, WEST ROXBURY, MASSACHUSETTS 02132 -------------------------------------------------------- (Address of principal executive offices) (Zip Code) (617) 323-9200 -------------------------------------------------------- (Registrant's telephone number, including area code) -------------------------------------------------------- (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 --- --- As of May 9, 1997, 12,202,873 shares of the registrant's Common Stock, $.01 par value, were outstanding. 1 2 UNO RESTAURANT CORPORATION INDEX PAGE ---- PART I. FINANCIAL INFORMATION - ------------------------------ ITEM 1. FINANCIAL STATEMENTS............................3 Consolidated Balance Sheets -- March 30, 1997 and September 29, 1996...........3 Consolidated Statements of Income -- Thirteen and twenty-six weeks ended March 30, 1997 and March 31, 1996...............4 Consolidated Statements of Cash Flows -- Twenty-six weeks ended March 30, 1997 and March 31, 1996..................................5 Notes to Consolidated Financial Statements......................................6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.......................7 PART II. OTHER INFORMATION - --------------------------- ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K................12 2 3 CONSOLIDATED BALANCE SHEETS (Amounts in thousands except share data) March 30, Sept. 29, 1997 1996 --------- --------- (Unaudited) ASSETS CURRENT ASSETS Cash $ 466 $ 1,828 Royalties receivable 580 710 Consumer product receivable 498 322 Inventory 2,264 2,333 Deferred pre-opening costs 540 470 Prepaid expenses and other assets 3,661 2,267 -------- -------- TOTAL CURRENT ASSETS 8,009 7,930 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Land 14,959 14,796 Buildings 22,211 22,037 Leasehold improvements 86,189 82,014 Equipment 47,474 45,690 Construction in progress 3,117 2,119 -------- -------- 173,950 166,656 Less allowance for depreciation and amortization 51,705 46,146 -------- -------- 122,245 120,510 OTHER ASSETS Deferred income taxes 4,338 3,613 Royalty fee 283 324 Liquor licenses and other assets 2,675 2,568 -------- -------- $137,550 $134,945 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 5,303 $ 6,009 Accrued expenses 6,275 5,163 Accrued compensation and taxes 2,521 2,187 Income taxes payable 494 1,581 Current portion of long-term debt and capital lease obligations 359 178 -------- -------- TOTAL CURRENT LIABILITIES 14,952 15,118 Long-term debt, net of current portion 37,657 37,085 Capital lease obligations, net of current portion 964 1,056 Other liabilities 4,835 4,550 SHAREHOLDERS' EQUITY Preferred Stock, $1.00 par value, 1,000,000 shares authorized, none issued Common Stock, $.01 par value, 25,000,000 shares authorized, 13,722,673 and 13,697,526 shares issued and outstanding in Fiscal Years 1997 and 1996, respectively 137 137 Additional paid-in capital 53,626 53,509 Retained earnings 36,050 34,143 -------- -------- 89,813 87,789 Treasury Stock (1,519,800 and 1,500,000 shares at cost, in Fiscal Years 1997 and 1996, respectively) (10,671) (10,653) -------- -------- TOTAL SHAREHOLDERS' EQUITY 79,142 77,136 -------- -------- $137,550 $134,945 ======== ========
3 4 CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands except per share data)
Thirteen Weeks Ended Twenty-six Weeks Ended -------------------- ---------------------- March 30, March 31, March 30, March 31, 1997 1996 1997 1996 --------- --------- --------- --------- REVENUES Restaurant sales $39,460 $37,003 $78,427 $74,372 Consumer product sales 2,154 2,253 4,316 4,439 Franchise income 1,097 1,031 2,132 2,036 ------- ------- ------- ------- 42,711 40,287 84,875 80,847 COSTS AND EXPENSES Cost of sales 10,485 10,380 21,188 20,676 Labor and benefits 13,294 12,582 26,193 25,069 Occupancy 6,507 6,495 13,081 12,901 Other operating costs 4,260 3,807 7,861 7,382 General and administrative 3,140 3,167 6,250 6,209 Depreciation and amortization 3,126 3,201 6,138 6,484 Asset impairment charge 3,937 3,937 ------- ------- ------- ------- 40,812 43,569 80,711 82,658 ------- ------- ------- ------- OPERATING INCOME 1,899 (3,282) 4,164 (1,811) OTHER INCOME (EXPENSE) (666) (847) (1,276) (1,466) ------- ------- ------- ------- Income before income taxes 1,233 (4,129) 2,888 (3,277) Provision for income taxes 418 (1,487) 981 (1,180) ------- ------- ------- ------- NET INCOME $ 815 $(2,642) $ 1,907 ($2,097) ======= ======= ======= ======= EARNINGS PER COMMON SHARE $.07 ($.21) $.16 ($.16) ======= ======= ======= ======= Weighted average shares outstanding 12,271 12,831 12,275 13,073 ======= ======= ======= =======
4 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
Twenty-six Weeks Ended March 30, March 31, 1997 1996 --------- --------- OPERATING ACTIVITIES Net Income (Loss) $ 1,907 $ (2,097) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,190 6,534 Deferred income taxes (725) (2,478) Provision for deferred rent 285 347 (Gain)\Loss on disposal of equipment (13) 286 Asset impairment charge 3,937 Changes in operating assets and liabilities, net of effects from business acquisitions: Royalties\consumer product receivables 130 (336) Inventory 69 (30) Prepaid expenses and other assets (2,174) (2,224) Accounts payable and other liabilities 683 1,695 Income taxes payable (1,087) 128 -------- -------- NET CASH PROVIDED BY OPERATING ACTIVITIES 5,265 5,762 INVESTMENT ACTIVITIES Additions to property, equipment and leasehold improvements (8,488) (13,206) Proceeds from sale of fixed assets 1,101 131 -------- -------- (7,387) (13,075) NET CASH USED FOR INVESTING ACTIVITIES FINANCING ACTIVITIES Proceeds from revolving credit agreement 32,809 29,358 Principal payments on revolving credit agreement and capital lease obligations (32,148) (16,913) Purchase of Treasury Stock (18) (5,034) Exercise of stock options 117 49 -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 760 7,460 -------- -------- INCREASE (DECREASE) IN CASH (1,362) 147 CASH AT BEGINNING OF PERIOD 1,828 1,305 -------- -------- CASH AT END OF PERIOD $ 466 $ 1,452 ======== ========
5 6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE A - BASIS OF PRESENTATION The accompanying unaudited, consolidated financial statements have been prepared in accordance with instructions to Form 10-Q and, therefore, do not include all information and footnotes normally included in financial statements prepared in conformity with generally accepted accounting principles. They should be read in conjunction with the financial statements of the company for the fiscal year ended September 29, 1996. The accompanying financial statements include all adjustments (consisting only of normal recurring accruals) that management considers necessary for a fair presentation of its financial position and results of operations for the interim periods presented. 6 7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS SAFE HARBOR CAUTIONARY STATEMENT From time to time, information and statements provided by the Company in filings with the Securities and Exchange Commission, shareholder reports, press releases and oral statements may include forward-looking statements which reflect the Company's current views with respect to future events and financial performance. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from historical results or those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Risks and uncertainties include, without limitation, the Company's ability to open new restaurants and operate new and existing restaurants profitably, changes in local, regional and national economic conditions, especially economic conditions in the areas in which the Company's restaurants are concentrated, increasingly intense competition in the restaurant industry, increases in food, labor, employee benefits and similar costs, and other risks detailed from time to time in the Company's news releases, reports to shareholders and periodic reports filed with the Securities and Exchange Commission. THIRTEEN WEEKS ENDED MARCH 30, 1997 COMPARED TO THIRTEEN WEEKS ENDED MARCH 31, 1996 The following tables set forth the percentage relationship to total revenues, unless otherwise indicated, of certain items included in the Company's income statements and operating data for the periods indicated:
13 Weeks Ended -------------- 3/30/97 3/31/96 ------- ------- REVENUES: Restaurant sales 92.4% 91.8% Consumer product sales 5.0 5.6 Franchise income 2.6 2.6 ----- ----- Total 100.0% 100.0% ----- ----- COSTS AND EXPENSES: Cost of food & beverages (1) 25.2% 26.4% Labor and benefits (1) 31.9 32.1 Occupancy costs (1) 15.6 16.5 Other operating costs (1) 10.2 9.7 General and administrative 7.4 7.9 Depreciation and amortization (1) 7.5 8.2 Asset Impairment Charge 9.8 ----- ----- Operating income 4.4 (8.1) Other income (expense) (1.5) (2.1) ----- ----- Income before taxes 2.9 (10.2) Provision for income taxes 1.0 (3.7) ----- ----- Net income 1.9% (6.6)% ===== ===== (1) Percentage of restaurant and consumer product sales NUMBER OF RESTAURANTS AT END OF QUARTER: Company-owned Uno's - full service 88 80 Franchised Uno's - full service 65 62
7 8 Total revenue increased 6% to $42.7 million from $40.3 million last year. Company-owned restaurant sales rose 6.7% to $39.5 million from $37 million last year due primarily to 8.7% growth in store operating weeks of full-service Pizzeria Uno units resulting from the addition of nine restaurants during the past four quarters. Comparable-store sales for the second quarter were unchanged from the same period last year. Average weekly sales, which includes sales at comparable stores as well as new units, increased 1.7% during the second quarter, reflecting higher-than-average sales levels for the nine newest units opened during the past four quarters, which are generating sales volumes approximately 12% higher than our comparable-store average for the quarter. Consumer product sales decreased 4.4% for the second quarter this year to $2,154,000 from $2,253,000 last year. Sales for the frozen product category increased as shipments to contract food service account and wholesale club store customers rose. Sales volumes within our fresh refrigerated category experienced modest declines for the quarter. Franchise income, which includes royalty income and initial franchise fees, increased 6.4% to $1,097,000 versus $1,031,000 last year. Royalty income increased 1.9% to $1,022,000 this year compared to $1,003,000 last year. Initial franchise fees amounted to $75,000 this year compared to $27,500 last year. Operating income was $1,899,000, which represents an operating margin of 4.1%. Last year's operating loss of $3,282,000 includes a charge for asset impairment of $3,937,000 in connection with the Company's adoption of SFAS 121. Operating income for last year exclusive of the asset impairment charge was $655,000, which represents an operating margin of 1.6%. Cost of food and beverage as a percentage of restaurant and consumer product sales decreased to 25.2% compared to 26.4% last year. This decline was due primarily to lower cheese costs, but also reflects overall lower commodity costs for many of our menu products. Labor costs decreased slightly to 31.9% as a percentage of restaurant and consumer product sales from 32.1% in the prior year due to increased productivity as sales trends improved. Occupancy costs declined as a percentage of restaurant and consumer product sales to 15.6% from 16.5% due in part to milder weather this winter, resulting in lower snow removal and utility costs. Other operating costs increased to 10.2% as a percentage of restaurant and consumer product sales from 9.7% last year due primarily to higher advertising expenditures for the period. General and administrative expenditures declined 1% from a year ago and as a percentage of total revenues decreased to 7.4% from 7.9% last year as a result of improved cost control measures. Depreciation and amortization expenses as a percentage of restaurant and consumer product sales decreased to 7.5% from 8.2% last year due primarily to lower pre-opening cost amortization as the Company's unit growth rate has moderated. Other expense of $666,000 decreased from $847,000 last year due principally to the disposition of various fixed assets during the second quarter of fiscal 1996 which resulted in a loss of approximately of $200,000. Net income of $815,000 compares favorably to a net loss of $2,642,000 last year based on the factors noted above. 8 9 TWENTY-SIX WEEKS ENDED MARCH 30, 1997 COMPARED TO TWENTY-SIX WEEKS ENDED MARCH 31, 1996
26 Weeks Ended -------------- 3/30/97 3/31/96 ------- ------- REVENUES: Restaurant sales 92.4% 92.0% Consumer product sales 5.1 5.5 Franchise income 2.5 2.5 ----- ----- Total 100.0% 100.0% ----- ----- COSTS AND EXPENSES: Cost of food & beverages (1) 25.6% 26.2% Labor and benefits (1) 31.7 31.8 Occupancy costs (1) 15.8 16.4 Other operating costs (1) 9.5 9.4 General and administrative 7.4 7.7 Depreciation and amortization (1) 7.4 8.2 Asset impairment charge 4.9 ----- ----- Operating income 4.9 (2.2) Other income (expense) (1.5) (1.8) ----- ----- Income before taxes 3.4 (4.1) Provision for income taxes 1.2 (1.5) ----- ----- Net income 2.2% (2.6)% ===== ===== (1) Percentage of restaurant and consumer product sales
Total revenue increased 5% to $84.9 million from $80.8 million last year. Company-owned restaurant sales rose 5.5% to $78.4 million from $74.4 million last year due primarily to 8.2% growth in store operating weeks of full-service Pizzeria Uno units. Comparable-store sales for the first half of the fiscal year were .6% below the same period last year. During the same period, average weekly sales, which includes sales at comparable stores as well as new units, were essentially unchanged from last year. Consumer product sales decreased 2.8% to $4,316,000 from $4,439,000 for the first six months this year compared to the same period last year. Sales volumes in the fresh retail segment have declined, as supermarkets have greatly expanded its offerings of prepared food items for consumption at home, as well as reducing its overall promotional activities. Growth in the frozen products and contract food service categories continues, as the Company begins to fully implement programs to supply guests at various hotels including the DoubleTree Hotel chain, Uno branded pizzas and calzones. Franchise income, which includes royalty income and initial franchise fees increased 4.7% to $2,132,000 from $2,036,000 last year. Royalty income increased 3.2% as average weekly sales improved by 1.6% for the first six months of the fiscal year. Franchise fees increased to $102,500 from $67,500 as three full-service restaurant were opened during the quarter and six new full-service units have been added during the past four quarters. Operating income was $4,164,000, which represents an operating margin of 4.9%. Last year's operating loss of $1,811,000 includes a charge for asset impairment of $3,937,000 in connection with the Company's adoption of SFAS 121. Operating income for last year exclusive of the asset impairment charge was $2,126,000, which represents an operating margin of 2.6%. Cost of food and beverage as a percentage of restaurant and consumer product sales decreased to 25.6% compared to 26.2% last year. This decline was a result of lower cheese costs as well as other commodity costs having stabilized and or declined. Labor costs remained virtually unchanged at 31.7% this year compared to 31.8% last year. Occupancy costs decreased as a percentage of restaurant and consumer product sales to 15.8% from 16.4% due to improved sales levels and a milder winter season. Other operating costs increased slightly to 9.5% from 9.4% last year due primarily to higher advertising expenditures. General and administrative expenditures were essentially unchanged from last year, and as a percentage of total revenues declined to 7.4% from 7.7% due to greater emphasis 9 10 on cost controls. Depreciation and amortization expenses as a percentage of restaurant and consumer product sales declined to 7.4% from 8.2% last year due primarily to lower pre-opening cost amortization as the Company's unit growth rate has moderated. Other expense of $1,276,000 decreased from $1,466,000 last year due principally to a net loss of approximately $300,000 recorded in fiscal 1996 for the disposition of various fixed assets. In addition, the Company incurred higher interest expense relating to the increased level of debt used to fund the Company's expansion plan and its ownership of an increasing number of restaurant properties. LIQUIDITY AND SOURCES OF CAPITAL The following table presents a summary of the Company's cash flows for the period ended March 30, 1997.
(In Thousands) Net cash provided by operating activities $ 5,265 Net cash used in investing activities (7,387) Net cash provided by financing activities 760 ------- Increase (Decrease) in cash ($1,362) =======
Historically, the Company had leased most of its restaurant locations and pursued a strategy of controlled growth, financing its expansion principally from operating cash flow, public equity offerings, the sale of senior, unsecured notes, and revolving lines of credit. During the first six months of fiscal 1997, the Company's investment in property, equipment and leasehold improvements was $7.4 million. The Company currently plans to open approximately eight restaurants in fiscal 1997, three of which were open by the second quarter. The average cash investment required to open a full service Pizzeria Uno restaurant, excluding land and pre-opening costs, is approximately $1.6 million. As of March 30, 1997, the Company had outstanding indebtedness of $32.8 million under its $50 million unsecured revolving credit facility, $1,147,000 in capital lease obligations and $5,065,000 under its mortgage financing. The current revolving credit facility will convert to a three year term loan in December 1997. Advances under the revolving credit facility will accrue interest at the lender's prime rate, or alternatively, 100-175 basis points above LIBOR. The Company anticipates using the revolving credit facility in the future for the development of additional restaurants, and for working capital. On January 22, 1997, the Board of Directors of the Company authorized the repurchase of up to 500,000 additional shares of the Company's Common Stock in the market from time to time. The shares of Common Stock to be purchased will be held in treasury and may be used by the Company from time to time for its employee benefit plans. The Company currently has 1,519,800 shares in its treasury account. The Company believes that existing cash balances, cash generated from operations and borrowing under its revolving line of credit will be sufficient to fund the Company's capital requirements for the foreseeable future. The Company is currently obligated under 87 leases, including 84 leases for Company-owned restaurants, two leases for its executive offices, and a lease for an office building containing one of its restaurants. IMPACT OF INFLATION Inflation has not been a major factor in the Company's business for the last several years. The Company believes it has historically been able to pass on increased costs through menu price increases, but there can be no assurance that it will be able to do so in the future. 10 11 SEASONALITY The Company's business is seasonal in nature, with revenues and, to a greater degree, operating income being lower in its first and second fiscal quarters than its other quarters. The Company's seasonal business pattern is due to its concentration of units in the Northeast, and the resulting lower winter volumes. 11 12 PART II. OTHER INFORMATION - --------------------------- ITEM 1. LEGAL PROCEEDINGS The Company agreed to a proposed consent order (the "agreement") with the Federal Trade Commission (the "FTC") on October 23, 1996. The agreement was announced by the FTC on January 22, 1997 for public comment and is expected to become final 60 days later. The agreement is based on a complaint by the FTC involving a print advertisement which ran once and a television commercial which ran for two weeks. Although the FTC did not allege that the Company intended any deception, it contended that portions of these advertisements misrepresented that all of the Company's thin crust pizzas were low fat. The Company disputed the FTC's interpretation of the commercial, and believed that it had a reasonable basis for the advertising claims in question. However, rather than contest this matter further, the Company chose to accept the proposed agreement, which, among other things; imposes no fine; orders the Company to not misrepresent the existence or amount of total fat or any other nutrient or substance in any food product containing a baked crust; and requires the Company to maintain substantiation for nutrition claims for its pizza products for five years. On January 23, 1997, a class action complaint (the "Complaint") was filed by Rhonda D'Ambrosio against the Company and certain of its subsidiaries in the Suffolk Superior Court of the Commonwealth of Massachusetts. The Complaint alleges that the Company, through its advertisements, made false and misleading representations about the fat content of the Company's thin crust pizzas. The plaintiff seeks to have the action maintained as a class action and seeks to recover unspecified damages allegedly sustained by the plaintiff and the other members of the class. The class is alleged to include all purchasers of the Company's "Thinzettas" thin crust pizzas who relied upon, and sustained damage as a result of, the alleged misrepresentations. The Company intends to defend vigorously against the Complaint. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits -------- 11. Statement re: computation of per share earnings (b) Reports on Form 8-K ------------------- Uno Restaurant Corporation did not file any Reports on Form 8-K during the quarter ended March 30, 1997. 12 13 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. UNO RESTAURANT CORPORATION -------------------------- (Registrant) Date: May 12, 1997 By: /s/ Craig S. Miller -------------------------------- Craig S. Miller Chief Executive Officer Date: May 12, 1997 By: /s/ Robert M. Brown -------------------------------- Robert M. Brown Senior Vice President-Finance, and Chief Financial Officer 13 EX-11 2 COMPUTATION OF PER SHARE EARNINGS 1 Exhibit 11 Statement re: computation of per share earnings - ------------------------------------------------
Thirteen Weeks Ended Twenty-six Weeks Ended March 30, March 31, March 30, March 31, 1997 1996 1997 1996 ---------- ---------- ---------- ---------- Weighted average shares outstanding 12,212,571 12,783,843 12,207,780 13,004,728 Common Stock equivalents: Stock options 58,056 46,886 67,682 68,119 ---------- ---------- ---------- ---------- 12,270,627 12,830,729 12,275,462 13,072,847 ========== ========== ========== ========== Net Income (Loss) $815,000 ($2,642,000) $1,907,000 ($2,097,000) ========== ========== ========== ========== EARNINGS PER COMMON SHARE $ .07 $ (.21) .16 (.16) ========== ========== ========== ==========
14 EX-27 3 FINANCIAL DATA SCHEDULE
5 1,000 U.S. DOLLARS 3-MOS SEP-28-1997 SEP-30-1996 MAR-30-1997 1 466 0 1,078 0 2,264 8,009 173,950 51,705 137,550 14,952 38,621 0 0 137 74,005 137,550 84,875 84,875 21,188 80,711 0 0 1,276 2,888 981 1,907 0 0 0 1,907 .16 .16 5-02(31) NET OF TREASURY STOCK
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