-----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, AJ9KyI3KLkrhFIJTN1P3CGGpYFxwIZnup1jgIfi1Dh7vGklpqOmsYH10s6/sifSB 9IKpY6fpuaszGmzMmAS70g== 0000950135-98-003023.txt : 19980511 0000950135-98-003023.hdr.sgml : 19980511 ACCESSION NUMBER: 0000950135-98-003023 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980329 FILED AS OF DATE: 19980508 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: SEC FILE NUMBER: 001-09573 FILM NUMBER: 98613335 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 CORP. FORM 10-Q(PERIOD END 3/29/98) 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 29, 1998 ----------------- 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 1, 1998, 10,908,281 shares of the registrant's Common Stock, $.01 par value, were outstanding. 2 UNO RESTAURANT CORPORATION INDEX Page ---- PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS............................3 Consolidated Balance Sheets -- March 29, 1998 and September 28, 1997...........3 Consolidated Statements of Income -- Thirteen and twenty-six weeks ended March 29, 1998 and March 30, 1997...............4 Consolidated Statements of Cash Flows -- Twenty-six weeks ended March 29, 1998 and March 30, 1997..................................5 Notes to Consolidated Financial Statements......................................6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.......................7 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS..................11 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 29, Sept. 28, 1998 1997 -------- -------- (Unaudited) ASSETS CURRENT ASSETS Cash $ 1,801 $ 1,486 Royalties receivable 349 728 Consumer products receivable 499 844 Inventory 2,199 2,326 Deferred pre-opening costs 1,054 949 Prepaid expenses and other assets 2,187 1,959 -------- -------- TOTAL CURRENT ASSETS 8,089 8,292 PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Land 16,686 15,883 Buildings 27,635 25,265 Leasehold improvements 89,865 87,047 Equipment 51,251 49,802 Construction in progress 3,304 4,201 -------- -------- 188,741 182,198 Less allowance for depreciation and amortization 62,844 56,841 -------- -------- 125,897 125,357 OTHER ASSETS Deferred income taxes 7,302 6,599 Royalty fee 199 241 Liquor licenses and other assets 3,256 3,243 -------- -------- $144,743 $143,732 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 5,706 $ 6,966 Accrued expenses 7,674 7,563 Accrued compensation and taxes 2,389 2,641 Income taxes payable 649 2,076 Current portion of long-term debt and capital lease obligations 4,066 3,132 -------- -------- TOTAL CURRENT LIABILITIES 20,484 22,378 Long-term debt, net of current portion 43,648 42,516 Capital lease obligations, net of current portion 768 867 Other liabilities 7,225 7,091 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, 13,756,052 and 13,754,480 shares issued and out- standing in Fiscal Years 1998 and 1997, respectively 138 138 Additional paid-in capital 53,813 53,803 Retained earnings 38,928 36,816 -------- -------- 92,879 90,757 Treasury Stock (2,850,697 and 2,790,597 shares at cost, in Fiscal Years 1998 and 1997, respectively) (20,261) (19,877) -------- -------- TOTAL SHAREHOLDERS' EQUITY 72,618 70,880 -------- -------- $144,743 $143,732 ======== ========
3 4 CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands except per share data)
Thirteen Weeks Ended Twenty-six Weeks Ended ---------------------- ---------------------- March 29, March 30, March 29, March 30, 1998 1997 1998 1997 -------- -------- -------- -------- REVENUES Restaurant sales $43,272 $39,460 $84,883 $78,427 Consumer product sales 2,323 2,154 4,608 4,316 Franchise income 1,087 1,097 2,159 2,132 ------- ------- ------- ------- 46,682 42,711 91,650 84,875 COSTS AND EXPENSES Cost of sales 11,835 10,485 23,166 21,188 Labor and benefits 14,547 13,294 28,296 26,193 Occupancy 6,970 6,507 13,960 13,081 Other operating costs 4,433 4,260 8,191 7,861 General and administrative 3,211 3,140 6,337 6,250 Depreciation and amortization 3,400 3,126 6,688 6,138 ------- ------- ------- ------- 44,396 40,812 86,638 80,711 ------- ------- ------- ------- OPERATING INCOME 2,286 1,899 5,012 4,164 OTHER INCOME (EXPENSE) (935) (666) (1,858) (1,276) ------- ------- ------- ------- Income before income taxes 1,351 1,233 3,154 2,888 Provision for income taxes 447 418 1,042 981 ------- ------- ------- ------- NET INCOME $ 904 $ 815 $ 2,112 $ 1,907 ======= ======= ======= ======= BASIC EARNINGS PER SHARE $ .08 $ .07 $ .19 $ .16 ======= ======= ======= ======= Weighted average shares outstanding 10,930 12,213 10,948 12,208 ======= ======= ======= ======= DILUTED EARNINGS PER SHARE $ .08 $ .07 $ .19 $ .16 ======= ======= ======= ======= Weighted average shares outstanding- including common stock equivalents 10,955 12,271 10,988 12,275 ======= ======= ======= =======
4 5 CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)
Twenty-six weeks Ended ---------------------- March 29, March 30, 1998 1997 -------- -------- OPERATING ACTIVITIES Net Income (Loss) $ 2,112 $ 1,907 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,743 6,190 Deferred income taxes (703) (725) Provision for deferred rent 271 285 (Gain)Loss on disposal of equipment (1) (13) Changes in operating assets and liabilities, net of effects from business acquisitions: Royalties\consumer product receivables 379 130 Inventory 127 69 Prepaid expenses and other assets (777) (2,174) Accounts payable and other liabilities (1,417) 683 Income taxes payable (1,427) (1,087) -------- -------- NET CASH PROVIDED BY OPERATING ACTIVITIES 5,307 5,265 INVESTMENT ACTIVITIES Additions to property, equipment and leasehold improvements (6,586) (8,488) Proceeds from sale of fixed assets 1 1,101 -------- -------- NET CASH USED FOR INVESTING ACTIVITIES (6,585) (7,387) FINANCING ACTIVITIES Proceeds from revolving credit agreement 31,215 32,809 Principal payments on revolving credit agreement and capital lease obligations (29,248) (32,148) Purchase of Treasury Stock (384) (18) Exercise of stock options 10 117 -------- -------- NET CASH PROVIDED BY FINANCING ACTIVITIES 1,593 760 -------- -------- INCREASE (DECREASE) IN CASH 315 (1,362) CASH AT BEGINNING OF PERIOD 1,486 1,828 -------- -------- CASH AT END OF PERIOD $ 1,801 $ 466 ======== ========
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 28, 1997. 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. NOTE B - EARNINGS PER SHARE In 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, Earnings per Share. Statement 128 replaced the previously reported primary and fully diluted earnings per share with basic and diluted earnings per share. Unlike primary earnings per share, basic earnings per share excludes any dilutive effects of options, warrants and convertible securities. Diluted earnings per share is very similar to the previously reported fully diluted earnings per share. All earnings per share amounts for all periods have been presented, and where necessary, restated to conform to the Statement 128 requirements. Basic and diluted earnings per share were equivalent to each other for the quarter ended March 29, 1998.
Thirteen Weeks Ended Twenty-six Weeks Ended ---------------------- ---------------------- March 29, March 30, March 29, March 30, 1998 1997 1998 1997 ---------- ---------- ---------- ---------- Numerator for Basic Earnings per Share: Weighted average shares outstanding 10,930,209 12,212,571 10,947,731 12,207,780 Common Stock equivalents: Stock options 24,758 58,056 40,321 67,682 ---------- ---------- ---------- ---------- Numerator for Diluted Earnings per Share: Weighted average shares outstanding including common stock equivalents 10,954,967 12,270,627 10,988,052 12,275,462 ========== ========== ========== ========== Net Income(Loss) $ 904,000 $ 815,000 $2,112,000 $1,907,000 ========== ========== ========== ========== Basic Earnings Per Share $ .08 $ .07 $ .19 $ .16 ========== ========== ========== ========== Diluted Earnings per Common Share $ .08 $ .07 $ .19 $ .16 ========== ========== ========== ==========
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. 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: THIRTEEN WEEKS ENDED MARCH 29, 1998 COMPARED TO THIRTEEN WEEKS ENDED MARCH 30, 1997
13 Weeks Ended -------------------- 3/29/98 3/30/97 ------- ------- REVENUES: Restaurant sales 92.7% 92.4% Consumer product sales 5.0 5.0 Franchise income 2.3 2.6 ----- ----- Total 100.0% 100.0% ----- ----- COSTS AND EXPENSES: Cost of food & beverages (1) 26.0% 25.2% Labor and benefits (1) 31.9 31.9 Occupancy costs (1) 15.3 15.6 Other operating costs (1) 9.7 10.2 General and administrative 6.9 7.4 Depreciation and amortization (1) 7.5 7.5 ----- ----- Operating income 4.9 4.4 Other income (expense) (2.0) (1.5) ----- ----- Income before taxes 2.9 2.9 Provision for income taxes 1.0 1.0 ----- ----- Net income 1.9% 1.9% ===== =====
(1) Percentage of restaurant and consumer product sales NUMBER OF RESTAURANTS AT END OF QUARTER: Company-owned Uno's - full service 94 88 Franchised Uno's - full service 64 65
7 8 Total revenue increased 9.3% to $46.7 million from $42.7 million last year. Company-owned restaurant sales rose 9.7% to $43.3 million from $39.5 million last year due primarily to 8.3% growth in store operating weeks of full-service Pizzeria Uno units resulting from the addition of seven restaurants during the past four quarters. Comparable-store sales for the second quarter were up 2.2% from the same period last year. Average weekly sales, which includes sales at comparable stores as well as new units, increased 2.3% during the second quarter, reflecting higher-than-average sales levels for its newest prototype units. These units generated sales volumes approximately 6% higher than our comparable-store average for the quarter. Consumer product sales increased 7.8% for the second quarter this year to $2,323,000 from $2,154,000 last year. Sales for the frozen product category increased as shipments to contract food service providers rose and initial shipments of product to a regional restaurant chain began. Sales volumes within our fresh refrigerated category and wholesale club accounts experienced modest declines for the quarter. Franchise income, which includes royalty income and initial franchise fees, decreased slightly to $1,087,000 versus $1,097,000 last year. Royalty income increased 6.3% to $1,087,000 this year compared to $1,022,000 last year. No initial franchise fees were recorded this year compared to $75,000 last year. Operating income was $2,286,000, which represents an operating margin of 4.9%. Operating income for last year was $1,899,000, which represents an operating margin of 4.4%. Cost of food and beverage as a percentage of restaurant and consumer product sales increased to 26.0% compared to 25.2% last year. This increase was due in part to higher cheese costs, which were up approximately 11% over last years levels, a shift in mix towards higher cost menu items and a higher cost of sales in the consumer products segment. Labor costs were even at 31.9% as a percentage of restaurant and consumer product sales as an increase in the average wage rate was offset by increased productivity and lower benefit expense. Occupancy costs declined as a percentage of restaurant and consumer product sales to 15.3% from 15.6% due to operating leverage gains from higher unit volumes. Other operating costs decreased to 9.7% as a percentage of restaurant and consumer product sales from 10.2% last year due primarily to lower advertising expenditures for the period. General and administrative expenditures as a percentage of total revenues decreased to 6.9% from 7.4% last year as a result of continuing cost control measures and increased operating leverage. Depreciation and amortization expense as a percentage of restaurant and consumer product sales was flat at 7.5% versus last year as slightly higher pre-opening cost amortization was offset by lower depreciation expense caused by increased sales leverage. Other expense of $935,000 increased from $666,000 last year. Interest expense increased to $903,000 from $621,000 last year due to a slightly higher borrowing rate and a higher level of debt. The increase in the debt level was a result of the Company's share repurchase program completed in the fourth quarter of fiscal 1997. The effective tax rate of 33% for the quarter compared favorably to last years tax rate of 34% due to the impact of various tax credits. Net income increased to $904,000 from $815,000 last year based on the factors noted above. 8 9 TWENTY-SIX WEEKS ENDED MARCH 29, 1998 COMPARED TO TWENTY-SIX WEEKS ENDED MARCH 30, 1997
26 Weeks Ended -------------------- 3/29/98 3/30/97 ------- ------- REVENUES: Restaurant sales 92.6% 92.4% Consumer product sales 5.0 5.1 Franchise income 2.4 2.5 ----- ----- Total 100.0% 100.0% ----- ----- COSTS AND EXPENSES: Cost of food & beverages (1) 25.9% 25.6% Labor and benefits (1) 31.6 31.7 Occupancy costs (1) 15.6 15.8 Other operating costs (1) 9.2 9.5 General and administrative 6.9 7.4 Depreciation and amortization (1) 7.5 7.4 ----- ----- Operating income 5.5 4.9 Other income (expense) (2.1) (1.5) ----- ----- Income before taxes 3.4 3.4 Provision for income taxes 1.1 1.2 ----- ----- Net income 2.3% 2.2% ===== =====
(1) Percentage of restaurant and consumer product sales Total revenue increased 8.0% to $91.7 million from $84.9 million last year. Company-owned restaurant sales rose 8.2% to $84.9 million from $78.4 million last year due primarily to 8.7% growth in store operating weeks of full-service Pizzeria Uno units. Comparable-store sales for for the first half of the fiscal year were 0.9% above the same period last year. During the same period, average weekly sales, which includes sales at comparable stores as well as new units, were up 1.5% above last year. Consumer product sales increased 6.7% to $4,608,000 from $4,316,000 for the first six months this year compared to the same period last year. Sales volumes in the fresh retail and wholesale segments have declined due in part to a reduction in promotional activities and a increase in competition in the supermarket segment. Growth in the frozen products and contract food service categories continues, as the Company continues to fill initial orders to Sainsbury's Supermarket PLC and other food service providers. Franchise income, which includes royalty income and initial franchise fees increased 1.3% to $2,159,000 from $2,132,000 last year. Royalty income increased 6.4% as average weekly sales improved by 2.4% for the first six months of the fiscal year. Due to the timing of new unit openings no initial franchise fees were recorded this year compared to $102,500 last year. Operating income was $5,012,000, which represents an operating margin of 5.5%. Operating income for last year was $4,164,000, which represents an operating margin of 4.9%. Cost of food and beverage as a percentage of restaurant and consumer product sales increased to 25.9% compared to 25.6% last year due to a shift in mix towards higher cost menu items. Labor costs remained virtually unchanged at 31.6% this year compared to 31.7% last year as higher direct labor costs, driven by an increase in the average wage rate, were offset by continued savings in workers compensation and medical expense. Occupancy costs decreased as a percentage of restaurant and consumer product sales to 15.6% from 15.8% due to improved sales levels and an unusually mild winter season. Other operating costs decreased slightly to 9.2% from 9.5% last year due primarily to lower advertising expenditures. General and administrative costs as a percentage of total revenues decreased to 6.9% from 7.4% last year as a result of continuing cost control measures and increased sales leverage. Depreciation and amortization expenses as a percentage of restaurant and consumer product sales increased slightly to 7.5% from 7.4% last year due to slightly higher pre-opening cost amortization. 9 10 Other expense of $1,858,000 increased from $1,276,000 last year. Interest expense increased to $1,787,000 from $1,239,000 last year due to a slightly higher borrowing rate and a higher level of debt. The increase in the debt level was a result of the Company's share repurchase program completed in the fourth quarter of fiscal 1997. The effective tax rate of 33% for the first half of the fiscal year compared favorably to last years tax rate of 34% due to the impact of various tax credits. Net income increased to $2,112,000 from $1,907,000 last year based on the factors noted above. LIQUIDITY AND SOURCES OF CAPITAL The following table presents a summary of the Company's cash flows for the period ended March 29, 1998.
(In Thousands) Net cash provided by operating activities $ 5,307 Net cash used in investing activities (6,585) Net cash provided by financing activities 1,593 ------- Increase (Decrease) in cash $ 315 =======
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 1998, the Company's investment in property, equipment and leasehold improvements was $6.6 million. The Company currently plans to open approximately six restaurants in fiscal 1998, 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 29, 1998, the Company had outstanding indebtedness of $42.6 million under its $55 million unsecured revolving credit facility, $963,000 in capital lease obligations and $4,889,000 under its mortgage financing. Advances under the revolving credit facility will accrue interest at the lender's prime rate plus 0-50 basis points, 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 April 22, 1998, the Board of Directors of the Company authorized the repurchase of up to 1,000,000 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. During the first half of the fiscal year the Company has repurchased 60,100 shares at an average price of $6.33. The Company currently has 2,850,697 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 92 leases, including 90 leases for Company-owned restaurants, two leases for its executive offices. The Company is currently negotiating the renewal of a lease for an office building containing one of its restaurants and continues to pay rent on a tenancy at will basis in the interim. 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. Future increases in local area construction costs could adversely affect the Company's ability to expand. 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. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKS NOT APPLICABLE 11 12 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) EXHIBITS None. (b) REPORTS ON FORM 8-K Uno Restaurant Corporation did not file any Reports on Form 8-K during the quarter ended March 29, 1998. 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 8, 1998 By: /s/ Craig S. Miller --------------- ------------------------------------ Craig S. Miller Chief Executive Officer (Principal Executive Officer) Date: May 8, 1998 By: /s/ Robert M. Vincent --------------- ------------------------------------ Robert M. Vincent Senior Vice President-Finance, and Chief Financial Officer (Principal Financial Officer) 13 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 6-MOS SEP-27-1998 SEP-29-1997 MAR-29-1998 1,801 0 848 0 2,199 8,089 188,741 62,844 144,734 20,484 51,641 0 0 138 72,480 144,734 91,650 91,650 23,166 86,638 0 0 1,858 1,354 1,042 2,112 0 0 0 2,112 .19 .19 Net of treasury stock
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