-----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, VJjet/7vtfWFkJYEti17uE2iaaM6ulzyBPKFM9+hbfq61Ka2+XnDk/+sDx+RsFPJ XXTfCh3WC+RS8DSh/7m66A== 0000898430-98-003305.txt : 19980910 0000898430-98-003305.hdr.sgml : 19980910 ACCESSION NUMBER: 0000898430-98-003305 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980726 FILED AS OF DATE: 19980909 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIZZLER INTERNATIONAL INC CENTRAL INDEX KEY: 0000870760 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 954307254 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10711 FILM NUMBER: 98706069 BUSINESS ADDRESS: STREET 1: 12655 W JEFFERSON BLVD CITY: LOS ANGELES STATE: CA ZIP: 90066 BUSINESS PHONE: 3108272300 FORMER COMPANY: FORMER CONFORMED NAME: COLLINS FOODS INC DATE OF NAME CHANGE: 19600201 10-Q 1 FORM 10-Q FOR PERIOD ENDED 7-26-98 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 - Q --- |X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) --- OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended JULY 26, 1998 --- | | 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 1-10711 SIZZLER INTERNATIONAL, INC. ________________________________________________________________________________ (Exact Name of Registrant as specified in its Charter) DELAWARE 95-4307254 ________________________________________________________________________________ (State or other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.) 6101 WEST CENTINELA AVENUE, SUITE 200, CULVER CITY, CALIFORNIA 90230 ________________________________________________________________________________ (Address of Principal Executive Offices, including zip code) (310) 568-0135 ________________________________________________________________________________ (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 ----- ----- Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Class Outstanding at August 31, 1998 - ---------------------------- -------------------------------------- COMMON STOCK $0.01 PAR VALUE 28,823,249 SHARES PART I. FINANCIAL INFORMATION SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS)
ITEM 1. FINANCIAL STATEMENTS - ---------------------------- July 26, April 30, ASSETS 1998 1998 - ------------------------------------------------------------ ------------- ------------- (Unaudited) (Audited) Current Assets: Cash and cash equivalents $23,139 $21,167 Receivables, net of reserves of $1,511 at July 26, 1998 and $2,608 at April 30, 1998 3,001 2,926 Inventories 4,107 4,333 Prepaid expenses and other current assets 1,248 1,281 - ------------------------------------------------------------ -------- -------- Total current assets 31,495 29,707 - ------------------------------------------------------------ -------- -------- Property and equipment, net 76,441 79,210 Long-term notes receivable, net of reserves of $317 at July 26, 1998 and $772 at April 30, 1998 1,056 1,268 Deferred income taxes 3,439 3,829 Intangible assets, net of accumulated amortization of $714 at July 26, 1998 and $696 at April 30, 1998 2,103 2,162 Other assets, net of accumulated amortization and reserves of $1 at July 26, 1998 and $1 at April 30, 1998 3,262 3,285 - ------------------------------------------------------------ -------- -------- Total assets $117,796 $119,461 ============================================================ ======== ========
The accompanying notes are an integral part of these consolidated condensed financial statements. 2 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA)
JULY 26, APRIL 30, LIABILITIES AND STOCKHOLDERS' INVESTMENT 1998 1998 - ----------------------------------------------------- ---------- --------- (Unaudited) (Audited) Current Liabilities: Current portion of long-term debt $ 5,508 $ 5,764 Accounts payable 9,369 7,753 Other current liabilities 10,331 9,562 Income taxes payable 3,772 3,761 - ----------------------------------------------------- --------- --------- Total current liabilities 28,980 26,840 - ----------------------------------------------------- --------- --------- Long-term Liabilities: Long-term debt, net of current portion 32,273 35,497 Other liabilities 11,441 13,364 - ----------------------------------------------------- --------- --------- Total long-term liabilities 43,714 48,861 - ----------------------------------------------------- --------- --------- Stockholders' Investment: Capital stock- Preferred, authorized 1,000,000 shares, $5 par value; no shares issued - - Common, authorized 50,000,000 shares, $0.01 par value; outstanding 28,823,249 shares at July 26, 1998 and 28,840,908 shares at April 30, 1998 288 288 Additional paid-in-capital 277,565 277,353 Accumulated deficit (227,522) (229,583) Cumulative foreign currency translation adjustments (5,229) (4,298) - ----------------------------------------------------- --------- --------- Total stockholders' investment 45,102 43,760 - ----------------------------------------------------- --------- --------- Total liabilities and stockholders' investment $ 117,796 $ 119,461 ===================================================== ========= =========
The accompanying notes are an integral part of these consolidated condensed financial statements. 3 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME FOR THE TWELVE WEEKS ENDED JULY 26, 1998 AND JULY 20, 1997 (IN THOUSANDS, EXCEPT PER SHARE DATA)
1998 1997 - -------------------------------------------------- ----------- ------------ (Unaudited) REVENUES Restaurants $50,733 $58,270 Franchise operations 1,845 1,316 - -------------------------------------------------- ------- ------- Total revenues 52,578 59,586 - -------------------------------------------------- ------- ------- COSTS AND EXPENSES Cost of sales 18,550 21,721 Labor and related expenses 13,745 15,851 Other operating expenses 10,604 11,837 Depreciation and amortization 2,259 2,819 General and administrative expenses 4,267 4,407 - -------------------------------------------------- ------- ------- Total operating costs 49,425 56,635 - -------------------------------------------------- ------- ------- Interest expense 863 1,379 Investment income (166) (492) - -------------------------------------------------- ------- ------- Total costs and expenses 50,122 57,522 - -------------------------------------------------- ------- ------- INCOME BEFORE INCOME TAXES 2,456 2,064 - -------------------------------------------------- ------- ------- Provision for income taxes 395 577 - -------------------------------------------------- ------- ------- NET INCOME $ 2,061 $ 1,487 ================================================== ======= ======= Basic and diluted earnings per share $ 0.07 $ 0.05 ================================================== ======= =======
The accompanying notes are an integral part of these consolidated financial statements. 4 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS FOR THE TWELVE WEEKS ENDED JULY 26, 1998 AND JULY 20, 1997 (IN THOUSANDS)
1998 1997 - ------------------------------------------------------------- ------- ------- (Unaudited) OPERATING ACTIVITIES Net income $ 2,061 $ 1,487 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,259 2,819 Deferred income taxes 63 - Provision for bad debts 160 200 Other (25) (29) - ------------------------------------------------------------- ------- ------- 4,518 4,477 Changes in operating assets and liabilities: Receivables (56) 362 Inventories 226 311 Prepaid expenses and other current assets 33 913 Accounts payable 1,616 (398) Accrued liabilities (215) (4,937) Income taxes payable 286 (322) - ------------------------------------------------------------- -------- ------- Net cash provided by operating activities 6,408 406 - ------------------------------------------------------------- -------- ------- INVESTING ACTIVITIES Additions to property and equipment (2,106) (1,511) Disposal of property and equipment 399 5,178 Other, net (120) 133 - ------------------------------------------------------------- -------- ------- Net cash provided by (used in) investing activities (1,827) 3,800 - ------------------------------------------------------------- -------- ------- FINANCING ACTIVITIES Reduction of long-term debt (1,660) (82) Payment of allowed claims pursuant to the reorganization plan (900) - Other, net (49) - - ------------------------------------------------------------- -------- ------- Net cash used in financing activities (2,609) (82) - ------------------------------------------------------------- -------- ------- Net increase in cash and cash equivalents 1,972 4,124 - ------------------------------------------------------------- -------- ------- Cash and cash equivalents at beginning of period 21,167 34,085 - ------------------------------------------------------------- -------- ------- Cash and cash equivalents at end of period $23,139 $38,209 ============================================================= ======== =======
The accompanying notes are an integral part of these consolidated condensed financial statements. 5 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AS OF JULY 26, 1998 1. The condensed consolidated financial statements have been prepared by Sizzler International, Inc. (the "Company"), without audit, in accordance with generally accepted accounting principles. Pursuant to the rules and regulations of the Securities and Exchange Commission, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been omitted or condensed. In the opinion of management, the condensed interim consolidated financial statements include all adjustments necessary for a fair presentation of financial position and results of operations for the periods presented. The results of operations for the periods presented should not necessarily be considered indicative of operations for the full year. Certain reclassifications have been made to prior period financial statements in order to conform to the current period presentation. It is recommended that these condensed consolidated financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's 1998 annual report on Form 10-K. 2. During fiscal year 1998, the Company adopted Statement of Financial Accounting Standards No. 128 ("SFAS 128"), Earnings Per Share (EPS), which replaced the previously reported primary and fully-diluted EPS. Basic EPS is computed as net income (loss) divided by the weighted average number of common shares outstanding for the period. Diluted EPS is similar to the previously reported fully-diluted EPS. All EPS amounts for the periods presented have been restated to conform to the requirements of SFAS 128. The following table sets forth the computation of basic and diluted EPS:
Twelve weeks ended -------------------------- July 26, July 20, In thousands, except EPS 1998 1997 ---- ---- Numerator for both basic and diluted EPS - Net income $ 2,061 $ 1,487 ======= ======= Denominator: Denominator for basic EPS - weighted average shares of common stock outstanding 28,832 28,901 Effect of dilutive stock options 44 - (a) ------- ------- Denominator for diluted EPS - adjusted weighted average shares outstanding 28,876 28,901 ======= ======= Basic and diluted earnings per share $ 0.07 $ 0.05 ======= =======
(a) No recognition has been given to common stock equivalents as they are anti-dilutive. 6 3. On June 2, 1996, the Company enacted a comprehensive restructuring strategy designed to return the U.S. operations to profitability. This strategy included the closure of under-performing restaurants in the U.S. and filing for bankruptcy protection through a Chapter 11 proceeding. On June 2, 1996, the Company and four subsidiaries, Sizzler Restaurants International, Inc. ("SRI"), Buffalo Ranch Steakhouses, Inc. ("BRSH"), Tenly Enterprises, Inc. ("Tenly"), and Collins Properties, Inc. ("CPI"), became debtors-in- possession subject to the supervision of the U.S. Bankruptcy Court of the Central District of California (the "Bankruptcy Court") under Chapter 11 of the federal bankruptcy code. On June 2, 1997, the Bankruptcy Court entered an order confirming the Chapter 11 plans of reorganization of the Company, SRI and CPI. The plans of reorganization for Tenly and BRSH were confirmed on February 24, 1997. On September 23, 1997, the reorganization plans became effective and the Company and its subsidiaries emerged from the bankruptcy proceedings. The Company and its subsidiaries have paid approximately $76 million in pre-petition claims and interest and reinstated the remaining pre-petition liabilities. Remaining bankruptcy liabilities were reclassified from "Liabilities subject to compromise under reorganization proceedings" to the appropriate liability captions of the consolidated balance sheet. 7 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS MATERIAL CHANGES IN RESULTS OF OPERATIONS TWELVE WEEKS ENDED JULY 26, 1998 - -------------------------------------------------------------------------- VERSUS JULY 20, 1997 - -------------------- Domestic Company-operated restaurant sales and franchised restaurant revenues (including franchise fees, royalties and rental income) and international Company-operated restaurant sales and franchised restaurant revenues represent the Company's primary sources of revenue. The addition or closure of restaurants, both Company-operated and franchised, and the sales volume of comparable restaurants (those restaurants open more than one year) are important factors to consider in evaluating the Company's results. The following chart shows the comparative Company-operated restaurant percentage change from the prior year.
FISCAL YEAR 1998 FY 1999 ----------------------------------- ------- QTR 1 QTR 2 QTR 3 QTR 4 QTR 1 ----- ----- ----- ----- ----- SIZZLER - ------- U.S.A - Sales -4.3% 0.6% 0.3% 2.2% 7.2% Customers -5.8% -3.6% -6.6% -6.0% -3.3% Check Average 1.6% 4.3% 7.3% 8.6% 10.9% AUSTRALIA Sales -20.9% -13.6% -9.3% -8.1% -5.3% (Based on A$) Customers -22.5% -17.8% -13.3% -15.2% -5.7% Check Average 2.1% 5.1% 4.6% 8.5% 0.5% KFC Sales -2.8% -3.1% -0.4% 0.7% 1.3% - --- Customers -8.5% -7.3% -6.6% -4.1% -4.3% (Based on A$) Check Average 6.3% 4.5% 6.7% 5.0% 5.8%
On a comparative restaurant basis, average sales per restaurant are showing a positive trend. Sizzler U.S.A. improved from a negative 4.3 percent in the first quarter of fiscal 1998 to a positive increase of 7.2 percent in the first quarter of the current year. The positive results of the last four quarters reverses 27 consecutive quarters of decreases in comparable restaurant sales. Australian sales trends are also showing a definite improvement although the year over year percent change is still down. The check average has continued to increase in the U.S. reflecting the impact of the menu repositioning and a marketing strategy which minimizes the use of discounts. 8 Total revenues were $52.6 million for the first twelve weeks of fiscal 1999, which represents a decrease of $7.0 million, or 11.8 percent, compared to the first twelve weeks of the prior fiscal year. This decrease is primarily due to the closure of four Company-operated Sizzler restaurants and a net decrease of five franchised Sizzler restaurants, as well as an 18.8 percent decrease in the Australian dollar exchange rate. During the same period, the Company opened two and closed one KFC restaurant in Australia. Revenues increased domestically by $1.7 million or 7.4 percent. International revenues decreased by $8.7 million or 23.8 percent compared to the first twelve weeks of the prior year. Earnings before interest and taxes and after allocated overhead, were $3.2 million for the first twelve weeks of fiscal 1999, an increase of $0.2 million compared to the prior year. International operations earnings before interest and taxes decreased less than $0.1 million. Domestically, earnings before interest, taxes and an increased share of corporate overhead, increased $0.2 million. Pretax income for the first twelve weeks of fiscal 1999 increased $0.4 million to $2.5 million or 4.7 percent of revenues. During the first twelve weeks of fiscal 1998, pretax income was $2.1 million or 3.5 percent of revenues. INTERNATIONAL OPERATIONS - ------------------------ International operations generated approximately 53.0 percent of consolidated revenues for the first twelve weeks of fiscal 1999. Revenues decreased $8.7 million or 23.8 percent compared to the prior year primarily due to an 18.8 percent decrease in the Australian dollar exchange rates and lower average sales. Since the first quarter of fiscal 1998, international operations had a net reduction of two Company-operated and a net increase of three franchised Sizzler restaurants. As of July 26, 1998, the international operation included 31 Company-operated, three joint ventured, and 50 franchised Sizzler restaurants and 98 KFC restaurants. 9 On a comparative restaurant basis, sales in Australian dollars for Company- operated Sizzler restaurants and customer counts decreased 5.3 percent and 5.7 percent, respectively, due to the increasingly competitive casual dining market. The average guest check increased 0.5 percent. The KFC restaurants increased 1.3 percent in average restaurant sales and 5.8 percent in the average customer check reflecting price increases since the first quarter of the prior year. The average number of customers per restaurant decreased 4.3 percent The Company's international franchise revenues decreased $0.3 million or 56.3 percent primarily due to the overall economic turmoil and weakening of local currencies throughout much of Asia against the U.S. dollar. At July 26, 1998, there were 53 international franchised and joint-ventured Sizzler restaurants in Japan, Taiwan, Thailand, South Korea, Singapore and Indonesia, versus 50 restaurants in six countries at July 20, 1997. Earnings before interest and taxes were $1.5 million, a decrease of less than $0.1 million or 4.8 percent from the prior year. DOMESTIC OPERATIONS - ------------------- Domestic restaurant operations accounted for 44.0 percent of the Company's consolidated revenues. Sales reflect an increase of $0.8 million or 3.7 percent to $23.2 million when compared to the prior year. At July 26, 1998, the number of domestic Company-operated restaurants was 66 versus 68 restaurants at July 20, 1997. On a comparative restaurant basis, average sales per restaurant increased 7.2 percent and the average customer check increased 10.9 percent. The average customers per restaurant declined 3.3 percent. Management is continuing its plan to revitalize the restaurant concept. The key components of the plan include: 1) continuing to upgrade the menu, focusing on redefining Sizzler as a popularly priced grill-based restaurant with a great salad bar; 2) improve restaurant operations; 3) implementing a new marketing strategy focused on new menu introductions and 4) refreshing restaurant facilities including new signage. Domestic franchise revenues, including franchise fees, royalties and rental income, accounted for 3.0 percent of consolidated revenues. Compared to the prior year, revenues increased $0.9 million or 124.8 percent. The revenue increase reflects increased sales per restaurant in the current year and the impact of a temporary royalty abatement program in the prior year. As of July 26, 1998, the number of domestic franchised restaurants was 200, including 10 Latin American restaurants, versus 208 restaurants at July 20, 1997. Domestically, earnings before interest and taxes improved $0.2 million to $1.5 million, from $1.3 million in the same period last year. This increase was due to increased sales combined with cost reductions. 10 CONSOLIDATED COSTS AND EXPENSES - ------------------------------- Consolidated costs and expenses, as a percentage of revenues, decreased 1.2 percentage points from the prior year. This decrease is primarily the result of lower payroll and related expenses, food costs and interest expense. Interest expense was $0.9 million in fiscal 1999 and $1.4 million in fiscal 1998. The effective income tax rate decreased from 28.0 percent of pretax income in fiscal 1998 to 16.1 percent in fiscal 1999, primarily due to the utilization of loss carryforwards to offset domestic earnings. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- WORKING CAPITAL - --------------- The Company's principal source of working capital is net cash provided by operations which amounted to $6.4 million for the first twelve weeks of fiscal 1999 versus $0.4 million for the same period of the prior year. The Company's working capital at July 26, 1998 was $2.5 million including cash and cash equivalents of $23.1 million. At April 30, 1998, working capital was $2.9 million. TOTAL ASSETS / CAPITAL EXPENDITURES - ----------------------------------- At July 26, 1998, total assets were $117.8 million, a decrease of $1.7 million or 1.4 percent from April 30, 1998. Property and equipment represented approximately 64.9 percent of total assets at July 26, 1998 and 66.3 percent at April 30, 1998. Capital expenditures were $2.1 million for the first twelve weeks of fiscal 1999, including new restaurant construction of $0.4 million and replacements of $1.7 million. The Company anticipates continuing to build its international operations through additional investment in Company-operated restaurants and the development of the franchise system. Domestically, no new unit growth is planned in fiscal 1999. Instead, the Company will focus on the previously mentioned revitalization program. DEBT - ---- On September 23, 1997, the Company obtained a $63.5 million AUD (approximately $46.9 million US) bank facility from Westpac Banking Corporation in order to refinance the claims of the Company's unsecured creditors. The Westpac loan provides for a five-year term at an interest rate equal to the Australian interbank borrowing rate, plus a margin. The margin will be based on a formula tied to the Company's international operations ratio of debt to earnings before interest and taxes, and will vary between 1.25% and 2.25%. The Westpac loan involved the collateralization of the Company's principal operating assets of its international division. The Westpac loan is subject to a number of financial covenants and other restrictions. Based on current levels of operations and anticipated sales growth, management 11 believes that cash flow from operations will be sufficient to meet all of its debt service requirements when due and to fund its capital expenditure and working capital requirements. YEAR 2000 - --------- In fiscal 1998, the Company began a project to assess and modify its computer systems as necessary to ensure continued effective operations in the year 2000 ("Y2K") and beyond. A majority of the Company's computer systems has been outsourced to a service provider who has given assurances to the Company that its computer systems are Y2K compliant. The Company is currently working with its key vendors and suppliers to identify the nature and potential impact of issues presented by the Y2K problem in completing transactions with their businesses. The estimated cost of the Y2K project is not expected to be material. The Company expects completion of the Y2K project by May 1999. FORWARD-LOOKING STATEMENTS - -------------------------- Certain statements contained herein are forward-looking statements which involve risks and uncertainties and, consequently, could be affected by general business conditions, the impact of competition, the seasonality of the Company's business, governmental regulations, and inflation. 12 SIZZLER INTERNATIONAL, INC. AND SUBSIDIARIES PART II - OTHER INFORMATION ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. a. On August 18, 1998 Sizzler International, Inc. held its annual meeting of stockholders. b. The following directors were elected as members of the Board at the Meeting:
Term Expires For Withheld ------- --- -------- James A. Collins 2001 24,735,303 651,793 Peter H. Dailey 2001 24,750,176 636,920 Charles F. Smith 2001 24,751,042 636,054
The following directors' terms of office continued after the meeting.
Term Expires ------- Barry E. Krantz 2000 Phillip D. Matthews 1999 H. Wallace Merryman 2000 Robert A. Muh 1999 Kevin W. Perkins 2000 Carol A. Scott 1999
c. Amendment to the Company's 1997 Employee Stock Incentive Plan was approved by the stockholders. 11,198,396 votes were cast in favor of the plan, 5,972,938 votes were cast against with 211,263 abstentions. ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K a. Exhibit 27 - Financial Data Schedule 13 SIGNATURES Pursuant to the requirement 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. SIZZLER INTERNATIONAL, INC. Registrant Date: September 9, 1998 /s/James A. Collins ------------------------------- James A. Collins Chief Executive Officer Date: September 9, 1998 /s/Ryan S. Tondro ------------------------------- Ryan S. Tondro Vice President (Principal Financial Officer) 14 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 3-MOS MAY-02-1999 MAY-04-1998 JUL-26-1998 23,139 0 4,512 1,511 4,107 31,495 172,640 96,199 117,796 28,980 32,273 0 0 288 44,814 117,796 50,733 52,578 18,550 18,550 0 0 863 2,456 395 2,061 0 0 0 2,061 0.07 0.07
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