-----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, J46SWNzFN99OEenbJSK4KLzVkcyoqwzZylRtG6AdF1GVHGeBsSEv7z7Pm62IBlON ARfxTDsPnbfUq/f/cZOwzw== 0000872548-97-000019.txt : 19971114 0000872548-97-000019.hdr.sgml : 19971114 ACCESSION NUMBER: 0000872548-97-000019 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971112 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FURRS BISHOPS INC CENTRAL INDEX KEY: 0000872548 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 752350724 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-10725 FILM NUMBER: 97712899 BUSINESS ADDRESS: STREET 1: 6901 QUAKER AVE CITY: LUBBOCK STATE: TX ZIP: 79413 BUSINESS PHONE: 8067927151 MAIL ADDRESS: STREET 1: 6901 QUAKER AVE CITY: LUBBOCK STATE: TX ZIP: 79413 10-Q 1 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 September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NO. 1-10725 FURR'S/BISHOP'S, INCORPORATED INCORPORATED IN DELAWARE I.R.S. EMPLOYER IDENTIFICATION NO.75-2350724 6901 QUAKER AVENUE, LUBBOCK, TX 79413 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (806)792-7151 - ------------------------------------------------------------------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 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 November 11, 1997, there were 48,675,158 shares of Common Stock outstanding. Page 1 of 15 Exhibit Index Located on Page 13 FURR'S/BISHOP'S, INCORPORATED INDEX PART I. FINANCIAL INFORMATION PAGE Item 1. Financial Statements Condensed Consolidated Balance Sheets - September 30, 1997 (Unaudited) and December 31, 1996 3 Unaudited Condensed Consolidated Statements of Operations - For the thirteen weeks ended September 30, 1997 and October 1, 1996 5 Unaudited Condensed Consolidated Statements of Operations - For the thirty-nine weeks ended September 30, 1997 and October 1, 1996 6 Unaudited Condensed Consolidated Statement of Stockholders' Deficit - For the thirty-nine weeks ended September 30, 1997 7 Unaudited Condensed Consolidated Statements of Cash Flows - For the thirty-nine weeks ended September 30, 1997 and October 1, 1996 8 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10 PART II. OTHER INFORMATION 13 SIGNATURES Page 2 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share amounts)
September 30, December 31, 1997 1996 ------------ ----------- (Unaudited) Assets Current assets: Cash and cash equivalents $ 3,027 $ 3,696 Accounts and notes receivable, net 870 1,186 Inventories 6,267 5,722 Prepaid expenses and other 1,257 380 ------------ ----------- Total current assets 11,421 10,984 Property, plant and equipment, net 54,002 63,806 Other assets 530 469 ------------ ----------- $ 65,953 $ 75,259 ============ ===========
See notes to unaudited condensed consolidated financial statements. (Continued on following page) Page 3 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) dollars in thousands, except per share amounts)
September 30, December 31, 1997 1996 ------------ ----------- (Unaudited) Liabilities and Stockholders' Deficit Current liabilities: Current maturities of long-term debt $ 5,493 $ 5,493 Trade accounts payable 4,955 5,498 Other payables and accrued expenses 18,476 14,882 Reserve for store closings - current portion 1,232 1,078 ------------ ----------- Total current liabilities 30,156 26,951 Reserve for store closings, net of current portion 3,317 2,470 Long-term debt, net of current portion 63,655 69,147 Other payables 7,421 8,265 Excess of future lease payments over fair value, net of amortization 2,966 3,482 Commitments and contingencies Stockholders' deficit: Preferred stock, $.01 par value; 5,000,000 shares authorized, none issued Common stock, $.01 par value; 65,000,000 shares authorized,48,675,158 and 48,671,188 issued and outstanding 487 487 Additional paid-in capital 55,870 55,866 Pension liability adjustment (2,854) (2,854) Accumulated deficit (95,065) (88,555) ------------ ----------- Total stockholders' deficit (41,562) (35,056) ------------ ----------- $ 65,953 $ 75,259 ============ ===========
See notes to unaudited condensed consolidated financial statements. Page 4 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts)
Thirteen weeks ended -------------------------- September 30, October 1, 1997 1996 ------------ ----------- Sales $ 49,376 $ 49,953 Costs and expenses: Cost of sales (excluding depreciation) 14,851 15,789 Selling, general and administrative 30,233 29,928 Depreciation and amortization 2,821 2,517 Net special charges (credits) 7,560 (535) ------------ ----------- 55,465 47,699 ------------ ----------- Operating income (loss) (6,089) 2,254 Interest expense 78 60 ------------ ----------- Net income (loss) $ (6,167) $ 2,194 ============ =========== Weighted average number of shares of common stock outstanding: Primary 48,675,123 48,670,459 ============ =========== Fully diluted 48,675,123 51,350,817 ============ =========== Net income per share: Primary $ (0.13) $ 0.04 ============ =========== Fully diluted $ (0.13) $ 0.04 ============ ===========
See notes to unaudited condensed consolidated financial statements. Page 5 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in thousands, except per share amounts)
Thirty-nine weeks ended -------------------------- September 30, October 1, 1997 1996 ------------ ----------- Sales $ 146,516 $ 149,311 Costs and expenses: Cost of sales (excluding depreciation) 44,195 46,557 Selling, general and administrative 90,393 89,049 Depreciation and amortization 8,235 7,136 Net special charges (credits) 9,991 (1,138) ------------ ----------- 152,814 141,604 ------------ ----------- Operating income (loss) (6,298) 7,707 Interest expense 212 187 ------------ ----------- Net income (loss) $ (6,510) $ 7,520 ============ =========== Weighted average number of shares of common stock outstanding: Primary 48,708,165 48,662,543 ============ =========== Fully diluted 48,708,165 51,350,817 ============ =========== Net income (loss) per share: Primary $ (0.13) $ 0.15 ============ =========== Fully diluted $ (0.13) $ 0.15 ============ ===========
See notes to unaudited condensed consolidated financial statements. Page 6 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 30, 1997 (dollars in thousands)
Additional Pension Total Common Paid-In Liability Accumulated Stockholders' Stock Capital Adjustment Deficit Deficit ------- --------- ---------- ----------- ------------- Balance at December 31, 1996 $ 487 $ 55,866 $ (2,854) $ (88,555) $ (35,056) Warrants exercised 4 4 Net loss (6,510) (6,510) ------- --------- ---------- ---------- ------------ Balance at September 30, 1997 $ 487 $ 55,870 $ (2,854) $ (95,065) $ (41,562) ======= ========= ========== ========== ============
See notes to unaudited condensed consolidated financial statements. Page 7 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (ollars in thousands)
Thirty-nine weeks ended -------------------------- September 30, October 1, 1997 1996 ------------ ----------- Cash flows from operating activities: Net income (loss) $ (6,510) $ 7,520 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 8,235 7,136 Loss on disposition of assets 223 259 Special charges (credits) 5,191 (699) Other, net 393 837 Changes in operating assets and liabilities: Decrease in restricted cash 800 (Increase) decrease in accounts and notes receivable 316 (1,126) Increase in inventories (545) (434) (Increase) decrease in prepaid expenses and other (877) 415 Increase (decrease) in trade accounts payable and other payables, accrued expenses and other liabilities 3,118 (1,619) ------------ ----------- Net cash provided by operating activities 9,544 13,089 ------------ ----------- Cash flows used in investing activities: Purchases of property, plant and equipment (4,032) (7,250) Expenditures charged to reserve for store closings (816) (1,633) Proceeds from the sale of property, plant and equipment 154 1,619 Other, net 8 61 ------------ ----------- Net cash used in investing activities (4,686) (7,203) ------------ ----------- Cash flows used in financing activities: Payment of indebtedness (5,493) (3,812) Other, net (34) (107) ------------ ----------- Net cash used in financing activities (5,527) (3,919) ------------ ----------- Increase (decrease) in unrestricted cash and cash equivalents (669) 1,967 Cash and cash equivalents at beginning of period 3,696 186 ------------ ----------- Cash and cash equivalents at end of period $ 3,027 $ 2,153 ============ =========== Supplemental disclosure of cash flow information: Interest paid, including $5,493 and $3,753 of interest classified as payment of indebtedness $ 5,499 $ 3,771 ============ ===========
See notes to unaudited condensed consolidated financial statements. Page 8 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE A: Summary of Significant Accounting Policies Furr's/Bishop's, Incorporated (the "Company"), a Delaware corporation, operates cafeterias and a buffet restaurant through its subsidiary Cafeteria Operators, L.P., a Delaware limited partnership (together with its subsidiaries, the "Partnership"). The financial statements presented herein are the unaudited condensed consolidated financial statements of Furr's/Bishop's, Incorporated and its majority owned subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the consolidated financial statements, and notes thereto, which are included in the Company's Form 10-K for the year ended December 31, 1996. The accompanying unaudited condensed consolidated financial statements reflect the accounts of the Company after elimination of all material intercompany and interpartnership accounts and transactions, and in the opinion of management include all adjustments, of a normal recurring nature, necessary for a fair presentation. Certain expenditures benefitting more than one period are charged to operations on a percentage of sales or on a pro rata basis over the 52-53 week fiscal year. Certain amounts have been reclassified in the statements of operations for the thirty-nine weeks ended October 1, 1996 to conform to the classifications used in the financial statements for the period ended September 30, 1997. The results of operations for the thirty-nine weeks ended September 30, 1997 may not be indicative of the results that may be expected for the fiscal year ending December 30, 1997. NOTE B: Income Tax During the thirty-nine week period ended September 30, 1997, the Company had a net loss for income tax purposes. The resulting tax benefit from the net operating loss has been offset by an increase in the tax valuation allowance. NOTE C: Special Charges The loss from operations for the quarter ended September 30, 1997 includes special charges of $7,560. The results of operations included a charge of $4,800 for the liability for the indemnification of litigation settlement costs and reasonable expenses related to a suit filed by Michael J. Levenson. Also included is $1,563 for the write down of assets and adjustments to closed store reserves of units previously closed and for two units to be closed, and $1,197 to recognize the write down of certain assets. Page 9 For the quarter ended April 1, 1997, the Company recognized net special charges of $2,431, including a charge of $1,888 for the writedown of assets and adjustments to closed store reserves, a charge of $1,835 to recognize the write down of certain assets in accordance with Statement of Financial Accounting Standards, No.121, "Accounting for the Impairment of Long-Lived Assets" ("SFAS121"), and a credit of $1,292 related to the settlement of a lawsuit previously filed against the Company by the Internal Revenue Service. The income from operations for the quarter ended October 1, 1996 includes net special credits of $535, including a credit of $709 for the proceeds received from the sale of certain trademarks and the termination of a trademark royalty agreement and the modification and extension of a lease related to the Company's former El Paso Bar-B-Que restaurants and a charge of $174 related to the former President and Chief Executive Officer and the search for a replacement. For the quarter ended July 2, 1996, the Company recognized net special credits of $603, including $699 for the insurance proceeds received related to a fire loss incurred in 1994 and a charge of $96 related to a consulting agreement with the former President and Chief Executive Officer. NOTE D: Commitments and Contingencies In July 1997, the Company reached a settlement of the litigation filed by Michael J. Levenson, the former Chairman of the Board, and others. The settlement involved a payment by the Company to the plaintiffs of a net amount of approximately $275. All settling defendants, including the Company and its subsidiaries, received mutual releases with respect to all matters alleged in the litigation. The Company is required to indemnify certain of the defendants originally named in the litigation for certain settlement costs and reasonable expenses they incurred in connection with the litigation, and estimates the total cost of such indemnification will be $4,800. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Thirteen Weeks Ended September 30, 1997 Compared to Thirteen Weeks Ended October 1, 1996 Results of operations. Sales for the third fiscal quarter of 1997 were $49.4 million, a decrease of $577 thousand from the same quarter of 1996. Operating loss for the third quarter of 1997 was $6.1 million compared to operating income of $2.3 million in the comparable period in the prior year. The operating results of the third quarter of 1997 included net special charges of $7.6 million while the same period of the prior year included net special credits of $535 thousand. The net loss for the third quarter of 1997 was $6.2 million compared to net income of $2.2 million in the third quarter of 1996. Sales. Restaurant sales in comparable units were 1.43% higher in the third quarter of 1997 than the same quarter of 1996. Sales for the third fiscal quarter were $1.3 million lower than the same period of the prior year due to there being a net of three fewer units included in operating results. Sales by Page 10 Dynamic Foods to third parties was $550 thousand lower in the third quarter of 1997 than the third quarter of the prior year. Cost of sales. Excluding depreciation, cost of sales was 30.1% of sales for the third quarter of 1997 as compared to 31.6% for the same quarter of 1996. The decrease in the percentage of sales was the result of changes in pricing, menu mix and lower product costs. Selling, general and administrative. Selling, general and administrative ("SG&A") expense was higher in the aggregate by $305 thousand in the third quarter of 1997 as compared to 1996 due to increases in some expense categories being partially offset by there being fewer units included in the operating results. The change in SG&A expense included an increase of $398 thousand in marketing expense, and decreases of $224 thousand in hourly wages and $193 thousand in utility expenses. Depreciation and amortization. Depreciation and amortization expense was higher by $304 thousand in the third quarter of 1997 due primarily to higher depreciation on newly acquired property, plant and equipment, along with the use of shorter depreciation periods. Special Charges. The loss from operations for the quarter ended September 30, 1997 includes special charges of $7.6 million. The results of operations included a charge of $4.8 million for the liability for the indemnification of litigation settlement costs and reasonable expenses related to a suit filed by Michael J. Levenson. Also included is $1.6 million for the write down of assets and adjustments to closed store reserves of units previously closed and for two units to be closed, and $1.2 million to recognize the write down of certain assets. The results of operations for the third quarter of the prior year includes net special credits of $603 thousand, including $699 thousand for insurance proceeds related to a fire loss and a charge of $96 thousand related to a consulting agreement with the former President and Chief Executive Officer. Interest expense. Interest expense was $78 thousand in the third quarter of 1997, which was slightly higher than the comparable period in the prior year. In accordance with Statement of Financial Accounting Standards No. 15, the restructured debt was recorded at the sum of all future principal and interest payments and there is no recognition of interest expense thereon. Thirty-nine Weeks Ended September 30, 1997 Compared to Thirty-nine Weeks ended October 1, 1996 Results of operations. Sales for the first thirty-nine weeks ended September 30, 1997 were $146.5 million, a decrease of $2.8 million from the same period of 1996. The operating loss for the thirty-nine week period of 1997 was $6.3 million compared to income of $7.7 million in the comparable period in the prior year. The operating results of the thirty-nine week period of 1997 included special charges of $10.0 million while the prior year included net special credits of $1.1 million . The net loss for the period in 1997 was $6.5 million compared to income of $7.5 million in the same period of 1996. During the first quarter of 1997, sales were negatively impacted by severe winter weather and by including fewer units in the operating results. Page 11 Sales. Restaurant sales in comparable units were 0.1% higher in the thirty-nine weeks of 1997 than the same period of 1996. Sales for the period were $780 thousand lower than the prior year due to there being a net of three fewer units included in operating results. Sales by Dynamic Foods to third parties were $1.7 million lower in the first thirty-nine weeks of 1997 than the prior year. Cost of sales. Excluding depreciation, cost of sales was 30.2% of sales for the first thirty-nine weeks of 1997 as compared to 31.2% for the same period of 1996. The decrease in the percentage of sales was the result of changes in pricing, menu mix and lower product costs. Selling, general and administrative. Selling, general and administrative expense was higher in the aggregate by $1.3 million in the first thirty-nine weeks of 1997 as compared to 1996 due to increases in some expense categories being partially offset by there being fewer units included in the operating results. The change in SG&A expense included an increase of $1.4 million in marketing expense, a decrease of $467 thousand in salaries, wages and related benefits and a decrease of $410 thousand in utility expense. Depreciation and amortization. Depreciation and amortization expense was higher by $1.1 million in the first thirty-nine weeks of 1997 due primarily to higher depreciation on newly acquired property, plant and equipment, along with the use of shorter depreciation periods. Special Charges. The loss from operations for the thirty-nine weeks ended September 30, 1997 includes net special charges of $10.0 million. The results of operations includes a charge of $4.8 million for the liability for indemnification of litigation settlement costs and reasonable expenses related to a suit filed by Michael J. Levenson, a charge for $3.5 million for the write down of assets and adjustments to closed store reserves of units previously closed and for three units to be closed, a charge of $3.0 million for the write down of certain assets and a credit of $1.3 million related to the settlement of a lawsuit previously filed against the Company by the Internal Revenue Service. For the thirty-nine weeks ended October 1, 1996, the Company recognized net special credits of $1.1 million, including $699 thousand from the insurance proceeds received related to a five loss incurred in 1994 and $709 thousand for the termination of a trademark royalty agreement and the modification and extension of a related lease, and a charge of $270 thousand related to a consulting agreement with the Chairman of the Board and the search for a new President and Chief Executive Officer. Interest expense. Interest expense was $212 thousand in the thirty-nine weeks in 1997, which was slightly higher than the comparable period in the prior year. In accordance with Statement of Financial Accounting Standards No. 15, the restructured debt was recorded at the sum of all future principal and interest payments and there is no recognition of interest expense thereon. Page 12 LIQUIDITY AND CAPITAL RESOURCES OF FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES During the thirty-nine weeks ended September 30, 1997, cash provided by operating activities of the Company was $9.6 million compared to $13.1 million in the same period of 1996. The Company made capital expenditures of $4.0 million during the first thirty-nine weeks of 1997 compared to $7.2 million during the same period of 1996. Cash, temporary investments and marketable securities were $3.0 million at September 30, 1997 compared to $2.2 million at October 1, 1996. The current ratio of the Company was .38:1 at September 30, 1997 compared to .38:1 at October 1, 1996 and .41:1 at December 31, 1996. The Company's total assets at September 30, 1997 aggregated $66.0 million, following the net special charges of $10.0 million, compared to $78.9 million at October 1, 1996 and $75.2 million at December 31, 1996. The Company's restaurants are a cash business. Funds available from cash sales are not needed to finance receivables and are not generally needed immediately to pay for food, supplies and certain other expenses of the restaurants. Therefore, the business and operations of the Company have not historically required proportionately large amounts of working capital, which is generally common among similar restaurant companies. Total scheduled maturities of long-term debt of the Company and its subsidiaries over the next five fiscal years are: $5.5 million in 1998, $5.5 million in 1999, $5.5 million in 2000 and $52.7 million in 2001. The Partnership has outstanding $69.1 million of 12% Notes due December 31, 2001, which includes $23.4 million of interest to maturity. Under the terms of the indenture covering the 12% Notes, a semi-annual cash interest payment of approximately $2.7 million is due on each March 31 and September 30. The obligations of the Partnership under the 12% Notes are secured by a security interest in and a lien on all of the personal property of the Partnership and mortgages on all fee and leasehold properties of the Partnership (to the extent such properties are mortgageable). In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" ("SFAS 128"), which specifies the computation, presentation and disclosure requirements for earnings per share for entities with publicly held common stock for both interim and annual periods ending after December 15, 1997. Management of the Company does not expect the adoption of the provisions of SFAS 128 in fiscal year 1997 to have a material impact. In July 1997, the Company reached a settlement of the litigation filed by Michael J. Levenson, the former Chairman of the Board, and others. The settlement involved a payment by the Company to the plaintiffs of a net amount of approximately $275 thousand. All settling defendants, including the Company and its subsidiaries, received mutual releases with respect to all matters alleged in the litigation. The Company is required to indemnify certain of the defendants originally named in the litigation for certain settlement costs and reasonable expenses they incurred in connection with the litigation, and estimates the total cost of such indemnification will be $4.8 million. Page 13 PART II OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (a) Exhibits 11 Computation of Net Income (Loss) Per Common Share (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter ended September 30, 1997. Page 14 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. FURR'S/BISHOP'S, INCORPORATED FURR'S/BISHOP'S, INCORPORATED BY: /s/Theodore J. Papit /s/Alton R. Smith ----------------------------- ----------------------------- Theodore J. Papit Alton R. Smith President and Chief Executive Officer Principal Accounting Officer Date: November 11, 1997 Page 15 Exhibit 11 FURR'S/BISHOP'S, INCORPORATED AND SUBSIDIARIES UNAUDITED COMPUTATION OF NET INCOME PER SHARE (Dollars and shares in thousands, except per share amounts)
Thirteen weeks Thirty-nine weeks ended ended ------------------ ------------------ Sept 30, Oct 1, Sept 30, Oct 1, 1997 1996 1997 1996 -------- -------- -------- -------- Net Income (Loss) $ (6,167) $ 2,194 $ (6,510) $ 7,520 ======== ======== ======== ======== Primary: Weighted average number of common shares outstanding 48,675 48,670 48,674 48,663 Common shares issued upon exercise of outstanding warrants, net of shares assumed to be repurchased - - 34 - -------- -------- -------- -------- Primary weighted average number of common and common equivalent shares outstanding 48,675 48,670 48,708 49,663 ======== ======== ======== ======== Primary net income (loss) per share of common stock $ (0.13) $ 0.04 $ (0.13) $ 0.15 ======== ======== ======== ======== Fully Diluted: Weighted average number of common shares outstanding 48,675 48,670 48,674 48,663 Common shares issued upon exercise of outstanding warrants, net of shares assumed to be repurchased - 2,681 34 2,688 -------- -------- -------- -------- Fully diluted weighted average common and common equivalent shares outstanding 48,675 51,351 48,708 51,351 ======== ======== ======== ======== Fully diluted net (loss) income per share of common $ (0.13) $ 0.04 $ (0.13) $ 0.15 ======== ======== ======== ========
Page 16 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FURR'S/BISHOP'S, INCORPRATED FINANCIAL STATEMENTS AS OF AND FOR THE PERIOD ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 1,000 9-MOS DEC-30-1997 JAN-01-1997 SEP-30-1997 3,027 0 897 27 6,267 11,421 103,955 49,953 65,953 30,156 63,655 0 0 487 (42,049) 65,953 146,516 146,516 44,195 44,195 108,619 0 212 (6,510) 0 (6,510) 0 0 0 (6,510) (0.13) (0.13)
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