-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, IxCGjx/NE52aSQJktpS6uei/FxtonDN10Ilw/4rKbUSEDf3AfapnGOqInYVdoMH0 NNv33zh1fGI5d9CLRpj2Tg== 0000892569-95-000328.txt : 199507070000892569-95-000328.hdr.sgml : 19950707 ACCESSION NUMBER: 0000892569-95-000328 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950522 FILED AS OF DATE: 19950706 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CKE RESTAURANTS INC CENTRAL INDEX KEY: 0000919628 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 330602639 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11313 FILM NUMBER: 95552376 BUSINESS ADDRESS: STREET 1: 1200 N HARBOR BLVD CITY: ANAHEIM STATE: CA ZIP: 92801 BUSINESS PHONE: 7147745796 10-Q 1 CKE RESTAURANTS, INC. 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ FORM 10-Q (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES - --- EXCHANGE ACT OF 1934. For the quarterly period ended May 22, 1995 ------------ 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 1-13192 ------- CKE RESTAURANTS, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) DELAWARE 33-0602639 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1200 North Harbor Boulevard, Anaheim, CA 92801 - -------------------------------------------------------- (Address of principal executive offices) (zip Code) Registrant's telephone number, including area code (714) 774-5796 -------------- NOT APPLICABLE --------------------------------------------------- Former name, former address and former fiscal year, if changed since last report. Indicate by checkmark 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 ----- ----- APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. $.01 par value common - 18,845,138 shares as of June 22, 1995 ------------------------------------------------------------- 2 CKE RESTAURANTS, INC. INDEX Page ---- Part I Consolidated Financial Information Item 1. Consolidated Financial Statements: Consolidated Balance Sheets as of May 22, 1995 and January 30, 1995 . . . . . . . . . . . . . . . . . . . . . 3 Consolidated Statements of Income for the sixteen weeks ended May 22, 1995 and May 23, 1994 . . . . . . . . . . . 4 Consolidated Statements of Cash Flows for the sixteen weeks ended May 22, 1995 and May 23, 1994 . . . . . . . . . . . 5-6 Notes to Consolidated Financial Statements . . . . . . . . . . 7-8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . . . . . 9-11 Part II Other Information Item 6. Exhibits and Reports on Form 8-K . . . . . . . . . . . . 12-13
2 3 CKE RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS (Dollars in Thousands) (Unaudited) ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
May 22, January 30, 1995 1995 -------- ----------- ASSETS Current assets: Cash and cash equivalents $ 6,329 $ 15,174 Marketable securities 2,587 3,088 Accounts receivable 11,858 12,411 Related party receivables 1,597 1,509 Inventories 6,175 5,950 Deferred income taxes, net 12,176 12,254 Other current assets 8,680 6,438 -------- -------- Total current assets 49,402 56,824 Property and equipment, net 140,001 133,248 Property under capital leases, net 29,767 30,515 Notes receivable 12,950 13,139 Related party notes receivable 2,166 2,109 Other assets 8,824 8,526 -------- -------- $243,110 $244,361 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 8,376 $ 8,168 Current portion of capital lease obligations 3,617 3,581 Accounts payable 16,488 29,754 Other current liabilities 33,211 30,065 -------- -------- Total current liabilities 61,692 71,568 -------- -------- Long-term debt 36,918 27,178 Capital lease obligations 41,892 42,691 Other long-term liabilities 13,397 14,450 Stockholders' equity: Preferred stock, $.01 par value; authorized 5,000,000 shares; none issued or outstanding -- -- Common stock, $.01 par value; authorized 50,000,000 shares; issued and outstanding 18,845,138 and 18,845,138 shares 188 188 Additional paid-in capital 35,119 35,119 Retained earnings 59,013 57,725 Treasury stock, at cost; 670,300 shares and 590,000 shares (5,109) (4,558) -------- -------- Total stockholders' equity 89,211 88,474 -------- -------- $243,110 $244,361 ======== ========
3 4 CKE RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands Except per share Amounts) (Unaudited)
Sixteen Weeks Ended ----------------------- May 22, May 23, 1995 1994 -------- -------- Revenues: Retail sales $116,027 $111,303 Franchised and licensed restaurants 21,593 23,703 -------- -------- Total revenues 137,620 135,006 -------- -------- Operating costs and expenses: Retail operations: Food and packaging 35,889 33,738 Payroll and other employee benefits 33,813 35,528 Occupancy and other operating expenses 25,053 24,807 -------- -------- 94,755 94,073 Franchised and licensed restaurants 20,656 22,512 Advertising expenses 6,263 5,857 General and administrative expenses 10,682 9,660 -------- -------- Total operating costs and expenses 132,356 132,102 -------- -------- Operating income 5,264 2,904 Interest expense (2,832) (2,641) Other income, net 707 731 -------- -------- Income before income taxes 3,139 994 Income tax expense 1,224 338 -------- -------- Net income $ 1,915 $ 656 ======== ======== Net income per common share $ .11 $ .04 ======== ======== Weighted average shares outstanding 18,199 18,739 ======== ========
4 5 CKE RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)
Sixteen Weeks Ended ------------------- May 22, May 23, 1995 1994 -------- -------- Net cash flow from operating activities: Net income $ 1,915 $ 656 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,165 6,802 Loss on sale of property and equipment 32 1,630 Reversal of rent subsidy reserves (327) (2,680) Net noncash investment income (81) (3) Deferred income taxes 78 -- Payment of arbitration judgment -- (3,000) Net change in marketable securities reserve -- 211 Net change in receivables, inventories and other current assets (2,545) (173) Net change in other assets (381) (988) Net change in accounts payable and other current liabilities (11,698) 940 -------- -------- Net cash provided by (used in) operating activities (5,842) 3,395 -------- -------- Cash flow from investing activities: Purchases of: Marketable securities -- (1,922) Property and equipment (12,873) (7,017) Proceeds from sales of: Marketable securities 589 2,933 Property and equipment 21 16 Collections on leases receivable 39 36 Increases in notes receivable & related party notes receivable (70) (30) Collections on notes receivable and related party notes receivable 533 581 -------- -------- Net cash used in investing activities (11,761) (5,403) -------- -------- Cash flow from financing activities: Net change in bank overdraft 1,546 (296) Short-term borrowings 19,460 2,500 Repayments of short-term debt (19,210) (2,500) Long-term borrowings 10,937 -- Repayments of long-term debt (1,230) (4,172) Repayments of capital lease obligations (763) (698) Net change in other long-term liabilities (703) (762) Exercise of stock options -- 546 Purchase of treasury stock (551) -- Payment of dividends (728) (749) -------- -------- Net cash provided by (used in) financing activities 8,758 (6,131) -------- -------- Net decrease in cash and cash equivalents $ (8,845) $ (8,139) ======== ========
5 6 CKE RESTAURANTS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)
Sixteen Weeks Ended ------------------------ May 22, May 23, 1995 1994 ------- ------- Supplemental disclosures of cash flow information: Cash paid during period for: Interest (net of amount capitalized) $2,906 $2,609 Income taxes 784 -- Noncash investing and financing activities: Investing activities: Transfer of other current assets to marketable securities -- 6,776 Leasing activities: Decrease in property under capital leases -- 91 Decrease in capital lease obligations -- (90) Reversal of certain lease subsidy reserves -- 2,680
6 7 CKE RESTAURANTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MAY 22, 1995 AND MAY 23, 1994 NOTE (A) BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of CKE Restaurants, Inc. and its wholly owned subsidiaries (the "Company") and have been prepared in accordance with the requirements of Form 10-Q and, therefore, do not include all information and footnotes which would be presented were such consolidated financial statements prepared in accordance with generally accepted accounting principles. These statements should be read in conjunction with the audited financial statements presented in the Company's 1995 Annual Report to Shareholders. In the opinion of management, all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of results to be expected for the full year. In April 1995, the Company entered into a transaction that resulted in the formation of a new privately owned company, Boston West, L.L.C. ("Boston West"). This new entity assumed the operations of all of the Company's 25 Boston Chicken and Boston Market stores and agreed to fulfill the Company's remaining obligation to develop an additional 175 Boston Market stores under its January 1994 area development agreement with Boston Chicken, Inc. ("BCI"). In connection with this transaction, the Company received preferred stock and all the outstanding common equity units in Boston West, valued at approximately $23 million and $620,000, respectively, in exchange for a majority of its existing Boston Chicken/Boston Market restaurant assets. In addition, this transaction provides for the leasing of approximately $12 million of equipment and real property retained by the Company to Boston West at current market rates. An affiliate of BCI has an option to purchase all the equipment and real property leased by the Company to Boston West. BCI agreed to lend Boston West, over time, up to $63.8 million as part of this transaction. This loan is convertible to equity in Boston West, at BCI's option, at 115% of the original equity price. On May 30, 1995, Boston West issued an additional $2.5 million of common equity units to an independent investor group. As of this date, the Company will no longer consolidate the operations of Boston West into its financial statements. The Company will realize a pro-rata share of the losses of its minority interest in Boston West until the independent investor group pays in full certain notes receivable to Boston West, due January 15, 1996, which are secured by $1.2 million of Boston West common equity units. At that time, the Company will account for its minority interest in Boston West using the cost method of accounting for investments. The Company's minority ownership may be increased upon exercise of a conversion option of the preferred stock to up to approximately 35% by an option to co-fund the capital requirements of Boston West up to a maximum of $15 million. This $15 million may be funded, in part, by proceeds of the purchase option in the equipment and real property leases when and if they are exercised. Since the start-up of the Company's Boston Chicken/Boston Market operations began in February 1994 and its first retail store did not open until July 1994, most of the prior year results of operations and other prior year financial performance presented in this Form 10-Q, which are discussed and analyzed below, were comprised solely of the Company's Carl's Jr. operations, unless otherwise indicated. 7 8 CKE RESTAURANTS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MAY 22, 1995 AND MAY 23, 1994 (Continued) NOTE (B) COMMITMENTS AND CONTINGENCIES In the ordinary course of business, the Company is subject to various claims, lawsuits and other disputes with third parties incidental to its operations. While certain of these matters involve claims for substantial amounts, the Company intends to defend these actions vigorously and it is the opinion of the Company's management, in consultation with its attorneys, that their ultimate resolution will not have a material adverse effect on the Company's consolidated financial statements. 8 9 CKE RESTAURANTS, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW Consolidated net income for the 16 weeks ended May 22, 1995 nearly tripled to $1.9 million, or $.11 per share, as compared with the first quarter of fiscal 1995. These results were primarily due to operating efficiencies achieved at the Company's Carl's Jr. restaurants. The Company believes the continued improvement in the Company's Carl's Jr. operations during the first quarter of fiscal 1996 reinforces its ongoing commitment to refocus its resources on its Carl's Jr. operations. A key component of the Company's new strategy is an extensive remodeling program for its existing Carl's Jr. restaurants, as many as 70 of which are planned for the current year. Plans are also underway to expand the Carl's Jr. concept by opening 15 new Company-operated restaurants in the coming year. A new advertising agency was appointed in February 1995 to assist the Company in redirecting its Carl's Jr. marketing programs and restoring its reputation of offering superior quality products. An aggressive new advertising campaign was introduced near the end of May 1995 and management is encouraged by its early results. The Company is also aggressively exploring and testing a variety of new ideas, products and other opportunities aimed at increasing its Carl's Jr. retail sales. One such opportunity is offering other branded products from Carl's Jr. restaurants. In May 1995, the Company entered into a five-year agreement with GB Foods Corporation, operator of the Green Burrito concept, under which the Company and, in some cases, its franchisees will convert a minimum of 140 restaurants to Carl's Jr./Green Burrito dual-brand restaurants. The roll out of these dual-brand restaurants will be done in conjunction with the Company's remodeling program and each location is expected to cost approximately $100,000. The Company is also currently testing this dual-brand concept with Long John Silver's products. As part of the Company's plans to offer Carl's Jr. products from smaller, non-traditional sites, the Company entered into an agreement in May 1995 with Unocal 76 Products Company ("Unocal") to jointly test the offering of Carl's Jr. products from Unocal Fast Break convenience stores and gasoline stations in California. Ten such sites will be opened by Unocal at their expense during the next 12 months under this agreement. Internationally, the Company entered into a joint venture agreement with its Malaysian-based licensee, Mbf Holdings Berhard in May 1995. Under the terms of this agreement, a minimum of 130 Carl's Jr. restaurants will be developed in 16 Asian countries over the next five years. The Company will hold a 30% equity interest in this venture with no capital outlay requirements. Finally, as part of its new strategy, the Company redefined its Boston Chicken/Boston Market operations and entered into a transaction in April 1995 that resulted in the formation of a new privately owned company, Boston West, L.L.C. ("Boston West"). This new entity assumed the operations of all of the Company's 25 Boston Chicken and Boston Market stores and agreed to fulfill the Company's remaining obligation to develop an additional 175 Boston Market stores under its January 1994 area development agreement with Boston Chicken, Inc. ("BCI"). In connection with this transaction, the Company received preferred stock and all the outstanding common equity units in Boston West, valued at approximately $23 million and $620,000, respectively, in exchange for a majority of its existing Boston Chicken/Boston Market restaurant assets. In addition, this transaction provides for the leasing of approximately $12 million of equipment and real property retained by the Company to Boston West at current market rates. An affiliate of BCI has an option to purchase all the equipment and real property leased by the Company to Boston West. BCI agreed to lend Boston West, over time, up to $63.8 million as part of this transaction. This loan is convertible to equity in Boston West, at BCI's option, at 115% of the original equity price. 9 10 CKE RESTAURANTS, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) On May 30, 1995, Boston West issued an additional $2.5 million of common equity units to an independent investor group. The Company's minority ownership may be increased upon exercise of a conversion option of the preferred stock to up to approximately 35% by an option to co-fund the capital requirements of Boston West up to a maximum of $15 million. This $15 million may be funded, in part, by proceeds of the purchase option in the equipment and real property leases when and if they are exercised. Since the start-up of the Company's Boston Chicken/Boston Market operations began in February 1994 and its first retail store did not open until July 1994, most of the prior year results of operations and other prior year financial performance presented in this Form 10-Q, which are discussed and analyzed below, were comprised solely of the Company's Carl's Jr. operations, unless otherwise indicated. RESULTS OF OPERATIONS For the 16 weeks ended May 22, 1995, consolidated retail sales, comprised mainly of sales from Carl's Jr. restaurants, increased 4.2% to $116.0 million. On a same-store basis, these sales, which are calculated using only restaurants open for the full quarters being compared, approximated year-ago levels, representing a significant improvement over the approximately 4% decline in same-store sales for the comparable fiscal 1995 quarter. The Company believes that its retail sales were positively affected by improving customer price/value perceptions as a result of new pricing strategies implemented throughout fiscal 1995. The weighted-average number of Company restaurants operating in fiscal 1996 was slightly higher than fiscal 1995, which also contributed to the increase in retail sales. Revenues from franchised and licensed restaurants decreased 8.9% to $21.6 million in the current year mainly due to fewer sales of food service products to Carl's Jr. franchisees and licensees by the Company's distribution centers. Distribution center sales to the Company's Carl's Jr. franchisees, which account for over 70% of total revenues from franchised and licensed restaurants, decreased in fiscal 1996 largely due to a decrease in the weighted-average number of franchisees operating in the current year. Distribution center sales to the Company's Carl's Jr. licensees, which account for nearly 5% of total revenues from franchised and licensed restaurants, were lower in the current year because many of the food products purchased by the Company's Mexican licensees are now being sold to these licensees directly from third-party Mexican distributors. The gross margins of the Company's retail operations improved from 15.5% in fiscal 1995 to 18.3% in the current year. This improvement is particularly noteworthy considering that same-store sales for the Company's Carl's Jr. restaurants approximated year-ago levels and the start-up nature of the Company's Boston Chicken/Boston Market operations. It also reflects the Company's continued commitment to improving the cost structure of its Carl's Jr. restaurants. The total cost of the Company's consolidated retail operations increased slightly in the current year as compared with fiscal 1995 due in large part to a 6.4% increase in food and packaging costs, reflective of increases in commodity prices as well as increases attributable to the Company's current year Boston Chicken/Boston Market operations. Offsetting these increases was a sharp decline in the payroll and other benefit costs of the Company's Carl's Jr. operations. These costs decreased $3.1 million, or 8.8%, in fiscal 1996 due to the Company's continuous efforts to improve labor productivity and decrease its workers' compensation costs. Occupancy and other operating costs increased slightly in the current year due to the slight increase in the number of stores and restaurants operating in fiscal 1996 as compared with the prior year. 10 11 CKE RESTAURANTS, INC. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) General and administrative expenses were $1.0 million, or 10.6%, higher in the first quarter of fiscal 1996 as compared with the same fiscal 1995 quarter largely due to the Company's Boston Chicken/Boston Market operations in the current year. Additionally, the prior year general and administrative expenses included several nonrecurring items, including a $2.7 million reduction resulting from the reversal of certain previously established lease subsidy reserves; $472,000 of expenses associated with the rollout of new menu boards and other repositioning efforts and the corresponding write-off of the old menu boards; and $254,000 of site conversion costs related to the Company's Boston Chicken/Boston Market operations, for a net reduction of $1.9 million in that year. Interest expense increased 7.2% to $2.8 million in the current year as a result of higher borrowings this year as compared with fiscal 1995. Other income, net in the first quarter of both fiscal 1996 and fiscal 1995 was comprised of interest on notes and leases receivable and other nonrecurring income. The total of such income earned in the current year approximates that of the prior year. The current year effective tax rate is higher than fiscal 1995 and approximates statutory levels. This increase is largely due to the elimination in December 1994 of federal tax credits related to the hiring of certain qualified employees. FINANCIAL CONDITION The development of the Company's Boston Chicken/Boston Market operations prior to the sale of the common equity units in Boston West materially impacted the Company's financial condition. Total cash and cash equivalents decreased $8.8 million and total bank borrowings increased $11.2 million largely as a result of the seven Boston Market stores opened and the eleven additional stores that were under development during the first quarter of fiscal 1996. Total cash available to the Company as of May 22, 1995 was $8.9 million, which includes $2.6 million of holdings in a diversified, highly-liquid investment portfolio with minimal interest rate risk. Following the formation of Boston West, the Company's loan agreement with its bank was amended such that borrowings totaling $28.0 million drawn against a former revolving credit line primarily to fund the development of the Company's Boston Chicken/Boston Market operations were converted to a term loan, payable in quarterly installments through September 1998. In addition, a new $15 million unsecured revolving credit line that expires in June 1996 was established for use in the Company's ongoing Carl's Jr. operations. As of May 22, 1995, a total of $14.7 million was available to the Company under this new credit line. As of May 22, 1995, the Company was not in compliance with one of its covenants governing its bank agreement. A waiver of the requirements of this covenant was received and a more favorable covenant was negotiated in its place that will apply to future measurement periods. The Company's primary sources of liquidity are its retail sales, which are generated in cash. As the Company is no longer the exclusive provider of capital for Boston West, future capital needs will arise, principally, for the construction of new Carl's Jr. restaurants, the remodeling of existing restaurants, the payment of lease obligations, the repayment of debt and the possible exercise of the option to increase the Company's existing equity interest in Boston West by $15 million. The Company believes that cash generated from its Carl's Jr. operations, along with the cash and marketable securities on hand as of May 22, 1995, and a combination of proceeds from its new revolving credit line and borrowings from other banks or financial institutions will provide the Company the funds necessary to meet all of the capital requirement and other obligations described above. 11 12 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibit 11 Calculation of Earnings per Share (b) Exhibit 27 Financial Data Schedule (included only with electronic filing) (c) No reports on Form 8-K were filed during the sixteen weeks ended May 22, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has fully caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CKE RESTAURANTS, INC. ------------------------------------- (Registrant) July 5, 1995 /s/ Joseph N. Stein - ------------ ------------------------------------- Date Senior Vice President, Chief Financial Officer and Duly Authorized Officer 12 EX-11 2 CALCULATION OF EARNINGS PER SHARE 1 EXHIBIT 11 CKE RESTAURANTS, INC. CALCULATION OF EARNINGS PER SHARE (In Thousands Except Per Share Amounts)
Sixteen Weeks Ended -------------------------- May 22, May 23, 1995 1994 ------- ------- PRIMARY EARNINGS PER SHARE - -------------------------- Net income $ 1,915 $ 656 ======= ======= Weighted average shares outstanding: Common stock outstanding from beginning of period 18,255 18,677 Pro-Rata Shares: Exercise of stock options -- 60 Purchase of treasury shares (72) -- Dilutive effect of outstanding stock options 15 2 ------- ------- 18,198 18,739 ======= ======= Primary earnings per share $ .11 $ .04 ======= ======= FULLY DILUTED EARNINGS PER SHARE - -------------------------------- Net income $ 1,915 $ 656 ======= ======= Weighted average shares outstanding: Common stock outstanding from beginning of period 18,255 18,677 Pro-Rata Shares: Exercise of stock options -- 60 Purchase of treasury shares (72) -- Dilutive effect of outstanding stock options 16 2 ------- ------- 18,199 18,739 ======= ======= Fully diluted earnings per share $ .11 $ .04 ======= =======
13 EX-27 3 FINANCIAL DATA SCHEDULE WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CKE RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF INCOME AS OF AND FOR THE SIXTEEN WEEKS ENDED MAY 22, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MAY 22, 1995. 1000 Qtr-1 JAN-29-1996 JAN-31-1995 MAY-22-1995 6,329 2,587 28,571 0 6,175 49,402 288,576 148,575 243,110 61,692 0 188 0 0 89,023 243,110 116,027 137,620 94,755 132,356 (707) 0 2,832 3,139 1,224 1,915 0 0 0 1,915 .11 .11
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