RALLY'S HAMBURGERS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS (1)
(in thousands except shares and per
share amounts)
Three Months
Ended Twelve Months Ended
Dec. 29,
Dec. 31, Dec. 29, Dec. 31,
1996
1995 1996 1995
REVENUES
Restaurant Sales $33,085
$45,267 $156,445 $181,778
Franchise revenues and fees 1,388
1,428 5,867 7,081
Owner fee income
229 -- 440 --
Total revenues 34,702
46,695 162,752 188,859
COSTS AND EXPENSES
Restaurant cost of sales 10,659
17,196 53,712 64,813
Restaurant operating expenses
exclusive of depreciation
and amortization and other
operating expenses shown
separately below 14,059
22,359 71,155 84,305
General administrative expenses 4,032
4,676 15,426 18,972
Advertising and promotion expenses 1,387
3,529 7,767 13,188
Depreciation and amortization 2,218
2,708 9,838 13,006
Owner expenses
422 -- 744 --
Other charges (income) (489)
18,106 20 31,045
Total costs and expenses 32,288
68,574 158,662 225,329
Income (loss) from operations 2,414
(21,879) 4,090 (36,470)
OTHER INCOME (EXPENSE)
Interest expense (2,110)
(2,654) (8,622) (10,682)
Interest income
212 57 614 538
Other
(28) 46 (49) 234
Total Other (1,926)
(2,551) (8,057) (9,910)
Net Income (loss) before tax
and extraordinary items 488
(24,430) (3,967) (46,380)
PROVISION (BENEFIT) FOR INCOME TAXES 319
420 (675) 539
Net income (loss) before
extraordinary items 169
(24,850) (3,292) (46,919)
EXTRAORDINARY ITEMS
(net of tax benefit of $165 for
the quarter and tax expense of
$1,350 for the full year)
456 -- 5,280 --
NET INCOME (LOSS) $625
($24,850) $1,988($46,919)
Income (loss) per common share:
Income (loss) before
extraordinary item $0.01
($1.59) ($0.19) ($3.00)
Extraordinary item
0.02 -- 0.31 --
Net income (loss) $0.03
($1.59) $0.12 ($3.00)
Weighted average shares
outstanding 20,528
15,649 17,007 15,620
(1) Unaudited, subject to year-end review.
RALLY'S HAMBURGERS, INC. AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
AS OF DECEMBER 29, 1996 AND DECEMBER
31, 1995
(in thousands)
December
29, December 31,
1996(1) 1995
ASSETS
Current assets
$10,492 $22,182
Assets held for sale - long term
1,426 3,517
Property and equipment, net
69,806 78,683
Notes receivable, less current portion
697 676
Intangibles and other assets
29,837 32,334
Total assets
$112,258 $137,392
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
$19,968 $42,276
Long-term debt
62,672 74,783
Obligations under capital leases,
less current portion
5,408 5,631
Other liabilities
4,845 8,030
Total liabilities
92,893 130,720
Shareholders' equity
19,365 6,672
Total liabilities and
shareholders' equity
$112,258 $137,392
(1) Unaudited, subject to year-end review.
SOURCE Rally's Hamburgers, Inc.
-0- 02/13/97
/CONTACT: Donald E. Doyle of Rally's,
502-245-8900/
(RLLY) |
