More News Tagged
| Financial
| Steak n Shake
The Steak n Shake Company Reports Fiscal Third Quarter 2009 Results
2009-08-11
The Steak n Shake Company (NYSE:SNS) announces its results for its third fiscal quarter 2009, which ended July 1, 2009. Net earnings for the third quarter of fiscal year 2009 were $3.8 million, or $0.13 per diluted share, contrasted to a net loss of ($9.8 million), or ($0.35) per diluted share in the third quarter of fiscal year 2008. Last year's third quarter loss included $8.7 million, or $0.31 per diluted share, net of tax impairment charges related to underperforming restaurants.
Steak n Shake now operates as a holding company with its primary business activities conducted through Steak n Shake Operations, Inc. The company's prime objective centers on maximizing its per-share intrinsic value. Thus, the company may pursue investments in the form of acquisitions, joint ventures, and partnerships either related or unrelated to its ongoing business activities. All investment and capital allocation decisions are made by Sardar Biglari, the company's Chairman and Chief Executive Officer.
Fiscal Year 2009 Results (Year-to-date)
Year-to-date net earnings through the third quarter of fiscal year 2009 were $2.6 million, or $0.09 per diluted share, contrasted to a net loss of ($13.8 million), or ($0.49) per diluted share, for the same period a year ago. Last year's third quarter year-to-date loss included $8.7 million, or $0.31 per diluted share, net of tax impairment charges stemming from underperforming restaurants.
Advertisement
Condensed Consolidated Statements of Operations (Unaudited)
-----------------------------------------------------------
The Steak n Shake Company
(Amounts in $000s except share and per share data)
Twelve Weeks Ended Forty Weeks Ended
------------------ -----------------
July 1, July 2, July 1, July 2,
2009 2008 2009 2008
---- ---- ---- ----
Revenues:
Net sales $145,648 $143,303 $464,342 $468,071
Franchise fees 701 990 2,713 3,105
--- --- ----- -----
Total revenues 146,349 144,293 467,055 471,176
Costs and expenses:
Cost of sales 34,814 35,527 112,456 115,658
Restaurant operating
costs 76,880 79,241 253,088 259,090
General and
administrative 7,886 11,056 27,330 35,546
Depreciation and
amortization 6,913 7,812 23,842 25,925
Marketing 8,230 6,666 25,646 23,043
Interest 3,347 3,263 10,998 10,816
Rent 3,577 3,379 11,801 11,107
Pre-opening costs 7 112 7 1,243
Asset impairments and
provision for restaurant
closing 63 14,089 980 14,089
Gain on disposal of
property (85) (385) (97) (372)
Other income, net (630) (288) (968) (1,263)
---- ---- ---- ------
Total costs and expenses 141,002 160,472 465,083 494,882
------- ------- ------- -------
Earnings (loss) before
income taxes 5,347 (16,179) 1,972 (23,706)
Income taxes 1,544 (6,382) (644) (9,912)
------ ------- ------ --------
Net earnings (loss) $3,803 $(9,797) $2,616 $(13,794)
====== ======= ====== ========
Basic earnings (loss) per
common and common
equivalent share $0.13 $(0.35) $0.09 $(0.49)
Diluted earnings (loss)
per common and common
equivalent share $0.13 $(0.35) $0.09 $(0.49)
Weighted average shares
and equivalents:
Basic 28,551,669 28,288,330 28,447,380 28,274,193
Diluted 28,663,007 28,288,330 28,538,960 28,274,193
Condensed Consolidated Statements of Financial Position
-------------------------------------------------------
The Steak n Shake Company
(Amounts in $000s except share and per share data)
July 1, Sept. 24,
2009 2008
---- ----
(Unaudited)
Assets:
Current assets
Cash and cash equivalents $37,843 $6,855
Receivables, net of allowances of $539 (2009)
and $341 (2008) 8,011 15,622
Inventories 7,131 6,795
Deferred income taxes 5,674 3,260
Assets held for sale 18,479 25,395
Other current assets 5,488 3,009
----- -----
Total current assets 82,626 60,936
Net property and equipment 406,197 432,690
Goodwill 14,503 14,503
Other intangible assets, net 1,616 1,765
Other assets 8,180 10,242
----- ------
Total assets $513,122 $520,136
======== ========
Liabilities and shareholders' equity:
Current liabilities
Accounts payable $25,495 $25,302
Accrued expenses 32,018 31,685
Current portion of long-term debt 20 733
Revolving credit 13,680 14,180
Current portion of obligations under leases 4,424 4,417
----- -----
Total current liabilities 75,637 76,317
Deferred income taxes 9,858 2,209
Other long-term liabilities 6,792 7,439
Obligations under leases 132,035 134,809
Long-term debt 53 15,783
Commitments and contingencies
Shareholders' equity:
Common stock - $0.50 stated value, 50,000,000
shares authorized -shares issued: 30,332,839 15,166 15,166
Additional paid-in capital 129,268 128,526
Retained earnings 164,349 161,733
Treasury stock - at cost: 1,519,905 shares as
of July 1, 2009; 1,760,531 shares as of September
24, 2008 (20,036) (21,846)
------- -------
Total shareholders' equity 288,747 283,579
------- -------
Total liabilities and shareholders' equity $513,122 $520,136
======== ========
Condensed Consolidated Statements of Cash Flows (Unaudited)
-----------------------------------------------------------
The Steak n Shake Company
(Amounts in $000s)
Forty Weeks Ended
-----------------
July 1, July 2,
2009 2008
---- ----
Operating activities:
Net earnings (loss) $2,616 $(13,794)
Adjustments to reconcile net earnings (loss) to net
cash provided by operating activities:
Depreciation and amortization 23,842 25,925
Provision for deferred income taxes 5,235 (4,714)
Asset impairments and provision for restaurant
closing 980 14,089
Non-cash expense for stock-based compensation and
deferred rent 2,422 2,676
Gain on disposal of property (97) (372)
Changes in receivables and inventories 7,581 1,720
Changes in other assets (3,016) (3,299)
Changes in accounts payable and accrued expenses 1,552 1,340
----- -----
Net cash provided by operating activities 41,115 23,571
------ ------
Investing activities:
Additions of property and equipment (3,145) (28,512)
Proceeds from property and equipment disposals 9,277 11,531
----- ------
Net cash provided by (used in) investing activities 6,132 (16,981)
----- -------
Financing activities:
Net proceeds from revolving credit facility (500) (18,005)
Principal payments on long-term debt (16,443) (1,080)
Proceeds from equipment and property sale-leasebacks 3,597 14,817
Principal payments on direct financing lease
obligations (3,606) (3,336)
Proceeds from exercise of stock options - 132
Excess tax benefits from stock-based awards 40 10
Repurchase of employee shares for tax withholding (202) (8)
Proceeds from employee stock purchase plan 855 1,004
--- -----
Net cash used in financing activities (16,259) (6,466)
------- ------
Increase in cash and cash equivalents 30,988 124
Cash and cash equivalents at beginning of period 6,855 1,497
----- -----
Cash and cash equivalents at end of period $37,843 $1,621
======= ======
More Steak n Shake News
- The Steak n Shake Company Changes Corporate Name
- The Steak n Shake Company Proposes to Acquire Fremont Michigan InsuraCorp, Inc. for $24.50 Per Share in Cash and Stock
- The Steak n Shake Company and Western Sizzlin Corporation Sign Merger Agreement
- Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Western Sizzlin Corporation
- The Steak n Shake Company and Western Sizzlin Corporation Announce Intent to Merge
Related Restaurant Industry Financial News
- Landry's Restaurants, Inc. ('LNY'/NYSE) Reports Fourth Quarter Adjusted EBITDA of $34.6 Million and Full Year 2009 Adjusted EBITDA of $178.6 Million
- Jamba, Inc. Reports Financial Results for Fourth Quarter and Fiscal Year 2009
- Western Sizzlin Corporation Mails Definitive Proxy Statement/Prospectus and Announces Notification to NASDAQ of Intent to Delist in Connection with the Merger
- Ruby Tuesday, Inc. Reports Continued Sales Improvement
- Rick’s Cabaret International, Inc. Reports Record $7.65 Million Nightclub Sales in February; Same Club Comps Rise 28.2%
Ads by Nevistas
