Note P - Supplemental Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Mar. 04, 2014

Disclosure Text Block Supplement [Abstract]

Condensed Balance Sheet [Table Text Block]

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	44,134		$	340	–			$	44,474
Accounts receivable		2,368			2,676	–				5,044
Inventories		16,092			6,648	–				22,740
Income tax receivable		133,739		–			(129,498	)		4,241
Deferred income taxes		455			3,842	–				4,297
Other current assets		16,856			3,280	–				20,136
Total current assets		213,644			16,786		(129,498	)		100,932
Property and equipment, net		598,601			209,727	–				808,328
Investment in subsidiaries		153,842		–			(153,842	)	–
Due from/(to) subsidiaries		89,095			240,271		(329,366	)	–
Other assets		47,140			12,988	–				60,128
Total assets	$	1,102,322		$	479,772	$	(612,706	)	$	969,388
Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable	$	23,922		$	5,504	–			$	29,426
Accrued and other current liabilities		50,843			37,068	–				87,911
Current maturities of long-term debt, including capital leases		(348	)		5,117	–				4,769
Income tax payable	–				129,498		(129,498	)	–
Total current liabilities		74,417			177,187		(129,498	)		122,106
Long-term debt and capital leases,
less current maturities		219,981			42,123	–				262,104
Deferred income taxes		(1,399	)		3,842	–				2,443
Due to/(from) subsidiaries		240,271			89,095		(329,366	)	–
Other deferred liabilities		107,840			13,683	–				121,523
Total liabilities		641,110			325,930		(458,864	)		508,176
Shareholders’ equity:
Common stock		614		–		–				614
Capital in excess of par value		74,470		–		–				74,470
Retained earnings		395,640			153,842		(153,842	)		395,640
Accumulated other comprehensive loss		(9,512	)	–		–				(9,512	)
Total shareholders’ equity		461,212			153,842		(153,842	)		461,212
Total liabilities & shareholders’ equity	$	1,102,322		$	479,772	$	(612,706	)	$	969,388

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	52,635		$	272	–			$	52,907
Accounts receivable		1,854			2,980	–				4,834
Inventories		21,961			8,911	–				30,872
Income tax receivable		118,329		–			(116,429	)		1,900
Deferred income taxes		5,372			1,924	–				7,296
Other current assets		19,519			3,836	–				23,355
Total current assets		219,670			17,923		(116,429	)		121,164
Property and equipment, net		635,478			224,352	–				859,830
Investment in subsidiaries		167,887		–			(167,887	)	–
Due from/(to) subsidiaries		76,485			230,583		(307,068	)	–
Other assets		46,812			15,377	–				62,189
Total assets	$	1,146,332		$	488,235	$	(591,384	)	$	1,043,183
Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable	$	11,725		$	3,239	–			$	14,964
Accrued and other current liabilities		47,775			34,406	–				82,181
Current maturities of long-term debt, including capital leases		(347	)		8,834	–				8,487
Income tax payable	–				116,429		(116,429	)	–
Total current liabilities		59,153			162,908		(116,429	)		105,632
Long-term debt and capital leases, less current maturities		232,462			58,053	–				290,515
Deferred income taxes		(1,070	)		6,823	–				5,753
Due to/(from) subsidiaries		230,583			76,485		(307,068	)	–
Other deferred liabilities		108,369			16,079	–				124,448
Total liabilities		629,497			320,348		(423,497	)		526,348
Shareholders’ equity:
Common stock		612		–		–				612
Capital in excess of par value		67,596		–		–				67,596
Retained earnings		459,572			167,887		(167,887	)		459,572
Accumulated other comprehensive loss		(10,945	)	–		–				(10,945	)
Total shareholders’ equity		516,835			167,887		(167,887	)		516,835
Total liabilities & shareholders’ equity	$	1,146,332		$	488,235	$	(591,384	)	$	1,043,183

Condensed Income Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	212,249		$	81,715		–			$	293,964
Franchise revenue		63			1,525		–				1,588
		212,312			83,240		–				295,552
Operating costs and expenses:
Cost of merchandise		58,550			22,430		–				80,980
Payroll and related costs		71,742			29,609		–				101,351
Other restaurant operating costs		46,765			17,396		–				64,161
Depreciation		9,787			3,540		–				13,327
Selling, general, and administrative		16,532			16,808		–				33,340
Intercompany selling, general, and administrative allocations		14,908			(14,908	)	–			–
Closures and impairments		2,407			1,364		–				3,771
Trademark impairment	–				855		–				855
Equity in earnings of subsidiaries		(8,886	)	–				8,886		–
Interest expense, net		5,089			878		–				5,967
Intercompany interest expense/(income)		3,274			(3,274	)	–			–
		220,168			74,698			8,886			303,752
(Loss)/income from continuing operations before income taxes		(7,856	)		8,542			(8,886	)		(8,200	)
Benefit for income taxes from continuing operations		(463	)		(344	)	–				(807	)
(Loss)/income from continuing operations		(7,393	)		8,886			(8,886	)		(7,393	)
Income from discontinued operations, net of tax		86		–			–				86
Net (loss)/income	$	(7,307	)	$	8,886		$	(8,886	)	$	(7,307	)
Other comprehensive income:
Pension liability reclassification, net of tax		477		–			–				477
Total comprehensive (loss)/income	$	(6,830	)	$	8,886		$	(8,886	)	$	(6,830	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	621,181		$	235,594		–			$	856,775
Franchise revenue		182			4,478		–				4,660
		621,363			240,072		–				861,435
Operating costs and expenses:
Cost of merchandise		173,397			65,190		–				238,587
Payroll and related costs		214,633			86,968		–				301,601
Other restaurant operating costs		141,660			55,324		–				196,984
Depreciation		30,359			11,092		–				41,451
Selling, general, and administrative		68,250			39,136		–				107,386
Intercompany selling, general, and administrative allocations		43,679			(43,679	)	–			–
Closures and impairments		15,630			10,317		–				25,947
Trademark impairment	–				855		–				855
Equity in earnings of subsidiaries		(13,307	)	–				13,307		–
Interest expense, net		15,320			4,020		–				19,340
Intercompany interest expense/(income)		9,688			(9,688	)	–			–
Loss on extinguishment of debt		1,183		–			–				1,183
		700,492			219,535			13,307			933,334
(Loss)/income from continuing operations before income taxes		(79,129	)		20,537			(13,307	)		(71,899	)
(Benefit)/provision for income taxes from continuing operations		(15,100	)		7,230		–				(7,870	)
(Loss)/income from continuing operations		(64,029	)		13,307			(13,307	)		(64,029	)
Income from discontinued operations, net of tax		97		–			–				97
Net (loss)/income	$	(63,932	)	$	13,307		$	(13,307	)	$	(63,932	)
Other comprehensive income:
Pension liability reclassification, net of tax		1,432		–			–				1,432
Total comprehensive (loss)/income	$	(62,500	)	$	13,307		$	(13,307	)	$	(62,500	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	221,316		$	84,519		–			$	305,835
Franchise revenue		25			1,523		–				1,548
		221,341			86,042		–				307,383
Operating costs and expenses:
Cost of merchandise		60,626			23,169		–				83,795
Payroll and related costs		74,802			30,562		–				105,364
Other restaurant operating costs		44,242			17,704		–				61,946
Depreciation		10,751			3,863		–				14,614
Selling, general, and administrative		19,747			10,529		–				30,276
Intercompany selling, general, and administrative allocations		16,761			(16,761	)	–			–
Closures and impairments		1,235			861		–				2,096
Equity in earnings of subsidiaries		(12,369	)	–				12,369		–
Interest expense, net		5,195			1,396		–				6,591
Intercompany interest expense/(income)		3,482			(3,482	)	–			–
		224,472			67,841			12,369			304,682
(Loss)/income from continuing operations before income taxes		(3,131	)		18,201			(12,369	)		2,701
(Benefit)/provision for income taxes from continuing operations		(7,847	)		5,832		–				(2,015	)
Income from continuing operations		4,716			12,369			(12,369	)		4,716
Loss from discontinued operations, net of tax		(2,520	)		(158	)		158			(2,520	)
Net income	$	2,196		$	12,211		$	(12,211	)	$	2,196
Other comprehensive income:
Pension liability reclassification, net of tax		380		–			–				380
Total comprehensive income	$	2,576		$	12,211		$	(12,211	)	$	2,576

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	675,501		$	255,198		–			$	930,699
Franchise revenue		159			4,525		–				4,684
		675,660			259,723		–				935,383
Operating costs and expenses:
Cost of merchandise		184,827			69,678		–				254,505
Payroll and related costs		222,481			90,806		–				313,287
Other restaurant operating costs		137,844			55,604		–				193,448
Depreciation		32,623			11,680		–				44,303
Selling, general, and administrative		73,737			38,086		–				111,823
Intercompany selling, general, and administrative allocations		51,245			(51,245	)	–			–
Closures and impairments		4,210			864		–				5,074
Equity in earnings of subsidiaries		(33,835	)	–				33,835		–
Interest expense, net		15,836			4,310		–				20,146
Gain on extinguishment of debt		(155	)	–			–				(155	)
Intercompany interest expense/(income)		10,304			(10,304	)	–			–
		699,117			209,479			33,835			942,431
(Loss)/income from continuing operations before income taxes		(23,457	)		50,244			(33,835	)		(7,048	)
(Benefit)/provision for income taxes from continuing operations		(27,043	)		16,409		–				(10,634	)
Income from continuing operations		3,586			33,835			(33,835	)		3,586
Loss from discontinued operations, net of tax		(13,859	)		(810	)		810			(13,859	)
Net income/(loss)	$	(10,273	)	$	33,025		$	(33,025	)	$	(10,273	)
Other comprehensive income:
Pension liability reclassification, net of tax		1,141		–			–				1,141
Total comprehensive income	$	(9,132	)	$	33,025		$	(33,025	)	$	(9,132	)

Condensed Cash Flow Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Net cash (used)/provided by operating activities	$	(4,304	)	$	51,122		$	(17,664	)	$	29,154
Investing activities:
Purchases of property and equipment		(16,855	)		(5,702	)	–				(22,557	)
Proceeds from sale-leaseback transactions, net		5,637		–			–				5,637
Proceeds from disposal of assets		9,926			1,023		–				10,949
Other, net		842		–			–				842
Net cash used by investing activities		(450	)		(4,679	)	–				(5,129	)
Financing activities:
Principal payments on long-term debt		(12,958	)		(19,023	)	–				(31,981	)
Stock repurchases		(579	)	–			–				(579	)
Payments for debt issuance costs		(1,758	)	–			–				(1,758	)
Proceeds from exercise of stock options		1,576		–			–				1,576
Excess tax benefits from share-based compensation		284		–			–				284
Intercompany transactions		9,688			(27,352	)		17,664		–
Net cash used by financing activities		(3,747	)		(46,375	)		17,664			(32,458	)
(Decrease)/increase in cash and cash equivalents		(8,501	)		68		–				(8,433	)
Cash and cash equivalents:
Beginning of year		52,635			272		–				52,907
End of quarter	$	44,134		$	340		–			$	44,474

	Parent			Guarantors			Eliminations			Consolidated
Net cash (used)/provided by operating activities		(5,902	)	$	47,396		$	(26,040	)	$	15,454
Investing activities:
Purchases of property and equipment		(23,480	)		(4,253	)	–				(27,733	)
Proceeds from sale-leaseback transactions, net		38,872		–			–				38,872
Proceeds from disposal of assets		2,875			2,576		–				5,451
Other, net		416		–			–				416
Net cash provided/(used) by investing activities		18,683			(1,677	)	–				17,006
Financing activities:
Principal payments on long-term debt		(10,971	)		(9,329	)	–				(20,300	)
Stock repurchases		(30,149	)	–			–				(30,149	)
Proceeds from exercise of stock options		1,478		–			–				1,478
Excess tax benefits from share-based Compensation		87		–			–				87
Intercompany transactions		10,305			(36,345	)		26,040		–
Net cash used by financing activities		(29,250	)		(45,674	)		26,040			(48,884	)
Decrease in cash and cash equivalents		(16,469	)		45		–				(16,424	)
Cash and cash equivalents:
Beginning of year		47,986			198		–				48,184
End of quarter		31,517		$	243		–			$	31,760