-----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, Mi8rMqGm8+i8h/V5so7JBE0K4Folak9SNzglpTXRAo1KaLXOSq5ovvrkAfBPEob6 bqL+0mVydfO8RNmfZ4Hddg== 0000703799-97-000017.txt : 19970918 0000703799-97-000017.hdr.sgml : 19970918 ACCESSION NUMBER: 0000703799-97-000017 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970731 FILED AS OF DATE: 19970912 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: VICORP RESTAURANTS INC CENTRAL INDEX KEY: 0000703799 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 840511072 STATE OF INCORPORATION: CO FISCAL YEAR END: 1026 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12343 FILM NUMBER: 97679726 BUSINESS ADDRESS: STREET 1: 400 W 48TH AVE CITY: DENVER STATE: CO ZIP: 80216 BUSINESS PHONE: 3032962121 10-Q 1 THIRD QUARTER 10-Q UNITED STATES SECURITIES & 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 July 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission file number 0-12343 VICORP Restaurants, Inc. (Exact name of registrant as specified in its charter) COLORADO 84-0511072 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 400 West 48th Avenue, Denver, Colorado 80216 (Address of principal executive offices) (Zip Code) (303) 296-2121 (Registrant's telephone number, including area code) Not Applicable (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark 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 The registrant had 9,129,968 shares of its $.05 par value Common Stock outstanding as of September 10, 1997. PART I - FINANCIAL INFORMATION Item 1. Financial Statements VICORP Restaurants, Inc. CONSOLIDATED BALANCE SHEETS (in thousands)
July 31, October 31, 1997 1996 ----------- ------------ (unaudited) ASSETS Current assets Cash $ 2,291 $ 1,406 Receivables 2,628 3,221 Inventories 5,034 6,517 Deferred income taxes 5,000 5,000 Prepaid expenses and other 928 1,202 -------- -------- Total current assets 15,881 17,346 -------- -------- Property and equipment, net 127,185 134,653 Deferred income taxes 39,102 41,324 Other assets 8,997 10,623 -------- -------- Total assets $ 191,165 $ 203,946 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Current maturities of long-term debt (Note 2) $ 83 $ 78 Current maturities of capitalized lease obligations 1,379 1,514 Accounts payable, trade 9,942 11,131 Accrued compensation 5,384 5,686 Accrued taxes 7,898 6,941 Accrued insurance 3,849 4,524 Other accrued expenses 4,616 4,776 -------- -------- Total current liabilities 33,151 34,650 -------- -------- Long-term debt (Note 2) 11,069 24,642 Capitalized lease obligations 7,925 8,943 Non-current accrued insurance 4,033 5,349 Other non-current liabilities and credits 6,691 8,093 Shareholders' equity Series A Junior Participating Preferred Stock, $.10 par value, 200,000 shares authorized, no shares issued Common stock, $.05 par value, 20,000,000 shares authorized, 9,129,968 and 9,055,026 shares issued and outstanding 456 453 Paid-in capital 84,994 84,431 Retained earnings 42,846 37,385 -------- -------- Total shareholders' equity 128,296 122,269 -------- -------- Total liabilities and shareholders' equity $ 191,165 $ 203,946 ======== ========
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)
Three Three Nine Nine months months months months ended ended ended ended -------- -------- --------- --------- July 31, July 31, July 31, July 31, 1997 1996 1997 1996 -------- -------- --------- --------- Revenues Restaurant operations $ 80,718 $ 85,540 $242,389 $259,247 Franchise operations 857 905 2,432 2,632 ------- ------- -------- ------- Total revenues 81,575 86,445 244,821 261,879 ------- ------- -------- ------- Costs and expenses Restaurant operations Food 25,313 26,909 76,987 86,422 Labor 26,302 27,146 77,321 83,237 Other operating 20,705 23,085 62,768 70,592 General and administrative 5,836 6,135 17,686 18,223 Asset Disposal -- 5,800 -- 5,800 ------- ------- ------- ------- Operating Profit 3,419 (2,630) 10,059 (2,395) ------- ------- ------- ------- Interest expense 590 895 2,006 3,009 Other (income) expense, net (141) (112) (479) (597) ------- ------- ------- ------- Income (loss) before income tax expense (benefit) 2,970 (3,413) 8,532 (4,807) Income tax expense (benefit) 1,068 (1,881) 3,071 (2,404) ------- ------- ------- ------- Net income (loss) $ 1,902 $ (1,532) $ 5,461 $ (2,403) ======= ======= ======= ======= Earnings (loss) per common and dilutive common equivalent share $ .21 $ (.17) $ .59 $ (.27) ======= ======= ======= ======= Weighted average common shares and dilutive common share equivalents 9,201 9,050 9,188 9,048 ======= ======= ======= =======
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Nine Nine Months Months ended ended July 31, July 31, 1997 1996 ------- ------- Operations Net income (loss) $ 5,461 $ (2,403) Reconciliation to cash provided by operations Depreciation and amortization 14,653 15,920 Deferred income tax provision (benefit) 2,222 (2,414) Loss on disposition of assets 141 6,019 Other, net (332) (160) ------- ------- 22,145 16,962 Change in assets and liabilities Trade receivables 1,314 777 Inventories 1,483 2,994 Accounts payable, trade (1,189) (5,872) Other current assets and liabilities 94 (2,816) Non-current accrued insurance (1,316) 707 ------- ------- Cash provided by operations 22,531 12,752 ------- ------- Investing activities Purchase of property and equipment (9,098) (5,591) Purchase of other assets (276) (32) Disposition of property 917 (25) Collection of non-trade receivables 702 544 ------- ------- Cash provided by (used for) investing activities (7,755) (5,104) ------- ------- Financing activities Issuance of debt -- 10,000 Payment of debt and capitalized lease obligations (14,731) (19,523) Purchase of common stock -- -- Issuance of common stock 400 -- Other, net 440 (141) ------- ------- Cash used for financing activities (13,891) (9,664) ------- ------- Increase (decrease) in cash 885 (2,016) Cash at beginning of period 1,406 3,988 ------- ------- Cash at end of period $ 2,291 $ 1,972 ======= ======= Supplemental information Cash paid during the period for Interest (net of amount capitalized) $ 2,013 $ 3,053 Income taxes 359 297
The accompanying notes are an integral part of the financial statements. VICORP Restaurants, Inc. NOTES TO FINANCIAL STATEMENTS (unaudited) - ----------------------------------------- 1. The consolidated financial statements should be read in conjunction with the annual report to shareholders for the year ended October 31, 1996. The unaudited financial statements for the nine months ended July 31, 1997 and July 31, 1996 contain all adjustments which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. All of the adjustments included are of a normal and recurring nature. 2. As of July 31, 1997, the Company had $11,000,000 of borrowings outstanding and $4,916,000 of letters of credit placed under its bank credit facility. The Company's bank credit agreement expires on October 31, 1999, but may be extended by the bank for one year. 3. In the fourth quarter of 1994, the Company adopted a plan to dispose of 50 restaurant locations in trade areas that were no longer considered appropriate for the Company's existing concepts. As part of the disposal plan, the carrying value of those restaurants' assets were written down to net realizable values. The Company also accrued for expected carrying costs pending disposition and sublease disposition losses. In the third quarter of fiscal 1996, the Company recorded an asset disposal charge related to a decision to close and dispose of six of its Angel's Diners. As of the end of fiscal 1996, the Company had closed all the restaurants related to both disposal plans. Forty-four stores have been disposed of through sublease, lease termination or sale. Operating results for the closed restaurants for the third quarter and first three quarters of fiscal 1996 were as follows:
Three months ended Nine months ended July 31, 1996 July 31, 1996 ------------------ ----------------- Sales $1,260,000 $5,394,000 Store operating profit (loss) (172,000) (817,000)
During the nine months ended July 31, 1997, $1,197,000 of closure and carrying related costs were charged against the liability established for such costs. Partially offsetting the charges are gains on properties sold. As of July 31, 1997, the Company had $7,438,000 of reserves remaining to provide for the disposal of 12 closed properties and 9 subleased properties. Units classified as subleased may return to closed status upon sublease termination. The reserves consisted of $5,409,000 to reduce the disposal property to net realizable value and $2,029,000 to provide for expected carrying costs and sublease losses. 4. Effects of Recently Issued Accounting Pronouncements In March 1997, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards No. 128, "Earnings Per Share" (SFAS No. 128), which supersedes Accounting Principles Board Opinion No. 15, "Earnings Per Share" ("APB No. 15"). SFAS No. 128 simplifies the requirements for reporting earnings per share ("EPS") by requiring companies only to report "basic" and "diluted" EPS. SFAS No. 128 is effective for both interim and annual periods ending after December 15, 1997 but requires retroactive restatement upon adoption. The Company will adopt SFAS No. 128 in the first quarter of its fiscal year ending October 31, 1998. The Company does not believe such adoption will have a material effect on either its previously reported or future earnings per share. In March 1997, the FASB issued Statement of Financial Accounting Standards No. 129, "Disclosure of Information about Capital Structure" (SFAS No. 129), which continues the existing requirements of APB No. 15 but expands the number of companies subject to portions of its requirements. Specifically, SFAS No. 129 requires that entities previously exempt from the requirements of APB No. 15 disclose the pertinent rights and privileges of all securities other than ordinary common stock. SFAS No. 129 is effective for periods ending after December 15, 1997. The Company was not exempt from APB No. 15; accordingly, the adoption of SFAS No. 129 will not have any effect on the Company. In June 1997, the FASB issued Statement of Financial Accounting Standards No. 130, "Reporting Comprehensive Income" (SFAS No. 130) which establishes standards for reporting and display of comprehensive income and its components (revenues, expenses, gains, and losses) in a full set of general-purpose financial statements. This Statement requires that all items that are required to be recognized under accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. SFAS No. 130 does not require a specific format for that financial statement but requires that an enterprise display an amount representing total comprehensive income for the period in that financial statement. This Statement is effective for fiscal years beginning after December 15, 1997. In June 1997, the FASB issued Statement of Financial Accounting Standards No. 131, " Disclosures About Segments of an Enterprise and Related Information" (SFAS No. 131) which establishes standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. SFAS No. 131 supersedes FASB Statement No. 14, "Financial Reporting for Segments of a Business Enterprise," but retains the requirement to report information about major customers. SFAS No. 131 requires that a public business enterprise report financial and descriptive information about its reportable operating segments. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Generally, financial information is required to be reported on the basis that it is used internally for evaluating segment performance and deciding how to allocate resources to segments. SFAS No. 131 is effective for financial statements for periods beginning after December 15, 1997. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of operations - --------------------- The Company's quarterly financial information is subject to seasonal fluctuation. Restaurant operations The following table sets forth certain operating information for the Company's operating concepts and the Company as a whole.
Third Quarter Year-to-Date ---------------------------- ----------------------------- Three Three Nine Nine months ended months ended months ended months ended ------------- ------------ ------------ ------------ July 31, July 31, July 31, July 31, 1997 1996 1997 1996 ------------- ------------ ------------ ------------ Bakers Square Restaurant sales $ 48,347,000 $ 51,432,000 $144,962,000 $156,257,000 Restaurant operating profit 3,072,000 3,473,000 9,256,000 5,570,000 Restaurant operating profit % 6.4% 6.8% 6.4% 3.6% Divisional administrative costs 1,191,000 1,193,000 3,576,000 3,065,000 Divisional operating profit 1,881,000 2,280,000 5,680,000 2,505,000 Restaurants at quarter-end 150 155 Village Inn Restaurant sales $ 32,118,000 $32,487,000 $96,363,000 $97,959,000 Restaurant operating profit 5,354,000 5,057,000 16,076,000 13,961,000 Restaurant operating profit % 16.7% 15.6% 16.7% 14.3% Franchise income 857,000 905,000 2,432,000 2,632,000 Divisional administrative costs 966,000 791,000 2,622,000 2,037,000 Divisional operating profit 5,245,000 5,171,000 15,886,000 14,556,000 Restaurants at quarter-end 96 98 Angel's Restaurant sales $ 253,000 $1,621,000 $ 1,064,000 $ 5,031,000 Restaurant operating profit (loss) (28,000) (130,000) (19,000) (535,000) Restaurant operating profit % (11.1)% (8.0)% (1.8)% (10.6)% Divisional administrative costs 4,000 47,000 11,000 226,000 Divisional operating profit (loss) (32,000) (177,000) (30,000) (761,000) Restaurants at quarter-end 0 5 Consolidated Restaurant sales $80,718,000 $85,540,000 $242,389,000 $259,247,000 Food cost % 31.4% 31.5% 31.8% 33.3% Labor cost % 32.6% 31.7% 31.9% 32.1% Other operating cost % 25.7% 27.0% 25.9% 27.2% Restaurant operating profit % 10.4% 9.8% 10.4% 7.3% Restaurant operating profit 8,398,000 8,400,000 25,313,000 18,996,000 Franchise income 857,000 905,000 2,432,000 2,632,000 Divisional general and administrative costs 2,161,000 2,031,000 6,209,000 5,328,000 ---------- --------- ----------- ----------- Divisional operating profit 7,094,000 7,274,000 21,536,000 16,300,000 ---------- ---------- ----------- ----------- Unallocated general and administrative costs 3,675,000 4,104,000 11,477,000 12,895,000 ---------- ---------- ----------- ----------- Operating profit (before asset disposal charge) 3,419,000 3,170,000 10,059,000 3,405,000 ========== ========== =========== ===========
________________ The Company changed its method of allocating administrative and support expenses between its various divisions during the second quarter of 1997. The operating results for the three quarters of the year in this report incorporate restated figures for the first quarter which do not conform to the figures originally reported for that period. Consolidated restaurant sales decreased $4.8 million, or 5.6%, during the third fiscal quarter and decreased $16.9 million, or 6.5% for the first three quarters of fiscal 1997 compared to last year. Contributing to lower sales was the operation of 12 fewer restaurants for the third quarter of 1997. During the third quarter of fiscal 1997, consolidated sales decreased 2.3% and guest counts increased 0.2% on a comparable same store basis. Same store sales for Village Inn decreased 0.1% and Bakers Square's same store sales contracted by 3.7%. Comparable guest counts for Village Inn increased 1.5% and Bakers Square declined 0.9%. For the first three quarters of fiscal 1997, comparable total store sales decreased 3.0%, reflective of a 4.6% decrease for Bakers Square and a 0.6% decrease for Village Inn. The comparable sales decrease in Bakers Square was due to adverse weather conditions early in the period resulting in a decrease in guest counts. Village Inn's year-to-date comparable sales decreased slightly, while comparable guest counts increased modestly. The Company continues to focus on increasing the guest counts at its Bakers Square concept. Bakers Square Midwest units are currently being remodeled in a significant campaign to enhance the dining experience. In addition, both tactical marketing programs and special incentive programs in the local restaurants will be expanded to increase customer awareness and improve service levels. Consolidated restaurant operating profit was basically unchanged but increased as a percentage of restaurant sales from 9.8% to 10.4% in the third quarter of 1997 versus the third quarter of 1996. Bakers Square's restaurant operating profit percentage decreased by 0.4 percentage points while Village Inn's increased by 1.1 percentage points over the same quarter of 1996. Consolidated restaurant operating profit increased by $6.3 million for the first three quarters of fiscal 1997 compared to 1996's first three quarters largely due to operating efficiencies in food, labor and other costs. The following presents select quarterly trend data related to the operations of Bakers Square and Village Inn:
Bakers Square Village Inn ------------- ----------- Comparable Comparable Comparable Store Store Comparable Store Store Store Guest Operating Store Guest Operating Sales Counts Margin Sales Counts Margin -------------------------------- --------------------------------- 1996: 1st Qtr (7.6%) (0.3%) 0.1% 0.0% (0.8%) 13.5% 2nd Qtr 1.1% 0.0% 4.0% 4.4% 3.5% 13.7% 3rd Qtr 0.5% (4.5%) 6.8% 2.4% 2.9% 15.6% 4th Qtr (3.6%) (4.3%) 7.7% 0.1% 0.7% 17.7% 1997: 1st Qtr (4.6%) (2.4%) 6.7% (0.2%) (0.2%) 16.6% 2nd Qtr (5.6%) (3.3%) 6.1% (1.5%) (1.0%) 16.8% 3rd Qtr (3.7%) (0.9%) 6.4% (0.1%) 1.5% 16.7% Asset Disposal - ---------------- As of July 31, 1997, the Company had closed all of the 56 restaurants scheduled for disposition under plans adopted in fiscal 1994 and fiscal 1996. In the first three quarters of fiscal 1997, the Company closed an additional seven restaurants which were not included in either disposition plan. The following table details sales and operating results for the 63 restaurants for the third quarter and first three quarters of fiscal 1997 compared to the prior year:
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended July 31, 1997 July 31, 1996 July 31, 1997 July 31, 1996 --------------------- ----------------------- ----------------------- ------------------------ Operating Operating Operating Operating Profit Profit Profit Profit Sales (Loss) Sales (Loss) Sales (Loss) Sales (Loss) -------- ---------- ----------- --------- ----------- --------- ----------- ---------- Bakers Square $ 49,000 $ (75,000) $ 1,184,000 $ (37,000) $ 1,276,000 $(215,000) $ 4,654,000 $ (308,000) Village Inn 18,000 (33,000) 383,000 6,000 809,000 44,000 1,622,000 (10,000) Angel's 254,000 (26,000) 1,619,000 (97,000) 1,064,000 (18,000) 5,032,000 (453,000) -------- --------- ----------- --------- ----------- --------- ----------- ---------- Total $ 321,000 $(134,000) $ 3,186,000 $ (128,000) $ 3,149,000 $(189,000) $11,308,000 $ (771,000) ========= ========= =========== ========== =========== ========= =========== ==========
Other revenues and expense - -------------------------- Compared to 1996's third quarter, franchise revenue in 1997's third quarter decreased by $48,000. For the first three quarters of fiscal 1997, franchise revenue decreased by $200,000 compared to the first three quarters of 1996. The decrease was largely the result of a decrease in royalties related to adoption of a revised franchise agreement by several existing franchisees as well as lower franchise sales revenue. As a percent of sales, general and administrative expense increased slightly in the third quarter of 1997 from the comparable 1996 third quarter. Actual general and administrative expense decreased $299,000 during the third quarter and $537,000 year-to-date over the corresponding 1996 periods. Year-to-date, general and administrative expense as a percent of revenues was 7.2% and 7.0% for 1997 and 1996, respectively. Interest expense declined 34%, or $305,000, for the third quarter and 33%, or $1,003,000, for the first three quarters of 1997 as compared to fiscal 1996 due to a substantial reduction in long-term debt. The Company's effective tax rate for the third quarter and first three quarters of 1997 was 36% representing statutory tax rates offset somewhat by the effect of FICA tax credits. Liquidity and capital resources - ------------------------------- Operating cash flows increased $9.8 million in the first three quarters of 1997 versus the first three quarters of 1996. The increase resulted primarily from improved operating results and reduced working capital requirements. As of July 31, 1997, $11,000,000 of advances were outstanding under the Company's bank credit facility and approximately $24,100,000 was available for additional direct advances, subject to limitations on combined balances of direct advances and letters of credit. In the first three quarters of 1997, the Company reduced its outstanding borrowings by $13.5 million. The Company's bank credit agreement expires on October 31, 1999, but may be extended by the bank for one year. During the first three quarters of 1997, the Company disposed of 15 properties, three through sale, one through assignment, five through sublease, five through lease termination, and one through sublease and lease termination. Also during that time, closure and carrying costs of $1,197,000 were charged against the liability established for such, and cash proceeds of $917,000 were realized from the disposition of properties. At July 31, 1997, the Company had 19 closed properties remaining which it was trying to sell or sublease. Six of those properties were owned in fee and the rest were leased. The Company also had 14 subleased properties. The Company hopes to sell the fee properties over the next year and $4.2 million of proceeds are expected to be realized from their sale. The Company does not anticipate significant proceeds from the disposition of the leased properties. It is expected that the majority of the leased properties will be subleased over the next twelve to eighteen months. Cash carrying costs of approximately $2.3 million are expected to be incurred over that period. The Company expects to sublease nine of the properties at rentals lower than the Company's obligations under the prime leases. Those sublease losses will be incurred over the remaining years of the leases and the Company does not anticipate that the losses will materially affect the Company's liquidity. As of July 31, 1997, authorizations granted by the Board of Directors for the purchase of 300,500 common shares of the Company's common stock remained available. Twenty thousand shares, which were not part of the Board repurchase authorization, were purchased in the first three quarters of 1997. Future purchases with respect to the authorizations may be made from time to time in the open market or through privately negotiated transactions and will be dependent upon various business and financial considerations. Capital expenditures approximating $10.9 million are expected during the remainder of the fiscal year. The level of planned expenditures may be reduced as a result of operating conditions. Cash provided by operations, the unused portion of the Company's bank credit facility and other financing sources are expected to be adequate to fund these expenditures and any cash outlays for the purchase of the Company's common stock as authorized by the Board. VICORP has guaranteed certain leases for twenty-five (25) restaurant properties sold to others in 1986 and twenty (20) restaurant leases of certain franchisees and others. Minimum future rental payments remaining under these leases were approximately $11.5 million as of October 31, 1996. These guarantees are included in the definition of financial instruments with off-balance-sheet risk of accounting loss; however, the Company has not been required to make any payments with respect to these guarantees and presently has no reason to believe any payments will be required in the future. The Company believes it is impracticable to estimate the fair value of these financial guarantees (e.g., amounts the Company could pay to remove the guarantees) because the Company has no present intention or need to attempt settlement of any of the guarantees. Outlook - ------- The Company is evaluating various alternative investment strategies for utilizing cash flow from operations. These alternatives include, but may not be limited to, new Village Inn restaurant properties, paydown of credit facility debt, acquisition of new computer systems, repurchase of common stock, and acquisition of restaurant concerns in the family style segment. Certain matters discussed in this report are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because the context of the statement will include words such as the Company "believes," "anticipates," "expects" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risk and uncertainties which are described in close proximity to such statements and which could cause actual results to differ materially from those currently anticipated. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward- looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this report and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Item 6: Exhibits and Reports on Form 8-K. (a) Exhibits (27) Financial data schedule. (b) Reports on Form 8-K. None. 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. VICORP Restaurants, Inc. ------------------------ (Registrant) September 12, 1997 By: /s/ J. Michael Jenkins --------------------------- J. Michael Jenkins, President and Chief Executive Officer September 12, 1997 By: /s/ Richard E. Sabourin --------------------------- Richard E. Sabourin, Executive Vice President and Chief Financial Officer EX-27 2 FINANCIAL DATA SCHEDULE - 3RD QTR
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VICORP RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS AS OF JULY 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000703799 VICORP RESTAURANTS, INC. 1,000 9-MOS OCT-31-1997 JUL-31-1997 2,291 0 2,628 0 5,034 15,881 285,040 152,577 191,165 33,151 18,994 0 0 456 127,840 191,165 242,389 244,821 76,987 76,987 140,089 0 2,006 8,532 3,071 5,461 0 0 0 5,461 .59 .59
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