LEBANON, Tenn., May 25, 2021 /PRNewswire/ -- Cracker Barrel Old
Country Store, Inc. ("Cracker Barrel" or the "Company")
(Nasdaq: CBRL) today reported its financial results for the
third quarter of fiscal 2021 ended April 30,
2021.
Third Quarter Fiscal 2021 Highlights
- The Company continued its sales recovery during the third
quarter with both restaurant and retail comparable store sales
improvements compared to the second quarter. Driven by the
reopening of dining rooms and strategic sales initiatives, the
Company further rebuilt its sales volumes.
-
- Versus the third quarter of fiscal 20191, comparable
store restaurant sales decreased 8.6% and comparable store retail
sales increased 10.8%.
- Comparable store off-premise sales grew 144.0% compared to the
third quarter of 20191 and represented approximately 23%
of restaurant sales.
- GAAP operating income in the third quarter was $52.5 million, or 7.4% of total revenue, and
adjusted2 operating income was $55.7 million, or 7.8% of total revenue.
- GAAP net income was $33.5
million, or 4.7% of total revenue. EBITDA was $82.8 million, or 11.6% of total revenue; this
represented an 84% sequential improvement compared to fiscal 2021
second quarter EBITDA of $45.0
million.
- GAAP earnings per diluted share were $1.41, and adjusted2 earnings per
diluted share were $1.51.
- The Company's Board of Directors declared a quarterly dividend
of $1.00 per share on the Company's
common stock payable on August 6,
2021 to shareholders of record on July 16, 2021.
Commenting on the third quarter results, Cracker Barrel
President and Chief Executive Officer Sandra B. Cochran said, "The pace of our sales
and margin recovery in the quarter exceeded expectations as we
welcomed guests back into our dining rooms and our off-premise
business remained strong. I'm pleased with the way our teams
continue to deliver on our mission of Pleasing People as they care
for guests and care for one another. As the ongoing recovery from
the pandemic brings us closer to 2019 sales levels, I am confident
our solid execution, unique brand, and the strategic initiatives
implemented during the pandemic will support growth in long-term
shareholder value."
Third Quarter Fiscal 2021
Results
Revenue
The Company reported total revenue of $713.4 million for the third quarter of
fiscal 2021, representing an increase of 64.9% compared to the
third quarter of the prior year, and a decrease of 3.5% compared to
the third quarter of 2019. With the easing of dining room capacity
restrictions, average weekly sales volumes increased significantly,
driven by improvements in dine-in traffic, retained off-premise
volumes, and strong retail performance. Cracker Barrel average
per-store restaurant sales volumes grew from approximately
$55,500 per fiscal week in fiscal
January to approximately $70,000 per
fiscal week in April.
Cracker Barrel comparable store restaurant and retail sales
growth versus fiscal February, March, April, and the third quarter
of fiscal 20191 and versus the third quarter of fiscal
2020 as a whole were as follows:
|
Versus
FY19
Comparable
Period1
|
|
Versus FY20
Comparable Period
|
|
Month Ended
2/26/21
|
Month Ended
3/26/21
|
Month Ended
4/30/21
|
Third Quarter
Ended
4/30/21
|
|
Third
Quarter
Ended
4/30/21
|
Comparable restaurant
sales
|
-16.2%
|
-8.5%
|
-3.1%
|
-8.6%
|
|
56.5%
|
Comparable retail
sales
|
-8.6%
|
16.3%
|
20.1%
|
10.8%
|
|
102.8%
|
Operating Income (EBIT)
GAAP operating income in the third quarter was $52.5 million, or 7.4% of total revenue.
Excluding the approximately $3.2
million in non-cash amortization related to the gains on the
previously disclosed sale-leaseback transactions,
adjusted2 operating income was $55.7 million, or 7.8% of total revenue. Sales
recovery was the primary driver of the improved operating income
trend over the course of fiscal 2021 year-to-date.
Net Income, EBITDA and Earnings per Diluted
Share
GAAP net income was $33.5 million, or
4.7% of total revenue, and EBITDA was $82.8
million, or 11.6% of total revenue, in the third quarter.
GAAP earnings per diluted share were $1.41, and adjusted2 earnings per
diluted share were $1.51.
Quarterly Dividend Declared
The Company's Board of Directors declared a quarterly dividend to
common shareholders of $1.00 per
share, payable on August 6, 2021 to
shareholders of record on July 16,
2021.
"I am pleased that our strong third quarter performance enabled
us to restart our dividend program in keeping with our history of
prudent capital management and allocation. As it always does,
our Board will evaluate our capital structure and allocation
priorities as we move past the pandemic and into our next fiscal
year," said Ms. Cochran.
Fiscal 2021 Fourth Quarter Outlook
The Company is providing the following selected components of its
fiscal 2021 fourth quarter outlook:
- Total revenues of approximately flat to fiscal 2019 fourth
quarter total revenues.
- Continued sequential improvement in operating income margin
above fiscal 2021 third quarter operating income margin.
- Commodity inflation of approximately 5.0% and wage inflation on
a constant mix basis of between 3.0% and 3.5%.
- Capital expenditures of approximately $25 million.
- Effective tax rate for the quarter in the range of 11% to
12%.
Additionally, the Company now expects to repay up to a total of
$500 million of its third-party
borrowings for the 2021 fiscal year, including up to $165 million during the fourth quarter.
The Company reminds investors that its outlook for fiscal 2021
reflects a number of assumptions, many of which are outside the
Company's control, and a continued uncertain environment occasioned
by the pandemic and increasing food and wage inflationary
pressures.
1 For the purpose of comparing to
fiscal 2019, comparable stores are defined as restaurants open a
full 30 months before the beginning of the applicable
period.
2 For Non-GAAP reconciliations,
please refer to the Reconciliation of GAAP-basis operating results
to non-GAAP operating results section of this release.
Fiscal 2021 Third Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's
quarterly conference call will be available to the public on-line
at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The on-line replay will be
available at 2:00 p.m. (ET) and
continue through June 8, 2021.
About Cracker Barrel Old Country
Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) provides a
caring and friendly home-away-from-home experience while offering
guests high-quality homestyle food to enjoy in-store or to-go and
unique shopping — all at a fair price. Established in 1969 in
Lebanon, Tenn., Cracker Barrel and
its affiliates operate more than 660 company-owned Cracker Barrel
Old Country Store® locations in 45 states and own the fast-casual
Maple Street Biscuit Company. For more information about the
Company, visit crackerbarrel.com.
CBRL-F
Except for specific historical information, certain of the
matters discussed in this press release may express or imply
projections of revenues or expenditures, statements of plans and
objectives or future operations or statements of future economic
performance. These, and similar statements are forward-looking
statements concerning matters that involve risks, uncertainties and
other factors which may cause the actual performance of Cracker
Barrel Old Country Store, Inc. and its subsidiaries to differ
materially from those expressed or implied by this discussion. All
forward-looking information is subject to completion of our
financial procedures for Q3 FY 2021 and is provided pursuant to the
safe harbor established under the Private Securities Litigation
Reform Act of 1995 and should be evaluated in the context of these
factors. Forward-looking statements generally can be identified by
the use of forward-looking terminology such as "trends,"
"assumptions," "target," "guidance," "outlook," "opportunity,"
"future," "plans," "goals," "objectives," "expectations,"
"near-term," "long-term," "projection," "may," "will," "would,"
"could," "expect," "intend," "estimate," "anticipate," "believe,"
"potential," "regular," "should," "projects," "forecasts," or
"continue" (or the negative or other derivatives of each of these
terms) or similar terminology and include the expected effects of
COVID-19 on our business, financial condition and results of
operations and of operational improvement initiatives, such as new
menu items and retail offerings. Factors which could materially
affect actual results include, but are not limited to: risks and
uncertainties associated with the COVID-19 pandemic, including the
duration of the COVID-19 pandemic and its ultimate impact on our
business, levels of consumer confidence in the safety of dine-in
restaurants, restrictions (including occupancy restrictions)
imposed by governmental authorities, the effectiveness of cost
saving measures undertaken throughout our operations, disruptions
to our operations as a result of the spread of COVID-19 in our
workforce, and our increased level of indebtedness, or constraints
on our expenditures or cash management, brought on by additional
borrowing necessitated by the COVID-19 pandemic; general or
regional economic weakness, business and societal conditions, and
weather on sales and customer travel; discretionary income or
personal expenditure activity of our customers; information
technology-related incidents, including data privacy and
information security breaches, whether as a result of
infrastructure failures, employee or vendor errors, or actions of
third parties; our ability to identify, acquire and sell successful
new lines of retail merchandise and new menu items at our
restaurants; our ability to sustain or the effects of plans
intended to improve operational or marketing execution and
performance; uncertain performance of acquired businesses,
strategic investments and other initiatives that we may pursue now
or in the future; changes in or implementation of additional
governmental or regulatory rules, regulations and interpretations
affecting tax, wage and hour matters, health and safety, pensions,
insurance or other undeterminable areas; the effects of plans
intended to promote or protect our brands and products; commodity
price increases; the ability of and cost to us to recruit, train,
and retain qualified hourly and management employees; the effects
of increased competition at our locations on sales and on labor
recruiting, cost, and retention; workers' compensation, group
health and utility price changes; consumer behavior based on
negative publicity or changes in consumer health or dietary trends
or safety aspects of our food or products or those of the
restaurant industry in general, including concerns about outbreaks
of infectious disease, as well as the possible effects of such
events on the price or availability of ingredients used in our
restaurants; the effects of our indebtedness and associated
restrictions on our financial and operating flexibility and ability
to execute or pursue our operating plans and objectives; changes in
interest rates, increases in borrowed capital or capital market
conditions affecting our financing costs and ability to refinance
all or portions of our indebtedness; the effects of business trends
on the outlook for individual restaurant locations and the effect
on the carrying value of those locations; our ability to retain key
personnel; the availability and cost of suitable sites for
restaurant development and our ability to identify those sites; our
ability to enter successfully into new geographic markets that may
be less familiar to us; changes in land, building materials and
construction costs; the actual results of pending, future or
threatened litigation or governmental investigations and the costs
and effects of negative publicity or our ability to manage the
impact of social media associated with these activities; economic
or psychological effects of natural disasters or unforeseen events
such as terrorist acts, social unrest or war and the military or
government responses to such events; disruptions to our restaurant
or retail supply chain, including as a result of COVID-19; changes
in foreign exchange rates affecting our future retail inventory
purchases; the impact of activist shareholders; our reliance on
limited distribution facilities and certain significant vendors;
implementation of new or changes in interpretation of existing
accounting principles generally accepted in the United States of America ("GAAP"); and
other factors described from time to time in our filings with the
Securities and Exchange Commission, press releases, and other
communications. Any forward-looking statement made by us herein, or
elsewhere, speaks only as of the date on which made. We expressly
disclaim any intent, obligation or undertaking to update or revise
any forward-looking statements made herein to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED INCOME STATEMENT
(Unaudited and in
thousands, except share and per share amounts, percentages and
ratios)
|
|
|
Third
Quarter Ended
|
|
Nine Months
Ended
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
Percentage
|
4/30/21
|
|
5/1/20
|
|
Change
|
|
4/30/21
|
|
5/1/20
|
|
Change
|
Total
revenue
|
$713,416
|
|
$432,544
|
|
65%
|
|
$2,037,039
|
|
$2,027,727
|
|
0%
|
Cost of goods sold,
(exclusive of
depreciation and
rent)
|
205,379
|
|
137,138
|
|
50
|
|
629,507
|
|
629,159
|
|
0
|
Labor and other
related expenses
|
250,368
|
|
189,118
|
|
32
|
|
714,418
|
|
737,209
|
|
(3)
|
Other store operating
expenses
|
167,823
|
|
138,920
|
|
21
|
|
495,968
|
|
473,466
|
|
5
|
General and
administrative expenses
|
37,356
|
|
28,008
|
|
33
|
|
110,877
|
|
106,025
|
|
5
|
Gain on sale and
leaseback transaction
|
0
|
|
0
|
|
|
|
(217,722)
|
|
0
|
|
|
Impairment and store
disposition
|
0
|
|
18,336
|
|
|
|
0
|
|
18,336
|
|
|
Operating income
(loss)
|
52,490
|
|
(78,976)
|
|
166
|
|
303,991
|
|
63,532
|
|
378
|
Interest
expense
|
9,614
|
|
5,298
|
|
81
|
|
31,144
|
|
12,383
|
|
152
|
Income (loss) before
income taxes
|
42,876
|
|
(84,274)
|
|
151
|
|
272,847
|
|
51,149
|
|
433
|
Provision for income
taxes (income tax benefit)
|
9,406
|
|
(55,220)
|
|
117
|
|
54,697
|
|
(33,752)
|
|
262
|
Loss from
unconsolidated subsidiary
|
0
|
|
(132,878)
|
|
|
|
0
|
|
(142,442)
|
|
|
Net income
(loss)
|
$33,470
|
|
($161,932)
|
|
121
|
|
$218,150
|
|
($57,541)
|
|
479
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share – Basic:
|
$1.41
|
|
($6.81)
|
|
122
|
|
$9.20
|
|
($2.41)
|
|
482
|
Earnings (loss) per
share – Diluted:
|
$1.41
|
|
($6.81)
|
|
121
|
|
$9.17
|
|
($2.41)
|
|
480
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
23,725,185
|
|
23,777,916
|
|
(0)
|
|
23,718,777
|
|
23,922,360
|
|
(1)
|
Diluted
|
23,807,410
|
|
23,777,916
|
|
0
|
|
23,788,005
|
|
23,922,360
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
Analysis
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
|
79.8%
|
|
83.3%
|
|
|
|
78.8%
|
|
80.4%
|
|
|
Retail
|
20.2
|
|
16.7
|
|
|
|
21.2
|
|
19.6
|
|
|
Total revenue
|
100.0
|
|
100.0
|
|
|
|
100.0
|
|
100.0
|
|
|
Cost of goods sold,
(exclusive of depreciation and
rent)
|
28.8
|
|
31.7
|
|
|
|
30.9
|
|
31.0
|
|
|
Labor and other
related expenses
|
35.1
|
|
43.7
|
|
|
|
35.1
|
|
36.4
|
|
|
Other store operating
expenses
|
23.5
|
|
32.1
|
|
|
|
24.3
|
|
23.3
|
|
|
General and
administrative expenses
|
5.2
|
|
6.5
|
|
|
|
5.5
|
|
5.3
|
|
|
Gain on sale and
leaseback transaction
|
0.0
|
|
0.0
|
|
|
|
(10.7)
|
|
0.0
|
|
|
Impairment and store
disposition
|
0.0
|
|
4.3
|
|
|
|
0.0
|
|
0.9
|
|
|
Operating income
(loss)
|
7.4
|
|
(18.3)
|
|
|
|
14.9
|
|
3.1
|
|
|
Interest
expense
|
1.4
|
|
1.2
|
|
|
|
1.5
|
|
0.6
|
|
|
Income (loss) before
income taxes
|
6.0
|
|
(19.5)
|
|
|
|
13.4
|
|
2.5
|
|
|
Provision for income
taxes (income tax benefit)
|
1.3
|
|
(12.8)
|
|
|
|
2.7
|
|
(1.7)
|
|
|
Loss from
unconsolidated subsidiary
|
0.0
|
|
(30.7)
|
|
|
|
0.0
|
|
(7.0)
|
|
|
Net income
(loss)
|
4.7%
|
|
(37.4%)
|
|
|
|
10.7%
|
|
(2.8%)
|
|
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited and in
thousands, except share amounts)
|
|
4/30/21
|
|
5/1/20
|
Assets
|
|
|
|
Cash and
cash equivalents
|
$384,587
|
|
$363,330
|
Accounts
receivable
|
27,070
|
|
12,476
|
Inventories
|
132,382
|
|
146,279
|
Prepaid
expenses and other current assets
|
49,826
|
|
35,323
|
Property
and equipment, net
|
983,192
|
|
1,151,624
|
Operating lease right-of-use assets, net
|
984,317
|
|
455,179
|
Intangible assets
|
21,391
|
|
19,460
|
Other
assets
|
55,469
|
|
45,844
|
Goodwill
|
4,690
|
|
6,364
|
Total assets
|
$2,642,924
|
|
$2,235,879
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Accounts
payable
|
$113,665
|
|
$88,052
|
Other
current liabilities
|
335,285
|
|
265,374
|
Long-term debt
|
575,349
|
|
940,000
|
Long-term operating lease liabilities
|
753,792
|
|
456,273
|
Other
long-term obligations
|
116,219
|
|
93,565
|
Deferred
income taxes
|
100,501
|
|
406
|
Shareholders' equity, net
|
648,113
|
|
392,209
|
Total liabilities and shareholders' equity
|
$2,642,924
|
|
$2,235,879
|
|
|
|
|
|
Common shares issued
and outstanding
|
23,726,372
|
|
23,693,981
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
CONDENSED
CONSOLIDATED CASH FLOW STATEMENT
(Unaudited and in
thousands)
|
|
|
Nine Months
Ended
|
|
4/30/21
|
|
5/1/20
|
Cash flows from
operating activities:
|
|
|
|
Net income (loss)
|
$218,150
|
|
($57,541)
|
Loss
from unconsolidated subsidiary
|
0
|
|
142,442
|
Depreciation and amortization
|
80,932
|
|
88,292
|
Loss on disposition of property and equipment
|
2,669
|
|
5,083
|
Gain on sale and leaseback transaction
|
(217,722)
|
|
0
|
Impairment
|
0
|
|
19,000
|
Share-based compensation
|
7,188
|
|
4,171
|
Noncash lease expense
|
41,601
|
|
47,045
|
Amortization of asset recognized from gain on sale and leaseback
transactions
|
9,551
|
|
0
|
(Increase) decrease in inventories
|
6,709
|
|
8,906
|
Increase (decrease) in accounts payable
|
10,161
|
|
(46,045)
|
Net changes in other assets and liabilities
|
53,298
|
|
(124,121)
|
Net cash provided by operating activities
|
212,537
|
|
87,232
|
Cash flows from
investing activities:
|
|
|
|
Purchase of property and equipment, net of insurance
recoveries
|
(44,115)
|
|
(82,645)
|
Proceeds from sale of property and equipment
|
149,910
|
|
1,827
|
Notes receivable from unconsolidated subsidiary
|
0
|
|
(35,500)
|
Acquisition of business, net of cash acquired
|
(1,500)
|
|
(32,971)
|
Net cash provided by (used in) investing activities
|
104,295
|
|
(149,289)
|
Cash flows from
financing activities:
|
|
|
|
Net (payments) proceeds from long-term debt
|
(335,049)
|
|
540,000
|
(Taxes withheld) from issuance of share-based compensation
awards
|
(2,127)
|
|
(2,005)
|
Purchases and retirement of common stock
|
0
|
|
(55,007)
|
Deferred financing costs
|
(420)
|
|
0
|
Dividends on common stock
|
(31,645)
|
|
(94,485)
|
Net cash (used in)
provided by financing activities
|
(369,241)
|
|
388,503
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
(52,409)
|
|
326,446
|
Cash and cash
equivalents, beginning of period
|
436,996
|
|
36,884
|
Cash and cash
equivalents, end of period
|
$384,587
|
|
$363,330
|
CRACKER BARREL OLD
COUNTRY STORE, INC.
Supplemental
Information (Unaudited)
|
|
|
|
|
Third Quarter
Ended
|
|
|
|
|
4/30/21
|
|
5/1/20
|
|
|
|
Net Change in
Company-Owned Units During Quarter:
|
|
|
|
|
|
|
Cracker Barrel
|
1
|
|
3
|
|
|
|
Maple Street Biscuit
Company
|
1
|
|
0
|
|
|
|
Company-Owned Units
in Operation at End of Quarter:
|
|
|
|
|
|
|
Cracker Barrel
|
664
|
|
664
|
|
|
|
Maple Street Biscuit
Company
|
37
|
|
28
|
|
|
|
|
|
Third Quarter
Ended
|
|
Nine Months
Ended
|
|
|
4/30/21
|
|
5/1/20
|
|
4/30/21
|
|
5/1/20
|
|
Total revenue*: (In
thousands)
|
|
|
|
|
|
|
|
|
Restaurant
|
$ 559,391
|
|
$ 355,521
|
|
$
1,578,896
|
|
$
1,615,907
|
|
Retail
|
143,967
|
|
72,166
|
|
431,113
|
|
397,213
|
|
Total
revenue
|
$ 703,358
|
|
$ 427,687
|
|
$
2,010,009
|
|
$
2,013,120
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold*
(exclusive of depreciation and rent): (In thousands)
|
|
|
|
|
|
|
|
|
Restaurant
|
$ 136,280
|
|
$ 92,997
|
|
$ 405,591
|
|
$ 412,467
|
|
Retail
|
66,862
|
|
42,904
|
|
217,908
|
|
212,776
|
|
Total cost of goods
sold
|
$ 203,142
|
|
$ 135,901
|
|
$ 623,499
|
|
$ 625,243
|
|
|
|
|
|
|
|
|
|
|
Average unit
volume*: (In thousands)
|
|
|
|
|
|
|
|
|
Restaurant
|
$ 842.5
|
|
$ 535.7
|
|
$ 2,380.1
|
|
$ 2,442.9
|
|
Retail
|
216.8
|
|
108.7
|
|
649.9
|
|
600.5
|
|
Total
|
$ 1,059.3
|
|
$ 644.4
|
|
$ 3,030.0
|
|
$ 3,043.4
|
|
|
Operating
weeks*:
|
8,632
|
|
8,628
|
|
25,871
|
|
25,797
|
|
|
Note*: This
information is for Cracker Barrel stores only and excludes Maple
Street Biscuit Company and Holler & Dash
|
|
Q3 2021 vs. Q3
2020
|
|
9 mo. 2021 vs. 9
mo. 2020
|
Comparable Cracker
Barrel store sales period to period increase (decrease):
|
|
|
|
Restaurant
|
56.5%
|
|
(2.6%)
|
Retail
|
102.8%
|
|
8.4%
|
|
|
|
|
Number of Cracker
Barrel locations in comparable store base
|
658
|
|
655
|
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-basis operating results to non-GAAP
operating results
(Unaudited and in thousands, except per share amounts)
Adjusted Operating Income and Earnings Per Share
In the accompanying press release, the Company makes reference to
its third quarter fiscal 2020 and fiscal 2021 adjusted operating
income and earnings per share. In regards to fiscal 2021, this
reconciliation excludes the gain on sale of assets from the
sale-leaseback transaction that closed in the first quarter,
non-cash amortization of the asset recognized from the gains on
sale-leaseback transactions, expenses related to the proxy contest
initiated by affiliates of Sardar
Biglari in connection with the Company's 2020 annual meeting
of shareholders, and the related tax impacts of these items. In
regards to fiscal 2020, this reconciliation excludes non-cash asset
impairment charges related to store assets, expenses related to
COVID-19, an impairment charge related to its equity investment in
Punch Bowl Social and the related tax impacts of these items. The
Company believes excluding these items from its financial results
provides investors with an enhanced understanding of the Company's
financial results. This information is not intended to be
considered in isolation or as a substitute for operating income or
earnings per share information prepared in accordance with
GAAP.
|
|
Third Quarter
Ended April 30, 2021
|
|
Nine Months Ended
April 30, 2021
|
|
|
As
Reported
|
Adjustment
|
As
Adjusted
|
|
As
Reported
|
Adjustments
|
As
Adjusted
|
|
|
|
(1) (2)
|
|
|
|
(1) (3) (4)
(5)
|
|
Total
Revenue
|
|
$713,416
|
-
|
$713,416
|
|
$2,037,039
|
-
|
$2,037,039
|
Store operating
expense
|
|
623,570
|
(3,183)
|
620,387
|
|
1,839,893
|
(9,551)
|
1,830,342
|
General and
administrative expense
|
|
37,356
|
-
|
37,356
|
|
110,877
|
(5,154)
|
105,723
|
Gain on
sale-leaseback
|
|
-
|
-
|
-
|
|
(217,722)
|
217,722
|
-
|
Operating
income
|
|
52,490
|
3,183
|
55,673
|
|
303,991
|
(203,017)
|
100,974
|
Interest
expense
|
|
9,614
|
-
|
9,614
|
|
31,144
|
-
|
31,144
|
Income before income
taxes
|
|
42,876
|
3,183
|
46,059
|
|
272,847
|
(203,017)
|
69,830
|
(Income tax benefit)
Provision for income taxes
|
|
9,406
|
748
|
10,154
|
|
54,697
|
(53,760)
|
937
|
Net income
|
|
$33,470
|
$2,435
|
$35,905
|
|
$218,150
|
($149,257)
|
$68,893
|
Earnings per share –
basic
|
|
$1.41
|
$0.10
|
$1.51
|
|
$9.20
|
($6.29)
|
$2.90
|
Earnings per share –
diluted
|
|
$1.41
|
$0.10
|
$1.51
|
|
$9.17
|
($6.27)
|
$2.90
|
|
(1) Adjusted for the
non-cash amortization of asset recognized from the gain on
sale-leaseback transactions.
|
(2) Adjusted for the
tax impacts of (1) above.
|
(3) Adjusted for
proxy contest-related expenses.
|
(4) Adjusted for the
gain on sale of assets related to the sale-leaseback
transaction.
|
(5) Adjusted for the
tax impacts of (1), (3), and (4) above.
|
|
Third Quarter
Ended May 1, 2020
|
|
Nine Months Ended
May 1, 2020
|
|
|
As
Reported
|
Adjustment
|
As
Adjusted
|
|
As
Reported
|
Adjustments
|
As
Adjusted
|
|
|
|
(1) (2)
|
|
|
|
(1) (2)
|
|
Total
Revenue
|
|
$432,544
|
-
|
$432,544
|
|
$2,027,727
|
-
|
$2,027,727
|
Store operating
expense
|
|
465,176
|
(3,947)
|
461,229
|
|
1,839,834
|
(3,947)
|
1,835,887
|
Impairment
|
|
18,336
|
(18,336)
|
-
|
|
18,336
|
(18,336)
|
-
|
General and
administrative expense
|
|
28,008
|
(3,122)
|
24,886
|
|
106,025
|
(3,122)
|
102,903
|
Operating income
(loss)
|
|
(78,976)
|
25,405
|
(53,571)
|
|
63,532
|
25,405
|
88,937
|
Interest
expense
|
|
5,298
|
-
|
5,298
|
|
12,383
|
-
|
12,383
|
Income (loss) before
income taxes
|
|
(84,274)
|
25,405
|
(58,869)
|
|
51,149
|
25,405
|
76,554
|
(Income tax benefit)
Provision for income taxes
|
|
(55,220)
|
39,321
|
(15,899)
|
|
(33,752)
|
41,569
|
7,817
|
Loss from
unconsolidated subsidiary
|
|
(132,878)
|
132,878
|
-
|
|
(142,442)
|
142,442
|
-
|
Net income
(loss)
|
|
($161,932)
|
$118,962
|
($42,970)
|
|
($57,541)
|
$126,278
|
$68,737
|
Earnings (loss) per
share – basic
|
|
($6.81)
|
$5.00
|
($1.81)
|
|
($2.41)
|
$5.28
|
$2.87
|
Earnings (loss) per
share – diluted
|
|
($6.81)
|
$5.00
|
($1.81)
|
|
($2.41)
|
$5.28
|
$2.87
|
|
(1) Adjusted for
non-cash impairment charges related to store assets, expenses
related to COVID-19, and impairment charge related to the Company's
equity investment in its unconsolidated subsidiary, Punch Bowl
Social. This adjustment does not excluded from the Company's
results the approximately $17 million one-time payment the Company
made to its hourly store employees during the third quarter of 2020
to provide short-term financial assistance as their hours were
being reduced as a result of dining room closures.
|
(2) These adjustments
include the tax impacts on the actual tax benefits recorded in the
Condensed Consolidated Income Statement, including the deferral of
recognition for the tax benefits of capital loss on impairment of
the unconsolidated subsidiary.
|
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-basis operating results to non-GAAP
operating results (Unaudited and in thousands)
EBITDA
In the accompanying press release, the Company
makes reference to its third quarter fiscal 2021 EBITDA. The
Company defines EBITDA as net income excluding depreciation and
amortization, non-cash amortization of the asset recognized from
the gains on sale-leaseback transaction, interest expense and tax
expense. This information is not intended to be considered in
isolation or as a substitute for net income prepared in accordance
with GAAP.
|
Second Quarter
Ended
January 29, 2021
|
Third Quarter
Ended
April 30, 2021
|
Net Income
|
$
14,000
|
$
33,470
|
(+) Depreciation
& amortization
|
27,419
|
27,162
|
(+) Amortization of
asset recognized from the gains on sale-leaseback
transaction
|
3,184
|
3,183
|
(+) Interest
expense
|
10,815
|
9,614
|
(+) Tax expense
(benefit)
|
(10,420)
|
9,406
|
EBITDA
|
$
44,998
|
$
82,835
|
Investor
Contact:
|
Jessica
Hazel
|
|
(615)
235-4367
|
|
|
Media
Contact:
|
Heidi
Pearce
|
|
(615)
235-4135
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cracker-barrel-reports-third-quarter-fiscal-2021-results-301298149.html
SOURCE Cracker Barrel Old Country Store, Inc.