|
ITEM 6: SELECTED CONSOLIDATED FINANCIAL DATA
The following table sets forth, for the periods indicated, selected consolidated financial data that has been derived from our audited Consolidated Financial Statements. The following selected consolidated financial data should be read in conjunction with our Consolidated Financial Statements and related notes thereto, and with Item 7, “Management's Discussion and Analysis of Financial Condition and Results of Operations.”
| |
|
|
|
|
Fiscal Year(1) |
 |
|
| (in thousands, except net income per share) |
|
2003 |
|
|
2002 |
|
|
2001 |
|
|
2000 |
|
|
1999 |
|
|
| INCOME STATEMENT DATA: |
| Revenues: |
| Restaurant sales |
|
|
|
|
$ |
731,273 |
|
$ |
603,295 |
|
$ |
499,519 |
|
$ |
406,947 |
|
$ |
320,450 |
|
| Bakery sales to other foodservice |
| operators, retailers and distributors |
|
42,562 |
|
|
48,675 |
|
|
39,611 |
|
|
31,334 |
|
|
27,032 |
|
|
|
| Total revenues |
|
|
|
|
|
773,835 |
|
|
651,970 |
|
|
539,130 |
|
|
438,281 |
|
|
347,482 |
|
|
|
| Costs and expenses: |
| Restaurant cost of sales |
|
|
|
|
175,654 |
|
|
142,998 |
|
|
127,005 |
|
|
102,994 |
|
|
82,496 |
|
| Bakery cost of sales |
|
|
|
|
|
19,716 |
|
|
22,631 |
|
|
19,153 |
|
|
14,466 |
|
|
12,685 |
|
| Labor expenses |
|
|
|
|
|
239,386 |
|
|
200,279 |
|
|
164,372 |
|
|
133,287 |
|
|
105,796 |
|
| Other operating costs and expenses |
|
180,725 |
|
|
150,617 |
|
|
120,706 |
|
|
95,941 |
|
|
77,247 |
|
| General and administrative expenses |
|
35,817 |
|
|
31,702 |
|
|
27,929 |
|
|
25,831 |
|
|
21,266 |
|
| Depreciation and amortization expenses |
|
27,960 |
|
|
22,855 |
|
|
17,457 |
|
|
13,682 |
|
|
10,913 |
|
| Preopening costs |
|
|
|
|
|
11,859 |
|
|
10,631 |
|
|
7,069 |
|
|
5,943 |
|
|
6,217 |
|
|
|
| Total costs and expenses |
|
|
|
|
691,117 |
|
|
581,713 |
|
|
483,691 |
|
|
392,144 |
|
|
316,620 |
|
|
|
| Income from operations |
|
|
|
|
|
82,718 |
|
|
70,257 |
|
|
55,439 |
|
|
46,137 |
|
|
30,862 |
|
| Interest income, net |
|
|
|
|
|
3,466 |
|
|
3,885 |
|
|
4,328 |
|
|
4,660 |
|
|
2,807 |
|
| Other income (expense), net |
|
|
|
|
2,944 |
|
|
2,178 |
|
|
1,654 |
|
|
(439) |
|
|
555 |
|
|
|
| Income before income taxes |
|
|
|
89,128 |
|
|
76,320 |
|
|
61,421 |
|
|
50,358 |
|
|
34,224 |
|
| Income tax provision |
|
|
|
|
|
31,292 |
|
|
27,245 |
|
|
22,112 |
|
|
18,257 |
|
|
12,492 |
|
|
|
| Net income |
|
|
|
|
$ |
57,836 |
|
$ |
49,075 |
|
$ |
39,309 |
|
$ |
32,101 |
|
$ |
21,732 |
|
|
|
| Net income per share: |
| Basic: |
|
|
|
|
$ |
1.15 |
|
$ |
1.00 |
|
$ |
0.83 |
|
$ |
0.69 |
|
$ |
0.48 |
|
|
|
| Diluted: |
|
|
|
|
$ |
1.12 |
|
$ |
0.96 |
|
$ |
0.79 |
|
$ |
0.64 |
|
$ |
0.46 |
|
|
|
| Weighted average shares outstanding: |
| Basic |
|
|
|
|
|
50,422 |
|
|
49,266 |
|
|
47,466 |
|
|
46,247 |
|
|
45,138 |
|
| Diluted |
|
|
|
|
|
51,848 |
|
|
51,158 |
|
|
49,897 |
|
|
50,192 |
|
|
47,675 |
|
| BALANCE SHEET DATA (AT END OF PERIOD): |
| Total cash and cash equivalents |
|
|
$ |
15,167 |
|
$ |
11,033 |
|
$ |
11,309 |
|
$ |
34,284 |
|
$ |
24,026 |
|
| Investment and marketable securities |
$ |
121,840 |
|
$ |
103,453 |
|
$ |
78,259 |
|
$ |
51,030 |
|
$ |
31,210 |
|
| Total assets |
|
|
|
|
$ |
584,808 |
|
$ |
466,808 |
|
$ |
356,927 |
|
$ |
288,392 |
|
$ |
221,785 |
|
| Total long-term debt (including current portion) |
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
– |
|
| Stockholders' equity |
|
|
|
|
$ |
457,902 |
|
$ |
379,564 |
|
$ |
289,471 |
|
$ |
240,836 |
|
$ |
185,573 |
|
(1) Fiscal 2000 consisted of 53 weeks. All other fiscal years consisted of 52 weeks.
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