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VI Acquisition Corp.
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Predecessor |
Predecessor |
|||
12
Weeks Ended |
24
Weeks Ended |
|||
4/15/2004 |
4/13/2003 |
4/15/2004 |
4/13/2003 |
|
(Unaudited) (In Thousands) |
(Unaudited) (In Thousands) |
|||
| Net Revenues | ||||
| Restaurant operations | $91,963 |
$86,060 |
$191,390 |
$178,352 |
| Franchise operations | 1,199 |
1,678 |
2,455 |
3,427 |
93,162 |
87,738 |
193,845 |
181,779 |
|
| Costs and Expenses | ||||
| Restaurant operations: | ||||
| Food costs | 24,799 |
23,439 |
52,095 |
48,696 |
| Labor costs | 29,491 |
28,599 |
60,299 |
57,941 |
| Other operating expenses | 26,454 |
24,771 |
54,564 |
48,455 |
| Franchise operations | 619 |
1,049 |
1,300 |
2,086 |
| General and administrative | 5,721 |
6,239 |
11,923 |
12,646 |
| Transaction expenses | 23 |
372 |
45 |
472 |
| Management fees | 506 |
231 |
701 |
462 |
87,613 |
84,700 |
180,927 |
170,758 |
|
| Operating profit | 5,549 |
3,038 |
12,918 |
11,021 |
| Interest expense | (3,209) |
(1,999) |
(6,551) |
(4,095) |
| Debt extinguishment costs | (6,856) |
– |
(6,856) |
– |
| Other income, net | 27 |
147 |
49 |
336 |
| Income (loss) before income taxes | (4,489) |
1,186 |
(440) |
7,262 |
| Provision for income taxes (benefit) | (1,392) |
415 |
(136) |
2,542 |
| Net income (loss) | (3,097) |
771 |
(304) |
4,720 |
| Preferred stock dividends | (1,711) |
(752) |
(3,466) |
(1,505) |
| Net income (loss) attributable
to common stockholders |
$ (4,808) |
$ 19 |
$ (3,770) |
$ 3,215 |
| ADJUSTED EBITDA | ||||
| Income (loss) before income taxes | $ (4,489) |
$ 1,186 |
$ (440) |
$ 7,262 |
| Interest expense | 3,209 |
1,999 |
6,551 |
4,095 |
| Depreciation & amortization | 3,337 |
3,316 |
6,645 |
6,595 |
| EBITDA | 2,057 |
6,501 |
12,756 |
17,952 |
| Adjustments to EBITDA | ||||
| Non-cash compensation expense | – |
334 |
– |
538 |
| Transaction expense – June 2003 | 23 |
372 |
45 |
472 |
| Debt extinguishment costs | 7,165 |
– |
7,165 |
– |
| Non-cash rent-purchase accounting | 192 |
(84) |
393 |
(159) |
| Impairment expense | 22 |
– |
22 |
– |
| Total Adjustments | 7,402 |
622 |
7,625 |
851 |
| ADJUSTED EBITDA | $ 9,459 |
$ 7,123 |
$ 20,381 |
$ 18,803 |
Predecessor refers to periods prior to the Company’s acquisition by VI Acquisition Corp. on June 14, 2003.
We believe that, in addition to other financial measures, Adjusted EBITDA is an appropriate indicator to assist in the evaluation of our operating performance because it provides additional information with respect to our ability to meet our future debt service, capital expenditures and working capital needs and is used by securities analysts and others in evaluating companies in our industry. However, Adjusted EBITDA should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with generally accepted accounting principles or as a measure of liquidity. Because Adjusted EBITDA is not calculated in the same manner by all companies, it may not be comparable to other similarly titled measure of other companies.
