Fiscal Years Ended
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December 25, December 31, December 29,
1994 1995 1996
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(53 weeks)
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Revenue:
Royalties and franchise related fees……. $43,603 $ 74,662 $115,510
Company stores……………………….. 40,916 51,566 83,950
Interest income………………………. 11,632 33,251 65,048
——- ——– ——–
Total revenue……………………… 96,151 159,479 264,508
CONSOLIDATED BALANCE SHEETS
December 31, December 29,
1995 1996
Notes Receivable…………………… 450,572 800,519
Deferred Financing Costs, net……….. 15,745 13,361
Goodwill, net……………………… – 190,439
Other Assets, net………………….. 5,195 58,087
———- ———-
Total assets……………… $1,073,877 $1,543,616
Convertible Subordinated Debt……….. 129,872 129,841
Liquid Yield Option Notes…………… 177,306 182,613
Deferred Income Taxes………………. 16,631 40,216
Other Noncurrent Liabilities………… 833 6,292
Minority Interest………………….. – 153,441
Stockholers’ Equity 716,831 935,840
BC Banking
Key success factors Risks
$100 loan at 9%, no debt
=> ROE=9/100 = 9%
$100 loan at 9%, $95 debt at 8%
BC Franchising
Key success factors Risks
What must happen for all these businesses to succeed?
Beginning with the acquisition of the Mid–Atlantic stores, the
Company has established a base of Company–owned stores that it
believes are more reflective of mature store performance in an
established market. The following table sets forth store
performance data for these stores from the date of their
acquisition through December 29, 1996 (in thousands of dollars).
Such amounts exclude unallocated capital charges, income taxes and
non–store overhead costs:
Net sales……………………. $73,512.7 100.0%
Food and paper costs………….. 27,441.7 37.3%
Salaries and benefits…………. 18,470.6 25.1%
The following represents the unaudited pro forma results of operations as if
the purchase transactions described above had occurred at the beginning of the
periods presented (in thousands of dollars, except per share data):
1995 1996
—— ——
Revenue……………………. $257,248 $326,758
Net income (loss)…………… $(11,025) $ 53,733
Net income (loss) per share….. $ (0.23) $ 0.80
From note 3 on MidAtlantic and ENBC acquisitions