FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 25, 1998
Commission File Number 1-10275
BRINKER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 75-1914582
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6820 LBJ FREEWAY, DALLAS, TEXAS 75240
(Address of principal executive offices)
(Zip Code)
(972) 980-9917
(Registrant's telephone number, including area code)
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
Number of shares of common stock of registrant outstanding at March
25, 1998: 66,291,592
BRINKER INTERNATIONAL, INC.
INDEX
Part I - Financial Information
Condensed Consolidated Balance Sheets -
March 25, 1998 and June 25, 1997 3 - 4
Condensed Consolidated Statements of Income -
Thirteen week and thirty-nine week periods ended
March 25, 1998 and March 26, 1997 5
Condensed Consolidated Statements of Cash Flows -
Thirty-nine week periods ended March 25, 1998
and March 26, 1997 6
Notes to Condensed Consolidated
Financial Statements 7
Management's Discussion and Analysis of
Financial Condition and Results of Operations 8 - 11
Part II - Other Information 12
PART I. FINANCIAL INFORMATION
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 25, June 25,
1998 1997
ASSETS
Current Assets:
Cash and Cash Equivalents $ 28,209 $ 23,194
Marketable Securities 51 24,469
Accounts Receivable 15,275 15,258
Inventories 14,138 13,031
Prepaid Expenses 34,764 30,364
Deferred Income Taxes 794 1,050
Other 1,312 5,068
Total Current Assets 94,543 112,434
Property and Equipment, at Cost:
Land 142,664 171,551
Buildings and Leasehold Improvements 521,382 533,579
Furniture and Equipment 302,727 294,985
Construction-in-Progress 44,357 42,977
1,011,130 1,043,092
Less Accumulated Depreciation
and Amortization 325,257 293,483
Net Property and Equipment 685,873 749,609
Other Assets:
Goodwill 76,886 78,291
Other 89,955 56,609
Total Other Assets 166,841 134,900
Total Assets $ 947,257 $ 996,943
(continued)
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
March 25, June 25,
1998 1997
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current Installments of Long-term Debt $ 308 $ 280
Accounts Payable 73,292 76,640
Accrued Liabilities 87,052 72,213
Total Current Liabilities 160,652 149,133
Long-term Debt, Less Current Installments 162,173 287,521
Deferred Income Taxes 10,286 7,426
Other Liabilities 38,720 29,119
Commitments and Contingencies
Shareholders' Equity:
Preferred Stock - 1,000,000 Authorized
Shares; $1.00 Par Value; No Shares Issued - -
Common Stock - 250,000,000 Authorized
Shares; $.10 Par Value; 78,150,054
Shares Issued and 66,291,592 Shares
Outstanding at March 25, 1998, and
77,710,016 Shares Issued and 65,233,900
Shares Outstanding at June 25, 1997 7,815 7,771
Additional Paid-In Capital 271,934 270,892
Unrealized Gain on Marketable Securities - 304
Retained Earnings 441,020 395,008
720,769 673,975
Less Treasury Stock, at Cost (11,858,462
shares at March 25, 1998 and 12,476,116
shares at June 25, 1997) (145,343) (150,231)
Total Shareholders' Equity 575,426 523,744
Total Liabilities and Shareholders'
Equity $ 947,257 $ 996,943
See accompanying notes to condensed consolidated financial
statements.
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
13 Week Periods Ended 39 Week Periods Ended
Mar. 25, 1998 Mar. 26, 1997 Mar. 25, 1998 Mar. 26, 1997
Revenues $ 401,002 $ 345,510 $1,151,467 $ 965,099
Costs and Expenses:
Cost of Sales 108,480 96,450 313,016 272,812
Restaurant Expenses 222,318 189,596 637,328 522,023
Depreciation and
Amortization 21,329 20,608 65,011 57,059
General and
Administrative 21,042 17,381 55,962 48,899
Interest Expense 2,100 2,289 8,953 5,494
Other, Net 1,107 (862) 950 (3,377)
Total Costs and
Expenses 376,376 325,462 1,081,220 902,910
Income Before Provision
for Income Taxes 24,626 20,048 70,247 62,189
Provision for Income Taxes 8,496 6,716 24,235 20,833
Net Income $ 16,130 $ 13,332 $ 46,012 $ 41,356
Basic Net Income Per
Share $ 0.24 $ 0.18 $ 0.70 $ 0.54
Diluted Net Income Per
Share $ 0.24 $ 0.18 $ 0.69 $ 0.53
Basic Weighted Average
Shares Outstanding 65,894 74,248 65,694 76,363
Diluted Weighted Average
Shares Outstanding 67,596 75,224 67,160 77,579
See accompanying notes to condensed consolidated financial statements.
BRINKER INTERNATIONAL, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Thirty-Nine Week Periods Ended
March 25, March 26,
1998 1997
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 46,012 $ 41,356
Adjustments to Reconcile Net Income
to Net Cash Provided by
Operating Activities:
Depreciation and Amortization of
Property and Equipment 52,607 46,842
Amortization of Goodwill and Other
Assets 12,404 10,217
Deferred Income Taxes 3,268 2,814
Changes in Assets and Liabilities:
Receivables 3,739 (4,995)
Inventories (1,107) (950)
Prepaid Expenses (4,400) (3,620)
Other Assets 1,615 (10,043)
Accounts Payable (3,348) 10,491
Accrued Liabilities 14,839 4,910
Other Liabilities 9,037 (5,394)
Other - 481
Net Cash Provided by Operating
Activities 134,666 92,109
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for Property and Equipment (124,468) (153,536)
Payments for Purchase of Restaurants (2,700) (15,863)
Net Proceeds from Sale-Leasebacks 125,961 -
Proceeds from Sales of Marketable
Securities 23,962 59,003
Purchases of Marketable Securities - (38,795)
Increase in Equity Investments (20,500) -
Net Advances to Affiliates (5,710) (2,730)
Additions to Other Assets (6,850) (3,390)
Net Cash Used in Investing Activities (10,305) (155,311)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (Payments) Borrowings on Credit
Facilities (125,000) 167,373
Payments of Long-term debt (320) (234)
Proceeds from Issuances of Common Stock 7,231 2,925
Purchases of Treasury Stock (1,257) (122,767)
Net Cash Provided by (Used in)
Financing Activities (119,346) 47,297
Net Increase (Decrease) in Cash and
Cash Equivalents 5,015 (15,905)
Cash and Cash Equivalents at Beginning
of Period 23,194 27,073
Cash and Cash Equivalents at End
of Period $ 28,209 $ 11,168
CASH PAID DURING THE PERIOD:
Income Taxes, Net $ 26,204 $ 22,359
Interest, Net of Amounts Capitalized $ 9,996 $ 3,035
See accompanying notes to condensed consolidated financial statements.
BRINKER INTERNATIONAL, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1. Basis of Presentation
The condensed consolidated financial statements of Brinker
International, Inc. and its wholly-owned subsidiaries (collectively,
the "Company") as of March 25, 1998 and June 25, 1997 and for the
thirteen week and thirty-nine week periods ended March 25, 1998 and
March 26, 1997 have been prepared by the Company, pursuant to the
rules and regulations of the Securities and Exchange Commission. The
Company owns or franchises 780 restaurants under the names of Chili's
Grill & Bar ("Chili's"), Romano's Macaroni Grill ("Macaroni Grill"),
On The Border Cafes ("On The Border"), Cozymel's Coastal Mexican
Grill ("Cozymel's"), Maggiano's Little Italy ("Maggiano's"), Corner
Bakery, and Eatzi's Market & Bakery ("Eatzi's"). The Company owns a
50% interest in Eatzi's.
The information furnished herein reflects all adjustments (consisting
of normal recurring accruals and adjustments) which are, in the
opinion of management, necessary to fairly state the operating
results for the respective periods. However, these operating results
are not necessarily indicative of the results expected for the full
fiscal year. Certain information and footnote disclosures normally
included in annual financial statements prepared in accordance with
generally accepted accounting principles have been omitted pursuant
to such rules and regulations. The notes to the condensed
consolidated financial statements should be read in conjunction with
the notes to the consolidated financial statements contained in the
June 25, 1997 Form 10-K. Company management believes that the
disclosures are sufficient for interim financial reporting purposes.
Certain prior year amounts in the accompanying condensed consolidated
financial statements have been reclassified to conform with current
year presentation.
2. Net Income Per Share
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 128 ("SFAS No. 128"),
"Earnings Per Share," which requires presentation of basic and
diluted earnings per share. Basic earnings per share is computed by
dividing income available to common shareholders by the weighted
average number of common shares outstanding for the reporting period.
Diluted earnings per share reflects the potential dilution that could
occur if securities or other contracts to issue common stock were
exercised or converted into common stock. As required, the Company
adopted the provisions of SFAS No. 128 in the quarter ended December
24, 1997. All prior year weighted average and per share information
has been restated in accordance with SFAS No. 128. Outstanding stock
options issued by the Company represent the only dilutive effect
reflected in diluted weighted average shares.
3. Shareholders' Equity
On January 27, 1998, the Board of Directors approved a plan to
repurchase up to $50 million of the Company's common stock.
Repurchases will be made from time to time to offset the dilutive
effect on earnings per share of stock option exercises or whenever
market conditions warrant. Under this plan, the Company repurchased
$670,000 of its common stock during the quarter in accordance with
applicable securities regulations. The repurchased common stock may
be used by the Company to satisfy obligations under its savings
plans, to meet the needs of its various stock option plans, or for
other corporate purposes.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following table sets forth selected operating data as a percentage of total
revenues for the periods indicated. All information is derived from the
accompanying unaudited condensed consolidated statements of income.
13 Week Periods Ended 39 Week Periods Ended
Mar. 25, 1998 Mar. 26, 1997 Mar. 25,1998 Mar. 26, 1997
Revenues 100.0% 100.0% 100.0% 100.0%
Costs and Expenses:
Cost of Sales 27.1% 27.9% 27.2% 28.3%
Restaurant Expenses 55.4% 54.9% 55.3% 54.1%
Depreciation and Amortization 5.3% 6.0% 5.6% 5.9%
General and Administrative 5.2% 5.0% 4.9% 5.1%
Interest Expense 0.6% 0.7% 0.8% 0.6%
Other, Net 0.3% (0.3)% 0.1% (0.4)%
Total Costs and Expenses 93.9% 94.2% 93.9% 93.6%
Income Before Provision
for Income Taxes 6.1% 5.8% 6.1% 6.4%
Provision for Income
Taxes 2.1% 1.9% 2.1% 2.1%
Net Income 4.0% 3.9% 4.0% 4.3%
The following table details the number of restaurant openings during the third
quarter and year-to-date, as well as total restaurants open at the end of the
third quarter.
Total Open at End
3rd Quarter Openings Year-to-Date Openings of Third Quarter
Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal
1998 1997 1998 1997 1998 1997
Chili's:
Company-owned 3 6 16 25 408 389
Franchised 3 7 15 19 155 141
Total 6 13 31 44 563 530
Macaroni Grill:
Company-owned 6 10 14 23 111 92
Franchised -- -- -- -- 2 2
Total 6 10 14 23 113 94
On The Border:
Company-owned 4 6 14 9 48 31
Franchised 3 1 6 3 13 5
Total 7 7 20 12 61 36
Corner Bakery -- 2 7 5 22 13
Cozymel's -- -- -- 1 12 12
Maggiano's -- 1 2 2 7 5
Eatzi's -- -- 1 -- 2 1
Grand total 19 33 75 87 780 691
REVENUES
Revenues for the third quarter of fiscal 1998 increased to $401.0
million, 16.1% over the $345.5 million generated for the same
quarter of fiscal 1997. Revenues for the thirty-nine week period
ended March 25, 1998 rose 19.3% to $1,151.5 million from the $965.1
million generated for the same period of fiscal 1997. These
increases are attributable to a net increase of 66 Company-operated
restaurants since March 26, 1997, partially offset by the impact of
one less trading day in the current quarter as discussed below.
The Company increased its capacity (as measured in sales weeks) for
the third quarter and year-to-date of fiscal 1998 by 13.0% and
15.2%, respectively, compared to the respective prior year periods.
Average weekly sales at Company-owned stores increased 2.8% and
3.7% for the third quarter and year-to-date, respectively, from the
same periods of fiscal 1997. On a concept basis, average weekly
sales increased for the quarter and year-to-date compared to the
same periods of fiscal 1997 by 2.6% and 3.4% at Chili's and 1.2%
and 5.2% at On The Border and declined by 2.0% and 3.7% at Macaroni
Grill, respectively.
Overall, revenues and average weekly sales were impacted by one
less day during which the Company's stores were open for business
during the current quarter as compared to the respective prior year
quarter. During the current fiscal year, Christmas Day (a day on
which the Company's stores are closed) fell in the Company's third
quarter. In the prior fiscal year, Christmas Day fell in the
second quarter. The current quarter negative impact of this change
was offset by a positive impact in the second quarter.
COSTS AND EXPENSES (as a percent of Revenues)
Cost of sales decreased for the third quarter and year-to-date of
fiscal 1998 as compared to the respective periods for fiscal 1997.
Favorable commodity prices for meat, poultry, produce, and other
food items, as well as menu price increases were somewhat offset by
unfavorable commodity prices for seafood, dairy, non-alcoholic
beverages and alcoholic beverages.
Restaurant expenses increased on both a comparative third quarter
and year-to-date basis, primarily as a result of an increase in
rent expense due to sale-leaseback transactions and an equipment
leasing facility entered into in the current fiscal year. In
addition, management labor increased as a result of the cost of
continuing efforts to remain competitive with the industry and
increases in monthly performance bonuses due to Chili's positive
performance in fiscal 1998. Furthermore, wage rate increases were
offset by improvements in labor productivity and costs associated
with new product rollouts, as well as menu price increases.
Depreciation and amortization decreased for both the third quarter
and year-to-date of fiscal 1998. Depreciation and amortization
decreases resulted from the impact of sale-leaseback transactions
and an equipment leasing facility, as well as a declining
depreciable asset base for older units. Offsetting these decreases
were increases in depreciation and amortization related to new unit
construction costs and ongoing remodel costs.
General and administrative expenses increased for the third quarter
but decreased for year-to-date fiscal 1998 compared to the
respective periods in fiscal 1997. The decrease for the year is
mainly a result of the Company's continued focus on controlling
corporate expenditures relative to increasing revenues and number
of restaurants. These efforts were partially offset in the third
quarter by increased fiscal 1998 profit sharing accruals based on
the Company's continued strong performance. Total dollar costs
increased during the periods due to profit sharing accruals and
additional staff and support as the Company continues the expansion
of its restaurant concepts.
Interest expense decreased for the third quarter but increased for
year-to-date fiscal 1998 compared to the respective fiscal 1997
periods due to a higher average level of outstanding borrowings on
the Company's credit facilities throughout the year which declined
in the most recent quarter due to proceeds from the sale-leaseback
transaction executed in November 1997.
Other, net, increased for both the third quarter and year-to-date
of fiscal 1998 compared to the respective periods in fiscal 1997.
Other, net, was negatively impacted by the liquidation of the
marketable securities portfolio initiated in the last half of
fiscal 1997 resulting in a reduction of income earned. The
proceeds from the liquidation were used to fund a portion of the
Company's stock repurchase plan and to fund new unit openings.
Furthermore, during the third quarter the Company wrote-off its
equity investment in a joint venture which operates Chili's
franchises in Southeast Asia. The prior year balances also include
gains on sales of land.
INCOME TAXES
The Company's effective income tax rate was 34.5% for the third
quarter and year-to-date of fiscal 1998 compared to 33.5% for the
same periods of fiscal 1997. The fiscal 1998 effective income tax
rate has increased primarily as a result of a decreased dividends
received deduction resulting from the liquidation of the Company's
marketable securities portfolio.
NET INCOME AND NET INCOME PER SHARE
Net income rose 21.0% and 11.1% for the third quarter and year-to-
date periods of fiscal 1998, respectively, compared to the
respective periods of fiscal 1997. The increase in net income for
the third quarter and year to date is attributable to a combination
of increases in revenues which were due to increases in average
weekly sales, sales weeks, and menu price increases, decreases in
commodity prices, and the effects of the sale-leaseback
transaction. These favorable components of the increase in net
income were somewhat offset by increases in management labor,
incentive compensation, wage rates, and non-operating costs.
Diluted net income per share was $0.24 and $0.69, respectively, for
the third quarter and year-to-date periods of fiscal 1998 compared
to $0.18 and $0.53, respectively, for the respective periods of
fiscal 1997. Diluted weighted average shares outstanding for the
third quarter decreased 10.1% compared to the prior year period due
to a continuing stock repurchase program.
IMPACT OF INFLATION
The Company has not experienced a significant overall impact from
inflation. As operating expenses increase, the Company, to the
extent permitted by competition, recovers increased costs by
raising menu prices.
LIQUIDITY AND CAPITAL RESOURCES
The working capital deficit increased from $43.3 million at June
25, 1997 to $66.1 million at March 25, 1998, due primarily to the
sale of the Company's marketable equity securities portfolio in the
current year. The proceeds of the sale were used primarily to fund
investments in non-current assets. Net cash provided by operating
activities increased to $134.7 million for the first thirty-nine
weeks of fiscal 1998 from $92.1 million during the same period in
fiscal 1997 due to increased profitability and the timing of
operational receipts and payments.
Long-term debt outstanding at March 25, 1998 consisted of $60.0
million of borrowings on credit facilities, $100 million of
unsecured senior notes and obligations under capital leases. At
March 25, 1998, the Company had $281.9 million in available funds
from its $350.0 million credit facilities. Long-term liabilities
increased in the first thirty-nine weeks of fiscal 1998 due to the
deferred gain on the sale-leaseback transaction and increased
insurance reserves resulting from Company growth.
Subsequent to June 25, 1997, the Company entered into an equipment
leasing facility for up to $55.0 million, of which funding
commitments of $47.5 million have been obtained. As of March 25,
1998, $24.4 million of the leasing facility had been utilized. The
remaining facility balance will be used to lease equipment for new
unit openings.
Capital expenditures were $124.5 million for the first thirty-nine
weeks of fiscal 1998 as compared to $153.5 million in the first
thirty-nine weeks of fiscal 1997. Capital expenditures consist of
purchases of land for future restaurant sites, new restaurants
under construction, purchases of new and replacement restaurant
furniture and equipment, and an ongoing remodeling program. The
decrease in capital expenditures compared to the first thirty-nine
weeks of 1997 is due mainly to the utilization of the equipment
leasing facility during fiscal 1998 to fund purchases of new
restaurant furniture and equipment. The Company estimates that its
capital expenditures during the fourth quarter will approximate
$39.0 million. These capital expenditures will be funded from
internal operations, cash equivalents, build-to-suit lease
agreements with landlords, the equipment leasing facility, and
drawdowns on the Company's available lines of credit.
During the third quarter, the Company increased its investments in
various joint ventures by $20.5 million. These investments are
accounted for using the equity method and are classified as non-
current assets in the Company's consolidated balance sheet.
The Company is not aware of any other event or trend which would
potentially affect its liquidity. In the event such a trend would
develop, the Company believes that there are sufficient funds
available to it under the lines of credit and internal cash
generating capabilities to adequately manage the expansion of
business.
YEAR 2000
The Year 2000 will have a broad impact on the business environment
in which the Company operates due to the possibility that many
computerized systems across all industries will be unable to
process information containing dates beginning in the Year 2000.
The Company has established an extensive plan to prepare its
computerized systems for the Year 2000. As a part of this plan,
the Company has assessed its computerized systems to determine
their ability to correctly identify the Year 2000 and is devoting
the necessary internal and external resources to replace, upgrade,
or modify all significant systems which do not correctly identify
the Year 2000. Additionally, the Company has initiated formal
communications with its significant external business partners to
determine the extent to which they are modifying their computerized
systems to correctly identify the Year 2000. The Company
anticipates that all of its systems will be Year 2000 compliant
prior to the end of the 1999 calendar year. Based on the Company's
current estimate, the cost of resolving all Year 2000 issues is
expected to have an immaterial impact on the Company's consolidated
financial statements.
NEW ACCOUNTING PRONOUNCEMENTS
In April 1998, the American Institute of Certified Public
Accountants issued Statement of Position 98-5 ("SOP 98-5"),
"Reporting of the Costs of Start-up Activities". SOP 98-5 is
effective for financial statements issued for years beginning after
December 15, 1998; therefore, the Company will implement its
requirements beginning in fiscal 2000. At that time, the Company
will be required to change the method currently used to account for
preopening costs. The application of SOP 98-5 will be reported as
the cumulative effect of a change in accounting principle. Under
the new requirements for accounting for preopening costs, the cost
for start-up activities will be expensed as incurred. The impact
of SOP 98-5 on the accounting for preopening costs for the periods
presented in the accompanying Condensed Consolidated Statements of
Income is contingent upon the number of future restaurant openings
and thus, cannot be estimated at this time.
During 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards No. 130 ("SFAS No.
130"), "Reporting Comprehensive Income" and Statement of Financial
Accounting Standards No. 131 ("SFAS No. 131"), "Disclosures About
Segments of an Enterprise and Related Information." The Company
will adopt the provisions of SFAS No. 130 in the first quarter of
fiscal 1999 and SFAS No. 131 in its fiscal 1999 year end
consolidated financial statements. Once implemented, these
provisions will only have a disclosure impact on the consolidated
financial statements.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking regarding
cash flow from operations, restaurant openings, operating margins,
capital requirements, the availability of acceptable real estate
locations for new restaurants, and other matters. These forward-
looking statements involve risks and uncertainties and,
consequently, could be affected by general business conditions, the
impact of competition, the seasonality of the Company's business,
governmental regulations, and inflation.
PART II. OTHER INFORMATION
Item 6: EXHIBITS
Exhibit 27 Financial Data Schedule. Filed with EDGAR version.
(a) Financial Data Schedule as of and for the 39 week period ended
March 25, 1998.
(b) Restated Financial Data Schedule as of and for the 39 week period
ended March 24, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Company has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
BRINKER INTERNATIONAL, INC.
Date: May 11, 1998 By:___________________________________________
Ronald A. McDougall, President and
Chief Executive Officer
(Duly Authorized Signatory)
Date: May 11, 1998 By:____________________________________________
Russell G. Owens, Executive Vice President
and Chief Financial Officer
(Principal Financial and Accounting Officer)
5
1,000
9-MOS
JUN-24-1998
MAR-25-1998
28,209
51
15,275
(164)
14,138
94,543
1,011,130
(325,257)
947,257
160,652
162,173
0
0
7,815
712,954
947,257
1,140,459
1,151,467
313,016
1,015,355
0
404
8,953
70,247
24,235
46,012
0
0
0
46,012
0.70
0.69
5
1,000
9-MOS
JUN-25-1997
MAR-26-1997
11,168
46,412
19,416
(206)
12,037
127,727
1,012,588
(283,616)
991,860
321,845
102,567
0
0
7,768
645,695
991,860
954,557
965,099
272,812
851,614
0
280
5,494
62,189
20,833
41,356
0
0
0
41,356
0.54
.053
Restated to reflect the adoption of Statement of Financial Accounting
Standards No. 128, "Earnings Per Share."
