|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
|
6 Months Ended |
|
Nov. 29, 2011
|
Nov. 30, 2010
|
| Operating activities: |
|
|
| Net income |
$ 1,092 |
$ 16,962 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation |
32,700 |
30,741 |
| Amortization of intangibles |
1,036 |
393 |
| Provision for bad debts |
17 |
(318) |
| Deferred income taxes |
(211) |
1,023 |
| Loss on impairments, including disposition of assets |
1,028 |
1,529 |
| Equity in earnings of unconsolidated franchises |
0 |
(230) |
| Share-based compensation expense |
3,528 |
5,615 |
| Excess tax benefits from share-based compensation |
(24) |
(186) |
| Gain on franchise partnership acquisitions, net of settlement losses |
|
(1,660) |
| Other |
288 |
(2) |
| Changes in operating assets and liabilities: |
|
|
| Receivables |
(1,292) |
647 |
| Inventories |
(3,929) |
(13,218) |
| Income taxes |
(601) |
(3,756) |
| Prepaid and other assets |
2,699 |
(121) |
| Accounts payable, accrued and other liabilities |
654 |
(4,626) |
| Net cash provided by operating activities |
36,985 |
32,793 |
| Investing activities: |
|
|
| Purchases of property and equipment |
(20,664) |
(13,266) |
| Acquisition of franchise and other entities |
|
(1,832) |
| Proceeds from disposal of assets |
1,527 |
959 |
| (Increases)/reductions in Deferred Compensation Plan assets |
(76) |
62 |
| Insurance proceeds from property claims |
1,548 |
|
| Other, net |
(217) |
(49) |
| Net cash used by investing activities |
(17,882) |
(14,126) |
| Financing activities: |
|
|
| Net proceeds/(payments) on revolving credit facility |
5,000 |
(14,600) |
| Principal payments on other long-term debt |
(6,645) |
(6,420) |
| Stock repurchases |
(18,441) |
|
| Proceeds from exercise of stock options |
123 |
796 |
| Excess tax benefits from share-based compensation |
24 |
186 |
| Net cash used by financing activities |
(19,939) |
(20,038) |
| Decrease in cash and short-term investments |
(836) |
(1,371) |
| Cash and short-term investments: |
|
|
| Beginning of year |
9,722 |
9,569 |
| End of year |
8,886 |
8,198 |
| Cash paid/(received) for: |
|
|
| Interest, net of amount capitalized |
8,640 |
5,132 |
| Income taxes, net |
1,151 |
6,061 |
| Significant non-cash investing and financing activities: |
|
|
| Retirement of fully depreciated assets |
5,168 |
5,120 |
| Reclassification of properties to assets held for sale or receivables |
2,705 |
2,464 |
| Assumption of debt and capital leases related to franchise partnership acquisitions |
0 |
22,670 |
| Liability for claim settlements and insurance receivables |
$ (314) |
$ (2,171) |