RUBY TUESDAY INC - 10-Q filing on 2015-04-13

Note P – Supplemental Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Mar. 03, 2015

Disclosure Text Block Supplement [Abstract]

Condensed Balance Sheet [Table Text Block]

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	60,925		$	296	$	-		$	61,221
Accounts receivable		1,934			2,916		-			4,850
Inventories		16,271			6,673		-			22,944
Income tax receivable		150,115			-		(147,749	)		2,366
Deferred income taxes		(3,038	)		3,399		-			361
Other current assets		15,520			2,355		-			17,875
Total current assets		241,727			15,639		(147,749	)		109,617

Property and equipment, net		563,153			198,647		-			761,800
Investment in subsidiaries		136,416			-		(136,416	)		-
Due from/(to) subsidiaries		67,992			223,095		(291,087	)		-
Other assets		47,094			11,376		-			58,470
Total assets	$	1,056,382		$	448,757	$	(575,252	)	$	929,887

Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable	$	17,052		$	3,784	$	-		$	20,836
Accrued and other current liabilities		43,512			35,972		-			79,484
Current maturities of long-term debt, including capital leases		(361	)		4,919		-			4,558
Income tax payable		-			147,749		(147,749	)		-
Total current liabilities		60,203			192,424		(147,749	)		104,878

Long-term debt and capital leases, less current maturities		213,307			33,444		-			246,751
Deferred income taxes		(1,914	)		4,684		-			2,770
Due to/(from) subsidiaries		223,095			67,992		(291,087	)		-
Other deferred liabilities		100,793			13,797		-			114,590
Total liabilities		595,484			312,341		(438,836	)		468,989

Shareholders’ equity:
Common stock		621			-		-			621
Capital in excess of par value		82,038			-		-			82,038
Retained earnings		387,749			136,416		(136,416	)		387,749
Accumulated other comprehensive loss		(9,510	)		-		-			(9,510	)
Total shareholders’ equity		460,898			136,416		(136,416	)		460,898

Total liabilities & shareholders’ equity	$	1,056,382		$	448,757	$	(575,252	)	$	929,887

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	51,012		$	314	$	-		$	51,326
Accounts receivable		1,725			3,136		-			4,861
Inventories		15,114			6,060		-			21,174
Income tax receivable		138,524			-		(136,391	)		2,133
Deferred income taxes		(548	)		3,945		-			3,397
Other current assets		14,610			2,289		-			16,899
Total current assets		220,437			15,744		(136,391	)		99,790

Property and equipment, net		587,783			207,063		-			794,846
Investment in subsidiaries		158,266			-		(158,266	)		-
Due from/(to) subsidiaries		78,612			243,665		(322,277	)		-
Other assets		48,780			13,011		-			61,791
Total assets	$	1,093,878		$	479,483	$	(616,934	)	$	956,427

Liabilities & Shareholders’ Equity
Current liabilities:
Accounts payable	$	20,545		$	5,656	$	-		$	26,201
Accrued and other current liabilities		46,450			36,356		-			82,806
Current maturities of long-term debt, including capital leases		(341	)		5,157		-			4,816
Income tax payable		-			136,391		(136,391	)		-
Total current liabilities		66,654			183,560		(136,391	)		113,823

Long-term debt and capital leases, less current maturities		213,039			40,836		-			253,875
Deferred income taxes		(445	)		3,945		-			3,500
Due to/(from) subsidiaries		243,665			78,612		(322,277	)		-
Other deferred liabilities		109,756			14,264		-			124,020
Total liabilities		632,669			321,217		(458,668	)		495,218

Shareholders’ equity:
Common stock		614			-		-			614
Capital in excess of par value		76,269			-		-			76,269
Retained earnings		395,226			158,266		(158,266	)		395,226
Accumulated other comprehensive loss		(10,900	)		-		-			(10,900	)
Total shareholders’ equity		461,209			158,266		(158,266	)		461,209

Total liabilities & shareholders’ equity	$	1,093,878		$	479,483	$	(616,934	)	$	956,427

Condensed Income Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	204,278		$	80,114		$	-		$	284,392
Franchise revenue		4			1,517			-			1,521
		204,282			81,631			-			285,913

Operating costs and expenses:
Cost of goods sold		55,793			22,003			-			77,796
Payroll and related costs		67,959			28,721			-			96,680
Other restaurant operating costs		43,643			17,885			-			61,528
Depreciation		9,229			3,176			-			12,405
Selling, general, and administrative		18,244			10,704			-			28,948
Intercompany selling, general, and administrative allocations		11,371			(11,371	)		-			-
Closures and impairments		2,086			1,905			-			3,991
Equity in earnings of subsidiaries		(7,171	)		-			7,171			-
Interest expense, net		4,654			792			-			5,446
Intercompany interest expense/(income)		3,040			(3,040	)		-			-
		208,848			70,775			7,171			286,794

(Loss)/income before income taxes		(4,566	)		10,856			(7,171	)		(881	)
(Benefit)/provision for income taxes		(3,797	)		3,685			-			(112	)

Net loss	$	(769	)	$	7,171		$	(7,171	)	$	(769	)

Other comprehensive income:
Pension liability reclassification, net of tax		463			-			-			463
Total comprehensive loss	$	(306	)	$	7,171		$	(7,171	)	$	(306	)

	Parent			Guarantor			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	595,401		$	229,654		$	-		$	825,055
Franchise revenue		188			4,511			-			4,699
		595,589			234,165			-			829,754

Operating costs and expenses:
Cost of goods sold		162,041			62,548			-			224,589
Payroll and related costs		202,349			84,137			-			286,486
Other restaurant operating costs		130,551			50,873			-			181,424
Depreciation		27,960			9,641			-			37,601
Selling, general, and administrative		55,013			32,128			-			87,141
Intercompany selling, general, and administrative allocations		32,986			(32,986	)		-			-
Closures and impairments		4,390			2,158			-			6,548
Equity in earnings of subsidiaries		(19,278	)		-			19,278			-
Interest expense, net		13,901			2,882			-			16,783
Intercompany interest expense/(income)		8,930			(8,930	)		-			-
		618,843			202,451			19,278			840,572

(Loss)/income before income taxes		(23,254	)		31,714			(19,278	)		(10,818	)
(Benefit)/provision for income taxes		(15,777	)		12,436			-			(3,341	)

Net loss	$	(7,477	)	$	19,278		$	(19,278	)	$	(7,477	)

Other comprehensive income:
Pension liability reclassification, net of tax		1,390			-			-			1,390
Total comprehensive loss	$	(6,087	)	$	19,278		$	(19,278	)	$	(6,087	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	212,249		$	81,715		$	-		$	293,964
Franchise revenue		63			1,525			-			1,588
		212,312			83,240			-			295,552

Operating costs and expenses:
Cost of goods sold		58,550			22,430			-			80,980
Payroll and related costs		71,742			29,609			-			101,351
Other restaurant operating costs		46,765			17,396			-			64,161
Depreciation		9,787			3,540			-			13,327
Selling, general, and administrative		16,532			16,808			-			33,340
Intercompany selling, general, and administrative allocations		14,908			(14,908	)		-			-
Closures and impairments		2,407			1,364			-			3,771
Trademark impairment		-			855			-			855
Equity in earnings of subsidiaries		(8,886	)		-			8,886			-
Interest expense, net		5,089			878			-			5,967
Intercompany interest expense/(income)		3,274			(3,274	)		-			-
		220,168			74,698			8,886			303,752

(Loss)/income from continuing operations before income taxes		(7,856	)		8,542			(8,886	)		(8,200	)
Benefit for income taxes from continuing operations		(463	)		(344	)		-			(807	)
Loss from continuing operations		(7,393	)		8,886			(8,886	)		(7,393	)

Income from discontinued operations, net of tax		86			-			-			86
Net loss	$	(7,307	)	$	8,886		$	(8,886	)	$	(7,307	)

Other comprehensive income:
Pension liability reclassification, net of tax		477			-			-			477
Total comprehensive loss	$	(6,830	)	$	8,886		$	(8,886	)	$	(6,830	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	621,181		$	235,594		$	-		$	856,775
Franchise revenue		182			4,478			-			4,660
		621,363			240,072			-			861,435

Operating costs and expenses:
Cost of goods sold		173,397			65,190			-			238,587
Payroll and related costs		214,633			86,968			-			301,601
Other restaurant operating costs		141,660			55,324			-			196,984
Depreciation		30,359			11,092			-			41,451
Selling, general, and administrative		68,250			39,136			-			107,386
Intercompany selling, general, and administrative allocations		43,679			(43,679	)		-			-
Closures and impairments		15,630			10,317			-			25,947
Trademark impairment		-			855			-			855
Equity in earnings of subsidiaries		(13,307	)		-			13,307			-
Interest expense, net		15,320			4,020			-			19,340
Intercompany interest expense/(income)		9,688			(9,688	)		-			-
Loss on extinguishment of debt		1,183			-			-			1,183
		700,492			219,535			13,307			933,334

(Loss)/income from continuing operations before income taxes		(79,129	)		20,537			(13,307	)		(71,899	)
(Benefit)/provision for income taxes from continuing operations		(15,100	)		7,230			-			(7,870	)
Loss from continuing operations		(64,029	)		13,307			(13,307	)		(64,029	)

Income from discontinued operations, net of tax		97			-			-			97
Net loss	$	(63,932	)	$	13,307		$	(13,307	)	$	(63,932	)

Other comprehensive income:
Pension liability reclassification, net of tax		1,432			-			-			1,432
Total comprehensive loss	$	(62,500	)	$	13,307		$	(13,307	)	$	(62,500	)

Condensed Cash Flow Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated

Net cash provided by operating activities	$	37,226		$	51,900		$	(61,699	)	$	27,427

Investing activities:
Purchases of property and equipment		(16,569	)		(4,565	)		-			(21,134	)
Proceeds from disposal of assets		7,649			1,047			-			8,696
Other, net		2,043			135			-			2,178
Net cash used by investing activities		(6,877	)		(3,383	)		-			(10,260	)

Financing activities:
Principal payments on long-term debt		(6	)		(7,406	)		-			(7,412	)
Stock repurchases		(73	)		-			-			(73	)
Payments for debt issuance costs		(281	)		-			-			(281	)
Proceeds from exercise of stock options		457			-			-			457
Excess tax benefits from share-based compensation		37			-			-			37
Intercompany transactions		(20,570	)		(41,129	)		61,699			-
Net cash used by financing activities		(20,436	)		(48,535	)		61,699			(7,272	)

Increase/(decrease) in cash and cash equivalents		9,913			(18	)		-			9,895
Cash and cash equivalents:
Beginning of year		51,012			314			-			51,326
End of quarter	$	60,925		$	296		$	-		$	61,221

	Parent			Guarantors			Eliminations			Consolidated

Net cash (used)/provided by operating activities	$	(4,304	)	$	51,122		$	(17,664	)	$	29,154

Investing activities:
Purchases of property and equipment		(16,855	)		(5,702	)		-			(22,557	)
Proceeds from sale-leaseback transactions, net		5,637			-			-			5,637
Proceeds from disposal of assets		9,926			1,023			-			10,949
Other, net		842			-			-			842
Net cash used by investing activities		(450	)		(4,679	)		-			(5,129	)

Financing activities:
Principal payments on long-term debt		(12,958	)		(19,023	)		-			(31,981	)
Stock repurchases		(579	)		-			-			(579	)
Payments for debt issuance costs		(1,758	)		-			-			(1,758	)
Proceeds from exercise of stock options		1,576			-			-			1,576
Excess tax benefits from share-based compensation		284			-			-			284
Intercompany transactions		9,688			(27,352	)		17,664			-
Net cash used by financing activities		(3,747	)		(46,375	)		17,664			(32,458	)

(Decrease)/increase in cash and cash equivalents		(8,501	)		68			-			(8,433	)
Cash and cash equivalents:
Beginning of year		52,635			272			-			52,907
End of quarter	$	44,134		$	340		$	-		$	44,474