RUBY TUESDAY INC - 10-Q filing on 2016-10-07

Note 13 - Supplemental Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Aug. 30, 2016

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	68,515		$	146	$	–		$	68,661
Accounts and other receivables		2, 625			4, 483		–			7,108
Inventories		13,653			5,005		–			18,658
Income tax receivable		170,031			–		( 165,310	)		4,721
Other current assets		12, 652			9, 840		–			22,49 2
Total current assets		267,476			19,474		( 165,310	)		121,6 40

Property and equipment, net		491,229			160,548		–			651,777
Investment in subsidiaries		8 2,482			–		( 82,482	)		–
Due from/(to) subsidiaries		8 1,389			216,770		( 298,159	)		–
Other assets		39,993			4,749		–			44,7 42
Total assets	$	962,569		$	401,541	$	( 545,951	)	$	818,159

Liabilities & Shareholders ’ Equity
Current liabilities:
Accounts payable	$	18,065		$	3,968	$	–		$	2 2,033
Accrued and other current liabilities		5 2,324			39, 834		–			92,158

Current maturities of long-term debt,
including capital leases		( 1,088	)		10,869		–			9, 781
Income tax payable		–			165,310		( 165,310	)		–
Total current liabilities		69,301			219,981		( 165,310	)		123,972

Long-term debt and capital leases,
less current maturities		209,350			4,378		–			213,728
Due to/(from) subsidiaries		216,770			8 1,389		( 298,159	)		–
Other deferred liabilities		97, 869			13, 311		–			111, 180
Total liabilities		593, 290			3 19,059		( 463,469	)		448,880

Shareholders ’ equity:
Common stock		602			–		–			602
Capital in excess of par value		7 6,772			–		–			7 6,772
Retained earnings		301,658			82,482		( 82,482	)		301,658
Accumulated other comprehensive loss		( 9,753	)		–		–			( 9,753	)
Total shareholders ’ equity		369,279			82,482		( 82,482	)		369,279

Total liabilities & shareholders ’ equity	$	962, 569		$	40 1,541	$	( 545,951	)	$	818,159

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	67,208		$	133	$	–		$	67,341
Accounts and other receivables		8,102			4,725		–			12,827
Inventories		15,401			6,194		–			21,595
Income tax receivable		167,065			–		(164,062	)		3,003
Other current assets		11,282			4,868		–			16,150
Total current assets		269,058			15,920		(164,062	)		120,916

Property and equipment, net		501,482			169,768		–			671,250
Investment in subsidiaries		98,929			–		(98,929	)		–
Due from/(to) subsidiaries		76,208			213,816		(290,024	)		–
Other assets		40,626			5,125		–			45,751
Total assets	$	986,303		$	404,629	$	(553,015	)	$	837,917

Liabilities & Shareholders ’ Equity
Current liabilities:
Accounts payable	$	17,405		$	4,736	$	–		$	22,141
Accrued and other current liabilities		35,674			29,957		–			65,631
Current maturities of long-term debt,
including capital leases		(1,067	)		11,001		–			9,934
Income tax payable		–			164,062		(164,062	)		–
Total current liabilities		52,012			209,756		(164,062	)		97,706

Long-term debt and capital leases,
less current maturities		209,058			4,745		–			213,803
Due to/(from) subsidiaries		213,816			76,208		(290,024	)		–
Other deferred liabilities		103,637			14,991		–			118,628
Total liabilities		578,523			305,700		(454,086	)		430,137

Shareholders ’ equity:
Common stock		601			–		–			601
Capital in excess of par value		75,938			–		–			75,938
Retained earnings		341,350			98,929		(98,929	)		341,350
Accumulated other comprehensive loss		(10,109	)		–		–			(10,109	)
Total shareholders ’ equity		407,780			98,929		(98,929	)		407,780

Total liabilities & shareholders ’ equity	$	986,303		$	404,629	$	(553,015	)	$	837,917

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	185,088		$	70,676		$	–		$	255,764
Franchise revenue		10			883			–			893
Total revenue		185,098			71,559			–			256,657

Operating costs and expenses:
Cost of goods sold		52,182			20,008			–			72,190
Payroll and related costs		63,575			27,032			–			90,607
Other restaurant operating costs		40,976			16,387			–			57,363
Depreciation and amortization		8,088			3,141			–			11,229
Selling, general, and administrative		19,386			12,199			–			31,585
Intercompany selling, general, and
administrative allocations		10,363			( 10,363	)		–			–
Closures and impairments, net		1 6,584			1 3,608			–			30,192
Equity in losses of subsidiaries		9,032			–			(9,032	)		–
Interest expense, net		4,582			295			–			4,877
Intercompany interest expense/(income)		2,953			( 2,953	)		–			–
Total operating costs and expenses		22 7,721			79,354			(9,032	)		298,043

Loss before income taxes		( 42,623	)		(7,795	)		9,032			( 41,386	)
(Benefit)/provision for income taxes		( 2,931	)		1,237			–			( 1,694	)

Net loss	$	( 39,692	)	$	(9,032	)	$	9,032		$	( 39,692	)

Other comprehensive income:
Pension liability reclassification		355			–			–			355
Total comprehensive loss	$	( 39,337	)	$	(9,032	)	$	9,032		$	( 39,337	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	201,416		$	76,491		$	–		$	277,907
Franchise revenue		15			1,558			–			1,573
Total revenue		201,431			78,049			–			279,480

Operating costs and expenses:
Cost of goods sold		55,228			21,013			–			76,241
Payroll and related costs		67,341			27,994			–			95,335
Other restaurant operating costs		45,202			17,005			–			62,207
Depreciation and amortization		9,127			3,679			–			12,806
Selling, general, and administrative		20,589			8,807			–			29,396
Intercompany selling, general, and
administrative allocations		11,126			( 11,126	)		–			–
Closures and impairments, net		2,589			123			–			2,712
Equity in earnings of subsidiaries		( 11,966	)		–			11,966			–
Interest expense, net		4,598			1,402			–			6,000
Intercompany interest expense/(income)		2,975			( 2,975	)		–			–
Total operating costs and expenses		206,809			65,922			11,966			284,697

(Loss)/income before income taxes		( 5,378	)		12,127			( 11,966	)		( 5,217	)
(Benefit)/provision for income taxes		( 1,184	)		161			–			( 1,023	)
Net (loss)/income	$	( 4,194	)	$	11,966		$	( 11,966	)	$	( 4,194	)

Other comprehensive loss:
Pension liability reclassification, net of tax		( 44	)		–			–			( 44	)
Total comprehensive (loss)/income	$	( 4,238	)	$	11,966		$	( 11,966	)	$	( 4,238	)

	Parent			Guarantors			Eliminations			Consolidated
Net cash provided by operating activities	$	4,204		$	9,280		$	( 11,877	)	$	1, 607

Investing activities:
Purchases of property and equipment		(4,992	)		(1,366	)		–			( 6,358	)
Proceeds from disposal of assets		5,257			–			–			5,257
Other, net		1,322			–			–			1,322
Net cash provided/(used) by investing activities		1,587			(1,366	)		–			221

Financing activities:
Principal payments on long-term debt		11			(486	)		–			( 475	)
Stock repurchases		( 26	)		–			–			( 26	)
Payments for debt issuance costs		( 7	)		–			–			( 7	)
Intercompany dividend		–			(7,415	)		7,415			–
Other intercompany transactions		(4,462	)		–			4,462			–
Net cash used by financing activities		(4,484	)		(7,901	)		11,877			( 508	)

In crease in cash and cash equivalents		1,307			13			–			1,320
Cash and cash equivalents:
Beginning of fiscal year		67,208			133			–			67,341
End of quarter	$	68,515		$	146		$	–		$	6 8,661

	Parent			Guarantors			Eliminations			Consolidated
Net cash (used)/provided by operating activities	$	(6,213	)	$	22,659		$	(18,917	)	$	(2,471	)

Investing activities:
Purchases of property and equipment		( 7,138	)		( 2,804	)		–			( 9,942	)
Proceeds from disposal of assets		2,746			–			–			2,746
Other, net		209			–			–			209
Net cash used by investing activities		( 4,183	)		( 2,804	)		–			( 6,987	)

Financing activities:
Principal payments on long-term debt		11			( 8,912	)		–			( 8,901	)
Stock repurchases		( 9	)		–			–			( 9	)
Payments for debt issuance costs		( 25	)		–			–			( 25	)
Intercompany dividend		–			(10,946	)		10,946			–
Other intercompany transactions		(7,971	)		–			7,971			–
Net cash used by financing activities		(7,994	)		( 19,858	)		18,917			( 8,935	)

D ecrease in cash and cash equivalents		(18,390	)		( 3	)		–			(18,393	)
Cash and cash equivalents:
Beginning of fiscal year		75,034			297			–			75,331
End of quarter	$	56,644		$	294		$	–		$	56,938