RUBY TUESDAY INC - 10-Q filing on 2017-01-06

Note 13 - Supplemental Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Nov. 29, 2016

Condensed Balance Sheet [Table Text Block]

	Parent			Guarantors		Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	38,459		$	106	$	–		$	38,565
Accounts and other receivables		2,089			4,929		–			7,018
Inventories		15,5 20			5,737		–			21,257
Income tax receivable		169,619			–		( 164,406	)		5,213
Other current assets		20,035			16,321		–			36,356
Total current assets		245,722			27,093		( 164,406	)		108,409

Property and equipment, net		469,396			148,037		–			617,433
Investment in subsidiaries		74,349			–		( 74,349	)		–
Due from/(to) subsidiaries		93,762			219,764		( 313,526	)		–
Other assets		39,006			4,487		–			43,493
Total assets	$	922,235		$	399,381	$	( 552,281	)	$	769,335

Liabilities & Shareholders ’ Equity
Current liabilities:
Accounts payable	$	18,488		$	4,980	$	–		$	23,468
Accrued and other current liabilities		48,061			19,524		–			67,585
Deferred revenue – gift cards		(377	)		15,157		–			14,780
Current maturities of long-term debt,
including capital leases		( 1,110	)		14,739		–			13,629
Income tax payable		–			164,406		( 164,406	)		–
Total current liabilities		65,062			218,806		( 164,406	)		1 19,462

Long-term debt and capital leases,
less current maturities		209,609			–		–			2 09,609
Due to/(from) subsidiaries		219,764			93,762		( 313,526	)		–
Other deferred liabilities		94,49 2			12,464		–			106,956
Total liabilities		588,92 7			325,032		( 477,932	)		436,027

Shareholders ’ equity:
Common stock		606			–		–			606
Capital in excess of par value		78,398			–		–			78,398
Retained earnings		263,702			74,349		( 74,349	)		263,702
Accumulated other comprehensive loss		( 9,398	)		–		–			(9,398	)
Total shareholders ’ equity		333,308			74,349		( 74,349	)		333,308

Total liabilities & shareholders ’ equity	$	922,23 5		$	399,381	$	( 552,281	)	$	769,335

	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		36,155			13,122		–			49,277
Deferred revenue – gift cards		(481	)		16,835		–			16,354
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

Condensed Income Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	157,321		$	56,494		$	–		$	213,815
Franchise revenue		–			904			–			904
Total revenue		157,321			57,398			–			214,719

Operating costs and expenses:
Cost of goods sold		45,706			16,436			–			62,142
Payroll and related costs		58,089			22,329			–			80,418
Other restaurant operating costs		34,281			12,339			–			46,620
Depreciation and amortization		7,668			2,820			–			10,488
G eneral and administrative expenses		11,039			7,355			–			18,394
Intercompany general and administrative allocations		8,694			( 8,694	)		–			–
Marketing expenses, net		10,478			3,547			–			14,025
Closures and impairments, net		10,187			5, 521			–			15,708
Equity in losses of subsidiaries		775			–			( 775	)		–
Interest expense, net		4,559			285			–			4,844
Intercompany interest expense/(income)		2,995			( 2,995	)		–			–
Total operating costs and expenses		194,471			58,943			( 775	)		252,639

Loss before income taxes		( 37,150	)		( 1,545	)		775			(37,920	)
(Benefit)/provision for income taxes		806			(770	)		–			36

Net loss	$	( 37,956	)	$	( 775	)	$	775		$	(37,956	)

Other comprehensive income:
Pension liability reclassification		355			–			–			355
Total comprehensive loss	$	( 37,601	)	$	( 775	)	$	775		$	(37,601	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	342,409		$	127,170		$	–		$	469,579
Franchise revenue		10			1,787			–			1,797
Total revenue		342,419			128,957			–			471,376

Operating costs and expenses:
Cost of goods sold		97,888			36,444			–			134,332
Payroll and related costs		121,664			49,361			–			171,025
Other restaurant operating costs		75,257			28,726			–			103,983
Depreciation and amortization		15,756			5,961			–			21,717
G eneral and administrative expenses		19,080			15,403			–			34,483
Intercompany general and administrative allocations		19,057			( 19,057	)		–			–
Marketing expenses, net		21,823			7,698			–			29,521
Closures and impairments, net		26,771			19,129			–			45,900
Equity in losses of subsidiaries		9,807			–			( 9,807	)		–
Interest expense, net		9,141			580			–			9,721
Intercompany interest expense/(income)		5,948			( 5,948	)		–			–
Total operating costs and expenses		422,192			138,297			( 9,807	)		550,682

Loss before income taxes		( 79,773	)		( 9,340	)		9,807			( 79,306	)
(Benefit)/provision for income taxes		( 2,125	)		467			–			( 1,658	)

Net loss	$	( 77,648	)	$	( 9,807	)	$	9,807		$	( 77,648	)

Other comprehensive income:
Pension liability reclassification		710			–			–			710
Total comprehensive loss	$	( 76,938	)	$	( 9,807	)	$	9,807		$	( 76,938	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	187,112		$	72,218		$	–		$	259,330
Franchise revenue		115			1,511			–			1,626
Total revenue		187,227			73,729			–			260,956

Operating costs and expenses:
Cost of goods sold		50,775			19,530			–			70,305
Payroll and related costs		64,917			27,367			–			92,284
Other restaurant operating costs		41,024			15,361			–			56,385
Depreciation and amortization		9,170			3,766			–			12,936
General and administrative expenses		5,792			8,364			–			14,156
Intercompany general and administrative allocations		10,336			(10,336	)		–			–
Marketing expenses, net		10,007			3,685			–			13,692
Closures and impairments, net		9,498			2,574			–			12,072
Equity in earnings of subsidiaries		(1,265	)		–			1,265			–
Interest expense, net		4,652			453			–			5,105
Intercompany interest expense/(income)		3,016			(3,016	)		–			–
Total operating costs and expenses		207,922			67,748			1,265			276,935

(Loss)/income before income taxes		(20,695	)		5,981			(1,265	)		(15,979	)
(Benefit)/provision for income taxes		(4,896	)		4,716			–			(180	)
Net (loss)/income	$	(15,799	)	$	1,265		$	(1,265	)	$	(15,799	)

Other comprehensive income:
Pension liability reclassification, net of tax		506			–			–			506
Total comprehensive (loss)/income	$	(15,293	)	$	1,265		$	(1,265	)	$	(15,293	)

	Parent			Guarantors			Eliminations			Consolidated
Revenue:
Restaurant sales and operating revenue	$	388,528		$	148,709		$	–		$	537,237
Franchise revenue		130			3,069			–			3,199
Total revenue		388,658			151,778			–			540,436

Operating costs and expenses:
Cost of goods sold		106,003			40,543			–			146,546
Payroll and related costs		132,258			55,361			–			187,619
Other restaurant operating costs		86,226			32,366			–			118,592
Depreciation and amortization		18,297			7,445			–			25,742
General and administrative expenses		16,483			13,595			–			30,078
Intercompany general and administrative allocations		21,462			(21,462	)		–			–
Marketing expenses, net		19,905			7,261			–			27,166
Closures and impairments, net		12,087			2,697			–			14,784
Equity in earnings of subsidiaries		(13,231	)		–			13,231			–
Interest expense, net		9,250			1,855			–			11,105
Intercompany interest expense/(income)		5,991			(5,991	)		–			–
Total operating costs and expenses		414,731			133,670			13,231			561,632

(Loss)/income before income taxes		(26,073	)		18,108			(13,231	)		(21,196	)
(Benefit)/provision for income taxes		(6,080	)		4,877			–			(1,203	)
Net (loss)/income	$	(19,993	)	$	13,231		$	(13,231	)	$	(19,993	)

Other comprehensive income:
Pension liability reclassification, net of tax		462			–			–			462
Total comprehensive (loss)/income	$	(19,531	)	$	13,231		$	(13,231	)	$	(19,531	)

Condensed Cash Flow Statement [Table Text Block]

	Parent			Guarantors			Eliminations			Consolidated

Net cash (used)/provided by operating activities	$	(35,701	)	$	18,984		$	( 8,824	)	$	(25,541	)

Investing activities:
Purchases of property and equipment		( 13,481	)		( 3,309	)		–			( 16,790	)
Proceeds from disposal of assets		12,205			53			–			12,258
Other, net		2,338			–			–			2,338
Net cash provided/(used) by investing activities		1,062			( 3,256	)		–			(2,194	)

Financing activities:
Principal payments on long-term debt		(15	)		( 983	)		–			(998	)
Stock repurchases		( 26	)		–			–			( 26	)
Payments for debt issuance costs		( 17	)		–			–			( 17	)
Intercompany dividend		–			( 14,772	)		14,772			–
Other i ntercompany transactions		5,948			–			(5,948	)		–
Net cash provided/(used) by financing activities		5,890			( 15,755	)		8,824			( 1,041	)

De crease in cash and cash equivalents		(28,749	)		(27	)		–			(28,776	)
Cash and cash equivalents:
Beginning of fiscal year		67,208			133			–			67,341
End of quarter	$	38,459		$	106		$	–		$	38,565

	Parent			Guarantors			Eliminations			Consolidated

Net cash (used)/provided by operating activities	$	( 24,693	)	$	30,215		$	( 18,917	)	$	( 4,131	)

Investing activities:
Purchases of property and equipment		( 15,296	)		( 4,992	)		–			( 20,288	)
Proceeds from disposal of assets		3,665			–			–			3,665
Other, net		313			–			–			313
Net cash used by investing activities		( 11,318	)		( 4,992	)		–			( 16,310	)

Financing activities:
Principal payments on long-term debt		( 15	)		(9,586	)		–			(9,601	)
Stock repurchases		(9	)		–			–			(9	)
Payments for debt issuance costs		( 29	)		–			–			( 29	)
Intercompany dividend		–			( 15,644	)		15,644			–
Other intercompany transactions		5,991			–			(5,991	)		–
Net cash provided/(used) by financing activities		5,938			( 25,230	)		9,653			( 9,639	)

Decrease in cash and cash equivalents		( 30,073	)		( 7	)		–			( 30,080	)
Cash and cash equivalents:
Beginning of fiscal year		75,034			297			–			75,331
End of quarter	$	44,961		$	290		$	–		$	45,251