which earnings number would analysts put more emphasis on income from continuing ope 642335

CBRL GROUP, INC*
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except share data)

Fiscal years ended

August 1,
2008

August 3,
2007

July 28,
2006

Total revenue

$2,384,521

$2,351,576

$2,219,475

Cost of goods sold

773,757

744,275

706,095

Gross profit

1,610,764

1,607,301

1,513,380

Labor and other related expenses

909,546

892,839

832,943

Impairment and store closing charges

877

—

5,369

Other store operating expenses

422,293

410,131

384,442

Store operating income

278,048

304,331

290,626

General and administrative expenses

127,273

136,186

128,830

Operating income

150,775

168,145

161,796

Interest expense

57,445

59,438

22,205

Interest income

185

7,774

764

Income before income taxes

93,515

116,481

140,355

Provision for income taxes

28,212

40,498

44,854

Income from continuing operations

65,303

75,983

95,501

Income from discontinued operations, net of tax

250

86,082

20,790

Net income

$65,553

$162,065

$116,291

Basic net income per share:

Income from continuing operations

$2.87

$2.75

$2.23

Income from discontinued operations, net of tax

0.01

3.11

0.48

Net income per share

$2.88

$5.86

$2.71

Diluted net income per share:

Income from continuing operations

$2.79

$2.52

$2.07

Income from discontinued operations, net of tax

0.01

2.71

0.43

Net income per share

$2.80

$5.23

$2.50

Basic weighted average shares outstanding

22,782,608

27,643,098

42,917,319

Diluted weighted average shares outstanding

23,406,044

31,756,582

48,044,440

CBRL GROUP, INC
CONSOLIDATED BALANCE SHEET
(In thousands, except share data)

August 1,
2008

August 3,
2007

ASSETS

Current Assets:

Cash and cash equivalents

$11,978

$14,248

Property held for sale

3,248

4,676

Accounts receivable

13,484

11,759

Income taxes receivable

6,919

—

Inventories

155,954

144,416

Prepaid expenses and other current assets

10,981

12,629

Deferred income taxes

18,075

12,553

Total current assets

220,639

200,281

Property and Equipment:

Land

299,608

287,873

Buildings and improvements

711,030

687,041

Buildings under capital leases

3,289

3,289

Restaurant and other equipment

359,089

336,881

Leasehold improvements

183,729

165,472

Construction in progress

15,071

19,673

Total

1,571,816

1,500,229

Less: Accumulated depreciation and amortization of capital leases

526,576

481,247

Property and equipment – net

1,045,240

1,018,982

Other assets

47,824

45,767

Total

$1,313,703

$1,265,030

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$93,112

$93,060

Current maturities of long-term debt and other long-term obligations

8,714

8,188

Taxes withheld and accrued

29,459

32,201

Income taxes payable

—

18,066

Accrued employee compensation

46,185

48,570

Accrued employee benefits

34,241

34,926

Deferred revenues

22,618

21,162

Accrued interest expense

12,485

164

Other accrued expenses

17,905

18,332

Total current liabilities

264,719

274,669

Long-term debt

779,061

756,306

Interest rate swap liability

39,618

13,680

Other long-term obligations

83,224

53,819

Deferred income taxes

54,330

62,433

Commitments and Contingencies (Note 14)

Shareholders’ Equity:

Preferred stock – 100,000,000 shares of $.01 par value authorized; no shares issued

Common stock – 400,000,000 shares of $.01 par value authorized;
2008 – 22,325,341 shares issued and outstanding;
2007 – 23,674,175 shares issued and outstanding

223

237

Additional paid-in capital

731

—

Accumulated other comprehensive loss

-27,653

-8,988

Retained earnings

119,450

112,874

Total shareholders’ equity

92,751

104,123

Total

$1,313,703

$1,265,030

CBRL GROUP, INC
CONSOLIDATED STATEMENT OF CASH FLOWS (IN PART)
(In thousands, except share data)

Fiscal years ended

1-Aug-08

3-Aug-07

28-Jul-06

Net cash provided by operating activities of
continuing operations

$124,510

$96,872

$174,694

Net cash used in investing activities of continuing
operations

82,706

87,721

82,262

Net cash used in financing activities of continuing
operations

44,459

502,309

5,385

Dividends on common stock

15,743

15,610

24,019