GREER, S.C., Aug. 2 /PRNewswire-FirstCall/ -- Ryan's Restaurant
Group, Inc. (NASDAQ:RYAN) reported second quarter 2006 results
today. Second quarter restaurant sales were $208,871,000 in 2006
compared to $215,510,000 for the comparable quarter in 2005. Net
earnings for the quarter amounted to $6,863,000 in 2006 and
$6,260,000 in 2005. Earnings per share (diluted) amounted to 16
cents in 2006 compared to 15 cents in 2005. For the six months
ended June 28, 2006, restaurant sales amounted to $422,588,000
compared to $425,149,000 for the comparable period in 2005. Net
earnings were $17,659,000 in the first six months of 2006 and
$18,073,000 in the first six months of 2005. Earnings per share
(diluted) were 41 cents in the first six months of 2006 compared to
42 cents in the first six months of 2005. Management noted that the
second quarter's results included the following: - Average weekly
sales decreased by 0.5% during the second quarter of 2006 compared
to the comparable period in 2005. Using the same comparison
periods, same-store sales decreased by 1.7%; - Food and payroll
costs declined by a combined 1.6% of sales during the quarter
compared to the same period in 2005; - Other restaurant expenses in
the quarter included credits amounting to almost $2.0 million in
total from (a) insurance proceeds related to hurricanes Katrina and
Rita ($1.5 million) and (b) settlement proceeds from a class-action
credit card lawsuit ($476,000); and - General and administrative
expenses in the quarter included an $8.4 million charge for the
Tennessee class-action litigation that has been disclosed in the
Company's prior filings with the Securities and Exchange Commission
("SEC"). A $5.0 million charge related to this same litigation was
made during the second quarter of 2005. Based on claims
administration results, management believes that all amounts ($14.4
million in total) related to this matter have now been charged
against earnings and that no further charges will be required.
General and administrative expenses in the second quarter of 2006
also included a non-recurring charge amounting to $1.4 million for
retiree medical benefits. At June 28, 2006, the Company owned and
operated 334 restaurants. As noted in a press release dated July
25, 2006, the Company has entered into an agreement under which a
subsidiary of Buffets, Inc. will merge with Ryan's, and Ryan's
shareholders will receive a cash payment of $16.25 per share upon
the close of the transaction. Completion of the transaction, which
is expected to occur in the fourth quarter of 2006, is subject to
approval by Ryan's shareholders, regulatory approvals, receipt of
financing and other customary closing conditions. In light of the
proposed merger transaction and the near-term filing of the second
quarter's Form 10-Q (which is anticipated to occur on or about
Monday, August 7, 2006), the Company does not intend to hold an
investor call to discuss the Company's second quarter's results.
Certain matters discussed in this press release are forward-looking
statements within the meaning of the federal securities laws and
are subject to uncertainties and risks, including, but not limited
to, general economic conditions, including consumer confidence
levels; competition; developments affecting the public's perception
of buffet-style restaurants; real estate availability; food and
labor supply costs; food and labor availability; an adverse food
safety event; weather fluctuations; interest rate fluctuations;
stock market conditions; political environment (including acts of
terrorism and wars); and other such risks described from time to
time in the Company's reports filed with the SEC. RYAN'S RESTAURANT
GROUP, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) Quarter
Ended June 28, June 29, 2006 2005 Restaurant sales $208,871,000
215,510,000 Cost of sales: Food and beverage 71,288,000 76,351,000
Payroll and benefits 66,965,000 69,930,000 Depreciation 8,349,000
8,401,000 Impairment charges 203,000 1,121,000 Other restaurant
expenses 31,474,000 32,913,000 Total cost of sales 178,279,000
188,716,000 General and administrative expenses 20,304,000
15,761,000 Interest expense 2,062,000 2,405,000 Revenues from
franchised restaurants - (135,000) Other income, net (1,565,000)
(562,000) Earnings before income taxes 9,791,000 9,325,000 Income
taxes 2,928,000 3,065,000 Net earnings $6,863,000 6,260,000 Net
earnings per common share: Basic $.16 .15 Diluted .16 .15
Weighted-average shares: Basic 42,252,000 41,952,000 Diluted
42,639,000 42,569,000 RYAN'S RESTAURANT GROUP, INC. CONSOLIDATED
STATEMENTS OF EARNINGS (Unaudited) Six Months Ended June 28, June
29, 2006 2005 Restaurant sales $422,588,000 425,149,000 Cost of
sales: Food and beverage 144,800,000 148,964,000 Payroll and
benefits 135,131,000 138,113,000 Depreciation 16,807,000 16,686,000
Impairment charges 447,000 1,288,000 Other restaurant expenses
64,948,000 64,242,000 Total cost of sales 362,133,000 369,293,000
General and administrative expenses 31,769,000 26,231,000 Interest
expense 4,461,000 4,765,000 Revenues from franchised restaurants -
(309,000) Other income, net (2,394,000) (1,762,000) Earnings before
income taxes 26,619,000 26,931,000 Income taxes 8,960,000 8,858,000
Net earnings $17,659,000 18,073,000 Net earnings per common share:
Basic $.42 .43 Diluted .41 .42 Weighted-average shares: Basic
42,203,000 41,945,000 Diluted 42,608,000 42,602,000 RYAN'S
RESTAURANT GROUP, INC. CONSOLIDATED BALANCE SHEETS June 28,
December 28, 2006 2005 (Unaudited) ASSETS Current assets: Cash and
cash equivalents $13,580,000 5,120,000 Receivables 7,761,000
5,007,000 Inventories 5,438,000 5,176,000 Prepaid expenses
1,520,000 985,000 Deferred income taxes 10,395,000 7,417,000 Total
current assets 38,694,000 23,705,000 Property and equipment: Land
and improvements 168,945,000 170,424,000 Buildings 511,162,000
513,932,000 Equipment 283,032,000 287,581,000 Construction in
progress 17,319,000 23,405,000 980,458,000 995,342,000 Less
accumulated depreciation 324,953,000 323,012,000 Net property and
equipment 655,505,000 672,330,000 Other assets 10,927,000
10,793,000 Total assets $705,126,000 706,828,000 LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
6,346,000 6,468,000 Current portion of long-term debt 18,750,000
18,750,000 Income taxes payable 9,577,000 4,118,000 Accrued
liabilities 59,164,000 46,691,000 Total current liabilities
93,837,000 76,027,000 Long-term debt 120,750,000 154,500,000
Deferred income taxes 39,221,000 46,768,000 Other long-term
liabilities 7,206,000 5,899,000 Total liabilities 261,014,000
283,194,000 Shareholders' equity: Common stock of $1.00 par value;
authorized 100,000,000 shares; issued 42,323,000 shares in 2006 and
42,122,000 shares in 2005 42,323,000 42,122,000 Additional paid-in
capital 7,912,000 5,294,000 Retained earnings 393,877,000
376,218,000 Total shareholders' equity 444,112,000 423,634,000
Commitments and contingencies Total liabilities and shareholders'
equity $705,126,000 706,828,000 RYAN'S RESTAURANT GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended
June 28, June 29, 2006 2005 Cash flows from operating activities:
Net earnings $17,659,000 18,073,000 Adjustments to reconcile net
earnings to net cash provided by operating activities: Depreciation
and amortization 17,752,000 17,962,000 Impairment charges 447,000
1,288,000 Gain on sale of property and equipment (2,342,000)
(588,000) Tax benefit from exercise of stock options - 292,000
Stock option compensation 800,000 - Deferred income taxes
(10,525,000) (483,000) Decrease (increase) in: Receivables
(2,754,000) 6,000 Inventories (262,000) (947,000) Prepaid expenses
(535,000) (387,000) Other assets (241,000) 12,000 Increase
(decrease) in: Accounts payable (122,000) 2,969,000 Income taxes
payable 5,459,000 561,000 Accrued liabilities 12,473,000 9,891,000
Other long-term liabilities 1,307,000 413,000 Net cash provided by
operating activities 39,116,000 49,062,000 Cash flows from
investing activities: Proceeds from sale of property and equipment
12,643,000 4,099,000 Capital expenditures (11,568,000) (40,779,000)
Net cash provided by (used in) investing activities 1,075,000
(36,680,000) Cash flows from financing activities: Net borrowing
from (repayment of) revolving credit facility (15,000,000)
16,000,000 Repayment of senior notes (18,750,000) (18,750,000)
Proceeds from stock options exercised 1,668,000 1,074,000 Tax
benefit from exercise of stock options 351,000 - Purchase of common
stock - (1,552,000) Net cash used in financing activities
(31,731,000) (3,228,000) Net increase in cash and cash equivalents
8,460,000 9,154,000 Cash and cash equivalents - beginning of period
5,120,000 7,354,000 Cash and cash equivalents - end of period
$13,580,000 16,508,000 Supplemental disclosures Cash paid during
period for: Interest, net of amount capitalized $5,315,000
5,481,000 Income taxes 6,176,000 8,488,000 DATASOURCE: Ryan's
Restaurant Group, Inc. CONTACT: Fred T. Grant, Jr., Senior Vice
President - Finance of Ryan's Restaurant Group, Inc.,
+1-864-879-1000 Web site: http://www.ryansrg.com/
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