<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For quarterly period ended October 1, 2000
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to .
--------- ---------
Commission file number 1-8766
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J. ALEXANDER'S CORPORATION
(Exact name of Registrant as specified in its charter)
Tennessee 62-0854056
------------------------------- -----------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
3401 West End Avenue, Suite 260, P.O. Box 24300, Nashville, Tennessee 37202
----------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(615)269-1900
(Registrant's telephone number, including area code)
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(Former name, former address and former fiscal year,
if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes [X] No [ ]
Common Stock Outstanding - 6,851,827 shares at November 14, 2000.
Page 1 of 15 pages.
<PAGE> 2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNT)
<TABLE>
<CAPTION>
OCTOBER 1 January 2
2000 2000
----------- ---------
(Unaudited)
ASSETS
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents .................................... $ 851 $ 933
Accounts and notes receivable, including current portion of
direct financing leases .................................... 76 103
Inventories .................................................. 644 703
Prepaid expenses and other current assets .................... 182 422
------- -------
TOTAL CURRENT ASSETS ......................................... 1,753 2,161
OTHER ASSETS .................................................... 839 844
PROPERTY AND EQUIPMENT, at cost, less allowances for
depreciation and amortization of $17,383 and $14,495 at
October 1, 2000, and January 2, 2000, respectively ........... 63,108 62,142
DEFERRED CHARGES, less amortization ............................. 439 488
------- -------
$66,139 $65,635
======= =======
</TABLE>
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<TABLE>
<CAPTION>
OCTOBER 1 January 2
2000 2000
----------- ---------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable .................................................... $ 2,738 $ 2,254
Accrued expenses and other current liabilities ...................... 3,477 3,630
Unearned revenue .................................................... 1,165 1,691
Current portion of long-term debt and obligations under
capital leases .................................................... 2,228 995
-------- --------
TOTAL CURRENT LIABILITIES ......................................... 9,608 8,570
LONG-TERM DEBT AND OBLIGATIONS UNDER CAPITAL
LEASES, net of portion classified as current ........................ 17,392 18,128
OTHER LONG-TERM LIABILITIES ............................................ 1,327 1,097
STOCKHOLDERS' EQUITY
Common Stock, par value $.05 per share: Authorized 10,000,000
shares; issued and outstanding 6,851,827 and 6,772,209 shares at
October 1, 2000, and January 2, 2000, respectively ................ 343 339
Preferred Stock, no par value: Authorized 1,000,000 shares; none
issued ............................................................ -- --
Additional paid-in capital .......................................... 34,866 34,733
Retained earnings ................................................... 4,233 3,940
-------- --------
39,442 39,012
Note receivable - Employee Stock Ownership Plan ..................... (686) (686)
Employee notes receivable - 1999 Loan Program ....................... (944) (486)
-------- --------
TOTAL STOCKHOLDERS' EQUITY ........................................ 37,812 37,840
-------- --------
$ 66,139 $ 65,635
======== ========
</TABLE>
See notes to consolidated condensed financial statements.
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J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Nine Months Ended Quarter Ended
------------------------ ------------------------
OCTOBER 1 October 3 OCTOBER 1 October 3
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net sales ........................................... $ 65,070 $ 57,011 $ 21,621 $ 19,041
Costs and expenses:
Cost of sales .................................... 20,647 18,819 6,999 6,574
Restaurant labor and related costs ............... 22,074 19,357 7,610 6,486
Depreciation and amortization of
restaurant property and equipment............... 2,986 2,733 1,029 913
Other operating expenses ......................... 11,669 10,681 4,018 3,566
-------- -------- -------- --------
Total restaurant operating expenses............. 57,376 51,590 19,656 17,539
General and administrative expenses ................. 5,658 5,059 1,722 1,951
Pre-opening expense ................................. 383 35 208 35
-------- -------- -------- --------
Operating income (loss) ............................. 1,653 327 35 (484)
Other income (expense):
Interest expense, net ............................ (1,170) (1,172) (414) (349)
Gain on purchase of debentures ................... 29 148 -- 44
Other, net ....................................... (47) (12) (9) (31)
-------- -------- -------- --------
Total other expense ............................ (1,188) (1,036) (423) (336)
-------- -------- -------- --------
Income (loss) before income taxes ................... 465 (709) (388) (820)
Income tax provision (benefit) ...................... 172 33 (66) --
-------- -------- -------- --------
Net income (loss) ................................... $ 293 $ (742) $ (322) $ (820)
======== ======== ======== ========
Basic earnings (loss) per share ..................... $ .04 $ (.11) $ (.05) $ (.12)
======== ======== ======== ========
Diluted earnings (loss) per share ................... $ .04 $ (.11) $ (.05) $ (.12)
======== ======== ======== ========
</TABLE>
See notes to consolidated condensed financial statements.
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<PAGE> 5
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED IN THOUSANDS)
<TABLE>
<CAPTION>
Nine Months Ended
------------------------
OCTOBER 1 October 3
2000 1999
--------- ---------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) ............................................. $ 293 $ (742)
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and equipment ... 3,111 2,894
Other, net ................................................ 120 163
Changes in assets and liabilities:
Decrease in inventories ................................. 59 146
Increase in accounts payable ............................ 580 549
Decrease in unearned revenue ............................ (526) (471)
Decrease in accrued expenses and other
current liabilities ................................... (102) (731)
Increase in other long-term liabilities ................. 230 245
Other, net .............................................. 339 (132)
-------- --------
Net cash provided by operating activities ............. 4,104 1,921
Net cash (used) provided by investing activities:
Purchase of property and equipment ............................ (4,294) (2,983)
Other investing activities .................................... (12) 51
-------- --------
(4,306) (2,932)
Net cash (used) provided by financing activities:
Payments on debt and obligations under capital leases ......... (1,045) (2,690)
Proceeds under bank line of credit agreement .................. 25,403 22,113
Payments under bank line of credit agreement .................. (23,861) (23,433)
Purchase of stock for 1999 Loan Program ....................... (514) --
Sale of stock and exercise of stock options ................... 137 4,791
-------- --------
120 781
Decrease in cash and cash equivalents ............................ (82) (230)
Cash and cash equivalents at beginning of period ................. 933 1,022
-------- --------
Cash and cash equivalents at end of period ....................... $ 851 $ 792
======== ========
</TABLE>
See notes to consolidated condensed financial statements.
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<PAGE> 6
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited consolidated condensed financial statements
have been prepared in accordance with generally accepted accounting principles
for interim financial information and with the instructions to Form 10-Q and
Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. Certain reclassifications have been made in
the prior year's consolidated condensed financial statements to conform to the
2000 presentation. In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair presentation have
been included. Operating results for the quarter and nine months ended October
1, 2000, are not necessarily indicative of the results that may be expected for
the fiscal year ending December 31, 2000. For further information, refer to the
consolidated financial statements and footnotes thereto included in the
Company's annual report on Form 10-K for the fiscal year ended January 2, 2000,
as amended.
NOTE B - EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted
earnings per share:
<TABLE>
<CAPTION>
(In thousands, except per share amounts) Nine Months Ended Quarter Ended
--------------------- -----------------------
OCTOBER 1 October 3 OCTOBER 1 October 3
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NUMERATOR:
Net income (loss) (numerator for basic earnings
per share) ..................................... $ 293 $ (742) $(322) $ (820)
Effect of dilutive securities ....................... -- -- -- --
------ ------- -------- -------
Net income (loss) after assumed conversions
(numerator for diluted earnings per share) ..... $ 293 $ (742) $ (322) $ (820)
====== ======= ======== =======
DENOMINATOR:
Weighted average shares (denominator for basic
earnings per share) ............................ 6,844 6,313 6,852 6,772
Effect of dilutive securities:
Employee stock options ......................... 162 -- -- --
------ ------- -------- -------
Adjusted weighted average shares and assumed
conversions (denominator for diluted earnings
per share) ..................................... 7,006 6,313 6,852 6,772
====== ======= ======== =======
Basic earnings (loss) per share ..................... $ .04 $ (.11) $ (.05) $ (.12)
====== ======= ======== =======
Diluted earnings (loss) per share ................... $ .04 $ (.11) $ (.05) $ (.12)
====== ======= ======== =======
</TABLE>
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<PAGE> 7
In situations where the exercise price of outstanding options is
greater than the average market price of common shares, such options are
excluded from the computation of diluted earnings per share because of their
antidilutive impact. Due to the net losses incurred during the third quarter of
both 2000 and 1999, as well as the nine months ended October 3, 1999, all
outstanding options were excluded from the computation of diluted earnings per
share for these periods.
For the nine months ended October 1, 2000, options to purchase 221,000
shares of common stock were excluded from the diluted earnings per share
calculation, at prices ranging from $3.81 to $11.69.
NOTE C - SUBSEQUENT EVENT
On June 1, 2001, the Company has an annual sinking fund requirement of
$1,875,000 in connection with its Convertible Subordinated Debentures, $449,000
of which will be satisfied through the delivery of bonds purchased in the open
market subsequent to October 1, 2000.
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<PAGE> 8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
The following table sets forth, for the periods indicated, (i) the
percentages which the items in the Company's Consolidated Statements of
Operations bear to total net sales, and (ii) other selected operating data:
<TABLE>
<CAPTION>
Nine Months Ended Quarter Ended
-------------------------- --------------------------
OCTOBER 1 October 3 OCTOBER 1 October 3
2000 1999 2000 1999
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net sales ...................................... 100.0% 100.0% 100.0% 100.0%
Costs and expenses:
Cost of sales ............................. 31.7 33.0 32.4 34.5
Restaurant labor and related costs ........ 33.9 34.0 35.2 34.1
Depreciation and amortization of
restaurant property and equipment ..... 4.6 4.8 4.8 4.8
Other operating expenses .................. 17.9 18.7 18.6 18.7
--------- --------- --------- ---------
Total restaurant operating expenses ... 88.2 90.5 90.9 92.1
General and administrative expenses ............ 8.7 8.9 8.0 10.2
Pre-opening expense ............................ 0.6 0.1 1.0 0.2
--------- --------- --------- ---------
Operating income (loss) ........................ 2.5 0.6 0.2 (2.5)
Other income (expense):
Interest expense .......................... (1.8) (2.1) (1.9) (1.8)
Gain on purchase of debentures ............ -- 0.3 -- 0.2
Other, net ................................ (0.1) -- -- (0.2)
--------- --------- --------- ---------
Total other expense ................... (1.8) (1.8) (2.0) (1.8)
--------- --------- --------- ---------
Income (loss) before income taxes .............. 0.7 (1.2) (1.8) (4.3)
Income tax provision ........................... (0.3) (0.1) 0.3 --
--------- --------- --------- ---------
Net income (loss) .............................. 0.5% (1.3)% (1.5)% (4.3)%
========= ========= ========= =========
Restaurants open at end of period .............. 22 20
Weighted average weekly sales per restaurant:
All restaurants ........................... $ 78,600 $ 73,100 $ 76,700 $ 73,300
Same store restaurants .................... $ 77,500 $ 73,100 $ 74,800 $ 73,300
</TABLE>
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<PAGE> 9
NET SALES
Net sales increased by $8,059,000, or 14.1%, for the first nine months
of 2000 as compared to the same period of the prior year. Net sales for the
third quarter of 2000 increased by $2,580,000, or 13.6%. These increases are due
to increased sales in the Company's same store base of restaurants combined with
the impact of the two new restaurants which opened on November 1, 1999 and July
31, 2000. Same store sales, which include comparable sales for the 20
restaurants open for more than 12 months, averaged $77,500 and $74,800 per week
for the first nine months and third quarter of 2000, representing increases of
6.0% and 2.0% over the weekly averages of $73,100 and $73,300 recorded during
the corresponding periods of 1999.
Management estimates the average check per guest, excluding alcoholic
beverage sales, totaled $15.65 for the nine months ended October 1, 2000, an
increase of 11.9% from the same period in 1999. Menu prices for the first nine
months of 2000 increased an estimated 4.2% compared to the same period in 1999.
For the third quarter of 2000, management estimates that the average check per
guest totaled $15.60, an 18.9% increase over the third quarter of 1999. Menu
prices for the third quarter of 2000 increased approximately 4.6% compared to
the same period during 1999. In addition to adjusting menu prices, the Company
repositioned its menu near the end of the third quarter of 1999 to place more
emphasis on its premium offerings and daily feature items, while de-emphasizing
certain lower priced menu items. These changes, combined with a continued
emphasis on providing exceptional guest service, led to an 8.6% increase in same
store sales during the fourth quarter of 1999, and effectively positioned the
Company to realize the sales increases during the first nine months and third
quarter noted above.
Although same store sales have increased consistently over the past
four quarters on a comparative basis, the increase narrowed to 2% during the
third quarter of 2000. This softening of sales trends has continued into the
fourth quarter, with same store sales declining slightly for the first six weeks
of the quarter. In response to these trends, the Company has initiated a series
of menu enhancements in certain of its smaller and mid-size market locations
designed to appeal to value-oriented guests in an effort to restore positive
guest count trends. In addition, the Company will be offering a new gift card
program for the 2000 holiday season. Management remains focused on maintaining
excellent operations and is optimistic that actions recently taken will improve
same store sales trends in the near future and that the Company will achieve its
goal of profitability for the 2000 year. Further, management continues to be
very pleased with the results of its two newest restaurants which were opened
under the Company's more stringent site selection criteria established in 1997
and which are among the Company's highest volume restaurants.
COSTS AND EXPENSES
Restaurant costs and expenses decreased or remained constant in all
categories as a percent of sales during the first nine months and third quarter
of 2000 compared to the corresponding periods of 1999, with the exception of
restaurant labor and related costs which increased from 34.1% of sales in the
third quarter of 1999 to 35.2% during the corresponding quarter of 2000. This
increase was primarily the result of increased restaurant management
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<PAGE> 10
staffing levels and the effect of higher labor costs associated with the opening
of the Company's newest restaurant opened in the third quarter of 2000. For the
first nine months and third quarter of 2000, restaurant costs and expenses
totaled 88.2% and 90.9% of sales, respectively, down from 90.5% and 92.1% of
sales in the 1999 periods. Reduced cost of sales, which includes food and
alcoholic beverage costs, efficiencies in labor and operating expenses at higher
sales volumes, and management's continued emphasis on cost control in all areas
of operation were the primary factors responsible for the consolidated
improvements realized during the first nine months and third quarter of 2000.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses, which include supervisory costs as
well as management and training costs and all other costs above the restaurant
level, totaled $5,658,000 and $1,722,000 for the first nine months and third
quarter of 2000 compared to $5,059,000 and $1,951,000 during the corresponding
periods of 1999. As a percent of sales, general and administrative expenses were
8.7% and 8.0% in the first nine months and third quarter of 2000, compared to
8.9% and 10.2% in the 1999 periods. The decrease achieved during the third
quarter of 2000 relates primarily to efficiencies achieved at higher sales
levels and reduction in employee relocation expenses and certain other employee
benefit expenses. As a percentage of sales, management expects general and
administrative expenses for the remainder of fiscal 2000 to be approximately the
same as recorded for the third quarter of 2000.
PRE-OPENING EXPENSE
The Company expenses pre-opening costs as incurred. Pre-opening expense
of $383,000 and $208,000 recorded in the first nine months and third quarter of
2000 related to the Company's newest restaurant which opened July 31, 2000. The
$35,000 in pre-opening expense recorded during the third quarter of 1999 related
to a restaurant opened in the fourth quarter of 1999.
OTHER INCOME (EXPENSE)
Net interest expense for the first nine months of 2000 totaled
$1,170,000, compared to $1,172,000 for the corresponding period of 1999, as the
impact of reduced balances associated with the Company's convertible
subordinated debentures was offset by higher interest rates and outstanding
balances associated with the Company's line of credit during 2000. For the third
quarter of 2000, net interest expense totaled $414,000, compared to $349,000 in
the same period of 1999, as the impact of higher interest rates and outstanding
balances associated with the Company's line of credit more than offset reduced
interest expense related to the Company's convertible subordinated debentures.
In connection with the annual sinking fund requirement associated with
its convertible subordinated debentures, the Company has periodically purchased
bonds at a discount in the open market, resulting in a gain to the Company. Such
gains totaled $29,000 and $148,000 for the first nine months of 2000 and 1999,
respectively. In addition, gains of this nature totaling $44,000 were realized
during the third quarter of 1999. No such gains were realized during the third
quarter of 2000.
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<PAGE> 11
INCOME TAXES
The Company was subject to alternative minimum tax (AMT) during 1999
and is projected to be in a similar position for fiscal 2000. However, the
Company was able to utilize various AMT net operating loss carryforwards in 1999
to reduce the provision for income taxes to an amount representing state taxes
payable. No such carryforwards remain available for fiscal 2000. Thus, for the
first nine months of 2000, the Company has recorded an effective tax rate of
37%. Net deferred tax assets are fully reserved by a valuation allowance.
LIQUIDITY AND CAPITAL RESOURCES
The Company had cash flow from operations totaling $4,104,000 and
$1,921,000 during the first nine months of 2000 and 1999, respectively. Cash and
cash equivalents decreased from $933,000 at year end 1999 to $851,000 at October
1, 2000.
The Company's primary need for capital is expected to continue to be
capital expenditures for the development and maintenance of its J. Alexander's
restaurants. In addition, the Company has an annual sinking fund requirement of
$1,875,000, which has been met for 2000, in connection with its outstanding
Convertible Subordinated Debentures. The Company has met its recent capital
needs and maintained liquidity primarily by use of cash flow from operations and
use of its bank line of credit discussed below.
The Company estimates that its capital expenditures for 2000 will be
approximately $4,500,000. This amount includes primarily expenditures for the
completion of one restaurant opened in 2000 on leased land and capital
maintenance expenditures for existing restaurants.
While a working capital deficit of $7,855,000 existed as of October 1,
2000, the Company does not believe this deficit impairs the overall financial
condition of the Company. Certain of the Company's expenses, particularly
depreciation and amortization, do not require current outlays of cash. Also,
requirements for funding accounts receivable and inventories are relatively
insignificant; thus virtually all cash generated by operations is available to
meet current obligations.
In 1999, the Company's Board of Directors established a loan program
designed to enable eligible employees to purchase shares of the Company's common
stock. Under the program, participants may borrow an amount equal to the full
price of common stock purchased. The plan authorized $1 million in loans to
employees. Purchases of stock under the plan totaled $486,000 during 1999, with
the remainder of the authorized amount being purchased in the first quarter of
2000. The employee loans, which are reported as a deduction from stockholders'
equity, are payable on December 31, 2006, unless repaid sooner pursuant to the
terms of the plan.
The Company maintains a bank line of credit of $20 million which is
expected to be used as needed for funding of capital expenditures and to provide
liquidity for meeting working capital or other needs. At October 1, 2000,
borrowings outstanding under this line of credit were
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<PAGE> 12
$9,561,000. In March of 2000, the term of the line of credit was extended by one
year through July 1, 2001. The amended line of credit agreement contains certain
limitations on capital expenditures and restaurant development by the Company
(generally limiting the Company to the development of two new restaurants per
year) and restricts the Company's ability to incur additional debt outside the
bank line of credit. The interest rate on borrowings under the line of credit is
currently based on LIBOR plus a spread of two to three percent, depending on the
ratio of senior debt to EBITDA (earnings before interest, taxes, depreciation
and amortization). The line of credit includes an option to convert borrowings
outstanding under the line of credit to a term loan prior to July 1, 2001. In
the event of such a conversion, the principal would be repaid in 84 equal
monthly installments. Because the line of credit is scheduled to mature within
nine months of October 1, 2000, $341,000, representing three months' principal
payments if the total credit line balance were converted to a term loan, has
been reflected as a current liability in the October 1, 2000 balance sheet.
Management intends to seek an extension of the existing facility prior to its
scheduled expiration on July 1, 2001, and believes that such an extension, or
similar suitable financing arrangement, will be available to meet the Company's
financing needs on a going forward basis.
The credit agreement also contains certain covenants which require the
Company to achieve specified results of operations, specified levels of senior
debt to EBITDA and to maintain certain other financial ratios. In order to
remain in compliance with these covenants, the Company must achieve a pretax
profit of at least $138,000 for the fourth quarter of 2000. In the event that
the Company's pretax profits are below this amount, management will seek to
obtain a waiver or amendment of the applicable covenant from its lender. There
can be no assurance, however, that such a waiver or amendment can be obtained.
FORWARD-LOOKING STATEMENTS
Certain information contained in this Form 10-Q, particularly
information regarding future economic performance and finances, development
plans, and objectives of management is forward-looking information that involves
risks, uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by forward-looking statements.
Factors which could affect actual results include, but are not limited to, the
Company's ability to increase sales in certain of its restaurants; the Company's
ability to recruit and train qualified restaurant management personnel;
competition within the casual dining industry, which is very intense; changes in
business and economic conditions; changes in consumer tastes; and government
regulations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in the disclosures set forth in
Item 7a of the Company's Annual Report on Form 10-K, as amended, for the year
ended January 2, 2000.
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<PAGE> 13
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit (27) Financial Data Schedule (for SEC use only)
(b) No reports on Form 8-K were filed for the quarter ended October
1, 2000.
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<PAGE> 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
J. ALEXANDER'S CORPORATION
/s/ Lonnie J. Stout II
--------------------------------------------------
Lonnie J. Stout II
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
/s/ R. Gregory Lewis
--------------------------------------------------
R. Gregory Lewis
Vice-President and Chief Financial Officer
(Principal Financial Officer)
Date: November 14, 2000
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<PAGE> 15
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Page No.
----------- --------
<S> <C> <C>
(27) Financial Data Schedules (For SEC Use Only)
</TABLE>
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