<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 July 2, 2000
------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to .
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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
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(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 August 15, 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>
JULY 2 January 2
2000 2000
-------- --------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash and cash equivalents ........................................ $ 776 $ 933
Accounts and notes receivable, including current portion of
direct financing leases ........................................ 104 103
Inventories ...................................................... 614 703
Prepaid expenses and other current assets ........................ 440 422
-------- --------
TOTAL CURRENT ASSETS ............................................. 1,934 2,161
OTHER ASSETS ........................................................ 885 844
PROPERTY AND EQUIPMENT, at cost, less allowances for
depreciation and amortization of $16,386 and $14,495 at
July 2, 2000, and January 2, 2000, respectively .................. 63,431 62,142
DEFERRED CHARGES, less amortization ................................. 456 488
-------- --------
$ 66,706 $ 65,635
======== ========
</TABLE>
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<PAGE> 3
<TABLE>
<CAPTION>
JULY 2 January 2
2000 2000
-------- --------
(Unaudited)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable ................................................. $ 1,495 $ 2,254
Accrued expenses and other current liabilities ................... 4,057 3,630
Unearned revenue ................................................. 1,249 1,691
Current portion of long-term debt and obligations under
capital leases ................................................. 1,898 995
-------- --------
TOTAL CURRENT LIABILITIES ...................................... 8,699 8,570
LONG-TERM DEBT AND OBLIGATIONS UNDER CAPITAL
LEASES, net of portion classified as current ..................... 18,705 18,128
OTHER LONG-TERM LIABILITIES ......................................... 1,335 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
July 2, 2000, and January 2, 2000, respectively ................ 343 339
Preferred Stock, no par value: Authorized 1,000,000 shares; none
issued ......................................................... -- --
Additional paid-in capital ....................................... 34,755 34,733
Retained earnings ................................................ 4,555 3,940
-------- --------
39,653 39,012
Note receivable - Employee Stock Ownership Plan .................. (686) (686)
Employee notes receivable - 1999 Loan Program .................... (1,000) (486)
-------- --------
TOTAL STOCKHOLDERS' EQUITY ..................................... 37,967 37,840
-------- --------
$ 66,706 $ 65,635
======== ========
</TABLE>
See notes to consolidated condensed financial statements.
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<PAGE> 4
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Six Months Ended Quarter Ended
-------------------- --------------------
JULY 2 July 4 JULY 2 July 4
2000 1999 2000 1999
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net sales .................................... $ 43,449 $ 37,970 $ 21,241 $ 18,762
Costs and expenses:
Cost of sales ............................. 13,648 12,245 6,709 6,151
Restaurant labor and related costs ........ 14,464 12,871 7,211 6,498
Depreciation and amortization of
restaurant property and equipment........ 1,957 1,820 991 900
Other operating expenses .................. 7,651 7,115 3,814 3,590
-------- -------- -------- --------
Total restaurant operating expenses...... 37,720 34,051 18,725 17,139
General and administrative expenses .......... 3,936 3,108 1,865 1,405
Pre-opening expense .......................... 175 -- 116 --
-------- -------- -------- --------
Operating income ............................. 1,618 811 535 218
Other income (expense):
Interest expense .......................... (756) (823) (375) (372)
Gain on purchase of debentures ............ 29 104 -- 14
Other, net ................................ (38) 19 (8) (26)
-------- -------- -------- --------
Total other expense ..................... (765) (700) (383) (384)
-------- -------- -------- --------
Income (loss) before income taxes ............ 853 111 152 (166)
Income tax provision ......................... (238) (33) (42) --
-------- -------- -------- --------
Net income (loss) ............................ $ 615 $ 78 $ 110 $ (166)
======== ======== ======== ========
Basic earnings (loss) per share .............. $ .09 $ .01 $ .02 $ (.03)
======== ======== ======== ========
Diluted earnings (loss) per share ............ $ .09 $ .01 $ .02 $ (.03)
======== ======== ======== ========
</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>
Six Months Ended
--------------------
JULY 2 July 4
2000 1999
-------- --------
<S> <C> <C>
Cash flows from operating activities:
Net income ................................................ $ 615 $ 78
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization of property and equipment 2,045 1,928
Other, net ............................................ 90 104
Changes in assets and liabilities:
(Decrease) increase in accounts payable ............. (663) 75
Decrease in unearned revenue ........................ (442) (399)
Increase (decrease) in accrued expenses and other
current liabilities ............................... 478 (1,033)
Other, net .......................................... 314 53
-------- --------
Net cash provided by operating activities ......... 2,437 806
Net cash used by investing activities:
Purchase of property and equipment ........................ (3,520) (1,312)
Other investing activities ................................ (66) (27)
-------- --------
(3,586) (1,339)
Net cash (used) provided by financing activities:
Payments on debt and obligations under capital leases ..... (985) (2,075)
Proceeds under bank line of credit agreement .............. 16,818 14,538
Payments under bank line of credit agreement .............. (14,353) (16,957)
Purchase of stock for 1999 Loan Program ................... (514) --
Sale of stock and exercise of stock options ............... 26 4,801
-------- --------
992 307
Decrease in cash and cash equivalents ........................ (157) (226)
Cash and cash equivalents at beginning of period ............. 933 1,022
-------- --------
Cash and cash equivalents at end of period ................... $ 776 $ 796
======== ========
</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 six months ended July 2,
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) Six Months Ended Quarter Ended
---------------- ---------------
JULY 2 July 4 JULY 2 July 4
2000 1999 2000 1999
------ ------ ------ -------
<S> <C> <C> <C> <C>
NUMERATOR:
Net income (loss) (numerator for basic earnings
per share) .................................. $ 615 $ 78 $ 110 $ (166)
Effect of dilutive securities .................... -- -- -- --
------ ------ ------ -------
Net income (loss) after assumed conversions
(numerator for diluted earnings per share) .. $ 615 $ 78 $ 110 $ (166)
====== ====== ====== =======
DENOMINATOR:
Weighted average shares (denominator for basic
earnings per share) ......................... 6,840 6,083 6,852 6,566
Effect of dilutive securities:
Employee stock options ...................... 172 166 197 --
------ ------ ------ -------
Adjusted weighted average shares and assumed
conversions (denominator for diluted earnings
per share) .................................. 7,012 6,249 7,049 6,566
====== ====== ====== =======
Basic earnings (loss) per share .................. $ .09 $ .01 $ .02 $ (.03)
====== ====== ====== =======
Diluted earnings (loss) per share ................ $ .09 $ .01 $ .02 $ (.03)
====== ====== ====== =======
</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. For the quarter ended July 2, 2000, options to purchase
214,000 shares of common stock at prices ranging from $4.97 - $11.69 were
excluded from the computation of diluted earnings per share due to their
antidilutive effect. Due to the net loss during the second quarter of 1999, all
outstanding options were excluded from the computation of diluted earnings per
share.
For the six months ended July 2, 2000 and July 4, 1999, respectively,
options to purchase 217,000 and 222,000 shares of common stock were excluded
from the diluted earnings per share calculation, at prices ranging from $3.81 -
$11.69 (2000) and $4.97 - $11.69 (1999).
-7-
<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>
Six Months Ended Quarter Ended
----------------------- -----------------------
JULY 2 July 4 JULY 2 July 4
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 .......................... 31.4 32.2 31.6 32.8
Restaurant labor and related costs ..... 33.1 33.9 33.9 34.6
Depreciation and amortization of
restaurant property and equipment .. 4.5 4.8 4.7 4.8
Other operating expenses ............... 17.6 18.7 18.0 19.1
--------- --------- --------- ---------
Total restaurant operating expenses 86.8 89.7 88.2 91.3
General and administrative expenses ......... 9.1 8.2 8.8 7.5
Pre-opening expense ......................... 0.4 -- 0.5 --
--------- --------- --------- ---------
Operating income (loss) ..................... 3.7 2.1 2.5 1.2
Other income (expense):
Interest expense ....................... (1.7) (2.2) (1.8) (2.0)
Other, net ............................. -- 0.3 -- (0.1)
--------- --------- --------- ---------
Total other expense ................ (1.8) (1.8) (1.8) (2.1)
--------- --------- --------- ---------
Income (loss) before income taxes ........... 2.0 0.3 0.7 (0.9)
Income tax provision ........................ (0.5) (0.1) (0.2) --
--------- --------- --------- ---------
Net income (loss) ........................... 1.4% 0.2% 0.5% (0.9)%
========= ========= ========= =========
Restaurants open at end of period ........... 21 20
Weighted average weekly sales per restaurant:
All restaurants ........................ $ 79,600 $ 73,100 $ 77,800 $ 72,300
Same store restaurants ................. $ 78,900 $ 73,100 $ 77,000 $ 72,300
</TABLE>
-8-
<PAGE> 9
NET SALES
Net sales increased $5,479,000, or 14.4%, and $2,479,000, or 13.2%, for
the first six months and second quarter of 2000, as compared to the same periods
of 1999, due to increased sales in the Company's same store base of restaurants
combined with the impact of the Company's twenty-first restaurant, which opened
November 1, 1999 in West Bloomfield, Michigan. Same store sales, which include
comparable sales for the 20 restaurants open for more than 12 months, averaged
$78,900 and $77,000 per week for the first six months and second quarter of
2000, representing increases of 7.9% and 6.5% over the weekly averages of
$73,100 and $72,300 recorded during the corresponding periods of 1999.
Management estimates the average check per guest, excluding alcoholic
beverage sales, totaled $15.70 for the six months ended July 2, 2000, an
increase of 10.6% from the same period in 1999. Menu prices for the first six
months of 2000 increased an estimated 5.5% compared to the same period in 1999.
For the second quarter of 2000, management estimates that the average check per
guest totaled $15.76, an 11.8% increase over the second quarter of 1999. Menu
prices for the second quarter of 2000 increased approximately 5.0% 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 six months and second
quarter noted above, as an anticipated decrease in guest counts related to the
impact of increasing menu prices was more than offset by a product mix shift to
certain higher priced items and the higher menu prices for both the six months
and second quarter ended July 2, 2000.
While same store sales are expected to increase throughout fiscal 2000
on a comparative basis, management estimates that such increases for the last
half of 2000 will not continue at a rate consistent with the increases realized
during the first half of the year. This expectation is based upon a general
decline in sales growth throughout the retail industry during the second quarter
of 2000 which appears to be the result, at least in part, of higher interest
rates and continued pressure on retail gas prices. Also, the impact of the menu
repositioning in 1999 noted above will make sales comparisons more difficult
beginning in the fourth quarter of 2000. While considerable improvement in
financial results is expected in the third quarter of 2000 over the third
quarter of 1999, based on the anticipated effect of slower same store sales
growth, expenses related to the Company's opening of its twenty-second
restaurant in Cincinnati, Ohio on July 31, 2000 and the normal seasonality
associated with the Company's business, management expects the Company to incur
a loss for the third quarter of 2000. Management anticipates a solidly
profitable fourth quarter, aided in part by the strong sales historically
associated with the holiday season, and a profitable and much improved year
compared to fiscal 1999. Further, management is 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.
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<PAGE> 10
Management remains optimistic about the prospects for J. Alexander's
and continues to believe that the primary issue faced by the Company in
maintaining consistent profitability is the improvement of sales in several of
its restaurants, and particularly several of its restaurants opened during
1997 and 1998. It believes that actions taken to date, including guest service
initiatives which were implemented two years ago and the menu repositioning
implemented in the third quarter of 1999, together with continued emphasis on
increasing sales and profits, are having and will continue to have a positive
impact on the Company's sales and financial performance.
COSTS AND EXPENSES
Restaurant costs and expenses decreased in all categories as a percent
of sales during the first six months and second quarter of 2000 compared to the
corresponding periods in 1999. For the first six months and second quarter of
2000, restaurant costs and expenses totaled 86.8% and 88.2% of sales,
respectively, down from 89.7% and 91.3% of sales in the 1999 periods. Reduced
cost of sales, which includes food and alcoholic beverage costs, efficiencies in
labor and other operating expenses achieved at higher sales volumes, and
management's continued emphasis on cost control in all areas of operation were
the primary factors responsible for the improvements realized during the first
six months and second quarter of 2000.
GENERAL AND ADMINISTRATIVE EXPENSES
General and administrative expenses, which include supervisory costs as
well as management training costs and all other costs above the restaurant
level, totaled $3,936,000 and $1,865,000 for the first six months and second
quarter of 2000, up from $3,108,000 and $1,405,000 during the corresponding
periods of 1999. As a percent of sales, such costs totaled 9.1% and 8.8% in the
first six months and second quarter of 2000, compared to 8.2% and 7.5% in the
1999 periods. These increases were principally related to budgeted compensation
and benefit increases, including additions to the Company's field supervisory
management team. As a percentage of sales, management expects general and
administrative expenses for the remainder of fiscal 2000 to be approximately the
same as the amount recorded for the first half of the year.
PRE-OPENING EXPENSE
The Company expenses pre-opening costs as incurred. Pre-opening expense
of $175,000 and $116,000 recorded in the first six months and second quarter of
2000, related to the Cincinnati restaurant which opened July 31, 2000. A
significant amount of additional pre-opening costs will be recorded in
connection with this restaurant in the third quarter of 2000. There was no
pre-opening expense recorded during the first six months of 1999.
OTHER INCOME (EXPENSE)
Net interest expense decreased by $67,000 during the first six months
of 2000 compared to the same period in 1999, as the impact of reduced balances
associated with the Company's convertible subordinated debentures more than
offset the effect of higher interest rates and outstanding balances associated
with the Company's line of credit.
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<PAGE> 11
For the second quarter of 2000, interest expense increased $3,000 over
the same period in the prior year, as the favorable impact of the reduced
balances associated with the Company's convertible subordinated debentures was
basically offset by the effect of higher interest rates and outstanding balances
associated with the Company's line of credit.
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 $104,000 for the six months ended July 2, 2000 and
July 4, 1999, respectively. In addition, gains of this nature totaling $14,000
were realized during the second quarter of 1999. No such gains were realized
during the second quarter of 2000.
INCOME TAXES
The Company was subject to alternative minimum tax during 1999 and is
projected to be in a similar position for fiscal 2000. For the first six months
of 2000, the Company has recorded an effective tax rate of 28% as compared to a
rate of 30% for the same period of 1999. Net deferred tax assets are fully
reserved by a valuation allowance.
LIQUIDITY AND CAPITAL RESOURCES
The Company had cash flow from operations totaling $2,437,000 and
$806,000 during the first six months of 2000 and 1999, respectively. Cash and
cash equivalents decreased from $933,000 at year end 1999 to $776,000 at July 2,
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 $6 million. This includes completion of one restaurant, located on
leased land, opened on July 31, 2000; capital maintenance expenditures for
existing restaurants; the expected purchase of property in the last half of 2000
for another restaurant location to be opened in 2001; and amounts related to the
commencement of construction on this location and/or another 2001 location which
is expected to be constructed on leased land.
While a working capital deficit of $6,765,000 existed as of July 2,
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.
-11-
<PAGE> 12
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 July 2, 2000,
borrowings outstanding under this line of credit were $10,484,000. 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 outstanding
borrowings to a term loan prior to July 1, 2001. The credit agreement also
contains certain covenants which require the Company to achieve specified
results of operations and specified levels of senior debt to EBITDA (earnings
before interest, taxes, depreciation and amortization) and to maintain certain
other financial ratios. The Company was in compliance with these covenants at
July 2, 2000, and based on a current assessment of its business, believes it
will meet these covenants through July 1, 2001.
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 4. Submission of Matters to a Vote of Security Holders
(a) Annual meeting held May 16, 2000.
(b) Pursuant to Instruction 3 to Item 4, no response is required
to this item.
(c) At the Annual Meeting conducted May 16, 2000, the shareholders
voted on the election of directors and a proposal to amend the
Company's 1994 Employee Stock Incentive Plan to increase the
number of shares of common stock reserved and authorized for
issuance pursuant to the plan. A summary of the vote is as
follows:
<TABLE>
<CAPTION>
Duncan Fritts Stout Tobias Reed
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
For 5,745,767 5,741,867 5,731,388 5,740,235 5,744,332
Withhold Authority 72,267 76,167 86,646 77,799 73,702
</TABLE>
<TABLE>
<CAPTION>
Amendment to 1994 Employee Stock Incentive Plan
-----------------------------------------------
<S> <C>
For 3,132,076
Against 672,769
Abstain 14,195
</TABLE>
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 July
2, 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: August 15, 2000
-14-
<PAGE> 15
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
INDEX TO EXHIBITS
Exhibit No. Page No.
----------- --------
(27) Financial Data Schedules (For SEC Use Only)
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