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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A1
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 23, 1994 (August 8, 1994)
Date of report (Date of earliest event reported)
MORRISON RESTAURANTS INC.
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
1-12454 63-0475239
(Commission File Number) (I.R.S. Employer
Identification No.)
4721 Morrison Drive
P.O.Box 160266
Mobile, Alabama 36625
(Address of Principal Executive Offices) (Zip Code)
(205) 344-3000
(Registrant's Telephone Number)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 7(b). Financial Statements, Pro Forma Financial
Information and Exhibits.
(b) Pro Forma Financial Information:
MORRISON RESTAURANTS INC.
PRO FORMA FINANCIAL INFORMATION
The unaudited pro forma financial information set forth below is
presented in order to illustrate the estimated effects of the
sale of certain education, business and industry (B&I) accounts
to Gardner Merchant Food Services, Inc. and the closure of the
remaining B&I accounts.
The pro forma financial statements for the Registrant assume for
statement of income purposes that the education, business and
industry transactions were consummated as of the first day of the
periods reported and assume for balance sheet purposes that the
transactions were consummated on March 5, 1994, the last day of
the period reported.
The pro forma financial information is presented for
informational purposes only and is not necessarily indicative of
the Registrant's results of operations or financial position in
the future or of what the Registrant's results of operations or
financial position would have been had the transactions been
consummated on or as of the dates referred to above. The pro
forma financial information should be read in conjunction with
the consolidated financial statements of the Registrant and the
notes thereto included in the Registrant's Fiscal 1993 Form 10-K.
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ITEM 7(b) - CONTINUED
MORRISON RESTAURANTS INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited) March 5, 1994
<CAPTION>
Pro Forma Pro Forma
Historical Adjustments Results
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS:
Cash and short-term investments......... $ 18,919 $97,772 $116,691
Receivables - Accounts and Notes (net).. 37,188 (14,505) 22,683
Inventories............................. 17,010 (4,895) 12,115
Prepaid expenses and other
current assets........................ 23,634 (3,961) 19,673
Total current assets.................... 96,751 74,411 171,162
PROPERTY AND EQUIPMENT - at cost........ 491,878 (28,274) 463,604
Less accumulated depreciation
and amortization...................... 233,849 (13,316) 220,533
258,029 (14,958) 243,071
OTHER INVESTMENTS....................... 8,450 (72) 8,378
COST IN EXCESS OF NET ASSETS ACQUIRED... 22,772 (6,911) 15,861
OTHER ASSETS............................ 44,912 (9,639) 35,273
TOTAL ASSETS............................ $430,914 $42,831 $473,745
See page 7 for a description of balance sheet pro forma adjustments.
See Notes to Pro Forma Consolidated Financial Statements.
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ITEM 7(b) - CONTINUED
MORRISON RESTAURANTS INC.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited) March 5, 1994
<CAPTION>
Pro Forma Pro Forma
Historical Adjustments Results
<S> <C> <C> <C>
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts and notes payable.............. $40,930 ($8,711) $32,219
Other current liabilities............... 73,263 35,897 109,160
Total Current Liabilities............... 114,193 27,186 141,379
LONG-TERM DEBT.......................... 9,008 0 9,008
OTHER DEFERRED LIABILITIES.............. 75,795 (5,655) 70,140
STOCKHOLDERS' EQUITY:
Common Stock, $.01 par value
(authorized: 50,000 shares;
issued: 03/05/94 - 43,644 shares)...... 436 0 436
Capital in excess of par value.......... 78,093 0 78,093
Retained earnings....................... 238,776 21,300 260,076
317,305 21,300 338,605
Less common stock held in
treasury - at cost
(7,562 shares @ 03/05/94)............... 85,387 0 85,387
231,918 21,300 253,218
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $430,914 $42,831 $473,745
See page 7 for a description of balance sheet pro forma adjustments.
See Notes to Pro Forma Consolidated Financial Statements.
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ITEM 7(b) - CONTINUED
MORRISON RESTAURANTS INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(Unaudited) For the Thirty-Nine Weeks Ended March 5, 1994
<CAPTION>
Pro Forma Pro Forma
Historical Adjustments Results
<S> <C> <C> <C>
SALES................................... $902,469 $(186,536) $715,933
COST AND EXPENSES:
Cost of Merchandise.................. 281,437 (69,286) 212,151
Payroll and related costs............ 325,881 (70,831) 255,050
Other operating costs................ 157,204 (28,305) 128,899
Selling, general and administrative.. 55,956 (10,142) 45,814
Depreciation......................... 29,208 (2,350) 26,858
Interest expense net of interest
income............................. 283 0 283
849,969 (180,914) 669,055
Income Before Provision for Income
Taxes and Cumulative Effect
of Accounting Changes............... 52,500 (5,622) 46,878
Provision for Federal and State
Income Taxes........................ 20,053 (2,231) 17,822
Net Income.............................. $ 32,447 $ (3,391) $ 29,056
Earnings Per Common and Common
Equivalent Share:
Primary.............................. $0.87 ($0.09) $0.78
Fully Diluted........................ $0.87 ($0.09) $0.78
Weighted average shares used in
earnings per common and common
equivalent shares computation:
Primary.............................. 37,481 37,481 37,481
Fully Diluted........................ 37,510 37,510 37,510
See page 7 for a description of Statement of Income Pro Forma Adjustments.
See Notes to Pro Forma Consolidated Financial Statements.
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ITEM 7(b) - CONTINUED
MORRISON RESTAURANTS INC. AND SUBSIDIARIES
PRO FORMA CONSOLIDATED STATEMENT OF INCOME
(In thousands)
(Unaudited) For the Fifty-Two Weeks Ended June 5, 1993
<CAPTION>
Pro Forma Pro Forma
Historical Adjustments Results
<S> <C> <C> <C>
REVENUES:
Net Sales and Operating Revenues.... $1,098,268 $(221,033) $877,235
Other Revenues...................... 1,577 (1,369) 208
1,099,845 (222,402) 877,443
OPERATING COSTS AND EXPENSES:
Cost of merchandise................. 352,043 (83,126) 268,917
Payroll and related costs........... 398,077 (85,919) 312,158
Other............................... 191,846 (31,744) 160,102
Selling, general and administrative. 61,229 (11,829) 49,400
Depreciation and amortization....... 35,449 (2,871) 32,578
Interest expense net of interest
income totaling $1,822............. 317 0 317
1,038,961 (215,489) 823,472
Income Before Provision for Income
Taxes and Cumulative Effect
of Accounting Changes............... 60,884 (6,913) 53,971
Provision for Federal and State
Income Taxes........................ 22,725 (2,686) 20,039
Income Before Cumulative Effect
of Accounting Changes............... $ 38,159 $ (4,227) $ 33,932
Earnings Per Common and Common
Equivalent Share Before Cumulative
Effect of Accounting Changes:
Primary............................. $1.01 ($0.11) $0.90
Fully Diluted....................... $1.01 ($0.11) $0.90
Weighted average shares used in
earnings per common and common
equivalent shares computation:
Primary............................. 38,078 38,078 38,078
Fully Diluted....................... 38,151 38,151 38,151
See page 7 for a description of Statement of Income Pro Forma Adjustments.
See Notes to Pro Forma Consolidated Financial Statements.
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ITEM 7(b) - CONTINUED
MORRISON RESTAURANTS INC.
Pro Forma Adjustments
The pro forma balance sheet adjustments give effect to the items
described below:
(i) Adjustments to reflect the removal of education, business and
industry (B&I) assets and liabilities.
(ii) Adjustments to reflect the expected cash proceeds from sale
($100 million), the accrual for liabilities and income taxes
to be incurred ($55 million) and the expected net of tax gain
($21 million).
The pro forma statement of income adjustments give effect to the
items described below:
(i) Adjustments to reflect the removal of B&I results of
operations.
(ii) The following items are not included in the pro forma
adjustments due to their non-recurring nature.
* Net gain on sale and discontinuance of B&I contracts and assets
of approximately $35 million pre-tax which includes certain
expenses incurred in relation to the divestiture of B&I.
The pro forma adjustments do not give effect to the phase-out of
the L&N Seafood Grill concept for which a pre-tax charge of $19.7
million will be made in the Company's financial statements for the
quarter ended September 3, 1994 as discussed in Note 12 to the fiscal
1994 financial statements of the Registrant.
ITEM 7(c) Exhibits
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The following exhibit is filed with this Report.
<C> <S>
2 Asset Purchase Agreement dated June 27, 1994 by and among
Morrison Restaurants Inc. and Gardner Merchant Food Services,
Inc. and the related exhibits to such agreement. Schedules to
this exhibit have been omitted pursuant to Item 601(b)(2) of
Regulation S-K. The Registrant hereby undertakes to furnish
supplementally a copy of any omitted schedule to the
Commission upon request.<F1>
<FN>
<F1> Incorporated herein by reference to Exhibit 2 of Current Report on
Form 8-K dated July 27, 1994 of Commission File No. 1-12454.
</FN>
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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 hereunto duly authorized.
MORRISON RESTAURANTS INC.
(Registrant)
01/03/95 /s/ J. Russell Mothershed
DATE J. RUSSELL MOTHERSHED
Senior Vice President, Finance
(Senior Vice President and
Principal Accounting Officer)
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