UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 6, 1995
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission file number 0-12343
VICORP Restaurants, Inc.
(Exact name of registrant as specified in its charter)
COLORADO 84-0511072
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
400 West 48th Avenue, Denver, Colorado, 80216
(Address of principal executive offices)
(Zip Code)
(303) 296-2121
(Registrant's telephone number, including area code)
Not Applicable
(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
The registrant had 9,014,026 shares of its $.05 par value Common Stock
outstanding as of September 8, 1995.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
VICORP Restaurants, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
August 6, October 30,
1995 1994
----------- -----------
(unaudited)
ASSETS
Current assets
Cash $ 6,280 $ 6,123
Receivables 3,535 9,801
Inventories 6,386 10,585
Deferred income taxes 6,000 6,000
Prepaid expenses and other 3,205 2,592
----------- -----------
Total current assets 25,406 35,101
----------- -----------
Property and equipment, net 152,769 165,802
Deferred income taxes 34,896 33,550
Other assets 14,083 14,570
----------- -----------
Total assets $ 227,154 $ 249,023
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt
and capitalized lease obligations $ 1,580 $ 1,796
Accounts payable, trade 15,809 19,246
Accrued compensation 4,633 5,965
Accrued taxes 10,701 9,979
Accrued insurance 5,607 6,537
Other accrued expenses 5,378 6,930
----------- -----------
Total current liabilities 43,708 50,453
----------- -----------
Long-term debt (Note 2) 27,500 28,573
Capitalized lease obligations 11,767 13,981
Non-current accrued insurance 7,570 7,750
Other non-current liabilities and credits 10,597 13,400
Commitments and contingencies
Shareholders' equity (Note 3)
Series A Junior Participating Preferred
Stock, $.10 par value, 200,000 shares
authorized, no shares issued -- --
Common stock, $.05 par value, 20,000,000
shares authorized, 9,012,759 and 9,509,426
shares issued and outstanding 451 476
Paid-in capital 84,036 91,544
Retained earnings 41,525 42,846
----------- -----------
Total shareholders' equity 126,012 134,866
----------- -----------
Total liabilities and shareholders' equity $ 227,154 $ 249,023
=========== ===========
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Twelve Forty
weeks ended weeks ended
-------------------- --------------------
August 6, August 7, August 6, August 7,
1995 1994 1995 1994
--------- --------- --------- ---------
(unaudited)
Revenues
Restaurant operations $ 82,275 $ 92,827 $ 289,749 $ 319,066
Franchise operations 941 756 2,824 2,388
--------- --------- --------- ---------
Total revenues 83,216 93,583 292,573 321,454
--------- --------- --------- ---------
Costs and expenses
Restaurant operations
Food 28,913 27,479 95,867 95,350
Labor 29,828 28,428 95,661 95,794
Other operating 24,597 26,334 81,768 88,889
General and administrative 6,083 8,355 19,703 26,720
Interest 909 817 2,888 2,940
Other (income) expense, net (221) (255) (672) (338)
--------- --------- --------- ---------
Total costs and expenses 90,109 91,158 295,215 309,355
--------- --------- --------- ---------
Income (loss) before income taxes (6,893) 2,425 (2,642) 12,099
Income tax expense (benefit) (2,915) 910 (1,321) 4,537
--------- --------- --------- ---------
Net income (loss) $ (3,978) $ 1,515 $ (1,321) $ 7,562
========= ========= ========= =========
Earnings (loss) per common and
dilutive common equivalent share $ (.44) $ .16 $ (.14) $ .77
========= ========= ========= =========
Weighted average common shares and
dilutive common share equivalents 9,013 9,687 9,317 9,869
========= ========= ========= =========
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Forty weeks ended
August 6, August 7,
1995 1994
--------- ---------
(unaudited)
Operations
Net income (loss) $ (1,321) $ 7,562
Reconcilation to cash provided by operations
Depreciation and amortization 17,371 19,982
Deferred income tax provision (1,346) 3,569
Loss on disposition of assets 345 1,359
Other, net (31) (290)
--------- ---------
15,018 32,182
Change in assets and liabilities
Trade receivables 41 918
Inventories 4,173 2,724
Accounts payable, trade (3,437) (7,002)
Other current assets and liabilities (3,740) 49
Non-current accrued insurance (179) 257
--------- ---------
Cash provided by operations 11,876 29,128
--------- ---------
Investing activities
Purchase of property and equipment (7,203) (19,186)
Purchase of other assets (65) (534)
Disposition of property (998) (9)
Additions to non-trade receivables -- (1,088)
Collection of non-trade receivables 6,462 1,239
--------- ---------
Cash used for investing activities (1,804) (19,578)
--------- ---------
Financing activities
Issuance of debt 29,750 7,750
Payment of debt and capitalized lease obligations (32,130) (9,834)
Purchase of common stock (7,694) (6,625)
Other, net 159 374
--------- ---------
Cash used for financing activities (9,915) (8,335)
--------- ---------
Increase in cash 157 1,215
Cash at beginning of period 6,123 5,288
--------- ---------
Cash at end of period $ 6,280 $ 6,503
========= =========
Supplemental information
Cash paid during the period for
Interest (net of amount capitalized) $ 2,873 $ 2,962
Income taxes 927 1,126
The accompanying notes are an integral part of the financial statements.
VICORP Restaurants, Inc.
NOTES TO FINANCIAL STATEMENTS (unaudited)
1. The consolidated financial statements should be read in conjunction with
the annual report to shareholders for the year ended October 30, 1994.
The unaudited financial statements for the twelve and forty weeks ended
August 6, 1995 and August 7, 1994 contain all adjustments which, in the
opinion of management, were necessary for a fair statement of the results
for the interim periods presented. All of the adjustments included were of a
normal and recurring nature.
2. As of August 6, 1995, the Company had $27,250,000 of borrowings and
$10,858,000 of letters of credit placed under its bank credit facility. As
of August 1, 1995, the facility was amended to reduce it to $55,000,000 from
$75,000,000 and to modify a financial covenant as of the end of the third
quarter of 1995.
3. During the first three quarters of 1995, the Company purchased 508,000 shares
of its common stock for $7,694,000 pursuant to authorization from its Board
of Directors. In September 1995, the Company's Board authorized acquisition
of an additional 300,000 common shares and, at September 15, 1995,
authorization to purchase an additional 300,500 common shares was available.
4. In the fourth quarter of 1994, the Company adopted a plan to dispose of 50
restaurant locations in trade areas that are no longer considered appropriate
for the Company's existing concepts. As part of the disposal plan, the
carrying value of those restaurants' assets were written down to net
realizable values. The Company also accrued expected carrying costs pending
disposition and sublease disposition losses. As of August 6, 1995, the
Company had closed 30 of those locations, of which 14 stores were disposed
through sublease or sale arrangements. The remaining 20 restaurants will
continue to be operated until a satisfactory sale or sublease can be
negotiated or until individual restaurant unit economics dictate closure.
Operating results for the 50 locations were as follows:
<TABLE>
<CAPTION>
Twelve Forty
weeks ended weeks ended
----------------------- --------------------------
August 6, August 7, August 6, August 7,
1995 1994 1995 1994
---------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Sales $4,755,000 $8,338,000 $20,391,000 $29,755,000
Store operating profit (loss) (646,000) (342,000) (868,000) (278,000)
</TABLE>
During the forty weeks ended August 6, 1995, $1,553,000 of closure related
costs and $1,183,000 of severance were charged against the liability
established for such costs.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
---------------------
The Company's quarterly financial information is subject to seasonal
fluctuation. Also, the quarterly periods ended February 19, 1995 and
February 20, 1994 were comprised of sixteen weeks each, while the remainder of
the Company's quarterly periods are comprised of twelve weeks each. As a
result, the financial information for the periods presented is not indicative of
results that may be achieved on an annual basis.
RESTAURANT OPERATIONS
The following table sets forth certain operating information for the Company's
two primary operating concepts and the Company as a whole.
<TABLE>
<CAPTION>
Twelve weeks ended Forty weeks ended
------------------------- ---------------------------
August 6, August 7, August 6, August 7,
1995 1994 1995 1994
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
VILLAGE INN
Restaurant sales $30,000,000 $32,949,000 $102,420,000 $113,379,000
Store operating profit % 12.7% 11.8% 14.3% 12.9%
Restaurants at quarter-end 104 120
BAKERS SQUARE
Restaurant sales $49,907,000 $58,783,000 $178,625,000 $203,571,000
Store operating profit % (8.7)% 11.2% 1.5% 11.9%
Restaurants at quarter-end 168 193
CONSOLIDATED
Restaurant sales $82,275,000 $92,827,000 $289,749,000 $319,066,000
Food cost % 35.1% 29.6% 33.1% 29.9%
Labor cost % 36.3% 30.6% 33.0% 30.0%
Other operating cost % 29.9% 28.4% 28.2% 27.9%
Store operating profit % (1.3)% 11.4% 5.7% 12.2%
</TABLE>
Consolidated restaurant sales decreased 11.4% during the third quarter and 9.2%
for the first three quarters of 1995 in comparison to the same prior year
periods. The Company operated approximately 28 fewer equivalent restaurants in
1995's third quarter and 21 fewer equivalent restaurants in the first three
quarters of 1995 than in the comparable time frame last year, due to restaurant
closures and dispositions. Comparable sales declines of 7.3% in the quarter and
5.9% in the first three quarters also contributed to the overall decrease in
sales. The majority of the decrease occurred in the Bakers Square division
where a menu price reduction of approximately 10% went into effect in the middle
of the second quarter of 1995. This strategic action of reducing prices was
taken to reverse the four-year decline in customer counts in that division. The
action contributed to a slowing of the trend of negative comparable customer
counts as follows:
Percentage decrease in comparable customer counts versus prior year for the
Bakers Square division:
1st quarter 1995 (8.5%)
2nd quarter 1995 (7.5%)
3rd quarter 1995 (1.0%)
Management plans to introduce a new Bakers Square menu in the middle of the
fourth quarter of 1995 to further increase appeal to customers.
Store operating results for the third quarter and first three quarters of the
year decreased both in total and as a percentage of sales. Bakers Square's
store operating results decreased significantly due to the menu price
reductions, lower comparable sales in relationship to fixed costs, and
investments in food, labor and certain other restaurant related items in order
to improve customer counts. Village Inn's store operating results were
essentially unchanged from the prior year, but improved as a percentage of
sales. The closure of unprofitable restaurants and reduced advertising and
insurance costs were largely offset by higher labor costs from increased
staffing.
ASSET DISPOSALS
As of August 6, 1995, the Company had closed 30 of the 50 restaurants scheduled
for disposition under a plan adopted in fiscal 1994. Fourteen of the closed
units have been disposed of through sublease or sale arrangements. The
remaining 20 locations will remain open until a satisfactory sale or sublease
can be arranged, or until unit economics dictate closure. The following tables
detail sales and operating results for the 50 restaurants. The tables also
segregate those restaurants which are closed and therefore only operated for a
portion of 1995 but all of 1994 and those that remain open and operated for all
of fiscal 1995 and 1994.
<TABLE>
<CAPTION>
Twelve weeks ended: August 6, 1995 August 7, 1994
--------------------------- ------------------------------
Operating Operating
Sales Profit (Loss) Sales Profit (Loss)
----------- ------------- ----------- -----------------
<S> <C> <C> <C> <C>
Village Inn
Stores closed at August 6, 1995 $ 120,000 $ (29,000) $ 1,324,000 $ (152,000)
Stores open at August 6, 1995 1,574,000 (54,000) 1,683,000 (54,000)
----------- ------------- ----------- -----------------
Total $ 1,694,000 $ (83,000) $ 3,007,000 $ (206,000)
Bakers Square
Stores closed at August 6, 1995 $ 1,218,000 $ (306,000) $ 3,414,000 $ (154,000)
Stores open at August 6, 1995 1,843,000 (257,000) 1,917,000 18,000
----------- ------------- ----------- -----------------
Total $ 3,061,000 $ (563,000) $ 5,331,000 $ (136,000)
Forty weeks ended: August 6, 1995 August 7, 1994
--------------------------- ------------------------------
Operating Operating
Sales Profit (Loss) Sales Profit (Loss)
----------- ------------- ----------- -----------------
Village Inn
Stores closed at August 6, 1995 $ 1,085,000 $ (57,000) $ 5,020,000 $ (170,000)
Stores open at August 6, 1995 5,408,000 94,000 5,807,000 (64,000)
----------- ------------- ----------- -----------------
Total $ 6,493,000 $ 37,000 $10,827,000 $ (234,000)
Bakers Square
Stores closed at August 6, 1995 $ 7,466,000 $ (660,000) $12,074,000 $ (242,000)
Stores open at August 6, 1995 6,432,000 (245,000) 6,854,000 198,000
----------- ------------- ----------- -----------------
Total $13,898,000 $ (905,000) $18,928,000 $ (44,000)
</TABLE>
During the third quarter of fiscal 1995, the Company discontinued internal
warehousing and distribution of grocery products for its restaurants. The
Company began utilizing an independent distribution company for those services.
Management does not anticipate that significant changes in delivered product
costs will result from the change, however, food inventories were reduced.
OTHER REVENUES AND EXPENSE
General and administrative expense decreased as a result of administrative
office consolidations, staff reductions and reduced incentive and legal
expenses. As a percentage of revenues, general and administrative costs
for the first three quarters of 1995 were 6.7% compared to 8.3% in the
comparable period last year.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
Cash provided by operations decreased 60% in the first three quarters of 1995
compared to the same period in 1994 primarily due to lower operating income.
Operating cash flow was supplemented by collection of an insurance receivable in
1995's first quarter.
The Company reduced its outstanding bank advances by $1,000,000 in the first
three quarters of 1995. As of August 6, 1995, $27,250,000 of advances were
outstanding under the Company's bank credit facility and approximately
$16,900,000 was available for additional direct advances, and letters of credit.
The credit facility was amended as of August 1, 1995 to reduce it to
$55,000,000 from $75,000,000 and to provide financial covenant relief
as of the end of the third quarter of 1995. The Company is currently
negotiating a new facility for the revolving credit line expiring June 30,
1996.
During the first three quarters of 1995, the Company purchased 508,000 shares of
its common stock for $7,694,000, which essentially filled the then existing
authorizations granted by its Board. In September 1995, the Board authorized
repurchase of an additional 300,000 shares of its common stock. Purchases and
future authorizations will be dependent upon various business and financial
considerations.
Capital expenditures in 1995 were significantly lower than those incurred during
the same time frame in 1994, because of the Company's continued focus on service
enhancement rather than remodel and growth activities. Capital expenditures
approximating $3,000,000 are expected during the remainder of the fiscal year.
Cash provided by operations and the Company's bank credit facility are expected
to be adequate to fund these expenditures.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors and Shareholders of VICORP Restaurants, Inc.:
We have reviewed the accompanying condensed consolidated balance sheet of
VICORP RESTAURANTS, INC. (a Colorado corporation) and subsidiary as of
August 6, 1995, and the related condensed consolidated statements of
operations for the 12- and 40-week periods ended August 6, 1995 and
August 7, 1994, and the condensed consolidated statements of cash flows
for the 40-week periods ended August 6, 1995 and August 7, 1994. These
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the financial statements referred to above for them to
be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet of VICORP Restaurants,
Inc. and subsidiary as of October 30, 1994 (not presented herein), and in
our report dated December 6, 1994, we expressed an unqualified opinion on
that statement. In our opinion, the information set forth in the
accompanying condensed consolidated balance sheet as of October 30, 1994
is fairly stated, in all material respects, in relation to the balance
sheet from which it has been derived.
/s/ ARTHUR ANDERSEN LLP
-----------------------
ARTHUR ANDERSEN LLP
Denver, Colorado
September 1, 1995
Item 6: Exhibits and Reports on Form 8-K.
(a) Exhibits
(10) Amendment No.2 dated as of August 1, 1995 to Second Amendment and
Restated Credit Agreement dated as of June 18, 1993.
(15) Letter regarding unaudited interim financial information.
(27) Financial data schedule.
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.
VICORP Restaurants, Inc.
------------------------
(Registrant)
September 20, 1995 /s/ Charles R. Frederickson
---------------------------
Charles R. Frederickson,
Chairman of the Board
September 20, 1995 /s/ Dennis L. Kuper
--------------------
Dennis L. Kuper, Executive Vice
President of Finance and Chief
Financial Officer
EXHIBIT 15: LETTER REGARDING UNAUDITED INTERIM
FINANCIAL INFORMATION
September 12, 1995
VICORP Restaurants, Inc.:
We are aware that VICORP Restaurants, Inc. has incorporated by
reference into the Company's previously filed Registration Statement
File Nos. 33-26650, 33-32608, 33-34447, 33-48205 and 33-49166, its Form
10-Q for the quarter ended August 6, 1995, which includes our report
dated September 1, 1995, covering the unaudited interim financial
information contained therein. Pursuant to Regulation C of the
Securities Act of 1933, that report is not considered a part of the
registration statements prepared or certified by our firm or a report
prepared or certified by our firm within the meaning of Sections 7 and 11
of the Act.
Very truly yours,
/s/ Arthur Andersen LLP
Arthur Andersen LLP
EXHIBIT 10
Amendment No. 2
Dated as of August 1, 1995
to
Second Amendment and Restated Credit Agreement
Dated as of June 18, 1993
This AMENDMENT No. 2 ("Amendment") dated as of August 1, 1995 is
entered into by and among VICORP Restaurants, Inc., a Colorado corporation (the
"Borrower"), Citibank, N.A. and NationsBank of Texas, N.A., as lenders (the
"Lenders"), and Citibank, N.A., as agent for the Lenders (in such capacity,
the "Agent").
RECITALS
--------
A. The Borrower, the Lenders and the Agent are parties to that certain Second
Amended and Restated Credit Agreement dated as of June 18, 1993 (as amended, the
"Loan Agreement"). Terms defined in the Loan Agreement and not otherwise
defined herein are used herein as defined in the Loan Agreement.
B. The Borrower has requested that the Lenders and the Agent amend, and the
Lenders and the Agent have agreed to amend, certain provisions of the Loan
Agreement as set forth below.
NOW, THEREFORE, the Borrower, the Lenders and the Agent agree as follows:
SECTION 1. Amendment. Subject to the conditions set forth in Section 2 herein,
the Borrower, the Lenders and the Agent hereby amend the Loan Agreement as
follows:
(a) The definition of "Adjusted Consolidated EBILTDA" in Section 1.01 is
amended by deleting "$15,000,000" in clause (vi)(A) and substituting
"$12,000,000" therefor;
(b) The definition of "Aggregate Commitment" in Section 1.01 is amended by
deleting "$75,000,000" in clause (i) and substituting "$55,000,000" therefor;
and
(c) Section 7.03(e) of the Loan Agreement is amended to provide that the
Borrower is required to maintain a fixed charge coverage ratio (as set forth in
such Section 7.03(e)) greater than or equal to 1.30 to 1 for the fiscal quarter
ending on August 6, 1995, and to maintain a fixed charge coverage ratio greater
than or equal to 1.75 to 1 as of the last day of each fiscal quarter thereafter.
SECTION 2. Conditions Precedent to Amendment. This Amendment shall be deemed
to be effective as of August 1, 1995 upon the satisfaction of each of the
following conditions precedent: (a) the receipt by the Agent of four (4)
original copies of this Amendment duly executed and delivered by a duly
authorized officer of the Borrower and of each Lender, and (b) the absence
of any Default or Event of Default under the Loan Agreement.
SECTION 3. Representations and Warranties of the Borrower. (a) Upon the
effectiveness of this Amendment, the Borrower hereby reaffirms all covenants,
representations and warranties made in the Loan Agreement and agrees that all
such covenants, representations and warranties shall be deemed to have been
re-made as of the effective date of this Amendment.
(b) The Borrower hereby represents and warrants that this Amendment
constitutes the legal, valid and binding obligation of the Borrower enforceable
against the Borrower in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors' rights generally, and
general principles of equity which may limit the availability of equitable
remedies.
SECTION 4. Reference to and Effect on the Loan Agreement. (a) The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Lenders and the Agent under the
Loan Agreement or any other document, instrument or agreement executed in
connection therewith, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.
(b) Upon the effectiveness of this Amendment, each reference in the Loan
Agreement to "this Agreement," "hereunder," "hereof," "herein," or words
of like import shall mean and be a reference to the Loan Agreement as amended
hereby, and each reference to the Loan Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Loan
Agreement shall mean and be a reference to the Loan Agreement as amended hereby.
(c) Except as specifically amended hereby, the Loan Agreement and any
other document, instrument or agreement executed in connection therewith shall
remain in full force and effect and are hereby ratified and confirmed.
SECTION 5. Governing Law. This Amendment shall be governed by and construed
in accordance with the other remaining terms of the Loan Agreement and the
internal laws (as opposed to conflict of law provisions) of the State of New
York.
SECTION 6. Section Titles. The section titles contained in this Amendment
are and shall be without substance, meaning or content of any kind whatsoever
and are not a part of the agreement between the parties hereto.
SECTION 7. Counterparts. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the
date first above written.
VICORP RESTAURANTS, INC.
By:/s/ Charles R. Frederickson
---------------------------
Name: Charles R. Frederickson
Title: Chairman of the Board
By:/s/ Dennis L. Kuper
-------------------
Name: Dennis L. Kuper
Title: Executive Vice President-
Finance
CITIBANK, N.A.
By:/s/ Carolyn Bodmer
------------------
Carolyn Bodmer
Vice President
NATIONSBANK OF TEXAS, N.A.
By:/s/ Frank M. Johnson
--------------------
Frank M. Johnson
Vice President
CITIBANK, N.A., as Agent
By: /s/ Carolyn Bodmer
------------------
Carolyn Bodmer
Vice President
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM VICORP
RESTAURANTS, INC. CONSOLIDATED BALANCE SHEETS AND STATEMENTS OF OPERATIONS
AS OF AUGUST 6, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 703799
<NAME> VICORP RESTAURANTS, INC.
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> AUG-06-1995
<CASH> 6,280
<SECURITIES> 0
<RECEIVABLES> 3,535
<ALLOWANCES> 0
<INVENTORY> 6,386
<CURRENT-ASSETS> 25,406
<PP&E> 283,954
<DEPRECIATION> 131,185
<TOTAL-ASSETS> 227,154
<CURRENT-LIABILITIES> 43,708
<BONDS> 39,267
<COMMON> 451
0
0
<OTHER-SE> 125,561
<TOTAL-LIABILITY-AND-EQUITY> 227,154
<SALES> 289,749
<TOTAL-REVENUES> 292,573
<CGS> 95,867
<TOTAL-COSTS> 95,867
<OTHER-EXPENSES> 177,429
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,888
<INCOME-PRETAX> (2,642)
<INCOME-TAX> (1,321)
<INCOME-CONTINUING> (1,321)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,321)
<EPS-PRIMARY> (.14)
<EPS-DILUTED> (.14)
</TABLE>
