<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 30, 1997
-----------------
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 1-9573
-------------------------------------------
UNO RESTAURANT CORPORATION
------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 04-2953702
------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 CHARLES PARK ROAD, WEST ROXBURY, MASSACHUSETTS 02132
--------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(617) 323-9200
--------------------------------------------------------
(Registrant's telephone number, including area code)
--------------------------------------------------------
(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
--- ---
As of May 9, 1997, 12,202,873 shares of the registrant's Common Stock, $.01
par value, were outstanding.
1
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UNO RESTAURANT CORPORATION
INDEX
PAGE
----
PART I. FINANCIAL INFORMATION
- ------------------------------
ITEM 1. FINANCIAL STATEMENTS............................3
Consolidated Balance Sheets --
March 30, 1997 and September 29, 1996...........3
Consolidated Statements of Income --
Thirteen and twenty-six weeks ended
March 30, 1997 and March 31, 1996...............4
Consolidated Statements of Cash Flows --
Twenty-six weeks ended March 30, 1997 and
March 31, 1996..................................5
Notes to Consolidated Financial
Statements......................................6
ITEM 2. MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.......................7
PART II. OTHER INFORMATION
- ---------------------------
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K................12
2
<PAGE> 3
<TABLE>
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands except share data)
March 30, Sept. 29,
1997 1996
--------- ---------
(Unaudited)
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 466 $ 1,828
Royalties receivable 580 710
Consumer product receivable 498 322
Inventory 2,264 2,333
Deferred pre-opening costs 540 470
Prepaid expenses and other assets 3,661 2,267
-------- --------
TOTAL CURRENT ASSETS 8,009 7,930
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS
Land 14,959 14,796
Buildings 22,211 22,037
Leasehold improvements 86,189 82,014
Equipment 47,474 45,690
Construction in progress 3,117 2,119
-------- --------
173,950 166,656
Less allowance for depreciation and amortization 51,705 46,146
-------- --------
122,245 120,510
OTHER ASSETS
Deferred income taxes 4,338 3,613
Royalty fee 283 324
Liquor licenses and other assets 2,675 2,568
-------- --------
$137,550 $134,945
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 5,303 $ 6,009
Accrued expenses 6,275 5,163
Accrued compensation and taxes 2,521 2,187
Income taxes payable 494 1,581
Current portion of long-term debt and capital
lease obligations 359 178
-------- --------
TOTAL CURRENT LIABILITIES 14,952 15,118
Long-term debt, net of current portion 37,657 37,085
Capital lease obligations, net of current portion 964 1,056
Other liabilities 4,835 4,550
SHAREHOLDERS' EQUITY
Preferred Stock, $1.00 par value, 1,000,000 shares
authorized, none issued
Common Stock, $.01 par value, 25,000,000 shares authorized,
13,722,673 and 13,697,526 shares issued and outstanding
in Fiscal Years 1997 and 1996, respectively 137 137
Additional paid-in capital 53,626 53,509
Retained earnings 36,050 34,143
-------- --------
89,813 87,789
Treasury Stock (1,519,800 and 1,500,000 shares at cost, in
Fiscal Years 1997 and 1996, respectively) (10,671) (10,653)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 79,142 77,136
-------- --------
$137,550 $134,945
======== ========
</TABLE>
3
<PAGE> 4
<TABLE>
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands except per share data)
<CAPTION>
Thirteen Weeks Ended Twenty-six Weeks Ended
-------------------- ----------------------
March 30, March 31, March 30, March 31,
1997 1996 1997 1996
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
REVENUES
Restaurant sales $39,460 $37,003 $78,427 $74,372
Consumer product sales 2,154 2,253 4,316 4,439
Franchise income 1,097 1,031 2,132 2,036
------- ------- ------- -------
42,711 40,287 84,875 80,847
COSTS AND EXPENSES
Cost of sales 10,485 10,380 21,188 20,676
Labor and benefits 13,294 12,582 26,193 25,069
Occupancy 6,507 6,495 13,081 12,901
Other operating costs 4,260 3,807 7,861 7,382
General and administrative 3,140 3,167 6,250 6,209
Depreciation and amortization 3,126 3,201 6,138 6,484
Asset impairment charge 3,937 3,937
------- ------- ------- -------
40,812 43,569 80,711 82,658
------- ------- ------- -------
OPERATING INCOME 1,899 (3,282) 4,164 (1,811)
OTHER INCOME (EXPENSE) (666) (847) (1,276) (1,466)
------- ------- ------- -------
Income before income taxes 1,233 (4,129) 2,888 (3,277)
Provision for income taxes 418 (1,487) 981 (1,180)
------- ------- ------- -------
NET INCOME $ 815 $(2,642) $ 1,907 ($2,097)
======= ======= ======= =======
EARNINGS PER COMMON SHARE $.07 ($.21) $.16 ($.16)
======= ======= ======= =======
Weighted average shares outstanding 12,271 12,831 12,275 13,073
======= ======= ======= =======
</TABLE>
4
<PAGE> 5
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
<CAPTION>
Twenty-six Weeks Ended
March 30, March 31,
1997 1996
--------- ---------
<S> <C> <C>
OPERATING ACTIVITIES
Net Income (Loss) $ 1,907 $ (2,097)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 6,190 6,534
Deferred income taxes (725) (2,478)
Provision for deferred rent 285 347
(Gain)\Loss on disposal of equipment (13) 286
Asset impairment charge 3,937
Changes in operating assets and liabilities, net
of effects from business acquisitions:
Royalties\consumer product receivables 130 (336)
Inventory 69 (30)
Prepaid expenses and other assets (2,174) (2,224)
Accounts payable and other liabilities 683 1,695
Income taxes payable (1,087) 128
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 5,265 5,762
INVESTMENT ACTIVITIES
Additions to property, equipment and
leasehold improvements (8,488) (13,206)
Proceeds from sale of fixed assets 1,101 131
-------- --------
(7,387) (13,075)
NET CASH USED FOR INVESTING ACTIVITIES
FINANCING ACTIVITIES
Proceeds from revolving credit agreement 32,809 29,358
Principal payments on revolving credit agreement
and capital lease obligations (32,148) (16,913)
Purchase of Treasury Stock (18) (5,034)
Exercise of stock options 117 49
-------- --------
NET CASH PROVIDED BY FINANCING ACTIVITIES 760 7,460
-------- --------
INCREASE (DECREASE) IN CASH (1,362) 147
CASH AT BEGINNING OF PERIOD 1,828 1,305
-------- --------
CASH AT END OF PERIOD $ 466 $ 1,452
======== ========
</TABLE>
5
<PAGE> 6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE A - BASIS OF PRESENTATION
The accompanying unaudited, consolidated financial statements have been
prepared in accordance with instructions to Form 10-Q and, therefore, do not
include all information and footnotes normally included in financial statements
prepared in conformity with generally accepted accounting principles. They
should be read in conjunction with the financial statements of the company for
the fiscal year ended September 29, 1996.
The accompanying financial statements include all adjustments (consisting
only of normal recurring accruals) that management considers necessary for a
fair presentation of its financial position and results of operations for the
interim periods presented.
6
<PAGE> 7
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
SAFE HARBOR CAUTIONARY STATEMENT
From time to time, information and statements provided by the Company in filings
with the Securities and Exchange Commission, shareholder reports, press releases
and oral statements may include forward-looking statements which reflect the
Company's current views with respect to future events and financial performance.
Forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Investors are cautioned
that all forward-looking statements involve risks and uncertainties, which could
cause actual results to differ materially from historical results or those
anticipated. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise. Risks and uncertainties include, without limitation, the
Company's ability to open new restaurants and operate new and existing
restaurants profitably, changes in local, regional and national economic
conditions, especially economic conditions in the areas in which the Company's
restaurants are concentrated, increasingly intense competition in the restaurant
industry, increases in food, labor, employee benefits and similar costs, and
other risks detailed from time to time in the Company's news releases, reports
to shareholders and periodic reports filed with the Securities and Exchange
Commission.
THIRTEEN WEEKS ENDED MARCH 30, 1997 COMPARED TO THIRTEEN WEEKS ENDED
MARCH 31, 1996
<TABLE>
The following tables set forth the percentage relationship to total revenues,
unless otherwise indicated, of certain items included in the Company's income
statements and operating data for the periods indicated:
<CAPTION>
13 Weeks Ended
--------------
3/30/97 3/31/96
------- -------
<S> <C> <C>
REVENUES:
Restaurant sales 92.4% 91.8%
Consumer product sales 5.0 5.6
Franchise income 2.6 2.6
----- -----
Total 100.0% 100.0%
----- -----
COSTS AND EXPENSES:
Cost of food & beverages (1) 25.2% 26.4%
Labor and benefits (1) 31.9 32.1
Occupancy costs (1) 15.6 16.5
Other operating costs (1) 10.2 9.7
General and administrative 7.4 7.9
Depreciation and amortization (1) 7.5 8.2
Asset Impairment Charge 9.8
----- -----
Operating income 4.4 (8.1)
Other income (expense) (1.5) (2.1)
----- -----
Income before taxes 2.9 (10.2)
Provision for income taxes 1.0 (3.7)
----- -----
Net income 1.9% (6.6)%
===== =====
(1) Percentage of restaurant and consumer product sales
NUMBER OF RESTAURANTS AT END OF QUARTER:
Company-owned Uno's - full service 88 80
Franchised Uno's - full service 65 62
</TABLE>
7
<PAGE> 8
Total revenue increased 6% to $42.7 million from $40.3 million last year.
Company-owned restaurant sales rose 6.7% to $39.5 million from $37 million last
year due primarily to 8.7% growth in store operating weeks of full-service
Pizzeria Uno units resulting from the addition of nine restaurants during the
past four quarters. Comparable-store sales for the second quarter were unchanged
from the same period last year. Average weekly sales, which includes sales at
comparable stores as well as new units, increased 1.7% during the second
quarter, reflecting higher-than-average sales levels for the nine newest units
opened during the past four quarters, which are generating sales volumes
approximately 12% higher than our comparable-store average for the quarter.
Consumer product sales decreased 4.4% for the second quarter this year to
$2,154,000 from $2,253,000 last year. Sales for the frozen product category
increased as shipments to contract food service account and wholesale club store
customers rose. Sales volumes within our fresh refrigerated category experienced
modest declines for the quarter.
Franchise income, which includes royalty income and initial franchise fees,
increased 6.4% to $1,097,000 versus $1,031,000 last year. Royalty income
increased 1.9% to $1,022,000 this year compared to $1,003,000 last year. Initial
franchise fees amounted to $75,000 this year compared to $27,500 last year.
Operating income was $1,899,000, which represents an operating margin of 4.1%.
Last year's operating loss of $3,282,000 includes a charge for asset impairment
of $3,937,000 in connection with the Company's adoption of SFAS 121. Operating
income for last year exclusive of the asset impairment charge was $655,000,
which represents an operating margin of 1.6%.
Cost of food and beverage as a percentage of restaurant and consumer product
sales decreased to 25.2% compared to 26.4% last year. This decline was due
primarily to lower cheese costs, but also reflects overall lower commodity costs
for many of our menu products. Labor costs decreased slightly to 31.9% as a
percentage of restaurant and consumer product sales from 32.1% in the prior year
due to increased productivity as sales trends improved. Occupancy costs declined
as a percentage of restaurant and consumer product sales to 15.6% from 16.5% due
in part to milder weather this winter, resulting in lower snow removal and
utility costs. Other operating costs increased to 10.2% as a percentage of
restaurant and consumer product sales from 9.7% last year due primarily to
higher advertising expenditures for the period. General and administrative
expenditures declined 1% from a year ago and as a percentage of total revenues
decreased to 7.4% from 7.9% last year as a result of improved cost control
measures. Depreciation and amortization expenses as a percentage of restaurant
and consumer product sales decreased to 7.5% from 8.2% last year due primarily
to lower pre-opening cost amortization as the Company's unit growth rate has
moderated.
Other expense of $666,000 decreased from $847,000 last year due principally to
the disposition of various fixed assets during the second quarter of fiscal 1996
which resulted in a loss of approximately of $200,000. Net income of $815,000
compares favorably to a net loss of $2,642,000 last year based on the factors
noted above.
8
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<TABLE>
TWENTY-SIX WEEKS ENDED MARCH 30, 1997 COMPARED TO TWENTY-SIX WEEKS ENDED
MARCH 31, 1996
<CAPTION>
26 Weeks Ended
--------------
3/30/97 3/31/96
------- -------
<S> <C> <C>
REVENUES:
Restaurant sales 92.4% 92.0%
Consumer product sales 5.1 5.5
Franchise income 2.5 2.5
----- -----
Total 100.0% 100.0%
----- -----
COSTS AND EXPENSES:
Cost of food & beverages (1) 25.6% 26.2%
Labor and benefits (1) 31.7 31.8
Occupancy costs (1) 15.8 16.4
Other operating costs (1) 9.5 9.4
General and administrative 7.4 7.7
Depreciation and amortization (1) 7.4 8.2
Asset impairment charge 4.9
----- -----
Operating income 4.9 (2.2)
Other income (expense) (1.5) (1.8)
----- -----
Income before taxes 3.4 (4.1)
Provision for income taxes 1.2 (1.5)
----- -----
Net income 2.2% (2.6)%
===== =====
<FN>
(1) Percentage of restaurant and consumer product sales
</TABLE>
Total revenue increased 5% to $84.9 million from $80.8 million last year.
Company-owned restaurant sales rose 5.5% to $78.4 million from $74.4 million
last year due primarily to 8.2% growth in store operating weeks of full-service
Pizzeria Uno units. Comparable-store sales for the first half of the fiscal
year were .6% below the same period last year. During the same period, average
weekly sales, which includes sales at comparable stores as well as new units,
were essentially unchanged from last year.
Consumer product sales decreased 2.8% to $4,316,000 from $4,439,000 for the
first six months this year compared to the same period last year. Sales volumes
in the fresh retail segment have declined, as supermarkets have greatly expanded
its offerings of prepared food items for consumption at home, as well as
reducing its overall promotional activities. Growth in the frozen products and
contract food service categories continues, as the Company begins to fully
implement programs to supply guests at various hotels including the DoubleTree
Hotel chain, Uno branded pizzas and calzones.
Franchise income, which includes royalty income and initial franchise fees
increased 4.7% to $2,132,000 from $2,036,000 last year. Royalty income increased
3.2% as average weekly sales improved by 1.6% for the first six months of the
fiscal year. Franchise fees increased to $102,500 from $67,500 as three
full-service restaurant were opened during the quarter and six new full-service
units have been added during the past four quarters.
Operating income was $4,164,000, which represents an operating margin of 4.9%.
Last year's operating loss of $1,811,000 includes a charge for asset impairment
of $3,937,000 in connection with the Company's adoption of SFAS 121. Operating
income for last year exclusive of the asset impairment charge was $2,126,000,
which represents an operating margin of 2.6%.
Cost of food and beverage as a percentage of restaurant and consumer product
sales decreased to 25.6% compared to 26.2% last year. This decline was a result
of lower cheese costs as well as other commodity costs having stabilized and or
declined. Labor costs remained virtually unchanged at 31.7% this year compared
to 31.8% last year. Occupancy costs decreased as a percentage of restaurant and
consumer product sales to 15.8% from 16.4% due to improved sales levels and a
milder winter season. Other operating costs increased slightly to 9.5% from 9.4%
last year due primarily to higher advertising expenditures. General and
administrative expenditures were essentially unchanged from last year, and as a
percentage of total revenues declined to 7.4% from 7.7% due to greater emphasis
9
<PAGE> 10
on cost controls. Depreciation and amortization expenses as a percentage of
restaurant and consumer product sales declined to 7.4% from 8.2% last year due
primarily to lower pre-opening cost amortization as the Company's unit growth
rate has moderated.
Other expense of $1,276,000 decreased from $1,466,000 last year due principally
to a net loss of approximately $300,000 recorded in fiscal 1996 for the
disposition of various fixed assets. In addition, the Company incurred higher
interest expense relating to the increased level of debt used to fund the
Company's expansion plan and its ownership of an increasing number of restaurant
properties.
LIQUIDITY AND SOURCES OF CAPITAL
<TABLE>
The following table presents a summary of the Company's cash flows for the
period ended March 30, 1997.
<CAPTION>
(In Thousands)
<S> <C>
Net cash provided by operating activities $ 5,265
Net cash used in investing activities (7,387)
Net cash provided by financing activities 760
-------
Increase (Decrease) in cash ($1,362)
=======
</TABLE>
Historically, the Company had leased most of its restaurant locations and
pursued a strategy of controlled growth, financing its expansion principally
from operating cash flow, public equity offerings, the sale of senior, unsecured
notes, and revolving lines of credit. During the first six months of fiscal
1997, the Company's investment in property, equipment and leasehold improvements
was $7.4 million.
The Company currently plans to open approximately eight restaurants in fiscal
1997, three of which were open by the second quarter. The average cash
investment required to open a full service Pizzeria Uno restaurant, excluding
land and pre-opening costs, is approximately $1.6 million.
As of March 30, 1997, the Company had outstanding indebtedness of $32.8 million
under its $50 million unsecured revolving credit facility, $1,147,000 in capital
lease obligations and $5,065,000 under its mortgage financing. The current
revolving credit facility will convert to a three year term loan in December
1997. Advances under the revolving credit facility will accrue interest at the
lender's prime rate, or alternatively, 100-175 basis points above LIBOR. The
Company anticipates using the revolving credit facility in the future for the
development of additional restaurants, and for working capital.
On January 22, 1997, the Board of Directors of the Company authorized the
repurchase of up to 500,000 additional shares of the Company's Common Stock in
the market from time to time. The shares of Common Stock to be purchased will be
held in treasury and may be used by the Company from time to time for its
employee benefit plans. The Company currently has 1,519,800 shares in its
treasury account.
The Company believes that existing cash balances, cash generated from operations
and borrowing under its revolving line of credit will be sufficient to fund the
Company's capital requirements for the foreseeable future.
The Company is currently obligated under 87 leases, including 84 leases for
Company-owned restaurants, two leases for its executive offices, and a lease for
an office building containing one of its restaurants.
IMPACT OF INFLATION
Inflation has not been a major factor in the Company's business for the last
several years. The Company believes it has historically been able to pass on
increased costs through menu price increases, but there can be no assurance that
it will be able to do so in the future.
10
<PAGE> 11
SEASONALITY
The Company's business is seasonal in nature, with revenues and, to a greater
degree, operating income being lower in its first and second fiscal quarters
than its other quarters. The Company's seasonal business pattern is due to its
concentration of units in the Northeast, and the resulting lower winter volumes.
11
<PAGE> 12
PART II. OTHER INFORMATION
- ---------------------------
ITEM 1. LEGAL PROCEEDINGS
The Company agreed to a proposed consent order (the "agreement") with the
Federal Trade Commission (the "FTC") on October 23, 1996. The agreement was
announced by the FTC on January 22, 1997 for public comment and is expected to
become final 60 days later. The agreement is based on a complaint by the FTC
involving a print advertisement which ran once and a television commercial which
ran for two weeks. Although the FTC did not allege that the Company intended any
deception, it contended that portions of these advertisements misrepresented
that all of the Company's thin crust pizzas were low fat. The Company disputed
the FTC's interpretation of the commercial, and believed that it had a
reasonable basis for the advertising claims in question. However, rather than
contest this matter further, the Company chose to accept the proposed agreement,
which, among other things; imposes no fine; orders the Company to not
misrepresent the existence or amount of total fat or any other nutrient or
substance in any food product containing a baked crust; and requires the Company
to maintain substantiation for nutrition claims for its pizza products for five
years.
On January 23, 1997, a class action complaint (the "Complaint") was filed by
Rhonda D'Ambrosio against the Company and certain of its subsidiaries in the
Suffolk Superior Court of the Commonwealth of Massachusetts. The Complaint
alleges that the Company, through its advertisements, made false and misleading
representations about the fat content of the Company's thin crust pizzas. The
plaintiff seeks to have the action maintained as a class action and seeks to
recover unspecified damages allegedly sustained by the plaintiff and the other
members of the class. The class is alleged to include all purchasers of the
Company's "Thinzettas" thin crust pizzas who relied upon, and sustained damage
as a result of, the alleged misrepresentations. The Company intends to defend
vigorously against the Complaint.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
--------
11. Statement re: computation of per share earnings
(b) Reports on Form 8-K
-------------------
Uno Restaurant Corporation did not file any Reports on
Form 8-K during the quarter ended March 30, 1997.
12
<PAGE> 13
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.
UNO RESTAURANT CORPORATION
--------------------------
(Registrant)
Date: May 12, 1997 By: /s/ Craig S. Miller
--------------------------------
Craig S. Miller
Chief Executive Officer
Date: May 12, 1997 By: /s/ Robert M. Brown
--------------------------------
Robert M. Brown
Senior Vice President-Finance,
and Chief Financial Officer
13
<PAGE> 1
Exhibit 11
<TABLE>
Statement re: computation of per share earnings
- ------------------------------------------------
<CAPTION>
Thirteen Weeks Ended Twenty-six Weeks Ended
March 30, March 31, March 30, March 31,
1997 1996 1997 1996
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Weighted average shares outstanding 12,212,571 12,783,843 12,207,780 13,004,728
Common Stock equivalents:
Stock options 58,056 46,886 67,682 68,119
---------- ---------- ---------- ----------
12,270,627 12,830,729 12,275,462 13,072,847
========== ========== ========== ==========
Net Income (Loss) $815,000 ($2,642,000) $1,907,000 ($2,097,000)
========== ========== ========== ==========
EARNINGS PER COMMON SHARE $ .07 $ (.21) .16 (.16)
========== ========== ========== ==========
</TABLE>
14
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-28-1997
<PERIOD-START> SEP-30-1996
<PERIOD-END> MAR-30-1997
<EXCHANGE-RATE> 1
<CASH> 466
<SECURITIES> 0
<RECEIVABLES> 1,078
<ALLOWANCES> 0
<INVENTORY> 2,264
<CURRENT-ASSETS> 8,009
<PP&E> 173,950
<DEPRECIATION> 51,705
<TOTAL-ASSETS> 137,550
<CURRENT-LIABILITIES> 14,952
<BONDS> 38,621
0
0
<COMMON> 137
<OTHER-SE> 74,005
<TOTAL-LIABILITY-AND-EQUITY> 137,550
<SALES> 84,875
<TOTAL-REVENUES> 84,875
<CGS> 21,188
<TOTAL-COSTS> 80,711
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,276
<INCOME-PRETAX> 2,888
<INCOME-TAX> 981
<INCOME-CONTINUING> 1,907
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,907
<EPS-PRIMARY> .16
<EPS-DILUTED> .16
<FN>
<F1>5-02(31) NET OF TREASURY STOCK
</FN>
</TABLE>
