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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-K/A
(MARK ONE)
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 27, 1998
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
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UNO RESTAURANT CORPORATION
(Exact name of registrant as specified in its charter)
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<CAPTION>
DELAWARE 04-2953702
<S> <C>
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 CHARLES PARK ROAD, WEST ROXBURY, MA 02132
(Address of principal executive offices) (Zip Code)
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(617) 323-9200
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
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<S> <C>
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED
Common Stock, $.01 par value New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Act:
NONE
(Title of Class)
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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 / /
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. / /
The aggregate market value of the registrant's Common Stock, $.01 par value,
held by non-affiliates of the registrant as of November 27, 1998, was
$27,278,146 based on the closing price of $6.375 on that date on the New York
Stock Exchange. As of November 27, 1998, 10,342,083 shares of the registrant's
Common Stock, $.01 par value, were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant's Proxy Statement for the Annual Meeting of
Stockholders to be held on February 23, 1999 which will be filed within 120 days
after the end of the registrant's fiscal year, are incorporated by reference in
Part III of this report. Portions of the registrant's Registration Statement on
Form S-1 (Registration No. 33-13100) (the "1987 Registration Statement"), the
registrant's Annual Report on Form 10-K for the fiscal year ended September 30,
1990, the registrant's Annual Report on Form 10-K for the fiscal year ended
September 29, 1991, the registrant's Annual Report on Form 10-K for the fiscal
year ended October 2, 1994, the registrant's Annual Report on Form 10-K for the
fiscal year ended October 1, 1995, the registrant's Annual Report on Form 10-K
for the fiscal year ended September 29, 1996, the registrant's Annual Report on
Form 10-K for the fiscal year ended September 28, 1997, the registrant's
Quarterly Report on Form 10-Q for the fiscal quarter ended April 2, 1995, the
registrant's Proxy Statement for the Annual Meeting of Stockholders held on
February 22, 1994, the registrant's Proxy Statement for the Annual Meeting of
Stockholders held on February 8, 1995, the registrant's Proxy Statement for the
Annual Meeting of Stockholders held on February 26, 1997 and the registrant's
Proxy Statement for the Annual Meeting of Stockholders held on February 26,
1998, are incorporated by reference in Part IV of this Report.
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This amendment is being submitted for the purpose of correcting a
typographical error on page 19 of the registrant's annual report on Form 10-K
for the fiscal year ended September 27, 1998.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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
By: /s/ ROBERT M. VINCENT
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Robert M. Vincent,
SENIOR VICE PRESIDENT-FINANCE,
CHIEF FINANCIAL OFFICER AND TREASURER
(PRINCIPAL FINANCIAL OFFICER)
Date: January 6, 1999
30
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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
The following table sets 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:
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52 WEEKS 52 WEEKS 52 WEEKS
ENDED ENDED ENDED
9/27/98 9/28/97 9/29/96
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<S> <C> <C> <C>
REVENUES:
Restaurant sales............................................................. 92.7% 92.4% 92.7%
Consumer product sales....................................................... 4.9 5.1 4.9
Franchise income............................................................. 2.4 2.5 2.4
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Total...................................................................... 100.0 100.0 100.0
COSTS AND EXPENSES:
Cost of food and beverages (1)............................................... 26.0 25.4 26.2
Labor and benefits (1)....................................................... 31.1 31.2 30.9
Occupancy costs (1).......................................................... 15.0 15.6 15.7
Other operating costs (1).................................................... 9.7 9.3 9.5
General and administrative................................................... 7.1 7.5 7.1
Depreciation and amortization(1)............................................. 6.5 7.2 7.7
Special charges (1).......................................................... 2.3 2.3
OPERATING INCOME............................................................. 6.6 3.9 2.9
INTEREST AND OTHER EXPENSE................................................... (1.9) (1.6) (1.5)
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INCOME BEFORE INCOME TAXES................................................... 4.7 2.3 1.4
Provision for income taxes................................................... 1.6 .8 .4
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INCOME BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE............ 3.1 1.5 1.0
Cumulative effect of change in accounting principle for pre-opening costs,
net of income tax benefit.................................................. .3
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NET INCOME................................................................... 2.8% 1.5% 1.0%
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(1) Percentage of restaurant and consumer product sales
FISCAL YEAR 1998 COMPARED TO FISCAL YEAR 1997
Total revenues increased 7.4% to $191.3 million in fiscal 1998 from $178.0
million in the prior year. Company-owned restaurant sales increased 7.9% to
$177.3 million from $164.4 million in the prior year, due primarily to a 7.0%
increase in operating weeks of full-service Pizzeria Uno restaurants resulting
from the addition of four restaurants during the past four quarters. Comparable
store sales for the 52 weeks ended September 27, 1998 increased by 1.3%, while
average weekly sales, which includes sales at comparable stores as well as new
units, were 2.0% above last year. Sales levels for the Company's latest
variations of the new prototype units, of which there are currently seven open,
were 23% above the Company system average for the year, partially due to
increased sales volumes associated with the honeymoon period following a new
store opening.
Consumer product sales increased 3.0% to $9.4 million from $9.1 million in
fiscal 1997. Sales in the foodservice category have increased significantly as
sales to hotel chains increased approximately 54% during fiscal 1998. Also the
addition of new business due to the expansion of movie theater programs and a
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