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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 30, 1995
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CKE RESTAURANTS, INC.
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(Exact name of registrant as specified in charter)
Delaware 1-13192 33-0602639
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1200 North Harbor Boulevard, Anaheim, California 92801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (714) 774-5796
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_______________________________________________________________________________
(Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits.
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information.
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Page
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<S> <C>
1. Pro Forma Consolidated Financial Information F-1
2. Unaudited Pro Forma Consolidated Balance Sheets F-2
3. Unaudited Pro Forma Consolidated Statements of Operations F-3
4. Notes to Pro Forma Consolidated Financial Information F-4
</TABLE>
(c) Exhibits.
Exhibit No. Description of Document
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(2)(a) Agreement to Contribute Assets dated April 5,
1995 between Boston Pacific, Inc. and Boston
West, L.L.C. (together with a list briefly
identifying the omitted exhibits, schedules
and appendices thereto). The Registrant
agrees to provide copies of such exhibits,
schedules and appendices to the Commission
upon request. [Previously Filed]
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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.
CKE RESTAURANTS, INC.
Date: July 27, 1995 By: /s/ JOSEPH N. STEIN
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Joseph N. Stein,
Chief Financial Officer
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PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
This pro forma financial information should be read in conjunction with the
information contained in the Form 8-K filed on May 30, 1995, the date the
transaction described below occurred.
The pro forma consolidated balance sheet information set forth below as of
January 30, 1995 and May 22, 1995 is based on historical consolidated financial
statements of CKE Restaurants, Inc. (the "Company"), adjusted to give effect to
the sale of certain Boston West L.L.C. ("Boston West") Class A Membership Units
to third party investors as if the sale had occurred on January 30, 1995 and
May 22, 1995, respectively. These tables present selected historical
consolidated balance sheet items of the Company in the first column, pro forma
adjustments in the second column and the pro forma balance sheet amounts in the
last column.
The pro forma consolidated statements of operations set forth below are based
on the historical consolidated financial statements of the Company, adjusted to
give effect to the sale of Boston West Class A Membership Units to third party
investors as if the sale had occurred on February 1, 1994. These tables
present the historical results of operations of the Company in the first
column, pro forma adjustments in the second column and the pro forma results of
operations in the last column.
The pro forma financial information does not purport to represent what the
Company's financial position or results of operations would actually have been
had such transaction actually occurred on February 1, 1994, January 30, 1995,
May 22, 1995, or at any future period or date.
F-1
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CKE RESTAURANTS, INC.
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
January 30, 1995 May 22, 1995
-------------------------------------- ---------------------------------------
Historical Pro forma Historical Pro forma
CKR Adjustments(a) Pro forma CKR Adjustments (a) Pro forma
---------- -------------- --------- ---------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Current assets:
Cash and investments $ 18,262 $(10,044) $ 8,218 $ 8,916 $ (1,266) $ 7,650
Accounts receivable (including related
party receivables of $1,509 and $1,597,
respectively) 13,920 (849) 13,071 13,455 (1,947) 11,508
Other current assets 24,642 (2,941) 21,701 27,031 (3,205) 23,826
-------- -------- -------- -------- -------- --------
Total current assets 56,824 (13,834) 42,990 49,402 (6,418) 42,984
Property and equipment, net 133,248 (20,162) 113,086 140,001 (19,417) 120,584
Property under capital leases, net 30,515 -- 30,515 29,767 -- 29,767
Long-term investments -- 21,732 (b) 21,732 -- 21,732 (b) 21,732
Notes receivable and other assets
(including related party notes receivable
of $2,109 and $2,166, respectively) 23,774 (2,540) 21,234 23,940 (2,852) 21,088
-------- -------- -------- -------- -------- --------
$244,361 $(14,804) $229,557 $243,110 $ (6,955) $236,155
======== ======== ======== ======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
and capital lease obligations $ 11,749 $ -- $ 11,749 $ 11,993 $ -- $ 11,993
Accounts payable 29,754 (13,374) 16,380 16,488 (2,822) 13,666
Other current liabilities 30,065 (632) 29,433 33,211 (1,161) 32,050
-------- -------- -------- -------- -------- --------
Total current liabilities 71,568 (14,006) 57,562 61,692 (3,983) 57,709
-------- -------- -------- -------- -------- --------
Long-term debt 27,178 440 27,618 36,918 (1,306) 35,612
Capital lease obligations 42,691 -- 42,691 41,892 -- 41,892
Other long-term liabilities 14,450 -- 14,450 13,397 189 13,586
Stockholders' equity:
Preferred stock -- -- -- -- -- --
Common stock 188 -- 188 188 -- 188
Additional paid-in capital 35,119 -- 35,119 35,119 -- 35,119
Retained earnings 57,725 (1,238) 56,487 59,013 (1,855) 57,158
Treasury stock (4,558) -- (4,558) (5,109) -- (5,109)
-------- -------- -------- -------- -------- --------
Total stockholders' equity 88,474 (1,238) 87,236 89,211 (1,855) 87,356
-------- -------- -------- -------- -------- --------
$244,361 $(14,804) $229,557 $243,110 $ (6,955) $236,155
======== ======== ======== ======== ======== ========
</TABLE>
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CKE RESTAURANTS, INC.
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
<TABLE>
<CAPTION>
Fiscal Year Ended January 30, 1995 Sixteen Weeks Ended May 22, 1995
--------------------------------------- -------------------------------------
Historical Pro forma Historical Pro forma
CKR Adjustments(c) Pro forma CKR Adjustments(c) Pro forma
---------- -------------- --------- ---------- -------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Revenues:
Retail sales $370,045 $ (5,767) $364,278 $116,027 $(4,272) $111,755
Franchised and licensed restaurants 73,702 -- 73,702 21,593 -- 21,593
-------- -------- -------- -------- ------- --------
Total revenues 443,747 (5,767) 437,980 137,620 (4,272) 133,348
-------- -------- -------- -------- ------- --------
Operating costs and expenses:
Retail operations:
Food and packaging 111,985 (2,296) 109,689 35,889 (1,572) 34,317
Payroll and other employee benefits 112,177 (2,191) 109,986 33,813 (1,395) 32,418
Occupancy and other operating expenses 82,172 (1,411)(g) 80,761 25,053 (827)(g) 24,226
-------- -------- -------- -------- -------- --------
306,334 (5,898) 300,436 94,755 (3,794) 90,961
Franchised and licensed restaurants 69,871 -- 69,871 20,656 -- 20,656
Advertising expenses 20,148 (332) 19,816 6,263 (255) 6,008
General and administrative expenses 38,792 (2,548) 36,244 10,682 (1,569) 9,113
-------- -------- -------- -------- -------- --------
Total operating costs and expenses 435,145 (8,778) 426,367 132,356 (5,618) 126,738
-------- -------- -------- -------- -------- --------
Operating income 8,602 3,011 11,613 5,264 1,346 6,610
Interest expense (9,202) 75 (d) (9,127) (2,832) 92 (d) (2,740)
Other income, net 2,998 (1,024)(e) 1,974 707 (528)(e) 179
-------- -------- -------- -------- -------- --------
Income before income tax expense 2,398 2,062 4,460 3,139 910 4,049
Income tax expense 1,134 825 (f) 1,959 1,224 364 (f) 1,588
-------- -------- -------- -------- -------- --------
Net income $ 1,264 $ 1,237 $ 2,501 $ 1,915 $ 546 $ 2,461
======== ======== ======== ======== ======== ========
Net income per common share $ 0.07 $ 0.06 $ 0.13 $ 0.11 $ 0.03 $ 0.14
Weighted average shares outstanding 18,717 18,717 18,717 18,199 18,199 18,199
</TABLE>
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NOTES TO PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
The pro forma consolidated balance sheets give effect to the following pro
forma adjustments:
a. to eliminate the accounts of Boston West, except for the assets
retained by the Company and leased to Boston West totaling $2.4
million and $11.8 million as of January 30, 1995 and May 22,
1995, respectively; and
b. to record the Company's investment in Boston West.
The pro forma consolidated statements of operations give effect to the
following pro forma adjustments:
c. to eliminate the accounts of Boston West;
d. to adjust interest expense related to the reduction in
indebtedness by $75,000 and $92,000 for the fiscal year ended
January 30, 1995 and the 16-week period ended May 22, 1995,
respectively, that would otherwise not have been incurred if the
Company had not funded operations of Boston Pacific/Boston West.
It is assumed that a portion of the debt incurred by the Company
was borrowed to fund portions of the operating cash flow
deficits incurred by Boston West. The pro forma consolidated
statements of operations were prepared assuming the transaction
occurred as of February 1, 1994 and that Boston West funded its
development and operations through loans available from Boston
Chicken, Inc. As such the Company's related borrowings were
eliminated. Interest on the indebtedness is assumed to be at an
effective rate of 10% per annum;
e. to record the Company's 33% share of Boston West's operations
totaling $1.022 million and $528,000 for the fiscal year ended
January 30, 1995 and the 16-week period ended May 22, 1995,
respectively, until the third parties unaffiliated with the
Compnay have satisfied their obligations under the terms of the
financing of the purchase of the Class A Membership Units;
f. to adjust the provision for income taxes, using the estimated
rate of 40%, to reflect the adjusted consolidated results of
operations; and
g. to record depreciation expense of $87,000 and $254,000
for the fiscal year ended January 30, 1995 and the 16-week
period ended May 22, 1995, respectively, on the assets leased
to Boston West.
The Company has not reflected the impact of the dividends, if any, to be earned
on the Boston West Class B Membership Units or any income earned on the
equipment and real property to be leased to Boston West.
F-4
