EXHIBIT 99.1
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[GRAPHIC]
Historical Performance
Delivering Results
($ in millions)
Revenue (a)
[CHART]
$123.1 | | $159.5 | | $173.6 | | $180.1 | | $196.7 | |
| | | | | | | | | |
1999 | | 2000 | | 2001 | | 2002 | | 2003 | |
EBITDA (a) / Net Income (a)
[CHART]
$16.6/$2.8 | | $18.2/$2.7 | | $20.1/$2.4 | | $21.6/$0.2 | | $22.4/($3.2) | |
| | | | | | | | | |
1999 | | 2000 | | 2001 | | 2002 | | 2003 | |
Note: EBITDA adjusted for non-recurring charges and management fee.
(a) 2001 figure represents sum of predecessor and successor company.
[LOGO]
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Highlights of 1H 2004 Performance
($ in millions)
| | 1H
2003 | | 1H
2004 | | Growth | |
Revenue | | $ | 93.7 | | $ | 114.2 | | 21.9 | % |
| | | | | | | |
Restaurant Level EBITDA | | 15.1 | | 17.2 | | 13.9 | % |
| | | | | | | |
General & Administrative | | 4.0 | | 5.1 | | 27.5 | % |
| | | | | | | |
EBITDA before Pre-Opening (a) | | $ | 11.1 | | $ | 12.1 | | 9.0 | % |
| | | | | | | |
Pre-Opening Costs | | 0.1 | | 2.0 | | NM | |
| | | | | | | |
EBITDA (a) | | $ | 11.0 | | $ | 10.1 | | (8.2 | )% |
| | | | | | | |
Net Income | | $ | (0.8 | ) | $ | (3.1 | ) | NM | |
| | | | | | | |
Same Store Sales Growth | | (1.3 | )% | 4.4 | % | — | |
(a) EBITDA adjusted for management fee.
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Reconciliation of Non-GAAP Measures
($ in thousands)
| | Fiscal Year | | Twenty Six Weeks | |
| | 1999 | | 2000 | | 2001 | | 2002 | | 2003 | | | | | |
| | Predecessor | | Successor | | (Unaudited) | |
| | | | | | 12/31/00-
08/22/01 | | 08/23/01-
12/29/01 | | | | | | | | | |
Net income (loss) | | $ | 2,774 | | $ | 2,736 | | $ | 1,870 | | $ | 548 | | $ | 207 | | $ | (3,180 | ) | $ | (767 | ) | $ | (3,085 | ) |
Accrued dividends and accretion on mandatorily redeemable preferred stock | | — | | — | | — | | 1,111 | | 3,347 | | 3,733 | | 1,832 | | 2,066 | |
Income tax expense (benefit) | | 1,800 | | 1,750 | | 1,200 | | 779 | | 3,054 | | 1,489 | | 2,411 | | (415 | ) |
Write-off deferred loan costs on early extinguishment of debt | | — | | — | | — | | — | | — | | 2,313 | | — | | — | |
Interest expense | | 8,177 | | 8,842 | | 5,711 | | 1,626 | | 3,720 | | 3,069 | | 1,600 | | 1,796 | |
D&A | | 3,886 | | 4,911 | | 3,761 | | 2,731 | | 8,717 | | 9,675 | | 4,672 | | 5,462 | |
Management fees and covenants not to compete | | — | | — | | — | | 778 | | 2,550 | | 2,550 | | 1,274 | | 4,240 | |
Impairment of assets | | — | | — | | — | | — | | — | | 1,513 | | — | | — | |
One-time expense for the settlement of a labor dispute | | — | | — | | — | | — | | — | | 1,200 | | — | | — | |
EBITDA | | 16,637 | | 18,239 | | 12,542 | | 7,573 | | 21,595 | | 22,362 | | 11,022 | | 10,064 | |
Pre-opening costs | | 1,658 | | 1,802 | | 645 | | 319 | | 911 | | 1,110 | | 111 | | 1,989 | |
EBITDA before pre-opening | | 18,295 | | 20,041 | | 13,187 | | 7,892 | | 22,506 | | 23,472 | | 11,133 | | 12,053 | |
G&A expenses | | 5,589 | | 8,024 | | 4,732 | | 2,555 | | 7,576 | | 9,769 | | 3,957 | | 5,171 | |
Less: One-time expense from the settlement of a labor dispute | | — | | — | | — | | — | | — | | (1,200 | ) | — | | — | |
G&A expenses, adjusted | | 5,589 | | 8,024 | | 4,732 | | 2,555 | | 7,576 | | 8,569 | | 3,957 | | 5,171 | |
Restaurant level EBITDA | | $ | 23,884 | | $ | 28,065 | | $ | 17,919 | | $ | 10,447 | | $ | 30,082 | | $ | 32,041 | | $ | 15,090 | | $ | 17,224 | |
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