1
Exhibit 13.2
SELECTED FINANCIAL DATA
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
The following selected financial data have been derived from the consolidated
financial statements of the Company. The data set forth below should be read in
conjunction with "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and the Company's consolidated financial statements
and notes thereto.
As of and for the fiscal year ended: Sept 29, 1996 Oct 1, 1995 Oct 2, 1994 Oct 3, 1993 Sept 27, 1992
(52 Wks) (52 Wks) (52 Wks) (53 Wks) (52 Wks)
-------- -------- -------- -------- --------
Results of Operations Data:
Net revenues
Retail $600,067 $402,655 $248,495 $153,610 $ 89,669
Specialty Sales 78,655 48,143 26,543 15,952 10,143
Direct Response 17,759 14,415 9,885 6,979 3,385
-------- -------- -------- -------- --------
Total net revenues 696,481 465,213 284,923 176,541 103,197
Operating income 56,993 40,116 23,298 12,618 7,113
Provision for merger costs(1) -- -- 3,867 -- --
Gain on sale of investment in Noah's(2) 9,218 -- -- -- --
Net earnings $ 42,128 $ 26,102 $ 10,206 $ 8,282 $ 4,454
-------- -------- -------- -------- --------
Net earnings per common and common
equivalent share -- fully-diluted(3) $ 0.54 $ 0.36 $ 0.17 $ 0.14 $ 0.09
-------- -------- -------- -------- --------
Cash dividends per share -- -- -- -- --
Balance Sheet Data:
Working capital $238,450 $134,304 $ 44,162 $ 42,092 $ 40,142
Total assets 726,613 468,178 231,421 201,712 91,547
Long-term debt (including current portion) 167,980 81,773 80,500 82,100 1,359
Redeemable preferred stock -- -- -- 4,944 --
Shareholders' equity 451,660 312,231 109,898 88,686 76,923
(1) Provision for merger costs reflects expenses related to the merger with The
Coffee Connection, Inc. in fiscal 1994.
(2) Gain on sale of investment in Noah's of $9,218 ($5,669 after tax) results
from the sale of Noah's New York Bagel, Inc. ("Noah's") stock in fiscal 1996.
(3) Earnings per share is based on the weighted average shares outstanding
during the period plus, when their effect is dilutive, common stock equivalents
consisting of certain shares subject to stock options. Fully-diluted earnings
per share assumes conversion of the Company's convertible subordinated
debentures using the "if converted" method, when such securities are dilutive,
with net income adjusted for the after-tax interest expense and amortization
applicable to these debentures.