On May 2, Applebee's International
- The long-term debt of the company decreased by 25% to $154 million, with an available revolving-credit facility of $229 million.
- The company bought back 41,763 shares of common stock at an average price of $23.93.
- Patrons have responded well to the launch of the Pick 'N Pair Lunch program.
- Revenue for the quarter remained comparatively flat, with both company-owned and franchisee models returning slightly negative growth rates.
- The company closed down 19 of its restaurants, as part of its earlier announcement to close 24 restaurants spread across 11 states.
(Figures in millions, except per-share data.)
Income Statement Highlights|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Sales |
$337.6 |
$338.7 |
(0.3%) |
|
Net Profit |
$22.0 |
$27.4 |
(19.8%) |
|
EPS |
$0.29 |
$0.36 |
(19.4%) |
|
Diluted Shares |
75.1 |
75.3 |
(0.3%) |
Get back to basics with the income statement.
Margin Checkup
|
Q1 2007 |
Q1 2006 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
22.4% |
24.1% |
(1.7) |
|
Operating Margin |
10.5% |
12.7% |
(2.2) |
|
Net Margin |
6.5% |
8.1% |
(1.6) |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$15.6 |
$7.7 |
102% |
|
Accounts Rec. |
$40.3 |
$37.1 |
8.4% |
|
Inventory |
$11.7 |
$15.3 |
(23.8%) |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Accounts Payable |
$53.3 |
$49.2 |
8.2% |
|
Long-Term Debt |
$154.8 |
$207.5 |
(25.4%) |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Cash From Ops. |
$44.7 |
$26.9 |
66.1% |
|
Capital Expenditures |
$20.8 |
$38.9 |
(46.5%) |
|
Free Cash Flow |
$23.9 |
($12.0) |
N/A |
Free cash flow is a Fool's best friend.
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