Avado Brands Announces First Quarter Results

Apr 27, 2001, 01:00 ET from Avado Brands, Inc.

    MADISON, Ga., April 27 /PRNewswire/ -- Avado Brands, Inc. (Nasdaq:   AVDOC)
 today announced results for the first quarter ended April 1, 2001.  Net sales
 for the first quarter were $177.4 million compared to $167.0 million for the
 first quarter of 2000, an increase of 6.2 percent.  Earnings before interest,
 taxes and depreciation and amortization (EBITDA) were $16.7 million for the
 first quarter of 2001 compared to $17.4 million for the first quarter ended
 April 2, 2000.  A net loss for the first quarter of $1.0 million ($0.04 per
 share) compared to a net loss of $0.5 million ($0.02 per share) for the first
 quarter of 2000.
     Commenting on the results for the first quarter, Tom E. DuPree, Jr.,
 Chairman and Chief Executive Officer, said, "As we continue to focus on
 reducing debt and increasing profitability, overall results for the quarter
 were consistent with our expectations.  While we are not yet consistently
 achieving our sales goals at all of our brands, each of our four brands did a
 noteworthy job of controlling operating costs during the quarter.  Clearly,
 driving sales will be key to increasing profitability throughout the year."
     Same-store sales for the first quarter of 2001 decreased 9.3 percent at
 Canyon Cafe, decreased 1.8 percent at Don Pablo's, increased 3.1 percent at
 Hops and increased 2.0 percent at McCormick & Schmick's.  Development for the
 first quarter included one new Hops in Eden Prairie, Minnesota and one
 McCormick & Schmick's in Troy, Michigan.
     According to Mr. DuPree, "As we continue to capitalize on existing market
 penetration and media efficiencies, particularly within Don Pablo's and Hops,
 we have an opportunity to positively impact same-store-sales trends."  Don
 Pablo's and Hops have recently partnered their broadcast media efforts in
 certain markets where the cost of broadcast media would prove to be otherwise
 prohibitive as an individual brand.  "This is precisely the type of synergy
 that we are continuing to take advantage of as an operator of multiple
 restaurant brands," said Margaret (Beth) E. Waldrep, Chief Administrative
 Officer and Group President of Don Pablo's and Canyon Cafe.
     In the Company's on-going effort to reduce debt and focus resources on its
 core brands, non-operating assets totaling $2.7 million were sold during the
 quarter.  Erich J. Booth, Chief Financial Officer said, "We are continuing to
 aggressively market other properties including those associated with the 13
 restaurant closures that occurred during the first quarter.  Proceeds from
 these sales and from possible additional sale-leaseback transactions would be
 used to further pay down debt.  We have also benefited from interest rate
 reductions that have taken place during the quarter which should serve to
 reduce our interest expense going forward."  During the first quarter, the
 Company also exited its two international joint ventures, one with Belgo Group
 PLC and the other with PizzaExpress PLC.
     The Company's $95.8 million revolving credit agreement as amended and
 restated is due March 31, 2002.  Various alternatives to refinance or repay
 the balance, which was $93.8 million at April 1, 2001, are currently being
 evaluated.
     Avado Brands owns four decentralized brands, operating 14 Canyon Cafe
 restaurants, 131 Don Pablo's Mexican Kitchens, 74 Hops Restaurant -- Bar --
 Breweries and 33 McCormick & Schmick's seafood dinner houses.
     The Avado Brands management team will host a conference call on Monday,
 April 30 at 9:00 a.m. Eastern Time to discuss first quarter results.  A live
 webcast of the conference call will be available over the internet at
 www.streetfusion.com .  The call will be archived and available for access at
 the www.streetfusion.com website from April 30 until May 30.  Phone playbacks
 of the conference call will be available between April 30 at 11:30 a.m. until
 May 8 at 12:00 a.m. Eastern Time by calling (toll-free) 877-344-7529 and
 requesting account number 392 and conference number 233455.
 
     Statements contained in the press release that are not historical facts
 are forward-looking statements as that term is defined in the Private
 Securities Litigation Reform Act of 1995.  All forward-looking statements are
 subject to risks and uncertainties which could cause actual results to differ
 from those anticipated.  Factors that may cause actual results to differ from
 the forward-looking statements contained in this release and that may affect
 the Company's prospects in general are described in Exhibit 99.1 to the
 Company's Form 10-Q for the fiscal quarter ended April 2, 2000, and the
 Company's other filings with the Securities and Exchange Commission.
 
     Avado Brands, Inc.
     Consolidated Statements of Earnings
     (Unaudited)
 
     (In thousands, except per share data)                Quarter Ended
                                                    April 1,          April 2,
                                                      2001              2000
 
     Restaurant sales:
         Canyon Cafe                                 $8,868            10,292
         Don Pablo's                                 73,671            75,585
         Hops                                        52,134            46,182
         McCormick & Schmick's                       42,710            34,961
               Total restaurant sales               177,383           167,020
 
     Restaurant operating expenses:
         Food and beverage                           50,108            47,869
         Payroll and benefits                        57,222            52,515
         Depreciation and amortization                5,929             5,994
         Other operating expenses                    45,012            39,124
               Total restaurant operating
                expenses                            158,271           145,502
 
     General and administrative expenses              8,742            10,503
     Other special charges                              400               ---
     Operating income                                 9,970            11,015
 
     Other income (expense):
         Interest expense, net                       (9,031)           (8,817)
         Distribution expense on preferred
          securities                                 (1,244)           (2,012)
         Gain on disposal of assets                     749               ---
         Other, net                                  (1,989)             (973)
               Total other income
                (expense)                           (11,515)          (11,802)
 
     Earnings (loss) before income taxes             (1,545)             (787)
     Income taxes                                      (500)             (250)
 
     Net earnings (loss)                            $(1,045)             (537)
 
     Basic earnings (loss) per common
      share                                          $(0.04)            (0.02)
 
     Diluted earnings (loss) per common
      share                                          $(0.04)            (0.02)
 
 
 
     Avado Brands, Inc.
     Consolidated Statements of Earnings
     (Unaudited)
 
                                                          Quarter Ended
                                                    April 1,           April 2,
                                                      2001               2000
 
     Restaurant sales:
         Canyon Cafe                                   5.0%               6.2%
         Don Pablo's                                  41.5%              45.3%
         Hops                                         29.4%              27.7%
         McCormick & Schmick's                        24.1%              20.9%
               Total restaurant sales                100.0%             100.0%
 
     Restaurant operating expenses:
         Food and beverage                            28.2%              28.7%
         Payroll and benefits                         32.3%              31.4%
         Depreciation and amortization                 3.3%               3.6%
         Other operating expenses                     25.4%              23.4%
               Total restaurant operating
                expenses                              89.2%              87.1%
 
     General and administrative expenses               4.9%               6.3%
     Other special charges                             0.2%               ---
     Operating income                                  5.6%               6.6%
 
     Other income (expense):
         Interest expense, net                        -5.1%              -5.3%
         Distribution expense on
          preferred securities                        -0.7%              -1.2%
         Gain on disposal of assets                    0.4%               ---
         Other, net                                   -1.1%              -0.6%
               Total other income
                (expense)                             -6.5%              -7.1%
 
     Earnings (loss) before income taxes              -0.9%              -0.5%
     Income taxes                                     -0.3%              -0.1%
 
     Net earnings (loss)                              -0.6%              -0.3%
 
     Amounts may not foot due to rounding
 
 
 
     Avado Brands, Inc.
     Consolidated Balance Sheets
     (Unaudited)
 
     (In thousands, except share data)
                                                    April 1,          Dec. 31,
                                                      2001              2000
 
     Assets
     Current assets:
           Cash and cash equivalents                   $378               402
           Accounts receivable                        8,768             7,621
           Inventories                                9,248             9,418
           Prepaid expenses and other                 2,565             3,535
           Assets held for sale                      13,251            13,855
                Total current assets                 34,210            34,831
 
     Premises and equipment, net                    378,968           379,938
     Goodwill, net                                  131,575           132,012
     Deferred income tax benefit                     18,900            18,900
     Other assets                                    43,607            44,000
                                                   $607,260           609,681
 
     Liabilities and Shareholders' Equity
     Current liabilities:
           Accounts payable                         $24,941            31,568
           Accrued liabilities                       67,994            64,567
           Current installments of long-
            term debt                                93,849            15,034
           Income taxes                              29,423            30,164
                Total current liabilities           216,207           141,333
 
     Long-term debt                                 215,714           291,507
     Other long-term liabilities                     15,645            16,024
                Total liabilities                   447,566           448,864
 
     Company-obligated mandatorily
      redeemable preferred securities
      of Avado Financing I, a subsidiary
      holding solely Avado Brands, Inc. 7%
      convertible subordinated debentures
      due March 1, 2027                              68,759            72,865
 
     Shareholders' equity:
           Preferred stock, $0.01 par
            value. Authorized 10,000,000
            shares; none issued                         ---               ---
           Common stock, $0.01 par value.
            Authorized - 75,000,000
            shares; issued - 40,478,760 in
            2000 and 1999; outstanding -
            28,508,764 in 2001 and 28,206,673
            in 2000                                     405               405
           Additional paid-in capital               146,716           147,809
           Retained earnings                         99,526           100,571
           Treasury stock at cost;
            11,969,996 shares in 2001 and
            12,272,087 in 2000                     (155,712)         (160,833)
                Total shareholders' equity           90,935            87,952
                                                   $607,260           609,681
 
 
 
     Avado Brands, Inc.
     Consolidated Statements of Shareholders' Equity and Comprehensive
     Income
     (Unaudited)
 
                                                                Additional
     (In thousands, except                Common Stock            Paid-in
     per share data)                   Shares         Amount      Capital
 
     Balance at December 31, 2000      40,479          $405       $147,809
 
     Net earnings                         ---           ---            ---
     Conversion of convertible
      preferred securities                ---           ---            329
     Common stock issued
      to benefit plans                    ---           ---         (1,422)
 
     Balance at April 1, 2001          40,479          $405       $146,716
 
 
     Avado Brands, Inc.
     Consolidated Statements of Shareholders' Equity and Comprehensive
     Income
     (Unaudited)
 
                                                                    Total
     (In thousands, except           Retained      Treasury      Shareholders'
       per share data)               Earnings       Stock          Equity
 
     Balance at December 31, 2000    $100,571     ($160,833)       $87,952
 
     Net earnings                      (1,045)          ---         (1,045)
     Conversion of convertible
      preferred securities                ---         3,638          3,967
     Common stock issued to
      benefit plans                       ---         1,483             61
 
     Balance at April 1, 2001         $99,526     ($155,712)       $90,935
 
 
     Avado Brands, Inc.
     Consolidated Statements of Cash Flows
     (Unaudited)
 
     (In thousands)
                                                    April 1,          April 2,
                                                     2001              2000
 
     Cash flows from operating activities:
           Net earnings (loss)                      $(1,045)             (537)
           Adjustments to reconcile net
            earnings (loss) to net cash
            provided by operating activities:
             Depreciation and amortization            8,108             7,929
             Loss (gain) on disposal of assets         (749)              ---
             Loss (income) from investments
              carried at equity                         ---               (46)
             Mark-to-market adjustment on
              interest rate swap                       (532)              ---
             Other special charges                      400               ---
             (Increase) decrease in assets:
               Accounts receivable                   (1,147)             (298)
               Inventories                              170               111
               Prepaid expenses and other              (584)               67
             Increase (decrease) in liabilities:
               Accounts payable                      (3,674)           (3,257)
               Accrued liabilities                    3,682               191
               Income taxes                            (741)            2,529
               Other long-term liabilities             (379)             (166)
                 Net cash provided by operating
                  activities                          3,509             6,523
 
     Cash flows from investing activities:
           Capital expenditures                      (8,422)          (16,797)
           Proceeds from notes receivable
            and disposal of assets, net               2,727             3,238
           Investments in and advances to
            unconsolidated affiliates                   ---              (144)
           Additions to noncurrent assets              (824)             (876)
                 Net cash provided by
                  (used in) investing
                  activities                         (6,519)          (14,579)
 
     Cash flows from financing activities:
           Net proceeds from (repayment
            of) revolving credit
            agreements                                2,992            (2,934)
           Principal payments on long-term
            debt                                         (6)              ---
                 Net cash provided by
                  (used in) financing
                  activities                          2,986            (2,934)
 
     Net increase (decrease) in cash and
      cash equivalents                                  (24)          (10,990)
     Cash and cash equivalents at the
      beginning of the period                           402            11,267
     Cash and cash equivalents at the end
      of the period                                    $378               277
 
 
 
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                http://tbutton.prnewswire.com/prn/11690X28584813
 
 

SOURCE Avado Brands, Inc.
    MADISON, Ga., April 27 /PRNewswire/ -- Avado Brands, Inc. (Nasdaq:   AVDOC)
 today announced results for the first quarter ended April 1, 2001.  Net sales
 for the first quarter were $177.4 million compared to $167.0 million for the
 first quarter of 2000, an increase of 6.2 percent.  Earnings before interest,
 taxes and depreciation and amortization (EBITDA) were $16.7 million for the
 first quarter of 2001 compared to $17.4 million for the first quarter ended
 April 2, 2000.  A net loss for the first quarter of $1.0 million ($0.04 per
 share) compared to a net loss of $0.5 million ($0.02 per share) for the first
 quarter of 2000.
     Commenting on the results for the first quarter, Tom E. DuPree, Jr.,
 Chairman and Chief Executive Officer, said, "As we continue to focus on
 reducing debt and increasing profitability, overall results for the quarter
 were consistent with our expectations.  While we are not yet consistently
 achieving our sales goals at all of our brands, each of our four brands did a
 noteworthy job of controlling operating costs during the quarter.  Clearly,
 driving sales will be key to increasing profitability throughout the year."
     Same-store sales for the first quarter of 2001 decreased 9.3 percent at
 Canyon Cafe, decreased 1.8 percent at Don Pablo's, increased 3.1 percent at
 Hops and increased 2.0 percent at McCormick & Schmick's.  Development for the
 first quarter included one new Hops in Eden Prairie, Minnesota and one
 McCormick & Schmick's in Troy, Michigan.
     According to Mr. DuPree, "As we continue to capitalize on existing market
 penetration and media efficiencies, particularly within Don Pablo's and Hops,
 we have an opportunity to positively impact same-store-sales trends."  Don
 Pablo's and Hops have recently partnered their broadcast media efforts in
 certain markets where the cost of broadcast media would prove to be otherwise
 prohibitive as an individual brand.  "This is precisely the type of synergy
 that we are continuing to take advantage of as an operator of multiple
 restaurant brands," said Margaret (Beth) E. Waldrep, Chief Administrative
 Officer and Group President of Don Pablo's and Canyon Cafe.
     In the Company's on-going effort to reduce debt and focus resources on its
 core brands, non-operating assets totaling $2.7 million were sold during the
 quarter.  Erich J. Booth, Chief Financial Officer said, "We are continuing to
 aggressively market other properties including those associated with the 13
 restaurant closures that occurred during the first quarter.  Proceeds from
 these sales and from possible additional sale-leaseback transactions would be
 used to further pay down debt.  We have also benefited from interest rate
 reductions that have taken place during the quarter which should serve to
 reduce our interest expense going forward."  During the first quarter, the
 Company also exited its two international joint ventures, one with Belgo Group
 PLC and the other with PizzaExpress PLC.
     The Company's $95.8 million revolving credit agreement as amended and
 restated is due March 31, 2002.  Various alternatives to refinance or repay
 the balance, which was $93.8 million at April 1, 2001, are currently being
 evaluated.
     Avado Brands owns four decentralized brands, operating 14 Canyon Cafe
 restaurants, 131 Don Pablo's Mexican Kitchens, 74 Hops Restaurant -- Bar --
 Breweries and 33 McCormick & Schmick's seafood dinner houses.
     The Avado Brands management team will host a conference call on Monday,
 April 30 at 9:00 a.m. Eastern Time to discuss first quarter results.  A live
 webcast of the conference call will be available over the internet at
 www.streetfusion.com .  The call will be archived and available for access at
 the www.streetfusion.com website from April 30 until May 30.  Phone playbacks
 of the conference call will be available between April 30 at 11:30 a.m. until
 May 8 at 12:00 a.m. Eastern Time by calling (toll-free) 877-344-7529 and
 requesting account number 392 and conference number 233455.
 
     Statements contained in the press release that are not historical facts
 are forward-looking statements as that term is defined in the Private
 Securities Litigation Reform Act of 1995.  All forward-looking statements are
 subject to risks and uncertainties which could cause actual results to differ
 from those anticipated.  Factors that may cause actual results to differ from
 the forward-looking statements contained in this release and that may affect
 the Company's prospects in general are described in Exhibit 99.1 to the
 Company's Form 10-Q for the fiscal quarter ended April 2, 2000, and the
 Company's other filings with the Securities and Exchange Commission.
 
     Avado Brands, Inc.
     Consolidated Statements of Earnings
     (Unaudited)
 
     (In thousands, except per share data)                Quarter Ended
                                                    April 1,          April 2,
                                                      2001              2000
 
     Restaurant sales:
         Canyon Cafe                                 $8,868            10,292
         Don Pablo's                                 73,671            75,585
         Hops                                        52,134            46,182
         McCormick & Schmick's                       42,710            34,961
               Total restaurant sales               177,383           167,020
 
     Restaurant operating expenses:
         Food and beverage                           50,108            47,869
         Payroll and benefits                        57,222            52,515
         Depreciation and amortization                5,929             5,994
         Other operating expenses                    45,012            39,124
               Total restaurant operating
                expenses                            158,271           145,502
 
     General and administrative expenses              8,742            10,503
     Other special charges                              400               ---
     Operating income                                 9,970            11,015
 
     Other income (expense):
         Interest expense, net                       (9,031)           (8,817)
         Distribution expense on preferred
          securities                                 (1,244)           (2,012)
         Gain on disposal of assets                     749               ---
         Other, net                                  (1,989)             (973)
               Total other income
                (expense)                           (11,515)          (11,802)
 
     Earnings (loss) before income taxes             (1,545)             (787)
     Income taxes                                      (500)             (250)
 
     Net earnings (loss)                            $(1,045)             (537)
 
     Basic earnings (loss) per common
      share                                          $(0.04)            (0.02)
 
     Diluted earnings (loss) per common
      share                                          $(0.04)            (0.02)
 
 
 
     Avado Brands, Inc.
     Consolidated Statements of Earnings
     (Unaudited)
 
                                                          Quarter Ended
                                                    April 1,           April 2,
                                                      2001               2000
 
     Restaurant sales:
         Canyon Cafe                                   5.0%               6.2%
         Don Pablo's                                  41.5%              45.3%
         Hops                                         29.4%              27.7%
         McCormick & Schmick's                        24.1%              20.9%
               Total restaurant sales                100.0%             100.0%
 
     Restaurant operating expenses:
         Food and beverage                            28.2%              28.7%
         Payroll and benefits                         32.3%              31.4%
         Depreciation and amortization                 3.3%               3.6%
         Other operating expenses                     25.4%              23.4%
               Total restaurant operating
                expenses                              89.2%              87.1%
 
     General and administrative expenses               4.9%               6.3%
     Other special charges                             0.2%               ---
     Operating income                                  5.6%               6.6%
 
     Other income (expense):
         Interest expense, net                        -5.1%              -5.3%
         Distribution expense on
          preferred securities                        -0.7%              -1.2%
         Gain on disposal of assets                    0.4%               ---
         Other, net                                   -1.1%              -0.6%
               Total other income
                (expense)                             -6.5%              -7.1%
 
     Earnings (loss) before income taxes              -0.9%              -0.5%
     Income taxes                                     -0.3%              -0.1%
 
     Net earnings (loss)                              -0.6%              -0.3%
 
     Amounts may not foot due to rounding
 
 
 
     Avado Brands, Inc.
     Consolidated Balance Sheets
     (Unaudited)
 
     (In thousands, except share data)
                                                    April 1,          Dec. 31,
                                                      2001              2000
 
     Assets
     Current assets:
           Cash and cash equivalents                   $378               402
           Accounts receivable                        8,768             7,621
           Inventories                                9,248             9,418
           Prepaid expenses and other                 2,565             3,535
           Assets held for sale                      13,251            13,855
                Total current assets                 34,210            34,831
 
     Premises and equipment, net                    378,968           379,938
     Goodwill, net                                  131,575           132,012
     Deferred income tax benefit                     18,900            18,900
     Other assets                                    43,607            44,000
                                                   $607,260           609,681
 
     Liabilities and Shareholders' Equity
     Current liabilities:
           Accounts payable                         $24,941            31,568
           Accrued liabilities                       67,994            64,567
           Current installments of long-
            term debt                                93,849            15,034
           Income taxes                              29,423            30,164
                Total current liabilities           216,207           141,333
 
     Long-term debt                                 215,714           291,507
     Other long-term liabilities                     15,645            16,024
                Total liabilities                   447,566           448,864
 
     Company-obligated mandatorily
      redeemable preferred securities
      of Avado Financing I, a subsidiary
      holding solely Avado Brands, Inc. 7%
      convertible subordinated debentures
      due March 1, 2027                              68,759            72,865
 
     Shareholders' equity:
           Preferred stock, $0.01 par
            value. Authorized 10,000,000
            shares; none issued                         ---               ---
           Common stock, $0.01 par value.
            Authorized - 75,000,000
            shares; issued - 40,478,760 in
            2000 and 1999; outstanding -
            28,508,764 in 2001 and 28,206,673
            in 2000                                     405               405
           Additional paid-in capital               146,716           147,809
           Retained earnings                         99,526           100,571
           Treasury stock at cost;
            11,969,996 shares in 2001 and
            12,272,087 in 2000                     (155,712)         (160,833)
                Total shareholders' equity           90,935            87,952
                                                   $607,260           609,681
 
 
 
     Avado Brands, Inc.
     Consolidated Statements of Shareholders' Equity and Comprehensive
     Income
     (Unaudited)
 
                                                                Additional
     (In thousands, except                Common Stock            Paid-in
     per share data)                   Shares         Amount      Capital
 
     Balance at December 31, 2000      40,479          $405       $147,809
 
     Net earnings                         ---           ---            ---
     Conversion of convertible
      preferred securities                ---           ---            329
     Common stock issued
      to benefit plans                    ---           ---         (1,422)
 
     Balance at April 1, 2001          40,479          $405       $146,716
 
 
     Avado Brands, Inc.
     Consolidated Statements of Shareholders' Equity and Comprehensive
     Income
     (Unaudited)
 
                                                                    Total
     (In thousands, except           Retained      Treasury      Shareholders'
       per share data)               Earnings       Stock          Equity
 
     Balance at December 31, 2000    $100,571     ($160,833)       $87,952
 
     Net earnings                      (1,045)          ---         (1,045)
     Conversion of convertible
      preferred securities                ---         3,638          3,967
     Common stock issued to
      benefit plans                       ---         1,483             61
 
     Balance at April 1, 2001         $99,526     ($155,712)       $90,935
 
 
     Avado Brands, Inc.
     Consolidated Statements of Cash Flows
     (Unaudited)
 
     (In thousands)
                                                    April 1,          April 2,
                                                     2001              2000
 
     Cash flows from operating activities:
           Net earnings (loss)                      $(1,045)             (537)
           Adjustments to reconcile net
            earnings (loss) to net cash
            provided by operating activities:
             Depreciation and amortization            8,108             7,929
             Loss (gain) on disposal of assets         (749)              ---
             Loss (income) from investments
              carried at equity                         ---               (46)
             Mark-to-market adjustment on
              interest rate swap                       (532)              ---
             Other special charges                      400               ---
             (Increase) decrease in assets:
               Accounts receivable                   (1,147)             (298)
               Inventories                              170               111
               Prepaid expenses and other              (584)               67
             Increase (decrease) in liabilities:
               Accounts payable                      (3,674)           (3,257)
               Accrued liabilities                    3,682               191
               Income taxes                            (741)            2,529
               Other long-term liabilities             (379)             (166)
                 Net cash provided by operating
                  activities                          3,509             6,523
 
     Cash flows from investing activities:
           Capital expenditures                      (8,422)          (16,797)
           Proceeds from notes receivable
            and disposal of assets, net               2,727             3,238
           Investments in and advances to
            unconsolidated affiliates                   ---              (144)
           Additions to noncurrent assets              (824)             (876)
                 Net cash provided by
                  (used in) investing
                  activities                         (6,519)          (14,579)
 
     Cash flows from financing activities:
           Net proceeds from (repayment
            of) revolving credit
            agreements                                2,992            (2,934)
           Principal payments on long-term
            debt                                         (6)              ---
                 Net cash provided by
                  (used in) financing
                  activities                          2,986            (2,934)
 
     Net increase (decrease) in cash and
      cash equivalents                                  (24)          (10,990)
     Cash and cash equivalents at the
      beginning of the period                           402            11,267
     Cash and cash equivalents at the end
      of the period                                    $378               277
 
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X28584813
 
 SOURCE  Avado Brands, Inc.