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J. Alexander’s Corporation Reports Results For Second Quarter And First Half Of 2012 Fiscal Year

Important Information about the Tender Offer

The tender offer for the outstanding common stock of J. Alexander’s referred to in this press release has not yet commenced. This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. At the time the offer is commenced, a tender offer statement on Schedule TO (including an offer to purchase, a related letter of transmittal and other offer documents) will be filed with the SEC, and thereafter the Company will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the offer. Shareholders of J. Alexander’s should read and consider these materials carefully when they become available because they will contain important information, including the terms and conditions of the offer. These materials will be sent free of charge to all shareholders of record of the Company when available. In addition, shareholders will be able to obtain the offer to purchase and all other related materials with respect to the tender offer when they become available free at the SEC’s website at www.sec.gov, at the Company’s web site at www.jalexanders.com or by requesting copies from the Secretary of J. Alexander’s by telephone at (615) 269-1900.
 

J. Alexander's Corporation and Subsidiaries

Consolidated Statements of Income

(Unaudited in thousands, except per share amounts)
 
      Quarter Ended       Six Months Ended
July 1       July 3 July 1       July 3
2012 2011 2012 2011
 
 
Net sales $ 40,186 $ 38,564 $ 82,897 $ 79,313
Costs and expenses:
Cost of sales 12,687 12,801 26,154 26,253
Restaurant labor and related costs 13,529 13,007 27,274 26,211

Depreciation and amortization of   restaurant property and equipment
1,456

 
1,477 2,908 2,943
Other operating expenses   8,279   8,430   16,503   16,837
Total restaurant operating expenses 35,951 35,715 72,839 72,244
General and administrative expenses   3,621   2,391   6,306   4,835
Operating income 614 458 3,752 2,234
Other income (expense):
Interest expense (393 ) (419 ) (796 ) (843 )
Other, net   92   8   114   28
Total other expense   (301 )   (411 )   (682 )   (815 )
Income (loss) before income taxes 313 47 3,070 1,419
Income tax benefit (provision)  

(92

)
  10   (428 )   (300 )
Net income $ 221 $ 57 $ 2,642 $ 1,119
 
Earnings per share:
Basic earnings per share $ .04 $ .01 $ .44 $ .19
Diluted earnings per share $ .04 $ .01 $ .42 $ .18
 
Weighted average number of shares:
Basic earnings per share 5,997 5,951 5,996 5,984
Diluted earnings per share 6,275 6,013 6,228 6,073
 

J. Alexander's Corporation and Subsidiaries

Consolidated Statements of Income

Percentages of Net Sales (Unaudited)
                       
 
Quarter Ended Six Months Ended
July 1 July 3 July 1 July 3
2012 2011 2012 2011
Net sales 100.0 % 100.0 % 100.0 % 100.0 %
Costs and expenses:
Cost of sales 31.6 33.2 31.5 33.1
Restaurant labor and related costs 33.7 33.7 32.9 33.0

Depreciation and amortization of restaurant   property and equipment
3.6 3.8 3.5 3.7
Other operating expenses 20.6 21.9 19.9 21.2
Total restaurant operating expenses 89.5 92.6 87.9 91.1
General and administrative expenses 9.0 6.2 7.6 6.1
Operating income 1.5 1.2 4.5 2.8
Other income (expense):
Interest expense (1.0 ) (1.1 ) (1.0 ) (1.1 )
Other, net 0.2 0.1
Total other expense (0.7 ) (1.1 ) (0.8 ) (1.0 )
Income (loss) before income taxes 0.8 0.1 3.7 1.8
Income tax benefit (provision) (0.2 ) (0.5 ) (0.4 )
Net income 0.5 % 0.1 % 3.2 % 1.4 %
 
Note: Certain percentage totals do not sum due to rounding.
               
Average Weekly Sales Information:
 
Average weekly sales per restaurant $ 93,700 $ 89,900 $ 96,600 $ 92,600
Percent change 4.2% 4.3%
 
Same store weekly sales per restaurant $ 93,700 $ 89,900 $ 96,600 $ 92,600
Percent change 4.2% 4.3%
 

J. Alexander's Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited in thousands)
         
 
July 1 January 1
2012 2012
ASSETS
Current Assets
Cash and cash equivalents $ 12,810 $ 7,917
Other current assets   8,921   9,493
Total current assets 21,731 17,410
 
Other assets 1,891 1,797
Property and equipment, net 71,006 71,955
Deferred income taxes 152 152
Deferred Charges, net   368   416
$ 95,148 $ 91,730
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Current liabilities $ 14,014 $ 13,068
Long-term debt and capital lease obligations 16,755 17,356
Other long-term liabilities 11,759 11,521
Stockholders’ equity   52,620   49,785
$ 95,148 $ 91,730
 
(1)Net sales minus total restaurant operating expenses divided by net sales

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