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A PRESENTATION TO THE BOARD OF DIRECTORS OF THE RESTAURANT COMPANY
REGARDING:
PROJECT HEARTH
September 8, 1997
CONFIDENTIAL
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XXXXX XXXXXX INC.
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PROJECT HEARTH
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TABLE OF CONTENTS
Page
----
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COMPARISON OF ALTERNATIVES................................... 1
RETURNS ANALYSIS - PROPOSED BUYOUT OF PUBLIC UNITS........... 2
CAPITALIZATION SUMMARY....................................... 4
PFR UNIT TRADING DATA........................................ 5
PFR COMPARABLE COMPANY TRADING ANALYSIS...................... 8
RECENT STOCK PRICE PERFORMANCE FOR COMPARABLE COMPANIES...... 12
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COMPARISON OF ALTERNATIVES
(AMOUNTS IN MILLIONS, EXCEPT PER UNIT INFORMATION)
SCENARIO 1: CONVERT/EXCHANGE (1)
--------------------------------
Enterprise Value $205.0 $215.0 $225.0
-------- -------- --------
Share Price $12.97 $13.92 $14.88
Total Units (including G.P.) 10.5 10.5 10.5
-------- -------- --------
Total Equity Value 136.2 146.2 156.2
-------- -------- --------
Total Debt (2) 68.8 68.8 68.8
-------- -------- --------
Enterprise Value $205.0 $215.0 $225.0
-------- -------- --------
-------- -------- --------
TRC Pro-Forma Ownership (3) 42.5% 42.5% 42.5%
Value to TRC Shareholders (4) $57.9 $62.1 $66.4
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1997E EBITDA Multiple (5) 5.8x 6.1x 6.4x
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SCENARIO 2: LBO
---------------
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Assumed Enterprise Value
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$205.0 $215.0 $225.0
----------------------------- ----------------------------- ------------------------------
UNIT PURCHASE PRICE....... $13.00 $15.00 $17.00 $13.00 $15.00 $17.00 $13.00 $15.00 $17.00
-------- -------- ------- ------- ------- ------- ------- ------- -------
TOTAL DEBT (6) $139.0 $149.8 $160.6 $139.0 $149.8 $160.6 $139.0 $149.8 $160.6
VALUE TO TRC 66.0 55.2 44.4 76.0 65.2 54.4 86.0 75.2 64.4
SHAREHOLDERS
---------------------------------------------------
(1) No value (positive or negative) attributed to the other assets and
liabilities of TRC.
(2) Reflects 1997E Total Debt of $68.8 MM.
(3) TRC ownership percentage based upon a 40%-45% range.
(4) Reflects the equity interest to be received by the TRC shareholders in the
exchange.
(5) Assumes 1997E EBITDA of $35.2 MM, based on internal company projections.
(6) Reflects the sum of 1997E Total Debt of $68.8 MM and the additional debt
needed to purchase the 5.4 MM public units at the various unit prices.
Page 1
CONFIDENTIAL
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RETURNS ANALYSIS - PROPOSED BUYOUT OF PUBLIC UNITS
ASSUMES $14.00/UNIT BASIS IN TRC ROLLOVER EQUITY
IRR BASED ON A MULTIPLE OF 2001 EBITDA
Exit Value - 2001 EBITDA Multiple
Purchase Price --------------------------------------------------------------------
of Public Units 6.0x 6.5x 7.0x 7.5x 8.0x
--------------- -------- -------- -------- -------- --------
$13.00 23.0% 28.2% 32.8% 37.0% 40.9%
$14.00 20.7% 26.2% 31.0% 35.4% 39.4%
$15.00 18.3% 24.1% 29.2% 33.7% 37.8%
$16.00 15.7% 21.9% 27.2% 31.9% 36.2%
$17.00 12.9% 19.5% 25.1% 30.1% 34.6%
IRR BASED ON A MULTIPLE OF 2002 NET INCOME WITH EXIT IN 2001
Exit Value - 2002 Exit NI Multiple in 2001
Purchase Price --------------------------------------------------------------------
of Public Units 11.0x 12.0x 13.0x 14.0x 15.0x
--------------- -------- -------- -------- -------- --------
$13.00 27.8% 31.0% 34.1% 36.9% 39.6%
$14.00 26.5% 29.9% 33.0% 35.9% 38.6%
$15.00 25.2% 28.6% 31.8% 34.8% 37.6%
$16.00 23.8% 27.4% 30.7% 33.8% 36.6%
$17.00 22.4% 26.1% 29.5% 32.6% 35.6%
Page 2
CONFIDENTIAL
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RETURNS ANALYSIS - PROPOSED BUYOUT OF PUBLIC UNITS
ASSUMES PER UNIT PURCHASE PRICE BASIS IN TRC ROLLOVER EQUITY
IRR BASED ON A MULTIPLE OF 2001 EBITDA
Exit Value - 2001 EBITDA Multiple
Purchase Price --------------------------------------------------------------------
of Public Units 6.0x 6.5x 7.0x 7.5x 8.0x
--------------- -------- -------- -------- -------- --------
$13.00 25.3% 30.6% 35.3% 39.6% 43.5%
$14.00 20.7% 26.2% 31.0% 35.4% 39.4%
$15.00 16.3% 22.0% 26.9% 31.4% 35.5%
$16.00 11.9% 17.8% 23.0% 27.6% 31.7%
$17.00 7.6% 13.8% 19.2% 23.9% 28.2%
IRR BASED ON A MULTIPLE OF 2002 NET INCOME WITH EXIT IN 2001
Exit Value - 2002 Exit NI Multiple in 2001
Purchase Price --------------------------------------------------------------------
of Public Units 11.0x 12.0x 13.0x 14.0x 15.0x
--------------- -------- -------- -------- -------- --------
$13.00 30.1% 33.5% 36.6% 39.5% 42.2%
$14.00 26.5% 29.9% 33.0% 35.9% 38.6%
$15.00 23.0% 26.4% 29.6% 32.5% 35.3%
$16.00 19.8% 23.2% 26.4% 29.4% 32.1%
$17.00 16.6% 20.1% 23.4% 26.4% 29.1%
Page 3
CONFIDENTIAL
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CAPITALIZATION SUMMARY
(DOLLARS IN MILLIONS)
Purchase Price
-----------------------------------------------------------------------
USE OF FUNDS $13.00 $14.00 $15.00 $16.00 $17.00
---------- ---------- ---------- ---------- ----------
Equity Purchase Price $137.0 $147.6 $158.1 $168.7 $179.2
Refinance Existing Debt 68.8 68.8 68.8 68.8 68.8
Transaction Expenses 2.0 2.0 2.0 2.0 2.0
Financing Expenses 4.0 4.1 4.2 4.3 4.4
---------- ---------- ---------- ---------- ----------
Total $211.8 $222.4 $233.1 $243.7 $254.4
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
SOURCE OF FUNDS
Decrease (Increase) in Cash(1) ($3.5) ($3.5) ($3.5) ($3.5) ($3.5)
Revolving Credit 0.0 0.0 0.0 0.0 0.0
Bank Debt 48.9 54.5 60.0 65.6 71.1
High Yield 100.0 100.0 100.0 100.0 100.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Rollover of Equity(2) 66.3 71.4 76.5 81.6 86.7
Common Equity 0.0 0.0 0.0 0.0 0.0
---------- ---------- ---------- ---------- ----------
Total $211.8 $222.4 $233.1 $243.7 $254.4
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
COVERAGES
Debt/EBITDA
1997PF 4.2x 4.4x 4.5x 4.7x 4.9x
1998 3.4x 3.6x 3.7x 3.8x 4.0x
1999 2.9x 3.1x 3.2x 3.3x 3.4x
EBITDA/Interest Expense
1997PF 2.5x 2.4x 2.3x 2.2x 2.2x
1998 2.9x 2.8x 2.8x 2.7x 2.6x
1999 3.4x 3.3x 3.2x 3.1x 3.0x
(EBITDA-Capex)/Interest Expense
1997PF 1.1x 1.1x 1.1x 1.0x 1.0x
1998 1.5x 1.5x 1.4x 1.4x 1.4x
1999 1.8x 1.8x 1.7x 1.7x 1.6x
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(1) Cash increases to provide a minimum $5.0 MM cash balance.
(2) Assumes roll-over equity valued at buyout price.
Page 4
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PROJECT HEARTH
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COMPARABLE COMPANY ANALYSIS
PUBLIC TRADING MULTIPLES(1)
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-------------------------------- -----------------------------------------------------------
Latest Four Quarters Multiples Cal.1997 Cal.1998 Proj.5 Yr. Cal.'97 P/E Cal.'98 P/E
-------------------------------- Forward Forward EPS Growth to Total to Total
Sales EBITDA EBIT P/E P/E(2) P/E(2) Rate(2) Return(3) Return(3)
----- ------- ---- --- --------- --------- ---------- ----------- -----------
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. 0.99x 9.4x 14.0x 21.0x 18.3x 15.5x 10.0% 1.6x 1.3x
IHOP Corporation 2.43 8.9 10.8 17.5 16.1 13.7 17.5% 0.9 0.8
Shoney's, Inc. 0.64 5.9 10.1 12.5 13.5 9.2 12.0% 1.1 0.8
VICORP Restaurants, Inc. 0.49 4.8 12.0 20.2 NA NA NA NA NA
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Mean 1.13x 7.3x 11.7x 17.8x 16.0x 12.8x 13.2% 1.2x 1.0x
Median 0.81 7.4 11.4 18.9 16.1 13.7 12.0% 1.1 0.8
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OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. 0.69 6.8 13.3 21.8 17.3 13.6 16.0% 1.1 0.9
Luby's Cafeterias, Inc. 1.11 6.8 9.0 12.7 12.3 10.8 10.0% 0.9 0.8
Xxxxxxxx Fresh Cooking, Inc. 0.19 3.3 10.6 15.2 13.9 12.4 12.0% 0.7 0.6
Piccadilly Cafeterias, Inc. 0.59 6.1 10.4 18.5 14.3 12.3 15.0% 0.8 0.7
Ryan's Family Steak Houses, Inc. 0.99 6.5 9.1 12.2 11.0 10.2 12.0% 0.9 0.8
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Mean 0.71x 5.9x 10.5x 16.1x 13.7x 11.9x 13.0% 0.9x 0.8x
Median 0.69 6.5 10.4 15.2 13.9 12.3 12.0% 0.9 0.8
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CASUAL DINING
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Xxxxxxxx'x International, Inc. 1.81x 9.1x 11.7x 17.9x 16.4x 13.6x 25.0% 0.6x 0.5x
Apple South, Inc. 1.57 11.3 15.9 21.8 17.4 13.8 25.0% 0.7 0.5
Xxxxxxx International, Inc. 1.03 8.1 14.9 18.9 15.6 13.5 15.0% 1.0 0.9
Xxxxxx Restaurants, Inc. 0.60 6.1 10.9 15.9 16.0 13.7 12.0% 1.2 1.0
Lone Star Steakhouse & Saloon 1.11 4.1 5.2 10.1 10.4 9.0 25.0% 0.4 0.4
O'Charley's Inc. 0.98 7.8 12.9 17.5 15.6 13.1 21.0% 0.7 0.6
Outback Steakhouse, Inc. 1.17 6.6 9.1 16.1 15.1 12.4 20.0% 0.8 0.6
Rock Bottom Restaurants, Inc. 0.70 5.6 14.0 14.6 14.5 11.4 27.0% 0.5 0.4
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Mean 1.12x 7.4x 11.8x 16.6x 15.1x 12.6x 21.3% 0.7x 0.6x
Median 1.07 7.2 12.3 16.8 15.6 13.3 23.0% 0.7 0.6
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--------------------------
(1) Stock prices as of September 5, 1997.
(2) Source: I/B/E/S.
(3) Based on I/B/E/S EPS estimates and 5 yr. EPS growth rates.
(4) Total Return equals the five-year projected EPS growth rate plus the
dividend yield.
NA=Not available
Page 8
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PROJECT HEARTH
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COMPARABLE COMPANY ANALYSIS
SELECTED OPERATING STATISTICS(1)
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Debt to Cap.
--------------------------- ---------------- Mkt. Val.
EBITDA EBIT Net Int. Market Book to Date
------ ---- -------- ------ ------ ---------
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. 10.5% 7.0% 4.4% 8.7% 14.3% 1.78x
IHOP Corporation 27.1% 22.5% 9.7% 30.7% 51.9% 2.48
Shoney's, Inc. 10.8% 6.3% 1.7% 65.8% 101.5% NM
VOCPRP Restaurants, Inc. 10.2% 4.1% 2.1% 14.8% 15.9% 1.11
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Mean 14.7% 10.0% 4.5% 30.0% 45.9% 1.8x
Median 10.7% 6.7% 3.3% 22.7% 33.9% 1.8
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OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. 10.2% 5.2% 3.1% 8.8% 15.9% 2.08
Luby's Cafeterias, Inc. 16.3% 12.3% 7.5% 16.7% 28.9% 2.06
Xxxxxxxx Fresh Cooking, Inc. 5.8% 1.8% 1.1% 17.3% 17.1% 1.06
Picadilly Cafeterias, Inc. 9.6% 5.6% 2.6% 19.2% 31.0% 1.88
Ryan's Family Steak Houses, Inc. 15.2% 10.9% 6.6% 23.4% 30.6% 1.45
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Mean 11.4% 7.2% 4.2% 17.1% 24.7% 1.7x
Median 10.2% 5.6% 3.1% 17.3% 28.9% 1.9
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CASUAL DINING
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Xxxxxxxx'x International, Inc. 19.8% 15.4% 9.9% 3.5% 9.8% 3.04x
Apple South, Inc. 13.9% 9.9% 4.5% 38.9% 66.3% 3.12
Xxxxxxx International, Inc. 12.8% 7.0% 5.2% 21.8% 35.0% 2.03
Xxxxxx Restaurants, Inc. 9.8% 5.5% 3.1% 20.5% 24.6% 1.29
Lone Star Steakhouse & Saloon 26.8% 21.5% 13.9% 0.0% 0.0% 1.39
O'Charley's Inc. 12.5% 7.6% 3.9% 31.2% 50.0% 2.23
Outback Steakhouse, Inc. 17.6% 12.8% 7.0% 7.0% 18.8% 3.12
Rock Bottom Restaurants, Inc. 12.6% 5.0% 3.4% 31.6% 29.9% 0.95
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Mean 15.7% 10.6% 6.4% 19.3% 29.3% 2.1x
Median 13.3% 8.7% 4.9% 21.2% 27.3% 2.1
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(1) Stock prices as of September 5, 1997.
NA = Not available
Page 9
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PROJECT HEARTH
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COMPARABLE COMPANY ANALYSIS
MARKET CAPITALIZATION(1)
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(Dollars in millions, except per share data, shares in millions)
Stock Shares Mkt. Val. Book Val. Total
10-K Date 10-Q Date Ticker Price Out of Equity of Equity Debt
--------- --------- ------ ------- ------ --------- --------- -----
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. 04/25/97 04/25/97 XXXX $18.094 41.579 752.3 422.8 70.5
IHOP Corporation 12/31/96 06/30/97 IHOP 36.313 9.610 349.0 140.6 151.5
Shoney's, Inc. 10/27/96 05/11/97 SHN 5.625 48.562 273.2 (7.5) 504.4
VICORP Restaurants, Inc. 10/31/96 04/30/97 VRES 15.375 9.120 140.2 126.1 23.8
OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. 01/01/97 07/16/97 BOCB 11.563 42.227 522.9 252.0 47.5
Luby's Cafeterias, Inc. 08/31/96 05/31/97 LUB 19.563 23.266 455.1 221.2 90.0
Xxxxxxxx Fresh Cooking, Inc. 05/31/97 05/31/97 MFC 4.563 9.249 42.2 39.9 8.2
Picadilly Cafeterias, Inc. 06/30/96 03/31/97 PIC 13.688 10.503 143.8 76.3 34.3
Ryan's Family Steak Houses, Inc. 01/01/97 07/02/97 XXXX 9.250 47.290 437.4 302.0 133.3
CASUAL DINING
-------------
Xxxxxxxx'x International, Inc. 12/31/96 06/30/97 APPB 26.063 31.422 818.9 269.6 29.9
Apple South, Inc. 12/31/96 06/30/97 APSO 16.563 38.356 635.3 203.6 286.1
Xxxxxxx International, Inc. 06/26/96 03/26/97 EAT 16.000 67.471 1,079.5 530.7 285.3
Xxxxxx Restaurants, Inc. 05/28/96 02/23/97 DRI 10.125 152.980 1,548.9 1,202.2 393.1
Lone Star Steakhouse & Saloon 12/31/96 06/17/97 STAR 18.250 41.018 748.6 537.7 0.0
O'Charley's Inc. 12/29/96 04/20/97 CHUX 15.250 7.798 118.9 53.2 53.3
Outback Steakhouse, Inc. 12/31/96 06/30/97 OSSI 24.125 47.442 1,144.5 366.4 85.0
Rock Bottom Restaurants, Inc. 12/29/96 06/30/97 BREW 8.000 8.007 64.1 67.4 28.0
Preferred Cash & Net Total
Stock Equiv. Debt Mkt. Cap.
--------- ------- ----- ---------
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. 0.0 12.3 58.2 810.5
IHOP Corporation 0.0 6.7 144.8 493.8
Shoney's, Inc. 0.0 11.0 493.5 766.7
VICORP Restaurants, Inc. 0.0 2.7 21.2 161.4
OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. 0.0 29.4 18.1 541.1
Luby's Cafeterias, Inc. 0.0 6.8 83.2 538.4
Xxxxxxxx Fresh Cooking, Inc. 0.0 2.9 5.3 47.5
Picadilly Cafeterias, Inc. 0.0 0.0 34.3 178.0
Ryan's Family Steak Houses, Inc. 0.0 0.8 132.5 570.0
CASUAL DINING
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Xxxxxxxx'x International, Inc. 0.0 16.9 12.3 831.2
Apple South, Inc. 115.0 4.9 396.3 1,031.5
Xxxxxxx International, Inc. 0.0 57.6 227.7 1,307.2
Xxxxxx Restaurants, Inc. 0.0 28.8 364.3 1,913.2
Lone Star Steakhouse & Saloon 0.0 148.5 (148.5) 600.1
O'Charley's Inc. 0.0 1.6 51.7 170.6
Outback Steakhouse, Inc. 0.0 9.7 75.2 1,219.8
Rock Bottom Restaurants, Inc. 0.0 1.7 37.0 91.1
(1) Stock prices as of September 5, 1997.
Page 10
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PROJECT HEARTH
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COMPARABLE COMPANY ANALYSIS
INCOME STATEMENT DATA
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(DOLLARS IN MILLIONS EXCEPT PER SHARE DATA)
--------------------------------------------------
LATEST FOUR QUARTERS CALENDAR CALENDAR PROJECTED
-------------------------------------------------- 1997 1998 5 YR. EPS DIVIDEND
SALES EBIT EBITDA D&A NET INCOME EPS EPS EPS GROWTH RATE YIELD
----- ---- ------ --- ---------- ------ -------- -------- ----------- --------
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. 822.2 57.8 86.3 28.5 36.1 0.86 0.99 1.17 10.0% 1.8%
IHOP Corporation 203.4 45.9 55.2 9.3 19.8 2.07 2.25 2.65 17.5% 0.0%
Shoney's, Inc. 1,200.6 76.1 129.9 53.7 20.7 0.45 0.42 0.61 12.0% 0.0%
VICORP Restaurants, Inc. 331.1 13.5 33.8 20.3 7.1 0.76 NA NA NA 0.0%
OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. 782.0 40.8 79.9 39.1 23.9 0.53 0.67 0.85 16.0% 0.0%
Luby's Cafeterias, Inc. 484.6 59.7 79.1 19.4 36.5 1.55 1.59 1.81 10.0% 4.1%
Xxxxxxxx Fresh Cooking, Inc. 249.6 4.5 14.4 10.0 2.7 0.30 0.33 0.37 12.0% 7.9%
Piccadilly Cafeterias, Inc. 303.6 17.1 29.2 12.1 7.8 0.74 0.96 1.11 15.0% 3.5%
Ryan's Family Steak Houses, Inc. 576.7 62.8 87.8 25.1 37.9 0.76 0.84 0.91 12.0% 0.0%
CASUAL DINING
-------------
Xxxxxxxx'x International, Inc. 460.4 70.9 91.3 20.4 45.5 1.45 1.59 1.92 25.0% 1.1%
Apple South, Inc. 657.1 65.0 91.4 26.3 29.7 0.76 0.95 1.20 25.0% 0.2%
Xxxxxxx International, Inc. 1,264.7 88.0 161.7 73.7 66.3 0.85 1.03 1.18 15.0% 0.0%
Xxxxxx Restaurants, Inc. 3,197.5 175.3 313.3 138.0 99.0 0.64 0.63 0.74 12.0% 1.6%
Lone Star Steakhouse & Saloon 541.2 116.2 145.0 28.8 75.2 1.81 1.73 2.03 25.0% 0.0%
O'Charley's Inc. 174.1 13.2 21.8 8.6 6.8 0.87 0.98 1.16 21.0% 0.0%
Outback Steakhouse, Inc. 1,043.6 133.7 183.6 49.9 73.0 1.50 1.60 1.95 20.0% 0.0%
Rock Bottom Restaurants, Inc. 129.4 6.5 16.3 9.8 4.4 0.55 0.55 0.70 27.0% 0.0%
Page 11
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PROJECT HEARTH
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RECENT PRICE CHANGES FOR COMPARABLE COMPANIES
--------------------------------------------------------------------------------
STOCK PRICE STOCK PRICE
DAY OFFER MADE MOST RECENT
TICKER 8/4/97 9/5/97 % CHANGE
------ ------ ------ --------
FAMILY DINING COMPANIES
-----------------------
Xxx Xxxxx Farms, Inc. XXXX $ 16.75 $ 18.09 8.0%
IHOP Corporation IHOP $ 32.00 $ 36.31 13.5%
Shoney's, Inc. SHN $ 6.13 $ 5.63 (8.2%)
VICORP Restaurants, Inc. VRES $ 14.00 $ 15.38 9.8%
-------------------------------------------------------------------
Mean $ 17.22 $ 18.85 5.8%
Median $ 15.38 $ 16.73 8.9%
-------------------------------------------------------------------
OTHER FAMILY ORIENTED CONCEPTS
------------------------------
Buffets, Inc. BOCB $ 9.81 $ 11.56 17.8%
Luby's Cafeterias, Inc. LUB $ 19.69 $ 19.56 (0.6%)
Xxxxxxxx Fresh Cooking, Inc. MPC $ 4.56 $ 4.56 0.0%
Piccadilly Cafeterias, Inc. PIC $ 13.25 $ 13.69 3.3%
Ryan's Family Steak Houses, Inc. XXXX $ 9.00 $ 9.25 2.8%
-------------------------------------------------------------------
Mean $ 11.26 $ 11.73 4.7%
Median $ 9.81 $ 11.56 2.8%
-------------------------------------------------------------------
CASUAL DINING
-------------
Xxxxxxxx'x International, Inc. APPB $ 29.38 $ 26.06 (11.3%)
Apple South, Inc. APSO $ 16.38 $ 16.56 1.1%
Xxxxxxx International, Inc. EAT $ 15.88 $ 16.00 0.8%
Xxxxxx Restaurants, Inc. DRI $ 9.94 $ 10.13 1.9%
Loan Star Steakhouse & Saloon STAR $ 22.00 $ 18.25 (17.0%)
O'Charley's Inc. CHUX $ 17.25 $ 15.25 (11.6%)
Outback Steakhouse, Inc. OSSI $ 25.88 $ 24.13 (6.8%)
Rock Bottom Restaurants, Inc. BREW $ 8.25 $ 8.00 (3.0%)
-------------------------------------------------------------------
Mean $ 18.12 $ 16.80 -5.7%
Median $ 16.81 $ 16.28 -4.9%
-------------------------------------------------------------------
Page 12
