<PAGE>   1


                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K

                        FOR ANNUAL AND TRANSITION REPORTS
                        PURSUANT TO SECTIONS 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


 [X]  Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange 
      Act of 1934

                   For the fiscal year ended December 28, 1997

 [ ]  Transition Report pursuant to Section 13 or 15(d) of the Securities 
      Exchange Act of 1934

        For the transition period from _______________ to _______________

                         Commission file number:   0-26400
                                                 -------------


                             LOGAN'S ROADHOUSE, INC.
             -------------------------------------------------------
                    (Exact Name of Registrant in Its Charter)

           Tennessee                                       62-1602074
---------------------------------                 ----------------------------
(State or Other Jurisdiction of                       (I.R.S. Employer
Incorporation or Organization)                       Identification No.)

565 Marriott Drive, Suite 490
    Nashville, Tennessee                                     37214
----------------------------------------          ----------------------------
(Address of Principal Executive Offices)                   (zip code)

       Registrant's telephone number, including area code: (615) 885-9056
                                                          ------------------

           Securities registered pursuant to Section 12(b) of the Act:

    Title of Each Class               Name of Each Exchange on Which Registered
   ----------------------             -----------------------------------------
          None                                          None

           Securities registered pursuant to Section 12(g) of the Act:

                     Common Stock, $0.01 par value per share
               --------------------------------------------------
                                (Title of Class)

        Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes  X  No 
                      ---    ---
        Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

        The aggregate market value of the shares of Common Stock of the
registrant held by non-affiliates on March 25, 1998 was approximately
$153,957,195 million based upon the closing sales price of these shares as 
reported on The Nasdaq Stock Market's National Market on March 25, 1998.

        As of March 25, 1998, 7,147,679 shares of the registrant's Common Stock
were outstanding.



<PAGE>   2



                       DOCUMENTS INCORPORATED BY REFERENCE


        Portions of the registrant's Proxy Statement for the Annual Meeting of
Shareholders to be held on May 7, 1998 are incorporated by reference into Part
III of this Form 10-K.

         This Annual Report on Form 10-K and other information that is provided
by the Company contain forward-looking statements, including those regarding the
opening of additional restaurants, planned capital expenditures, the adequacy of
the Company's capital resources and other statements regarding trends relating
to various revenue and expense items. These statements are subject to a number
of risks and uncertainties beyond the Company's control that could cause the
Company's actual results to differ materially from those projected in such
forward-looking statements. See "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Risk Factors."

                                     PART I

ITEM 1. BUSINESS

GENERAL

         Logan's Roadhouse, Inc. ("Logan's Roadhouse" or the "Company") operates
29 Company-owned Logan's Roadhouse restaurants and franchises three Logan's
Roadhouse restaurants, all of which feature steaks, ribs, chicken and seafood
dishes in a distinctive atmosphere reminiscent of an American roadhouse. The
Logan's Roadhouse concept is designed to appeal to a broad range of customers by
offering generous portions of moderately-priced, high quality food in a very
casual, relaxed dining environment that is lively and entertaining. The
restaurants are open seven days a week for lunch and dinner and offer full bar
service. The Logan's Roadhouse menu is designed to appeal to a wide variety of
tastes, emphasizing extra-aged, hand-cut USDA choice steaks and signature dishes
such as fried green tomatoes, baked sweet potatoes and made-from-scratch yeast
rolls.

         The first Logan's Roadhouse restaurant opened in 1991 in Lexington,
Kentucky and was acquired by the Company in 1992. See "History and
Reorganization." Since then, the Company has opened 28 additional Logan's
Roadhouse restaurants in Alabama, Georgia, Indiana, Kentucky, Louisiana,
Tennessee and West Virginia and franchised two Logan's Roadhouse restaurants in
Oklahoma and one in South Carolina. 

THE LOGAN'S ROADHOUSE CONCEPT

         The Logan's Roadhouse concept is designed to appeal to a broad range of
customers by offering a wide variety of items in a very casual, relaxed dining
atmosphere that is lively and entertaining. The key elements of the Logan's
Roadhouse concept include the following:

         Atmosphere. The lively, country "honky-tonk" atmosphere of Logan's
Roadhouse restaurants seeks to appeal to families, couples, single adults and
business persons. The Company's spacious restaurants are constructed of
rough-hewn cedar siding in combination with bands of corrugated metal outlined
in double-striped, red neon. The



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interiors are decorated with hand-painted murals depicting typical scenes from
American roadhouses of the 1940s and 1950s, concrete and wooden planked floors
and neon signs and feature Wurlitzer(TM) jukeboxes playing contemporary country
hits. The restaurants also feature a display cooking grill and an old-fashioned
meat counter displaying steaks, ribs, seafood and salads, and include a
spacious, comfortable bar area with a large-screen television. While dining or
waiting for a table, guests may eat roasted in-shell peanuts and toss the shells
on the floor, and watch as cooks prepare steaks and other entrees on gas-fired
mesquite grills.

         Menu and Pricing. The Company's restaurants offer a wide variety of
items designed to appeal to a broad range of consumer tastes. Specialty
appetizers include Logan's Fried Green Tomatoes, Hot Wings Roadhouse Style, Baby
Back Rib Basket and Roadhouse Nachos. The Company's dinner menu features an
assortment of specially seasoned, choice USDA steaks, including 6 and 9 oz.
Filets, 6, 9 and 12 oz. Sirloins, 12 and 16 oz. Rib-Eyes, a 12 oz. New York
Strip, a 16 oz. T-Bone, and a 22 oz. Porterhouse, which are all extra-aged, cut
by hand on the premises and prepared over an open gas-fired mesquite grill.
Guests also may choose from baby back ribs, seafood, mesquite grilled shrimp,
mesquite grilled pork chops, grilled and barbecue chicken and an assortment of
hamburgers, salads and sandwiches. All dinner entrees include dinner salad,
made-from-scratch yeast rolls and a choice of brown sugar and cinnamon sweet
potato, baked potato, fries or rice pilaf at no additional cost. The Company's
express lunch menu provides specially priced items guaranteed to be served in
less than 15 minutes, including a variety of hamburgers, salads and sandwiches.
All lunch salads are served with made-from-scratch yeast rolls, and all lunch
sandwiches are served with homestyle potato chips at no additional cost. Prices
range from $4.00 to $7.95 for lunch items and from $7.95 to $16.95 for dinner
entrees. The average check per customer, including beverages, was $8.73 for
lunch and $11.73 for dinner in 1997.

OPERATING STRATEGY

         The Company's operating strategy is to differentiate its restaurants
by:

         Providing a Unique, Lively Dining Atmosphere. Management believes that
the Company's restaurants are unique and provide a relaxed, enjoyable, lively
atmosphere for customers. All employees are encouraged to interact with
customers in a respectful, friendly manner which encourages customers to relax
and enjoy their experience. Management believes that many of the features of the
Company's restaurants, such as the display cooking grill and fresh deli meat
cases which are prominently displayed in the customer waiting areas, demonstrate
the freshness and quality of the menu items to customers.

         Maintaining a High Price-to-Value Relationship. While management
believes that the food quality and service at the Company's restaurants is
comparable or superior to that of other casual dining restaurants, the Logan's
Roadhouse menu offers more dishes at lower price points than many of its
competitors. This broadens the Company's target market to include value-driven
customers as well as traditional casual dining customers. Management believes
that this pricing approach creates a high price-to-value perception, increases
customer volume and generates more frequent repeat visits.



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         Offering a Diverse Menu. Although extra-aged, hand-cut choice USDA
steaks are a featured house specialty, the Company's menu is designed to have
broad appeal by featuring mesquite grilled chicken, ribs and seafood, as well as
a wide selection of salads, sandwiches and appetizers. Most of the entree items,
including the steaks, chicken and seafood, and all salads are prepared using
fresh ingredients. Management believes that offering a diverse menu appeals to a
broader segment of the population and encourages customers to visit the
Company's restaurants more often.

         Hiring and Retaining Quality Employees. By providing extensive
training, employee development and attractive compensation, the Company
encourages a sense of personal commitment from its employees. The Company has a
cash bonus program tied to established performance goals on a
restaurant-by-restaurant basis for each restaurant's management team pursuant to
which restaurant managers typically earn bonuses equal to approximately 25% of
their total cash compensation. Management believes that the Company attracts
qualified managers by providing a better overall quality of life characterized
by a five-day work schedule involving fewer hours than are typically required in
the restaurant industry. Management believes its restaurant policies have
resulted in a low rate of management-level employee turnover. See "Restaurant
Operations."

GROWTH STRATEGY

         The following are the key elements of the Company's growth strategy:

         Opening Restaurants in Target Markets. The Company targets metropolitan
markets of approximately 500,000 or more in population primarily in the
Southeast, Midwest and Mid-Atlantic that management believes include significant
opportunities for potential customers because of the population, income levels,
presence of shopping and entertainment centers, offices and colleges and
universities. The Company also targets smaller markets of approximately 175,000
or more in population where the appeal of the Company's concept provides an
attractive opportunity for the Company. Because the market selection criteria of
the Company is within the discretion of management, such selection criteria may
be altered if necessary to effectuate the Company's growth strategy.

         Selecting and Developing High Quality Restaurant Sites. Management
devotes significant time and resources to analyzing each prospective site,
considering local market demographics, population density, average household
income levels and site specific characteristics such as visibility,
accessibility, traffic counts and parking. The Company also considers existing
local competition and, to the extent such information is available, the revenues
of other comparably priced restaurants operating in the market. The Company's
Chief Executive Officer, Edwin W. Moats, Jr., and Senior Vice President of
Development, Ralph W. McCracken, together with other members of management, work
actively with real estate brokers in target markets to select high quality sites
and maintain and regularly update a broad database of possible sites. Typically,
management requires four to eight months to locate, approve and close on a
restaurant site and four to five additional months to obtain necessary permits,
construct, equip and open a restaurant.

         Utilizing the Company's Prototype Restaurant. Management has designed
the prototype Logan's Roadhouse restaurant to be larger than many casual dining
restaurants as part of its strategy to provide a relaxed atmosphere and maximize
sales volumes. Of the 29 Company-owned Logan's Roadhouse restaurants, 24 are
prototypes, and the 


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remaining five operate in renovated buildings which are generally comparable in
seating capacity to the prototype restaurants. The prototype Logan's Roadhouse
restaurants operate in new, freestanding buildings, with approximately 7,800
square feet of space situated on a 1.7 acre site, with seating for approximately
290 guests, including 45 bar seats, and parking for 150 automobiles.

         Seeking Remodeling Opportunities. In addition to developing prototype
restaurants, the Company plans to consider developing additional Logan's
Roadhouse restaurants in existing buildings. Management believes that its
ability to remodel an existing facility into a Logan's Roadhouse permits greater
accessibility to quality sites in more developed markets. The conversion and
remodeling of an existing restaurant building into a Logan's Roadhouse
restaurant generally takes three to four months, depending on the nature and
extent of such renovation.

RESTAURANT OPERATIONS

         Management and Employees. The Company has two directors of operations
and eight regional managers who are responsible for supervising the Company's
restaurants and the continuing development of a restaurant's management team.
Through regular visits to the restaurants, the directors of operations and
regional managers ensure that the Company's concept, strategy and standards of
quality are being adhered to in all aspects of restaurant operations. Each of
the Company's restaurants has one general manager, one kitchen manager and four
assistant managers. The general manager of each restaurant has primary
responsibility for the day-to-day operations of the entire restaurant and is
responsible for maintaining the standards of quality and performance established
by the Company. Management believes that guests benefit from the attentive
service and high quality food which results from having six managers in every
restaurant. The Company generally seeks as managers for each Logan's Roadhouse
restaurant two non-management employees promoted into management positions who
fully understand the Logan's Roadhouse concept and four managers with high
levels of previous management experience.

         The Company seeks to attract and retain high caliber managers and
hourly employees by providing them with attractive financial incentives and
flexible working schedules. Financial incentives provided to attract high
caliber managers include competitive salaries, bonuses and stock options based
on position, seniority and performance criteria. Also, management believes that
the Company attracts qualified managers by providing a better overall quality of
life characterized by a five-day work schedule involving fewer hours than are
typically required in the restaurant industry. The average number of hourly
employees in each of the Logan's Roadhouse restaurants is approximately 100.
Management believes the Company attracts high quality hourly employees by
providing a casual, high energy and entertaining atmosphere in which to work.

         Training and Development. The Company requires its restaurant managers
to have significant experience in the full-service restaurant industry. In
addition, the Company has developed a comprehensive ten week training course
which all managers are required to complete. The program emphasizes the
Company's operating strategy, procedures and standards and is conducted at a
Logan's Roadhouse restaurant.



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         The general managers, together with the regional managers, are
responsible for selecting the hourly employees for each new restaurant. Prior to
the opening of each new restaurant, the Company's Director of Training assembles
a team of experienced employees to train and educate the new employees. The
training period for new employees lasts approximately two weeks and includes one
week of general training prior to opening and one week of on-the-job supervision
at the new Logan's Roadhouse restaurant. Ongoing employee training remains the
responsibility of the restaurant general manager under the supervision of a
regional manager.

         Customer Satisfaction. The Company is committed to providing its
customers prompt, friendly, efficient service, keeping table-to-server ratios
low and staffing each restaurant with an experienced management team to ensure
attentive customer service and consistent food quality. Through the regular use
of customer surveys and an independently run "mystery shoppers" program,
management receives valuable feedback which it uses to improve restaurants and 
demonstrate a continuing interest in customer satisfaction.

         Advertising and Marketing. The Company employs an advertising and
marketing strategy designed to establish and maintain a high level of name
recognition and to attract new customers. The Company primarily uses radio and
outdoor advertising in selected markets. The Company's goal is to develop a
sufficient number of restaurants in certain markets to permit the cost-efficient
use of television, radio and outdoor advertising. The Company currently spends
approximately 2.0% of its annual sales on advertising and public relations. The
Company also engages in a variety of promotional activities, such as
contributing time, money and complementary meals to charitable, civic and
cultural programs, in order to increase public awareness of the Company's
restaurants.

         Restaurant Reporting. The Company closely monitors sales, product costs
and labor at each of its restaurants. Weekly restaurant operating results are
used by management to detect trends at each location, and negative trends are
promptly remedied where possible. Financial controls are maintained through
management of an accounting and management information system that is
implemented at the restaurant level. Administrative and management staff prepare
daily reports of sales, labor and customer counts. On a weekly basis, condensed
operating statements are compiled by the Company's accounting department and
provide management a detailed analysis of sales, product and labor costs, with a
comparison to budgets and prior period performance.

         Purchasing. The Company strives to obtain consistent quality items at
competitive prices from reliable sources. The Company tests various new products
in an effort to obtain the highest quality products possible and to be
responsive to changing customer tastes. In order to maximize operating
efficiencies and to provide the freshest ingredients for its food products,
purchasing decisions are made by corporate management.

HISTORY AND REORGANIZATION

         The Company was incorporated in Tennessee in March 1995 in connection
with its initial public offering, which occurred on July 26, 1995 (the "IPO").
Prior to the IPO, the Company's operations were conducted through Logan's
Partnership (the "Predecessor"), a Tennessee general partnership formed to
acquire the original Logan's Roadhouse restaurant in Lexington, Kentucky.



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 The Company acquired the partnership interests of the Predecessor immediately
prior to the IPO pursuant to an Exchange Agreement, dated July 25, 1995 (the
"Exchange Agreement"), pursuant to which the partners in the Predecessor
contributed to the Company all of their respective interests in the Predecessor
in exchange for shares of Common Stock (the "Reorganization").

FRANCHISING

         In connection with the franchising of Logan's Roadhouse restaurants in
select market areas not in the Company's immediate expansion plans for owned
restaurants, the Company entered into Area Development Agreements (each, a
"Development Agreement") and Franchise Agreements (each, a "Franchise
Agreement") with each of L.W. Group, Inc. ("L.W. Group"), a corporation
controlled by David K. Wachtel, Jr., a principal shareholder of the Company, and
CMAC Incorporated ("CMAC"), a corporation controlled by Charles F. McWhorter,
Jr., a principal shareholder of the Company (L.W. Group and CMAC are
collectively referred to herein as the "Franchisees"), in January 1996 and March
1997, respectively. L.W. Group's Development Agreement provides for it to
develop a specified number of Logan's Roadhouse restaurants in certain counties
of Arkansas, Oklahoma and Texas. CMAC's Development Agreement provides for it to
develop a specified number of Logan's Roadhouse restaurants in the states of
North Carolina and South Carolina, as well as Augusta, Georgia. L.W. Group
operates two Logan's Roadhouse restaurants in Edmond, Oklahoma and Oklahoma
City, Oklahoma. CMAC opened its first restaurant in Greenville, South Carolina
in July 1997.

         Each Development Agreement requires the Franchisees to locate sites for
and develop a specified number of Logan's Roadhouse restaurants within specified
geographic areas. Under the terms of each Development Agreement, the Franchisees
are required to open a specified number of restaurants during scheduled
intervals, and management of the Company has the right to approve each
restaurant site. Each Franchisee is required to enter into individual franchise
agreements for each Logan's Roadhouse restaurant it develops. Each Development
Agreement prohibits the Franchisees and their principals from owning, operating
or assisting other restaurants with menus or methods of operation similar to
those of Logan's Roadhouse restaurants that are located within the geographic
area covered by the Development Agreement. The initial terms of the Development
Agreements with L.W. Group and CMAC expire on December 31, 2000 and March 31,
2002, respectively, subject to automatic renewal for an additional five years
following such initial term, provided the Franchisees have satisfied the
development schedule specified in their respective Development Agreements. The
Company has the right to purchase all of the outstanding stock of L.W. Group and
CMAC beginning in January 2001 and April 2002, respectively, upon the occurrence
of specified events on the terms and conditions as set forth in their respective
Development Agreements. The Franchisees could lose their exclusive development
rights under their respective Development Agreements if they fail to meet the
performance and other requirements specified in the Development Agreements or
the Franchise Agreements.



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         The Company is obligated to provide a three week training program for a
fee ranging from $45,000 to $55,000 per restaurant during which certain of the
Franchisees' personnel are educated and instructed at the Franchisees'
restaurant in all aspects of the Company's system of operations. The course
begins approximately one week prior to the opening of the Franchisees'
restaurant and ends approximately two weeks after such opening. Pursuant to the
terms of the Franchise Agreement, additional training by the Company's training
crew may be conducted at the Franchisees' restaurant upon request. The
Franchisees are responsible for all expenses incurred by its personnel while in
training, including travel and living expenses.

         The Franchise Agreements require the Franchisees to pay an initial
$30,000 non-refundable franchise fee and a monthly royalty fee of 3.0% of gross
sales. The Company currently requires L.W. Group and CMAC to contribute 0.5% of
gross sales to the Company's general advertising account and may require the
Franchisees to contribute up to 1.0%. In addition, the Company may require the
Franchisees to expend on an annual basis up to 3.0% of gross sales for local
promotional activities, subject to the approval of the Company. In 1997, L.W.
Group paid the Company total royalty fees of approximately $146,000, and CMAC
paid the Company $30,000 for the initial non-refundable franchise fee in
connection with the restaurant opened in South Carolina and total royalty fees
of approximately $28,000.

         Management is considering other future franchising opportunities in
areas which are not in the Company's immediate expansion plans for owned
restaurants, and has had preliminary discussions with third parties that could
result in the franchising of additional Logan's Roadhouse restaurants on similar
terms as the Company's agreements with its Franchisees.

COMPETITION

         Competition in the restaurant industry is intense. Logan's Roadhouse
restaurants compete with mid-priced, full-service, casual dining restaurants
primarily on the basis of quality, atmosphere, location and value. Moreover,
other restaurants operate with concepts that compete for the same casual dining
customers as the Company, with the number of casual dining restaurants
emphasizing steaks substantially increasing in recent years. The Company also
competes with other restaurants and retail establishments for quality sites.

         Many of the Company's competitors are well established and have
substantially greater financial, marketing and other resources than the Company.
Regional and national restaurant companies recently have expanded their
operations in the current and anticipated market areas of the Company. There can
be no assurance that the expansion of these well-financed chains in these market
areas will not adversely affect the Company's profitability.

EMPLOYEES

         As of March 1, 1998, the Company employed approximately 2,950 people,
of whom 32 are executive and administrative personnel, 195 are restaurant
management personnel (including trainees) and the remainder are hourly
restaurant personnel. Many of the Company's hourly restaurant employees work
part-time. None of the Company's



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employees are covered by a collective bargaining agreement. The Company
considers its employee relations to be good.

SERVICE MARKS

         Logan's Roadhouse is registered as a federal service mark on the
Principal Register of the United States Patent and Trademark Office. The Company
regards its service mark as having significant value and being an important
factor in the development and marketing of its restaurants. The Company's policy
is to pursue registration of its service marks and trademarks whenever possible
and to oppose vigorously any infringement of its service marks and trademarks.

GOVERNMENT REGULATION

         The Company is subject to a variety of federal, state and local laws.
Each of the Company's restaurants is subject to permitting, licensing and
regulation by a number of government authorities, including alcoholic beverage
control, health, safety, sanitation, building and fire agencies in the state or
municipality in which the restaurant is located. Difficulties in obtaining or
failure to obtain required licenses or approvals could delay or prevent the
development of a new restaurant in a particular area.

         Approximately 11.3% of the Company's net restaurant sales were
attributable to the sale of alcoholic beverages in 1997. See "Management's
Discussion and Analysis of Financial Condition and Results of Operations."
Alcoholic beverage control regulations require each of the Company's restaurants
to apply to a state authority and, in certain locations, county or municipal
authorities for a license or permit to sell alcoholic beverages on the premises.
Typically, licenses must be renewed annually and may be revoked or suspended for
cause at any time. Alcoholic beverage control regulations relate to numerous
aspects of restaurant operations, including minimum age of patrons and
employees, hours of operation, advertising, wholesale purchasing, inventory
control and handling, storage and dispensing of alcoholic beverages.

         The failure of a restaurant to obtain or retain liquor or food service
licenses would have a material adverse effect on the restaurant's operations. To
reduce this risk, each Company restaurant is operated in accordance with
procedures intended to assure compliance with applicable codes and regulations.

         The Company is subject in certain states to "dram shop" statutes, which
generally provide a person injured by an intoxicated person the right to recover
damages from an establishment that wrongfully served alcoholic beverages to the
intoxicated person. The Company carries liquor liability coverage as part of its
existing $1.0 million comprehensive general liability insurance, as well as
excess liability coverage of $20.0 million per occurrence, with no deductible.

         The Company's restaurant operations are also subject to federal and
state laws governing such matters as the minimum hourly wage, unemployment tax
rates, sales tax and similar matters, over which the Company has no control.
Significant numbers of the Company's service, food preparation and other
personnel are paid at rates related to the federal minimum wage, and increases
in the minimum wage could increase the Company's labor costs.




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         The development and construction of additional restaurants also are
subject to compliance with applicable zoning, land use and environmental laws
and regulations.

ITEM 2. PROPERTIES

         The Company currently operates 29 Company-owned restaurants, all of
which are freestanding facilities. The following table sets forth certain
information with respect to the Company's existing Logan's Roadhouse
restaurants:


<TABLE>
<CAPTION>

                                                     SEATING        RESTAURANT SIZE       PROTOTYPE OR         OWNED
OPENING DATE    LOCATION                             CAPACITY       APPROX. SQ. FT.         RENOVATED        OR LEASED
------------    --------                             --------       ---------------       ------------       ---------
<S>             <C>                                  <C>            <C>                   <C>                <C>
August 1991     Lexington, KY                           269             7,350               Renovated         Leased
August 1992     Nashville, TN                           272             7,100               Renovated         Leased
                   Hickory Hollow)
July 1993       Nashville, TN (Rivergate)               290             7,350               Renovated         Leased
May 1994        Clarksville, TN                         292             7,800               Prototype         Owned
July 1994       Jackson, TN                             292             7,800               Prototype         Owned
January 1995    Murfreesboro, TN                        292             7,800               Prototype         Owned
May 1995        Brentwood/Franklin, TN                  292             7,800               Prototype         Owned
                   (Cool Springs)
June 1995       Paducah, KY                             286             8,300               Renovated         Leased
November 1995   Chattanooga, TN                         292             7,800               Prototype         Owned
January 1996    Clarksville, IN                         292             7,800               Prototype         Owned
June 1996       Johnson City, TN                        292             7,800               Prototype         Owned
June 1996       Florence, AL                            292             7,800               Prototype         Owned
August 1996     Columbus, GA                            299             8,400               Renovated         Owned
October 1996    Knoxville, TN                           292             7,800               Prototype         Leased
December 1996   Barboursville, WV                       292             7,800               Prototype         Leased
January 1997    Evansville, IN                          292             7,800               Prototype         Leased
February 1997   Tuscaloosa, AL                          292             7,800               Prototype         Owned
February 1997   Memphis, TN                             292             7,800               Prototype         Owned
April 1997      Athens, GA                              292             7,800               Prototype         Owned
April 1997      Macon, GA                               292             7,800               Prototype         Owned
June 1997       Louisville, KY                          292             7,800               Prototype         Leased
June 1997       Cookeville, TN                          292             7,800               Prototype         Owned
August 1997     Nashville, TN                           292             7,800               Prototype         Leased
November 1997   Baton Rouge, LA                         292             7,800               Prototype         Leased
January 1998    Lafayette, LA                           292             7,800               Prototype         Leased
January 1998    Birmingham, AL                          292             7,800               Prototype         Leased
February 1998   Alexandria, LA                          292             7,800               Prototype         Owned
March 1998      Huntsville, AL                          292             7,800               Prototype         Owned
March 1998      Lake Charles, LA                        292             7,800               Prototype         Owned
</TABLE>


         The cost of developing the Company's prototype Logan's Roadhouse
restaurant is estimated to range from $2.0 million to $2.6 million, including
$900,000 for building costs, $400,000 for equipment costs and $175,000 for
preopening costs. Land acquisition costs, including site preparation, are the
most variable development costs and are estimated to range between $500,000 and
$1.1 million. The cost of development for a new restaurant will not include land
acquisition costs if the property is leased rather than purchased. Although the
Company plans to continue its growth and expansion strategy of purchasing real
property on which to develop its restaurants, the Company will also continue to
lease properties in certain locations. Management believes the Company's
restaurant facilities are adequately covered by insurance.

         The Company's executive offices are located in approximately 10,800
square feet of space in Nashville, Tennessee, under a lease expiring in 1999.
Management believes that


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the rent payable for this space does not exceed the fair market value of
comparable properties. Management believes these arrangements are adequate for
the Company's current uses and anticipated growth.

ITEM 3. LEGAL PROCEEDINGS

         On February 11, and May 28,1997, respectively, Kenneth F. Payne and
Joseph H. Cook filed lawsuits against the Company in the United States District
Court for the Middle District of Tennessee, Nashville Division. Messrs. Payne
and Cook each claim that the Company terminated his employment because he
refused to participate in, or remain silent about, and reported certain improper
or inappropriate activities allegedly engaged in by the Company in violation of
the Fair Labor Standards Act and the Tennessee Whistle Blower Statute. The
Company denies their allegations and contends that their respective terminations
were based upon legitimate business reasons and that it has not engaged in any
improper activities. In addition, Charles Keith Olivier filed a class action
lawsuit against the Company on May 28,1997 in the United States District Court
for the Middle District of Tennessee, Nashville Division, as amended on
September 9, 1997 to include another class represented by Gerald A. Jacobs. Each
of Mr. Olivier and Mr. Jacobs claims on behalf of himself and all others
similarly situated that the Company engaged in certain improper activities in
violation of the Fair Labor Standards Act and the Tennessee Whistle Blower
Statute. Each of Messrs. Payne, Cook, Olivier and Jacobs is seeking to recover
an unspecified amount of damages for loss of income, loss of future income, loss
of enjoyment of life, medical costs, pain and suffering and emotional distress.
They also are seeking to recover liquidated damages under the Fair Labor
Standards Act and punitive damages. The Company believes it has meritorious
defenses against such claims and will vigorously defend itself. At this time,
the Company believes that the lawsuits will not exceed the limits of available
insurance coverage or have a material adverse effect on the Company's financial
position or results of operations.

         The Company's forward-looking statements relating to the
above-described litigation reflect management's best judgment based on the
status of the litigation to date and facts currently known to the Company and,
as a result, involve a number of risks and uncertainties, including the possible
disclosure of new facts and information adverse to the Company in the discovery
process and the inherent uncertainties associated with litigation.

         Except as set forth above, the Company is not currently involved in any
litigation nor, to management's knowledge, is any litigation threatened against
the Company, except for routine litigation arising in the ordinary course of
business. In the judgment of management of the Company, no material adverse
effect on the Company's financial position or results of operations would result
if any such litigation were not resolved in the Company's favor.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matters were submitted to a vote of the shareholders during the
fourth quarter ended December 28, 1997.



                                       11
<PAGE>   12



                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS

         The Company completed its IPO on July 26, 1995 at a price per share of
$9.00. Since such time, the Common Stock has traded on The Nasdaq Stock Market's
National Market (the "Nasdaq National Market") under the symbol "RDHS." The
following table sets forth the range of high and low sales prices for the Common
Stock for the periods indicated, as reported by the Nasdaq National Market. The
price quotations reflect inter-dealer prices, without retail mark-up, mark-down
or commission and may not represent actual transactions.

<TABLE>
<CAPTION>
                                                            HIGH            LOW
                                                            ----            ---
<S>                                                        <C>            <C>
1996
First Quarter...........................................   $19.17         $11.00
Second Quarter..........................................    23.50          16.50
Third Quarter...........................................    24.00          15.50
Fourth Quarter..........................................    23.50          17.00

1997
First Quarter...........................................    28.00          18.00
Second Quarter..........................................    25.75          14.25
Third Quarter...........................................    28.13          23.63
Fourth Quarter..........................................    25.00          13.75

1998
First Quarter (through March 25, 1998)..................    23.50          14.00
</TABLE>


         Except as otherwise specified, all share amounts and share price
information in this report reflect the three-for-two stock split effected as a
stock dividend on June 5, 1996.

         On March 25, 1998, the last reported sale price for the Common Stock on
the Nasdaq National Market was $22.50 per share. The Company estimates that as
of March 20, 1998, there were approximately 140 holders of record of its Common
Stock.

         The Company has not paid any cash dividends on its Common Stock. The
Company intends to retain its earnings to finance the growth and development of
its business and does not expect to declare or pay any cash dividends in the
foreseeable future. The declaration of dividends is within the discretion of the
Company's Board of Directors.



                                       12
<PAGE>   13



ITEM 6. SELECTED FINANCIAL DATA (IN THOUSANDS, EXCEPT PER SHARE DATA)

         The following table sets forth selected financial data of the Company
and Predecessor as of and for the fiscal years ended December 28, 1997, December
29, 1996, December 31, 1995, December 25, 1994 and December 26, 1993. The
financial data for 1993, 1994, and in 1995 through July 25, 1995 included herein
are those of the Predecessor. The financial data since July 26, 1995 included
herein are those of the Company. The assets and liabilities transferred from the
Predecessor to the Company were at the amounts recorded in the accounts of the
Predecessor. The following data should be read in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
the Company's Financial Statements and the related Notes thereto appearing
elsewhere herein.

<TABLE>
<CAPTION>


                                                                          FISCAL YEARS (1)
                                                ---------------------------------------------------------------
                                                   1997        1996          1995        1994            1993
                                                 -------     -------       -------     -------          ------
<S>                                              <C>         <C>            <C>        <C>              <C>
STATEMENT OF EARNINGS DATA:
Net restaurant sales....................         $66,530     $41,044        $27,900     $15,005          $8,810
Cost of restaurant sales:
   Food and beverage....................          21,884      13,662          9,953       5,336           3,269
   Labor and benefits...................          18,583      11,212          7,506       4,060           2,476
   Occupancy and other costs............           9,549       5,974          4,594       2,691           1,701
   Depreciation and amortization........           3,598       1,870            990         384             266
General and administrative expenses.....           3,568       2,449          1,728         777             454
                                                --------     -------        -------     -------          ------
     Total costs and expenses...........          57,182      35,167         24,771      13,248           8,166
                                                --------     -------        -------     -------          ------
       Income from operations...........           9,348       5,877          3,129       1,757             644
Other income (expense):
   Interest, net........................             601         309           (178)       (142)            (95)
   Franchise income.....................             204         125             --          --               -
                                                --------     -------        -------     -------          ------
                                                     805         434           (178)       (142)            (95)
                                                --------     -------        -------     -------          ------
       Earnings before income taxes (2).          10,153       6,311          2,951       1,615             549

Income tax expense (2)..................           3,518       2,162          1,046         572             191
                                                 -------     -------        -------     -------          ------
       Net earnings (2).................         $ 6,635     $ 4,149        $ 1,905     $ 1,043          $  358
                                                 =======     =======        =======     =======          ======
Net earnings per share(2)(4):
   Basic................................         $  1.02     $  0.73        $  0.50     $  0.34          $ 0.11
                                                 =======     =======        =======     =======          ======
   Diluted..............................         $  0.99     $  0.71        $  0.50     $  0.34          $ 0.11
                                                 =======     =======        =======     =======          ======
Weighted average shares outstanding (3)(4):
   Basic................................           6,505       5,652          3,775       3,068           3,068
   Diluted..............................           6,726       5,826          3,834       3,068           3,068
BALANCE SHEET DATA:
Total assets............................         $78,523     $45,459        $19,869     $ 4,036          $1,350
Long-term debt, less current portion....              --          --          1,418         283             168
Capitalized lease obligations, less current           
   portion..............................              --          --            522         704             437
Total partners' equity (deficit) or               
   shareholders' equity.................          71,625      40,002         15,055         817             (79)
</TABLE>

----------------
(1)    For accounting  purposes, the Company has adopted a 52/53 week fiscal 
       year ending on the last Sunday in December.
(2)    Prior to the IPO on July 26, 1995, the Predecessor operated the Company's
       restaurants as a general partnership and was not subject to corporate
       income taxes. Pro forma adjustments have been made to earnings for 1995
       and prior years to give effect to federal and state income taxes as
       though the Company had been subject to corporate income taxes for the
       periods presented.
(3)    Shares outstanding give effect to the Reorganization as if it occurred as
       of the beginning of 1993. See "Business - History and Reorganization."
(4)    All earnings per share data has been restated to reflect the Company's
       adoption of Statement of Financial Accounting Standards No. 128,
       "Earnings per Share."


                                       13
<PAGE>   14


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS 
        OF OPERATIONS

GENERAL

         The following discussion includes comments and data relating to the
Company's financial condition and results of operations for the three-year
period ended December 28, 1997. As of this date, the Company had 24 Logan's
Roadhouse restaurants in operation. The following table reflects the growth in
number of restaurants over the three year period.

<TABLE>
<CAPTION>

           RESTAURANTS                            1997        1996       1995
           -----------                            ----        ----       ----
           <S>                                    <C>         <C>        <C>
           In operation, beginning of year         15           9          5
           Newly opened                             9           6          4
                                                  ---         ---        ---
           In operation, end of year               24          15          9
                                                  ===         ===        ===
           Under construction, end of year          5           4          2
                                                  ===         ===        ===  
</TABLE>

         Net restaurant sales include a combination of food and beverage sales
and are net of applicable state and city sales taxes. For restaurants open the
full fiscal year of 1997, approximately 31% of net restaurant sales occurred in
the first quarter (16 weeks) compared to a range of 22% to 23% of net restaurant
sales in each of the other three quarters consisting of 12 weeks each.

         Cost of restaurant sales includes expenses occurring at the unit level
that are directly associated with restaurant activities such as food and
beverage costs, labor and benefits, occupancy costs, and depreciation and
amortization.

         Food and beverage costs primarily consist of the costs of beef,
chicken, ribs, seafood, produce and beverages, including alcoholic and
non-alcoholic beverages. In addition, the cost of roasted peanuts, which are
complimentary to all customers, is included in this category. Various factors
beyond the Company's control, including adverse weather and natural disasters,
may cause periodic fluctuations in food costs. Generally, these temporary
increases are absorbed by the Company and not passed on to customers; however,
management has previously adjusted menu prices to compensate for increased costs
of a more permanent nature. In February 1997 the Company implemented an overall
1.5% menu price increase.

         Labor and benefits include restaurant management salaries, bonuses,
hourly wages for unit level employees, payroll taxes, workers' compensation,
various health, life and dental programs, vacations and sick pay. Generally,
when a new restaurant opens, the Company incurs labor costs approximately 15%
higher than normal to accommodate the initial increased business and to ensure a
high level of food quality and service to its customers. As the new staff gains
experience over a 30 to 60 day post-opening period, hourly labor schedules are
gradually adjusted according to sales volume to provide maximum efficiency.

         Occupancy and other costs and expenses at the restaurant level are
primarily fixed in nature and generally do not vary with unit sales volume.
Rent, insurance, property taxes, utilities, maintenance and advertising account
for the major expenditures in this category.


                                       14
<PAGE>   15


         Depreciation and amortization expense includes depreciation on property
and equipment recorded on a straight-line basis over an estimated useful life
and amortization of a new restaurant's preopening costs, which include costs of
hiring and training the initial staff and certain other costs. The preopening
costs are amortized over 12 months commencing with a restaurant's opening. As of
December 28, 1997, the amount of preopening costs, net of amortization, on the
Company's balance sheet was $923,000.

         General and administrative expenses include all corporate and
administrative functions that serve to support the existing restaurant base and
provide the infrastructure for future growth. Management, supervisory and staff
salaries, employee benefits, data processing, training, rent and legal and
shareholder relations are the major items of expense in this category.

         Interest income is derived from excess funds invested in short-term
interest-bearing taxable and non-taxable securities. Interest expense in prior
years includes costs and expenses associated with various debt-financed capital
expenditures and capitalized financing leases. Franchise income consists of an
initial $30,000 franchise fee and a monthly royalty of 3% of gross sales. As of
December 28, 1997, three franchised Logan's Roadhouse restaurants were in
operation.

         From inception through July 25, 1995, the Company was a partnership
and, accordingly, incurred no federal or state income tax liability. The
discussion of financial condition and results of operations included in the
paragraphs that follow reflect a pro forma adjustment for federal and state
taxes that would have been recorded during these periods if the Company had been
subject to corporate income taxes for the periods presented.

         The following section should be read in conjunction with Selected
Financial Data and the Company's Financial Statements and Notes thereto included
elsewhere herein.

RESULTS OF OPERATIONS

         The following table sets forth certain income statement data as a
percentage of net restaurant sales for the fiscal years indicated:

<TABLE>
<CAPTION>
                                               1997          1996         1995
                                               ----          ----         ----
<S>                                            <C>           <C>          <C>
Net restaurant sales                           100.0%        100.0%       100.0%
Costs and expenses:
   Food and beverage                            32.9          33.3         35.7
   Labor and benefits                           27.9          27.3         26.8
   Occupancy and other                          14.4          14.6         16.5
   Depreciation and amortization                 5.4           4.5          3.6
   General and administrative                    5.3           6.0          6.2
                                               -----         -----        -----
Total operating costs and expenses              85.9          85.7         88.8
                                                ----         -----        -----
   Operating income                             14.1          14.3         11.2
Other income (expense), net                      1.2           1.1         (0.6)
                                               -----         -----        -----
   Earnings before income taxes                 15.3          15.4         10.6
Income taxes                                     5.3           5.3          3.8
                                               -----         -----        -----
   Net earnings                                 10.0%         10.1%         6.8%
                                               =====         =====        =====

</TABLE>



                                       15
<PAGE>   16


Fiscal Year Ended December 28, 1997 Compared to Fiscal Year Ended December 29, 
1996

         Net restaurant sales increased $25.5 million or 62.1% to $66.5 million
in 1997 from $41.0 million in 1996. The Company had 24 restaurants in operation
during 1997 compared to 15 in 1996. The 62.1% growth in sales is attributable to
the opening of nine new restaurants in 1997. Same store sales declined by 1.7%
during 1997, primarily as a result of two units experiencing increased
competition. A 1.5% menu price increase was implemented on February 1, 1997.
Alcoholic beverage sales accounted for 11.3% and 11.9% of net restaurant sales
for 1997 and 1996, respectively. Management attributes the decrease in alcoholic
beverage sales as a percentage of net restaurant sales to a continued increase
in the Company's lunch sales and a resulting decrease in liquor sales as
compared to net restaurant sales.

         Food and beverage costs as a percentage of net restaurant sales
decreased to 32.9% in 1997 from 33.3% in 1996. Management attributes the overall
0.4% decline to lower produce, cheese and dairy prices. In addition, increases
in other food and beverage items were partially offset by a 1.5% menu price
increase in February 1997. The prices of the Company's commodities (beef, pork,
chicken, seafood and produce) are subject to seasonal fluctuations. Accordingly,
food cost results for 1997 may not be indicative of results to be expected in
future years.

         Labor and benefits increased $7.4 million or 65.7% to $18.6 million in
1997 from $11.2 million in 1996, primarily as a result of opening nine 
restaurants in 1997. Labor and benefits, expressed as a percentage of net
restaurant sales, increased to 27.9% in 1997 from 27.3% in 1996. This increase
is primarily attributable to the opening of nine new restaurants during 1997 and
the associated high labor costs normally incurred. Generally, when a new
restaurant opens, management budgets and incurs labor costs approximately 15%
higher than normal to accommodate the initial increased business and to ensure a
high level of food quality and service to its customers. As the new staff gains
experience over a 30 to 60 day post-opening period, labor schedules are
gradually adjusted to provide increased efficiency with existing sales volume.

         Occupancy and other costs increased $3.5 million or 59.8% to $9.5
million in 1997 from $6.0 million in 1996, primarily as a result of operating
with a larger restaurant base in 1997. As a percentage of net sales, occupancy
and other costs declined 0.2% to 14.4% in 1997 from 14.6% in 1996. The slight
decline in this category is primarily attributable to overall improved cost
controls.

         Depreciation and amortization expense increased $1.7 million or 92.4%
to $3.6 million in 1997 from $1.9 million in 1996. As a percentage of net
restaurant sales, depreciation and amortization increased 0.9% to 5.4% in 1997
from 4.5% in 1996. These increases are primarily the result of increased
depreciation and amortization resulting from the opening of nine new restaurants
during 1997.

         General and administrative expenses increased $1.2 million or 45.7% to
$3.6 million in 1997 from $2.4 million in 1996. This increase is primarily
attributable to the Company significantly expanding its management and staff
personnel in the areas of operations, training, recruiting and accounting. Most
of the staff additions were made during the fourth quarter of 1997 in
preparation for the Company's expected growth in 1998. As a


                                       16
<PAGE>   17

percentage of net restaurant sales, general and administrative expenses declined
to 5.3% in 1997 from 6.0% in 1996. Because of the Company's expansion plans and
the new corporate staff additions, management expects these expenses to continue
to increase during 1998 in absolute dollars, and expects an increase to at least
6.0% of net restaurant sales.

         Net interest income (interest income minus interest expense) from cash,
cash equivalents and investments increased $293,000 or 94.7% to $601,000 in 1997
from $308,000 in 1996. In July 1997, the Company completed a public equity
offering whereby 1,100,000 shares of Common Stock were sold. Proceeds to the
Company (after underwriting discounts and expenses) amounted to approximately
$24.6 million. Because the offering resulted in higher levels of invested cash,
the Company generated increased interest income from its various taxable and
non-taxable investments.

         The Company's third franchised restaurant was opened in Greenville,
South Carolina in July 1997. In connection with the opening, the Company
recognized as income the initial non-refundable $30,000 franchise fee collected.
In addition, total royalty fees of $174,000 were received during the year from
the Company's three franchised restaurants.

         The effective tax rates for 1997 and 1996 were 34.6% and 34.3%,
respectively. The slight increase in the 1997 tax rate to 34.6% is attributable
to a decline in tax-exempt interest income during 1997.

         As a result of the factors discussed above, net earnings in 1997
increased 59.9% to $6.6 million or 10.0% of net sales from $4.1 million or 10.1%
of net sales in 1996. Earnings per share (diluted) increased $0.28 or 39.4% in
1997 to $0.99 from $0.71 in 1996 with a 15.4% increase in weighted average
shares of Common Stock outstanding.

Fiscal Year Ended December 29, 1996 Compared to Fiscal Year Ended December 31,
1995

         Net restaurant sales increased $13.1 million or 47.1% to $41.0 million
in 1996 from $27.9 million in 1995. The Company had 15 restaurants in operation
during 1996 compared to nine in 1995. The 47.1% growth in sales is attributable
to the opening of six new restaurants in 1996. Same store sales declined
slightly by 0.4% during 1996, primarily as a result of one unit experiencing
increased competition. There were no menu price increases implemented during
1996. Alcoholic beverage sales accounted for 11.9% and 12.9% of net restaurant
sales for 1996 and 1995, respectively. Management attributes the decrease in
alcoholic beverage sales as a percentage of net restaurant sales to an increase
in the Company's lunch sales and a relative decrease in liquor sales.

         Food and beverage costs as a percentage of net restaurant sales
decreased to 33.3% in 1996 from 35.7% in 1995. Management attributes the overall
2.4% decline to lower beef and produce prices and the switch to a new food
distributor in late November 1995. In addition, increases in other food and
beverage items were partially offset by a 3.0% menu price increase in November
1995. The prices of the Company's commodities (beef, pork, chicken, seafood and
produce) are subject to seasonal fluctuations. 

         Labor and benefits increased $3.7 million or 49.4% to $11.2 million in
1996 from $7.5 million in 1995, primarily as a result of opening six restaurants
in 1996. Labor and benefits, expressed as a percentage of net restaurant 



                                       17
<PAGE>   18

sales, increased to 27.3% in 1996 from 26.8% in 1995. This increase is primarily
attributable to the opening of six new restaurants during 1996 and the
associated high labor costs normally incurred. Generally, when a new restaurant
opens, management budgets and incurs labor costs approximately 15% higher than
normal to accommodate the initial increased business and to ensure a high level
of food quality and service to its customers. As the new staff gains experience
over a 30 to 60 day post-opening period, labor schedules are gradually adjusted
to provide maximum efficiency with existing sales volume.

         Occupancy and other costs increased $1.4 million or 30.1% to $6.0
million in 1996 from $4.6 million in 1995, primarily as a result of operating
with a larger restaurant base in 1996. As a percentage of net sales, occupancy
and other costs declined 1.9% to 14.6% in 1996 from 16.5% in 1995. In connection
with the Company's initial public offering of Common Stock in July 1995, the
Company purchased for $6.1 million all of the real property and improvements on
three of its restaurant sites and all of the improvements on two of its
restaurant sites. Such real property and improvements previously had been
leased. Accordingly, rent expense has significantly declined since July 1995.

         Depreciation and amortization expense increased $879,000 or 88.7% to
$1.9 million in 1996 from $990,000 in 1995. As a percentage of net sales,
depreciation and amortization expense represented 4.5% and 3.6%, respectively,
for 1996 and 1995. The increase is primarily the result of the aforementioned
purchase of five leased facilities and of increased depreciation and
amortization resulting from the opening of six new restaurants during 1996.

         General and administrative expenses increased $721,000 or 41.8% to $2.4
million in 1996 from $1.7 million in 1995. As a percentage of net restaurant
sales, general and administrative expenses declined slightly to 6.0% in 1996
from 6.2% in 1995.

         Net interest income (interest income minus interest expense) from cash
and cash equivalents amounted to $308,000 in 1996 as compared to $178,000 of net
interest expense in 1995. On April 10, 1996, the Company completed a public
equity offering whereby 1,293,750 shares of Common Stock were sold, with net
proceeds amounting to approximately $20.8 million. From the net proceeds, the
Company repaid all of the then outstanding debt. Accordingly, since April 1996
the Company has incurred no interest expense and generated interest income from
its various taxable and non-taxable investments.

         The Company's first two franchised restaurants were opened in Edmond
and Oklahoma City, Oklahoma in May and November, 1996, respectively. In
connection with both openings, the Company recognized as income the initial
non-refundable $30,000 franchise fee collected. In addition, total royalty fees
of $65,000 were received during the year from both franchised restaurants.

         The effective tax rates for 1996 and 1995 (on a pro forma basis) were
34.3% and 35.4%, respectively. The reduction in the 1996 tax rate to 34.3% is
attributable to the impact of tax-free interest income being generated from
certain non-taxable investments.

         From inception through July 25, 1995, the Company was a partnership and
accordingly incurred no federal or state income tax liability. Included in
operating results


                                       18
<PAGE>   19

for 1995 is a pro forma adjustment that provides for statutory federal and state
tax rates then in effect as though the Company had been subject to corporate
income taxes for the period indicated.

         As a result of the factors discussed above, net earnings in 1996
increased 117.8% to $4.1 million or 10.1% of net sales from $1.9 million or 6.8%
of net sales in 1995. Earnings per share (diluted) increased $0.21 or 42.0% in
1996 to $.71 from $.50 in 1995 with a 52.0% increase in weighted average shares
of Common Stock outstanding.

IMPACT OF INFLATION

         The impact of inflation on food, labor, equipment, land and
construction costs could affect the Company's operation. A majority of the
Company's employees are paid hourly rates related to federal and state minimum
wage laws. In addition, the Company is required to pay property taxes,
insurance, maintenance, repairs and utility costs, and these costs are subject
to inflationary pressures. The Company may attempt to offset the effect of
inflation through periodic menu price increases, economies of scale in
purchasing and cost controls and efficiencies at existing restaurants.
Management believes that inflation has had no significant effect on costs during
the last two years, primarily because the largest single item of expense, food
costs, has remained relatively stable during the period.

NEW ACCOUNTING PRONOUNCEMENT

         The finalization of a proposed Statement of Position (SOP) by the AICPA
Accounting Standards Executive Committee (AcSEC), Reporting on the Costs of
Start-Up Activities, is expected during 1998 and is expected to be effective for
financial statements issued for fiscal years beginning after December 15, 1998.
The proposed SOP requires that costs incurred during a start-up activity
(including organization costs) be expensed as incurred. Assuming this SOP is
issued in its current form and on its expected effective date, the Company will
recognize by no later than the first quarter of 1999, as a cumulative effect of
a change in accounting principle, a charge equal to the after tax effect of the
unamortized pre-opening costs at the date of adoption.

YEAR 2000 COMPLIANCE

         As the year 2000 approaches, a critical business issue has emerged
regarding how existing application software programs and operating systems can
accommodate this date value. Many existing application software products in the
marketplace were designed to accommodate only two-digit date entries. Beginning
in the year 2000, these systems and products will need to be able to accept
four-digit entries to distinguish years beginning with 2000 from prior years. As
a result, computer systems and software used by many companies may need to be
upgraded to comply with such "Year 2000" requirements.  While the Company has
developed a plan to ensure that its software applications and programs are Year
2000 compliant, there can be no assurance that such plan will be implemented in
a timely and effective manner or that coding errors or other defects will not be
discovered after its implementation. Also, the Company has not initiated formal
communications with any of its significant food product suppliers to determine
the extent to which the Company is vulnerable to those third parties' failure to
remediate their own Year 2000 issues. Although management does not believe the
Year 2000 issues will have a 



                                       19
<PAGE>   20

material adverse effect on the Company's business or financial condition, any
Year 2000 compliance problem of the Company or its food product suppliers could
result in such a material adverse effect.

QUARTERLY FINANCIAL AND RESTAURANT OPERATING DATA

         The following is a summary of certain unaudited quarterly results of
operations for each of the last three fiscal years. For financial reporting
purposes, the first quarter consists of 16 weeks, with the second, third and
fourth quarters each consisting of 12 weeks (13 weeks in the fourth quarter of
1995 because it was a 53 week year):

<TABLE>
<CAPTION>
                                                 FIRST          SECOND          THIRD         FOURTH
                                                QUARTER         QUARTER        QUARTER        QUARTER         TOTAL
                                                -------         -------        -------        -------         -----
                                                                     (dollars in thousands)
<S>                                             <C>              <C>           <C>            <C>            <C>
FISCAL YEAR ENDED DECEMBER 28, 1997:
Net restaurant sales                            $17,896          $15,966       $16,074        $16,594        $66,530
Net earnings                                    $ 1,619          $ 1,572       $ 1,720        $ 1,725        $ 6,636
Restaurants in operation, end of quarter             20               22            23             24             24

FISCAL YEAR ENDED DECEMBER 29, 1996:
Net restaurant sales                            $10,905           $9,077       $10,139        $10,923        $41,044
Net earnings                                    $   858           $  981       $ 1,091        $ 1,219        $ 4,149
Restaurants in operation, end of quarter             10               12            14             15             15

FISCAL YEAR ENDED DECEMBER 31, 1995:
Net restaurant sales                             $6,857           $6,400        $6,891         $7,752        $27,900
Pro forma net earnings(1)                        $  420           $  350        $  530         $  605        $ 1,905
Restaurants in operation, end of quarter              6                8             8              9              9

</TABLE>

----------------
(1)      Reflects pro forma adjustments for income taxes as if the Company had
         been a corporation prior to July 26, 1995, instead of a partnership
         that was not subject to federal and state income taxes.

         Management believes there is a small degree of seasonality to the
business, with average weekly sales being slightly lower in the winter months.
Because the Company's first fiscal quarter consists of 16 weeks, however, the
effect of such seasonality is not necessarily reflected in the Company's
quarterly financial results of operations.

LIQUIDITY AND CAPITAL RESOURCES

         In July 1997, the Company completed a public offering whereby 1,100,000
shares of Common Stock were sold. Proceeds to the Company (after underwriting
discounts and expenses) amounted to approximately $24.6 million. The Company
plans to use the proceeds, together with cash on hand, cash flow from operations
and lease financing, to open 13 or 14 new restaurants during 1998, of which five
restaurants have already opened. For additional liquidity, the Company has
available a $2.5 million revolving credit facility with a local bank. As of the
date hereof, there were no borrowings outstanding. The Company's ability to
expand the number of its restaurants will depend on a number of factors,
including the selection and availability of quality restaurant sites, the
negotiation of acceptable lease or purchase terms, the securing of required
governmental permits and approvals, the adequate supervision of construction,
the hiring, training and retaining of skilled management and other personnel,
which may be difficult given the low unemployment rates in the areas in which
the Company intends to operate. There can be


                                       20
<PAGE>   21

no assurance that the Company will be successful in opening the number of
restaurants anticipated in a timely manner. Furthermore, there can be no
assurance that the Company's new restaurants will generate sales revenue or
profit margins consistent with those of the Company's existing restaurants, or
that new restaurants will be operated profitably.

         During the three-year period presented in the table below, the
Company's single largest use of funds has been for capital expenditures
consisting of land, building, equipment and preopening costs associated with its
restaurant expansion program. The principal sources of capital to fund such
expenditures have been (i) cash provided by operations and (ii) net proceeds
from equity offerings. The following table provides certain information
regarding the Company's sources and uses of capital for the periods presented.

<TABLE>
<CAPTION>
                                               1997           1996          1995
                                               ----           ----          ----
                                                         (in thousands)
<S>                                         <C>            <C>           <C>
Cash flows from operations...............   $  8,915       $  7,302      $  3,011
Capital expenditures.....................    (19,296)       (18,146)      (13,886)
Net proceeds from public offerings.......     24,566         20,733        13,048
Net borrowings (repayments)..............         --         (2,579)          529
</TABLE>


         Cash flows provided by operations and proceeds from public equity
offerings represent the Company's primary sources of liquidity and capital. The
substantial growth of the Company over the period has not required significant
additional working capital. Sales are predominantly cash, and the business does
not require significant additional working capital, receivables or inventories.
In addition, it is common to receive trade credit for the purchase of food,
beverage and supplies, thereby reducing the need for incremental working capital
to support sales increases.

         The Company prefers to own rather than lease its restaurant facilities
when possible. The cost of developing the Company's prototype Logan's Roadhouse
restaurant is estimated to range from $2.0 to $2.6 million, including $900,000
for building costs, $400,000 for equipment costs and $175,000 for preopening
costs. Land acquisition costs, including site preparation, are the most variable
development costs and are estimated to range between $500,000 and $1.1 million.
The cost of development of a new restaurant will not include land acquisition
costs if the property is leased rather than purchased.

         Capital expenditures and preopening costs for 1998 are estimated to
range from approximately $27.1 million to $29.4 million for the development of
18 or 19 new restaurants of which 13 or 14 are expected to be opened in 1998
depending on the availability of quality sites, the hiring and training of
sufficiently skilled management and other personnel and other factors. In
addition, the Company plans to spend approximately $500,000 in 1998 to renovate
and replace equipment in existing restaurants.

         Management believes that the available cash and investments (including 
an unused $2.5 million bank line of credit) and cash provided from operations,
will be sufficient to fund the Company's expansion plans through 1998. Should
the Company's actual results of operations fall short of, or its rate of
expansion significantly exceed its plans, or should its costs or capital
expenditures exceed expectations, the Company may need to seek additional
financing in 


                                       21
<PAGE>   22

the future. In negotiating such financing, there can be no assurance that the
Company will be able to raise additional capital on terms satisfactory to the
Company.

         In order to provide any additional funds necessary to pursue the
Company's growth strategy, the Company may incur, from time to time, additional
short and long-term indebtedness and may issue, in public or private
transactions, its equity and debt securities, the availability and terms of
which will depend upon market and other conditions. There can be no assurance
that such additional financing will be available on terms acceptable to the
Company.

RISK FACTORS

         This Annual Report on Form 10-K and other information that is provided
by the Company contain forward-looking statements including those regarding the
opening of additional restaurants, planned capital expenditures, the adequacy of
the Company's capital resources and other statements regarding trends relating
to various revenue and expense items. These statements are subject to a number
of risks and uncertainties beyond the Company's control that could cause the
Company's actual results to differ materially from those projected in such
forward-looking statements. These important risks and uncertainties include, but
are not limited to, the following:

Expansion Risks; Need for Additional Financing

         The Company's continued growth depends on its ability to locate and
open new restaurants and to operate such restaurants profitably. Some of the
Company's new restaurants may be opened in geographic markets in which the
Company has limited or no previous operating experience. The Company's ability
to expand the number of its restaurants will depend on a number of factors,
including the selection and availability of quality restaurant sites, the
negotiation of acceptable lease or purchase terms, the securing of required
governmental permits and approvals, the adequate supervision of construction,
the hiring, training and retaining of skilled management and other personnel,
the availability of adequate financing and other factors, many of which are
beyond the control of the Company. The hiring and retention of management and
other personnel may be difficult given the low unemployment rates in the areas
in which the Company intends to operate. There can be no assurance that the
Company will be successful in opening the number of restaurants anticipated in a
timely manner. Furthermore, there can be no assurance that the Company's new
restaurants will generate sales revenue or profit margins consistent with those
of the Company's existing restaurants, or that these new restaurants will be
operated profitably.

         In pursuing its growth strategy, the Company may incur, from time to
time, short-term and long-term bank indebtedness and may issue, in public or
private transactions, its equity and debt securities, the availability and terms
of which will depend upon market and other conditions. There can be no assurance
that such additional financing will be available on terms acceptable to the
Company. If the Company incurs substantial indebtedness after this offering and
becomes highly leveraged, the Company's ability to obtain additional financing
for working capital, capital expenditures or other purposes could be impaired
and a substantial portion of the Company's cash flow from operations could be
used to cover debt service, limiting the Company's ability to withstand
competitive 


                                       22

<PAGE>   23

pressures and economic downturns and increasing the risk of acceleration of
maturity, default and loss of security pursuant to the terms of such
indebtedness.

Small Restaurant Base

         The Company currently operates 29 Logan's Roadhouse restaurants, 11 of
which have been open for less than one year. Consequently, the sales and
earnings achieved to date by these Logan's Roadhouse restaurants may not be
indicative of future operating results. Moreover, because of the relatively
small number of restaurants currently operated by the Company, poor operating
results at a small number of restaurants could negatively affect the
profitability of the entire Company. An unsuccessful new restaurant or
unexpected difficulties encountered during expansion could have a greater
adverse effect on the Company's results of operations than would be the case in
a restaurant company with more restaurants. In addition, the Company leases 11
of its restaurants. Each lease agreement provides that the lessor may terminate
the lease if the Company defaults in payment of any rent or taxes, breaches any
covenants or agreements or is adjudicated bankrupt. Termination of any of the
Company's leases pursuant to such terms could adversely affect the Company's
results of operations.

Geographic Concentration of Company-Owned Restaurants

         The Company's existing restaurants are located in Alabama, Georgia,
Indiana, Kentucky, Louisiana, Tennessee and West Virginia, and the Company plans
to expand in the Southeast, Midwest and Mid-Atlantic. Additionally, the
Company's three franchised restaurants are located in Oklahoma and South
Carolina. As a result, the Company's results of operations may be materially
affected by the economies of these states and other geographic regions in which
the Company's restaurants are located. There can be no assurance that the
Company will be able to operate restaurants profitably in new markets.

Changes in Food and Other Costs; Supply Risks

         The profitability of the Company is significantly dependent on its
ability to anticipate and react to changes in food, labor, employee benefits and
similar costs over which the Company has no control. Specifically, the Company
also is dependent on frequent deliveries of produce and fresh beef, with the
cost of fresh beef representing approximately 12% of the Company's net food
sales in 1997. As a result, the Company is subject to the risk of possible
shortages or interruptions in supply caused by adverse weather or other
conditions which could adversely affect the availability and cost of such items.
While in the past management has been able to anticipate and react to changing
costs through its purchasing practices or menu price adjustments without a
material adverse effect on profitability, there can be no assurance that it will
be able to do so in the future.

Competition

         Competition in the restaurant industry is intense. Logan's Roadhouse
restaurants compete with mid-priced, full-service, casual dining restaurants
primarily on the basis of quality, atmosphere, location and value. Moreover,
other restaurants operate with concepts that compete for the same casual dining
customers as the Company, with the number of casual dining restaurants
emphasizing steaks substantially increasing in recent years. In 



                                       23
<PAGE>   24

addition to existing traditional steakhouse restaurants, the Company expects to
face competition from new entries into the steakhouse segment of the restaurant
industry. The Company also competes with other restaurants and retail
establishments for quality sites.

         Many of the Company's competitors are well established and have
substantially greater financial, marketing and other resources than the Company.
Regional and national restaurant companies recently have expanded their
operations in the current and anticipated market areas of the Company. There can
be no assurance that the expansion of these well-financed chains in these market
areas will not adversely affect the Company's results of operations.

Restaurant Industry Risks

         The restaurant business is affected by changes in consumer tastes,
national, regional and local economic conditions, demographic trends, traffic
patterns and the type, number and location of competing restaurants. In
addition, factors such as inflation, increased food, labor and employee benefit
costs and the availability of an experienced management and hourly employees
also may adversely affect the restaurant industry in general and the Company's
restaurants in particular.

Dependence on Senior Management

         The development of the Company's business has been and will continue to
be highly dependent upon the Company's President and Chief Executive Officer,
Edwin W. Moats, Jr., its Senior Vice President of Operations, Peter W. Kehayes,
its Senior Vice President of Development, Ralph W. McCracken, and its Senior
Vice President of Finance and Chief Financial Officer, David J. McDaniel. The
loss of the services of any one of the Company's four executive officers could
have a material adverse effect upon the Company's business and development.

Government Regulation

         The restaurant industry is subject to extensive state and local
government regulation relating to the sale of food and alcoholic beverages, and
health, fire and building codes. Termination of the liquor license for any
Logan's Roadhouse restaurant would adversely affect the revenues for the
restaurant. Restaurant operating costs also are affected by other government
actions that are beyond the Company's control, including increases in the
minimum hourly wage requirements, workers' compensation insurance rates and
unemployment and other taxes. Difficulties or failure in obtaining required
licensing or other regulatory approvals could delay or prevent the opening of a
new Logan's Roadhouse restaurant. The suspension of, or inability to retain or
renew, a license also could interrupt and adversely affect the operations at an
existing restaurant.

Franchising

         In January 1996 and March 1997, respectively, the Company entered into
agreements with each of L.W. Group, a corporation controlled by Mr. Wachtel, and
CMAC, a corporation controlled by Mr. McWhorter, in connection with the
franchising of Logan's Roadhouse restaurants in select market areas not in the
Company's immediate expansion plans. Pursuant to the terms of such agreements,
L.W. Group obtained the exclusive right 



                                       24
<PAGE>   25

to develop Logan's Roadhouse restaurants within certain counties of Arkansas,
Oklahoma and Texas until December 31, 2000, and CMAC obtained the exclusive
right to develop Logan's Roadhouse restaurants within Augusta, Georgia and the
states of North Carolina and South Carolina until March 31, 2002. Each agreement
is subject to automatic renewal for an additional five-year term upon the
satisfaction of certain conditions. Management also is considering other
franchising opportunities on a limited basis in areas which are not in the
Company's immediate expansion plans and has had preliminary discussions with
third parties that could result in the franchising of additional Logan's
Roadhouse restaurants. The success of the Company, therefore, may be dependent,
in part, upon the successful operation of the Logan's Roadhouse restaurants to
be developed by franchisees, including the Franchisees. Any occurrence that
creates adverse publicity involving a Logan's Roadhouse restaurant may have an
adverse effect upon the Company regardless of whether such event involves a
Company-owned or a franchised restaurant.

Volatility of Market Price

         From time to time, there may be significant volatility in the market
price of the Common Stock. The Company believes that the current market price of
its Common Stock reflects expectations that the Company will be able to continue
to operate its restaurants profitably and to develop new restaurants at a
significant rate and operate them profitably. If the Company is unable to
operate its restaurants as profitably and develop restaurants at a pace that
reflects the expectations of the market, investors could sell shares of the
Common Stock at or after the time that it becomes apparent that such
expectations may not be realized, resulting in a decrease in the market price of
the Common Stock.

         In addition to the operating results of the Company, changes in
earnings estimated by analysts, changes in general conditions in the economy or
the financial markets or other developments affecting the Company or its
industry could cause the market price of the Common Stock to fluctuate
substantially. In recent years the stock market has experienced extreme price
and volume fluctuations. This volatility has had a significant effect on the
market prices of securities issued by many companies for reasons related to
their operating performance.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         No disclosure required.



                                       25
<PAGE>   26





ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         Index to Financial Statements

<TABLE>
<CAPTION>
                                                                              Page
                                                                              ----
         <S>                                                                  <C>
         Independent Auditors' Report....................................      F-1

         Balance Sheets at December 28, 1997 and 
         December 29, 1996...............................................      F-2

         Statements of Earnings, each of the three years
         ended December 28, 1997, December 29, 1996 and 
         December 31, 1995...............................................      F-3

         Statements of Partners' and Shareholders' Equity,
         each of the three years ended December 28, 1997,
         December 29, 1996 and December 31, 1995.........................      F-4

         Statements of Cash Flows, each of the three years 
         ended December 28, 1997, December 29, 1996 and
         December 31, 1995...............................................      F-5

         Notes to Financial Statements ..................................      F-7
</TABLE>


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

         None.

                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Directors

         The information regarding the directors of the Company is incorporated
by reference to the information contained under the caption "Proposal 1:
Election of Directors" included in the Company's Proxy Statement relating to the
Annual Meeting of Shareholders to be held on May 7, 1998.

Executive Officers

         The information regarding the executive officers of the Company is
incorporated by reference to the information contained under the caption
"Executive Compensation - Executive Officers of the Company" included in the
Company's Proxy Statement relating to the Annual Meeting of Shareholders to be
held on May 7, 1998.


                                       26
<PAGE>   27


Compliance with Section 16(a) of the Exchange Act

         This information is incorporated by reference to the information
contained under the caption "Compliance with Reporting Requirements of the
Exchange Act" included in the Company's Proxy Statement relating to the Annual
Meeting of Shareholders to be held on May 7, 1998.

ITEM 11. EXECUTIVE COMPENSATION

         This information is incorporated by reference to the information
contained under the caption "Executive Compensation" included in the Company's
Proxy Statement relating to the Annual Meeting of Shareholders to be held on May
7, 1998.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         This information is incorporated by reference to the information
contained under the caption "Voting Securities and Principal Holders Thereof"
included in the Company's Proxy Statement relating to the Annual Meeting of
Shareholders to be held on May 7, 1998.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        This information is incorporated by reference to the information
contained under the caption "Certain Transactions" included in the Company's
Proxy Statement relating to the Annual Meeting of Shareholders to be held on May
7, 1998.

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) Index to Financial Statements, Financial Statement Schedules and Exhibits

         (1) Financial Statements: See Item 8 herein.

         (2) Financial Statement Schedules:

         All schedules are omitted, because they are not applicable or not 
required, or because the required information is included in the financial
statements or notes thereto incorporated by reference.

         (3) Exhibits:

<TABLE>
<CAPTION>

    EXHIBIT
    NUMBER          DESCRIPTION OF EXHIBITS
    ------          -----------------------
    <S>        <C>  <C>
      2        --   Exchange Agreement, dated May 30, 1995, by and among 
                    O'Charley's Inc., each of the shareholders of Logan's
                    Management Group, Inc. and the Registrant(1)
      3.1      --   Amended and Restated Charter of the Registrant(1)
      3.2      --   Bylaws of the Registrant(1)


</TABLE>


                                       27
<PAGE>   28

<TABLE>
    <S>        <C>  <C>
      4.1      --   Section 8 of the Amended and Restated Charter of the 
                    Registrant (included in Exhibit 3.1)(1)
      4.2      --   Specimen of Common Stock certificate(1)
     10.1      --   Registrant's 1995 Non-Employee Director Stock Option Plan(2)
     10.2      --   Registrant's 1995 Incentive Stock Plan(2)
     10.3      --   Lease Agreement, dated September 23, 1994, between the 
                    Registrant and LaSalle Fund III (executive offices)(1)
     10.4      --   Loan Agreement, dated February 16, 1996, between the
                    Registrant and First American National Bank(3)
     10.5      --   Master Secured Promissory Note, dated February 16, 1996, of
                    the Registrant to First American National Bank(3)
     10.6      --   Letter Agreement, dated August 9, 1995, between the 
                    Registrant and Kraft Foodservice, Inc.(3)
     10.7      --   Letter Agreement, dated January 9, 1996, between the
                    Registrant and Coca-Cola Fountain(3)
     10.8      --   Area Development Agreement, dated January 12, 1996, between 
                    the Registrant, L.W. Group, Inc. and David K. Wachtel, Jr.(3)
     10.9      --   Form of Franchise Agreement between the Registrant, L.W.
                    Group, Inc. and David K. Wachtel, Jr.(3)
     10.10     --   Area Development Agreement, dated March 17, 1997, between 
                    the Registrant, CMAC Incorporated and Charles F. McWhorter, Jr.(4)
     10.11     --   Form of Franchise Agreement between the Registrant, CMAC 
                    Incorporated and Charles F. McWhorter, Jr.(4)
     10.12     --   Amended and Restated Employment Agreement, dated January 
                    14, 1998, between Edwin W. Moats, Jr. and the Registrant
     10.13     --   Employment Agreement, dated January 14, 1998, between Peter 
                    Kehayes and the Registrant
     10.14     --   Employment Agreement, dated January 14, 1998, between Ralph
                    W. McCracken and the Registrant
     10.15     --   Employment Agreement, dated January 14, 1998, between David
                    J. McDaniel and the Registrant
     10.16     --   1998 Executive Bonus Plan
     10.17     --   Sponsorship Agreement, dated February 24, 1998, between the 
                    Registrant and Southern Racing Promotions, Inc.
     21        --   Subsidiaries of the Registrant
     23        --   Consent of KPMG Peat Marwick LLP
     27.1      --   Financial Data Schedule for fiscal year ended December 29, 1996
                    (for SEC use only)
     27.2      --   Financial Data Schedule for fiscal year ended December 28, 1997
                    (for SEC use only)
</TABLE>

---------------
(1)    Incorporated by reference to the Registrant's Registration Statement
       on Form SB-2 (Registration  No. 33-92976-A).
(2)    Incorporated by reference to the Registrant's Registration Statement 
       on Form S-8 (Registration No. 333-48015).
(3)    Incorporated by reference to the Registrant's Registration Statement 
       on Form SB-2 (Registration  No. 333-2570).
(4)    Incorporated by reference to the Registrant's Annual Report on Form
       10-KSB for the fiscal year ended December 29, 1996 (Commission File 
       No. 0-26400).



                                       28
<PAGE>   29


                  EXECUTIVE COMPENSATION PLANS AND ARRANGEMENTS

         The following is a list of all executive compensation plans and
arrangements filed as exhibits to this Annual Report on Form 10-K:

         1.    Registrant's 1995 Non-Employee Director Stock Option Plan (filed
               as Exhibit 10.1)

         2.    Registrant's 1995 Incentive Stock Plan (filed as Exhibit 10.2)

         3.    Amended and Restated Employment Agreement, dated January 14,
               1998, between Edwin W. Moats, Jr. and the Registrant (filed as
               Exhibit 10.12)

         4.    Employment Agreement, dated January 14, 1998, between Peter
               Kehayes and the Registrant (filed as Exhibit 10.13)

         5.    Employment Agreement, dated January 14, 1998, between Ralph W.
               McCracken and the Registrant (filed as Exhibit 10.14)

         6.    Employment Agreement, dated January 14, 1998, between David J.
               McDaniel and the Registrant (filed as Exhibit 10.15)

         7.    1998 Executive Bonus Plan (filed as Exhibit 10.16)

(b) Reports on Form 8-K

         No reports on Form 8-K were filed by the Registrant during the
reporting period.



                                       29
<PAGE>   30

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Date:  March 26, 1998                 LOGAN'S ROADHOUSE, INC.

                                       By: /s/ Edwin W. Moats, Jr.
                                           ------------------------------------
                                           Edwin W. Moats, Jr.
                                           President and Chief Executive Officer

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

<TABLE>
<CAPTION>

NAME                                        TITLE(S)                             DATE
----                                        --------                             ----
<S>                              <C>                                        <C>

/s/ Edwin W. Moats, Jr.          Chairman of the Board, President           March 26, 1998
----------------------------     and Chief Executive Officer (principal
Edwin W. Moats, Jr.              executive officer)

/s/ David J. McDaniel            Senior Vice President of Finance,          March 26, 1998
----------------------------     Chief Financial Officer (principal 
David J. McDaniel                financial and accounting officer),
                                 Secretary, Treasurer and Director

/s/ Gary T. Baker                Director                                   March 26, 1998
----------------------------
Gary T. Baker

/s/ Jerry O. Bradley             Director                                   March 26, 1998
----------------------------
Jerry O. Bradley

                                 Director                                   March   , 1998
----------------------------
B. Tom Collins

                                 Director                                   March   , 1998
----------------------------
Thomas E. Ervin

/s/ Ted H. Welch                 Director                                   March 26, 1998
----------------------------
Ted H. Welch
</TABLE>



<PAGE>   31















                             LOGAN'S ROADHOUSE, INC.
                         (FORMERLY LOGAN'S PARTNERSHIP)

                              Financial Statements

                     December 28, 1997 and December 29, 1996

                   (With Independent Auditors' Report Thereon)


<PAGE>   32



                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------




The Board of Directors
Logan's Roadhouse, Inc.:


We have audited the accompanying balance sheets of Logan's Roadhouse, Inc. and
its predecessor company, Logan's Partnership, as of December 28, 1997 and
December 29, 1996, and the related statements of earnings, partners' and
shareholders' equity, and cash flows for each of the years in the three-year
period ended December 28, 1997. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Logan's Roadhouse, Inc. and its
predecessor company, Logan's Partnership, as of December 28, 1997 and December
29, 1996, and the results of its operations and its cash flows for each of the
years in the three-year period ended December 28, 1997, in conformity with
generally accepted accounting principles.



January 30, 1998





                                      F-1
<PAGE>   33


                             LOGAN'S ROADHOUSE, INC.

                                 Balance Sheets

                     December 28, 1997 and December 29, 1996

<TABLE>
<CAPTION>
                            ASSETS                                        1997              1996
                            ------                                        -----             -----
<S>                                                                    <C>              <C>
Current assets:
     Cash and cash equivalents                                         $ 6,466,775      $   780,307
     Investments, at amortized cost (note 2)                            17,900,052        7,807,289
     Interest receivable                                                   115,304          148,661
     Accounts receivable                                                   697,319          353,250
     Inventories                                                           471,150          250,582
     Preopening costs                                                      923,225          831,563
     Prepaid expenses and other current assets                             762,185          270,356
                                                                       -----------      -----------

                  Total current assets                                  27,336,010       10,442,008

Investments, at amortized cost (note 2)                                    -              1,253,444
Property and equipment, net (note 3)                                    51,075,003       33,691,774
Other assets                                                               112,198           71,873
                                                                       -----------      -----------

                  Total assets                                         $78,523,211      $45,459,099
                                                                       ===========      ===========

               LIABILITIES AND SHAREHOLDERS' EQUITY
               ------------------------------------

Current liabilities:
     Accounts payable                                                  $ 2,402,763      $ 2,656,152
     Accrued payroll and related expenses                                1,466,149          883,675
     Deferred revenue                                                      492,804          392,376
     Income taxes payable (note 7)                                         280,458           89,163
     Accrued state and local taxes                                         732,338          488,072
     Deferred income taxes (note 7)                                        332,178          299,800
                                                                       -----------      -----------

                  Total current liabilities                              5,706,690        4,809,238

Deferred income taxes (note 7)                                           1,191,299          648,028
                                                                       -----------      -----------

                  Total liabilities                                      6,897,989        5,457,266

Shareholders' equity (note 6):
     Common stock, $0.01 par value; 15,000,000 shares authorized;
         7,142,418 and 6,013,784 shares issued and outstanding in 
         1997 and 1996, respectively                                        71,424           60,138
     Additional paid-in capital                                         60,048,611       35,072,026
     Retained earnings                                                  11,505,187        4,869,669
                                                                       -----------      -----------

                  Total shareholders' equity                            71,625,222       40,001,833
                                                                       -----------      -----------

Commitments and contingencies (notes 4, 5, and 10)

                  Total liabilities and shareholders' equity           $78,523,211      $45,459,099
                                                                       ===========      ===========
</TABLE>


See accompanying notes to financial statements.




                                      F-2
<PAGE>   34


                             LOGAN'S ROADHOUSE, INC.

                             Statements of Earnings

     Years ended December 28, 1997, December 29, 1996, and December 31, 1995

<TABLE>
<CAPTION>
                                                         1997          1996          1995
                                                         -----         -----         -----
<S>                                                   <C>           <C>           <C>
Net restaurant sales                                  $66,530,400   $41,044,121   $27,900,234

Costs and expenses (note 8):
     Cost of restaurant sales:
         Food and beverage                             21,884,389    13,661,800     9,953,495
         Labor and benefits                            18,583,426    11,211,976     7,506,094
         Occupancy and other                            9,548,697     5,974,489     4,593,580
         Depreciation and amortization                  3,597,666     1,869,502       990,479
     General and administrative expenses                3,567,647     2,449,029     1,727,660
                                                      -----------   -----------   -----------

                                                       57,181,825    35,166,796    24,771,308
                                                      -----------   -----------   -----------

         Income from operations                         9,348,575     5,877,325     3,128,926

Other income (expense):
     Interest income                                      600,614       378,097        76,451
     Franchise income (note 9)                            204,079       124,742       -
     Interest expense                                        -          (69,606)     (254,411)
                                                      -----------   -----------   -----------

                                                          804,693       433,233      (177,960)
                                                      -----------   -----------   -----------

         Earnings before income taxes                  10,153,268     6,310,558     2,950,966

Income tax expense (note 7)                             3,517,750     2,161,997       909,300
                                                      -----------   -----------   -----------

         Net earnings                                 $ 6,635,518   $ 4,148,561   $ 2,041,666
                                                      ===========   ===========   ===========

Pro forma earnings data (note 1(m)):
     Earnings before income taxes, as reported                                    $ 2,950,966
     Pro forma income taxes                                                         1,045,822
                                                                                  -----------

         Pro forma net earnings                                                   $ 1,905,144
                                                                                  ===========
Net earnings per share (pro forma data for 1995):
     Basic                                            $      1.02   $      0.73   $      0.50
                                                      ===========   ===========   ===========

     Diluted                                          $      0.99   $      0.71   $      0.50
                                                      ===========   ===========   ===========
</TABLE>


See accompanying notes to financial statements.


                                       F-3



<PAGE>   35


                             LOGAN'S ROADHOUSE, INC.

                Statements of Partners' and Shareholders' Equity

     Years ended December 28, 1997, December 29, 1996, and December 31, 1995


<TABLE>
<CAPTION>
                                                                               ADDITIONAL
                                              PARTNERS'         COMMON          PAID-IN            RETAINED
                                               EQUITY           STOCK           CAPITAL            EARNINGS           TOTAL
                                              --------          ------         ----------          --------           -----
<S>                                         <C>                <C>            <C>               <C>               <C> 

Balance at December 25, 1994                $   817,433        $  -           $      -          $     -           $    817,433

     Net earnings                             1,320,558           -                  -              721,108          2,041,666

     Partner distributions                     (852,141)          -                  -                -               (852,141)

     Transfer of partnership equity
         for 3,067,500 shares of
         common stock                        (1,285,850)         30,675          1,255,175            -                   -

     Net proceeds from issuance of
         1,650,000 shares of
         common stock                             -              16,500         13,031,135            -              13,047,635
                                            -----------         -------       ------------      -----------       ------------

Balance at December 31, 1995                      -              47,175         14,286,310          721,108         15,054,593

     Net earnings                                 -                 -                -            4,148,561          4,148,561

     Net proceeds from issuance of
         1,293,750 shares of common
         stock                                    -              12,937         20,760,086            -             20,773,023

     Net proceeds from exercise of
         2,555 stock options and
         related tax benefits                     -                 26             25,630             -                25,656
                                            -----------        --------       -----------       -----------       -----------

Balance at December 29, 1996                      -             60,138         35,072,026         4,869,669        40,001,833

     Net earnings                                 -                 -                -            6,635,518         6,635,518

     Net proceeds from issuance of
         1,100,000 shares of common
         stock                                    -             11,000         24,555,019             -            24,566,019

     Net proceeds from exercise of
         28,634 stock options and
         related tax benefits                     -                286            421,566             -               421,852
                                            -----------        -------        -----------       -----------       -----------

Balance at December 28, 1997                $     -            $71,424        $60,048,611       $11,505,187       $71,625,222
                                            ===========        =======        ===========       ===========       ===========
</TABLE>


See accompanying notes to financial statements.


                                      F-4
<PAGE>   36


                             LOGAN'S ROADHOUSE, INC.

                            Statements of Cash Flows

     Years ended December 28, 1997, December 29, 1996, and December 31, 1995


<TABLE>
<CAPTION>
                                                                            1997                1996               1995
                                                                            -----               -----              -----
<S>                                                                     <C>                 <C>
Cash flows from operating activities:
     Net earnings                                                       $  6,635,518        $ 4,148,561        $  2,041,666
     Adjustments to reconcile net earnings to net cash provided
         by operating activities:
              Depreciation and amortization of property
                  and equipment                                            1,912,588           1,054,031            510,800
              Amortization of preopening costs                             1,685,078             815,471            479,679
              Net amortization and (accretion) of premiums and
                  discounts on investment securities                          81,043            (232,352)               -
              Deferred income tax provision                                  575,649             626,628            321,200
              Change in assets and liabilities:
                  Interest receivable                                         33,357            (137,597)           (11,064)
                  Accounts receivable                                       (344,069)           (168,375)          (122,784)
                  Inventories                                               (220,568)            (92,644)           (33,133)
                  Preopening costs                                        (1,776,740)         (1,271,020)          (724,914)
                  Prepaid expenses and other current assets                 (491,829)            (37,568)          (184,500)
                  Other assets                                               (40,325)            (15,856)           (23,272)
                  Due from related parties                                      -                   -                12,117
                  Accounts payable and accrued payroll and related
                      expenses                                               329,085           2,366,303            321,165
                  Deferred revenue                                           100,428             152,417             89,859
                  Income taxes payable                                       191,295              56,117             49,700
                  Accrued state and local taxes                              244,266              37,597            284,623
                                                                        ------------        ------------       ------------

                      Net cash provided by operating activities            8,914,776           7,301,713          3,011,142
                                                                        ------------        ------------       ------------

Cash used by investing activities:
     Additions to property and equipment                                 (19,295,817)        (18,145,511)       (13,885,816)
     Purchases of investments                                            (29,435,362)        (19,000,000)               -
     Proceeds from maturities of investments                              20,515,000          10,171,619                -
                                                                        ------------        ------------       ------------

                      Net cash used by investing activities              (28,216,179)        (26,973,892)       (13,885,816)
                                                                        ------------        ------------       ------------
</TABLE>



                                      F-5

<PAGE>   37


                             LOGAN'S ROADHOUSE, INC.

                       Statements of Cash Flows, Continued

<TABLE>
<CAPTION>

                                                                   1997                1996               1995
                                                                   -----               -----              -----
<S>                                                             <C>                <C>                 <C>
Cash flows from financing activities:
     Net proceeds from issuance of common stock                 $24,566,019          20,773,023         13,047,635
     Net proceeds from exercise of stock options                    421,852               9,002              -
     Proceeds from long-term obligations                             -                    -              2,693,173
     Payments on long-term obligations                               -               (2,579,251)        (2,164,404)
     Partner distributions                                           -                    -               (852,141)
                                                                -----------         -----------        -----------

               Net cash provided by financing activities         24,987,871          18,202,774         12,724,263
                                                                -----------         -----------        -----------

Net increase (decrease) in cash and cash equivalents              5,686,468          (1,469,405)         1,849,589

Cash and cash equivalents at beginning of year                      780,307           2,249,712            400,123
                                                                -----------         -----------        -----------

Cash and cash equivalents at end of year                        $ 6,466,775         $   780,307        $ 2,249,712
                                                                ===========         ===========        ===========

SUPPLEMENTAL DISCLOSURES:
     Cash paid for interest                                     $    -              $    69,606        $   254,411   
     Cash paid for income taxes                                 $ 2,696,551         $ 1,416,000        $   538,400
                                                                ===========         ===========        ===========

</TABLE>




See accompanying notes to financial statements.



                                      F-6

<PAGE>   38


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements

                     December 28, 1997 and December 29, 1996




(1)    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
       ------------------------------------------

       (A)    ORGANIZATION
              ------------

              At December 28, 1997, Logan's Roadhouse, Inc. (the Company),
              operates twenty-four Company-owned restaurants and three
              franchised restaurants. The Company's concept is intended to offer
              casual dining customers a relaxed environment that is both lively
              and entertaining. The Company's restaurants are located in
              mid-sized metropolitan markets and smaller markets in the
              Southeastern and Midwestern areas of the United States.

              The Company was formed on March 30, 1995 for the purpose of
              acquiring the partnership interests of Logan's Partnership (the
              Predecessor) pursuant to an exchange agreement between the Company
              and the partners of the Predecessor. Such exchange took place
              immediately prior to the initial public offering of the Company's
              common stock on July 26, 1995. The Predecessor commenced
              operations on August 10, 1992 to own, develop and manage an
              existing Logan's Roadhouse restaurant and to acquire and develop
              additional restaurant locations.

              The financial statements for fiscal year 1995 include the
              operations of the Predecessor for the period December 26, 1994
              through July 25, 1995 and the operations of the Company for the
              period July 26, 1995 through December 31, 1995. The assets and
              liabilities transferred from the Predecessor to the Company were
              at the amounts recorded in the accounts of the Predecessor.

              The Company's  fiscal year ends on the last Sunday in December.
              Fiscal years 1997 and 1996 were comprised of 52 weeks and fiscal
              year 1995 was comprised of 53 weeks.

       (B)    USE OF ESTIMATES
              ----------------

              The preparation of financial statements in conformity with
              generally accepted accounting principles requires management to
              make estimates and assumptions that affect the reported amounts of
              assets and liabilities and disclosure of contingent assets and
              liabilities at the date of the financial statements and the
              reported amounts of revenues and expenses during the reporting
              period. Actual results could differ from those estimates.

       (C)    CASH AND CASH EQUIVALENTS
              -------------------------

              The Company considers all highly liquid debt instruments with
              original maturities of three months or less to be cash
              equivalents.



                                                                (Continued)
                                      F-7



<PAGE>   39


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements



       (D)    INVESTMENTS
              -----------

              Investment securities consist of municipal and corporate debt
              securities. The Company classifies its debt and equity securities
              in one of three categories: trading, available-for-sale, or
              held-to-maturity. Trading securities are bought and held
              principally for the purpose of selling them in the near term.
              Held-to-maturity securities are those securities in which the
              Company has the ability and intent to hold the security until
              maturity. All other securities not included in trading or
              held-to-maturity are classified as available-for-sale.

              Trading and available-for-sale securities are recorded at fair
              value. Held-to-maturity securities are recorded at amortized cost,
              adjusted for the amortization or accretion of premiums or
              discounts. Unrealized holding gains and losses on trading
              securities are included in earnings. Unrealized holding gains and
              losses, net of the related tax effect, on available-for-sale
              securities are excluded from earnings and are reported as a
              separate component of shareholders' equity until realized.
              Realized gains and losses from the sale of available-for-sale
              securities are determined on a specific identification basis.

              A decline in the market value of any available-for-sale or
              held-to-maturity security below cost that is deemed other than
              temporary results in a reduction in carrying amount to fair value.
              The impairment is charged to earnings and a new cost basis for the
              security is established. Premiums and discounts are amortized or
              accreted over the life of the related held-to-maturity security as
              an adjustment to yield using the effective interest method.
              Dividend and interest income are recognized when earned.

       (E)    INVENTORIES
              -----------

              Inventories are valued at the lower of cost (first-in, first-out
              method) or market and consist primarily of food, beverages and
              supplies. The Company maintains its inventory at a level which
              management believes is sufficient to meet customer sales volume.

       (F)    PREOPENING COSTS
              ----------------

              Preopening costs represent costs incurred prior to a restaurant
              opening. These costs are capitalized and amortized over a 12-month
              period commencing the date the restaurant opens.

       (G)    PROPERTY AND EQUIPMENT
              ----------------------

              Property and equipment are stated at cost. Depreciation on
              property and equipment is calculated on a straight-line method
              over the following estimated useful lives: building and building
              improvements - 30 years, and furniture, fixtures and equipment -
              five to ten years. Leasehold improvements are amortized over the
              shorter of the asset's estimated useful life or the lease term.
              Gains or losses are recognized upon the disposal of property and
              equipment and the asset and related accumulated depreciation and
              amortization are removed from the accounts. Maintenance and
              repairs are charged to costs and expenses as incurred.

                                                                   (Continued)


                                      F-8

<PAGE>   40


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




       (H)    DEFERRED REVENUE
              ----------------

              Deferred revenue consists of gift certificates sold, but
              unredeemed.

       (I)    ADVERTISING COSTS
              -----------------

              The Company expenses advertising costs as incurred.

       (J)    YEAR 2000
              ---------

              In 1997, the Company developed a plan to deal with the Year 2000
              problem and began converting its computer systems to be Year 2000
              compliant. The plan provides for the conversion efforts to be
              completed by the end of 1999. The Year 2000 problem is the result
              of computer programs being written using two digits rather than
              four to define the applicable year. The Company expenses all costs
              associated with these systems changes as the costs are incurred.
              Management believes the impact of the Year 2000 issue will not
              have a significant impact on the Company's operations or
              liquidity.

       (K)    FRANCHISE INCOME
              ----------------

              Franchise fees are recognized when the Company's obligated
              services are substantially performed and the franchisee's
              restaurant has opened for business. Monthly franchise royalties
              are recognized on an accrual basis and related costs are expensed
              when incurred. Franchise expenses are included in general and
              administrative expenses on the accompanying statements of
              earnings.

       (L)    INCOME TAXES
              ------------

              The Company provides for income taxes in accordance with the asset
              and liability method of accounting for income taxes. Deferred tax
              assets and liabilities are recognized for the future tax
              consequences attributable to differences between the financial
              statement carrying amounts of existing assets and liabilities and
              their respective tax bases. Deferred tax assets and liabilities
              are measured using enacted tax rates expected to apply to taxable
              income in the years in which those temporary differences are
              expected to be recovered or settled. The effect on deferred tax
              assets and liabilities of a change in tax rates is recognized in
              income in the period that includes the enactment date. Prior to
              July 26, 1995, no provision for income taxes has been made in the
              accompanying financial statements, as the liability for any such
              taxes is that of the partners.

                                                                     (Continued)

                                      F-9

<PAGE>   41


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




       (M)    EARNINGS PER SHARE DATA
              -----------------------

              The Company adopted Statement of Financial Accounting Standards
              (SFAS) No. 128 Earnings Per Share, during the fourth quarter of
              1997. Accordingly, all prior period earnings per share data has
              been restated in accordance with SFAS No. 128. Basic earnings per
              share data has been computed on the basis of the weighted average
              number of shares outstanding and diluted earnings per share data
              has been computed on the basis of the weighted average number of
              shares outstanding, including stock equivalents, which consist of
              stock options. The earnings per share data presented in these
              financial statements for 1995 is pro forma data since it bases the
              number of shares outstanding for the beginning of the year through
              July 25, 1995 as the shares received by the partners of the
              Predecessor pursuant to an exchange agreement and income taxes
              have been calculated for the same periods assuming the Predecessor
              was subject to income taxes.

       (N)    FAIR VALUE OF FINANCIAL INSTRUMENTS
              -----------------------------------

              The fair values of the financial instruments are estimates based
              upon current market conditions and quoted market prices for the
              same or similar instruments as of December 28, 1997 and December
              29, 1996. Book value approximates fair value for substantially all
              of the Company's assets and liabilities which fall under the
              definition of financial instruments.

       (O)    STOCK OPTION PLAN
              -----------------

              Prior to January 1, 1996, the Company accounted for its stock
              option plan in accordance with the provisions of Accounting
              Principles Board (APB) Opinion No. 25, Accounting for Stock Issued
              to Employees, and related interpretations. As such, compensation
              expense would be recorded on the date of grant only if the current
              market price of the underlying stock exceeded the exercise price.
              On January 1, 1996, the Company adopted Statement of Financial
              Accounting Standards (SFAS) No. 123, Accounting for Stock-Based
              Compensation, which permits entities to recognize as expense over
              the vesting period the fair value of all stock-based awards on the
              date of grant. Alternatively, SFAS No. 123 also allows entities to
              continue to apply the provisions of APB Opinion No. 25 and provide
              pro forma net income and pro forma earnings per share disclosures
              for employee stock option grants made in 1995 and future years as
              if the fair-value-based method defined in SFAS No. 123 had been
              applied. The Company has elected to continue to apply the
              provisions of APB Opinion No. 25 and provide the pro forma
              disclosure provisions of SFAS No. 123.


                                                                     (Continued)
                                      F-10

<PAGE>   42


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements



       (P)    IMPAIRMENT OF LONG-LIVED ASSETS AND LONG-LIVED ASSETS TO BE
              DISPOSED OF
              -----------------------------------------------------------

              The Company adopted the provisions of SFAS No. 121, Accounting for
              the Impairment of Long-Lived Assets and for Long-Lived Assets to
              Be Disposed Of, on January 1, 1996. This statement requires that
              long-lived assets and certain identifiable intangibles be reviewed
              for impairment whenever events or changes in circumstances
              indicate that the carrying amount of an asset may not be
              recoverable. Recoverability of assets to be held and used is
              measured by a comparison of the carrying amount of an asset to
              future net cash flows expected to be generated by the asset. If
              such assets are considered to be impaired, the impairment to be
              recognized is measured by the amount by which the carrying amount
              of the assets exceed the fair value. Assets to be disposed of are
              reported at the lower of the carrying amount or fair value less
              costs to sell. Adoption of this statement had no impact on the
              Company's financial position, results of operations, or liquidity.

(2)    INVESTMENT SECURITIES
       ---------------------

       The Company classifies investment securities at December 28, 1997 and
       December 29, 1996 as held-to-maturity. The amortized cost, gross
       unrealized holding gains, gross unrealized holding losses, and
       approximate fair values for investment securities by major security type
       and class at such dates were as follows:

<TABLE>
<CAPTION>
                                                   DECEMBER 28, 1997
                                   --------------------------------------------------
                                                  GROSS        GROSS
                                                UNREALIZED   UNREALIZED
                                    AMORTIZED     HOLDING      HOLDING       FAIR
                                      COST         GAINS        LOSSES       VALUE
                                   -----------  -----------  -----------  -----------
      <S>                          <C>            <C>           <C>       <C>
      Held-to-maturity:
         Municipal securities      $ 9,164,691      3,090           -       9,167,781
         Corporate securities        8,735,361       -             (302)    8,735,059
                                   -----------    -------       -------   -----------

                                   $17,900,052      3,090          (302)   17,902,840
                                   ===========    =======       =======   ===========
<CAPTION>
                                                     DECEMBER 29, 1996
                                   ---------------------------------------------------
                                                  GROSS        GROSS
                                                UNREALIZED   UNREALIZED
                                    AMORTIZED     HOLDING      HOLDING       FAIR
                                      COST         GAINS        LOSSES       VALUE
                                   -----------  -----------  -----------  -----------
      <S>                          <C>           <C>         <C>           <C>
      Held-to-maturity:
         Municipal securities      $ 6,558,712    $27,128       $    -     $ 6,585,840
         Corporate securities        2,502,021       -           (5,071)     2,496,950
                                   -----------    -------       -------    -----------

                                   $ 9,060,733    $27,128       $(5,071)   $ 9,082,790
                                   ===========    =======       =======    ===========

</TABLE>

                                                                     (Continued)


                                      F-11

<PAGE>   43


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




       Maturities of debt securities are as follows:

<TABLE>
<CAPTION>

                                                           DECEMBER 28, 1997                  DECEMBER 29, 1996
                                                     -----------------------------       ---------------------------
                                                     AMORTIZED            FAIR           AMORTIZED          FAIR
                                                       COST               VALUE             COST            VALUE
                                                     ----------         ----------        ---------       ----------
         <S>                                         <C>                <C>               <C>              <C>
         Due within one year                         $17,900,052        17,902,840        7,807,289        7,823,725
         Due after one year through five years             -                 -            1,253,444        1,259,065
                                                     -----------        ----------        ---------        ---------

                                                     $17,900,052        17,902,840        9,060,733        9,082,790
                                                     ===========        ==========        =========        =========
</TABLE>



(3)    PROPERTY AND EQUIPMENT
       ----------------------

       Property and equipment at December 28, 1997 and December 29, 1996,
       consist of the following:


<TABLE>
<CAPTION>
                                                            1997            1996
                                                            -----           -----
           <S>                                           <C>            <C>
           Land                                          $14,636,730    $10,126,022
           Building and building improvements             15,750,182     10,422,181
           Furniture, fixtures and equipment              11,126,312      6,873,995
           Leasehold improvements                          9,779,559      5,230,073
           Construction in progress                        3,556,435      2,901,131
                                                         -----------    -----------

                                                          54,849,218     35,553,402
           Less accumulated depreciation                  (3,774,215)    (1,861,628)
                                                         -----------    -----------

                                                         $51,075,003    $33,691,774
                                                         ===========    ===========
</TABLE>



(4)    LONG-TERM OBLIGATIONS
       ---------------------

       At December 28, 1997, the Company has a line of credit of $2,500,000 of 
       which the total amount is available and unused.

                                                                     (Continued)


                                      F-12




<PAGE>   44


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




(5)    LEASE COMMITMENTS
       -----------------

       The Company has various leases for its corporate offices and certain
       restaurant land and buildings under operating lease agreements. Under
       these leases, the Company pays taxes, insurance and maintenance costs in
       addition to the lease payments. Certain of these leases (three at
       December 28, 1997) provide for additional contingent rentals based on a
       percentage of sales in excess of a minimum rent.

       Future minimum lease payments at December 28, 1997, are as follows:

<TABLE>
<CAPTION>
                                                                     OPERATING
                                                                       LEASES
                                                                       ------
            <S>                                                     <C>
            1998                                                    $ 1,143,132
            1999                                                      1,125,074
            2000                                                        998,400
            2001                                                        998,400
            2002                                                        984,991
            Thereafter                                               10,306,943
                                                                    -----------
            Total minimum rentals                                   $15,556,940
                                                                    ===========
</TABLE>


       Rent expense for operating leases for each of the years in the three-year
       period ending December 28, 1997 is as follows:


<TABLE>
<CAPTION>
                                                  1997        1996          1995
                                                 ------      ------        ------
             <S>                             <C>            <C>         <C>
             Minimum rentals                  $  889,787    $561,469    $  705,220
             Contingent rentals                  119,743     102,846       357,417
                                              ----------    --------    ----------

                                              $1,009,530    $664,315    $1,062,637
                                              ==========    ========    ==========
</TABLE>

                                                                     (Continued)

                                      F-13



<PAGE>   45


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements



(6)    SHAREHOLDERS' EQUITY
       --------------------

       (A)    PUBLIC OFFERINGS
              ----------------

              In July 1997, the Company completed an equity offering of
              1,100,000 shares of its common stock and received net proceeds of
              $24,566,019. Management intends to use the net proceeds to develop
              additional restaurants and improve exiting restaurants. These
              funds have been invested in marketable income-producing
              investments, including municipal and corporate obligations, money
              market funds, mutual funds, and other interest bearing securities.

              In June 1996, the Company distributed a three-for-two stock split
              effected in the form of a 50% stock dividend on outstanding
              shares. All common shares and per share data included in the
              financial statements and footnotes thereto have been restated to
              reflect the stock split.

              In April 1996, the Company completed a secondary public offering
              of its common stock in which 1,293,750 shares were sold by the
              Company for net proceeds of $20,773,023. In addition, 207,000
              shares were sold by certain shareholders of the Company.
              Approximately $2,250,000 of the net proceeds from the offering
              were used to repay the Company's outstanding bank debt and capital
              lease obligations. A portion of the net proceeds were used to help
              fund the development of additional Logan's Roadhouse restaurants
              during 1996 and the remaining proceeds were invested in various
              investments consisting of municipal and corporate debt securities.
              The proceeds from the maturities of the investments are expected
              to help fund the development of future restaurants.

              In July 1995, the Company completed the initial public offering of
              its common stock in which 1,650,000 shares were sold by the
              Company for net proceeds of $13,047,635. In addition, 1,609,500
              shares were sold by certain shareholders of the Company. Net
              proceeds from the offering were used to purchase at appraised
              value of approximately $6,100,000 all the real property and
              improvements of three of its restaurant sites which had previously
              been owned by a partner of the Predecessor and all the
              improvements on two of its restaurant sites subject to subleases
              between the Company, as sublessee, and the partner of the
              Predecessor, as sublessor, pursuant to the terms of the Company's
              Partnership Agreement. Approximately $1,700,000 of the net
              proceeds were used to repay the Company's outstanding bank debt
              and the remaining net proceeds were used to help fund the
              development of additional Logan's Roadhouse restaurants.

       (B)    STOCK OPTIONS
              -------------

              In May 1995, the Company adopted the Logan's Roadhouse, Inc. 1995
              Incentive Stock Plan and the 1995 Non-Employee Director Stock
              Option Plan. The Company has reserved 722,500 shares of common
              stock for issuance pursuant to options to be granted under the
              Incentive Stock Plan. A number of shares equal to 2% of the
              outstanding shares of common stock currently outstanding have been
              reserved for the Non-Employee Director Stock Option Plan. As of
              December 28, 1997, a total of 865,348 shares of common stock have
              been reserved for both plans. Options are granted at a price not
              less than fair market value at the date of grant. Non-employee
              director stock options vest one year from the date of grant, and
              employee options vest twenty-five percent per year commencing one
              year from the date of grant.
                                                                    (Continued)

                                      F-14

<PAGE>   46


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




              At December 28, 1997, there were 313,257 additional shares
              available for grant under the Plans. The per share
              weighted-average fair value of stock options granted during 1997,
              1996 and 1995 was $13.98, $8.24 and $4.72, respectively, on the
              date of grant using the Black Scholes option-pricing model. The
              following weighted-average assumptions were used for 1997, 1996
              and 1995: expected dividend yield 0%, risk-free interest rate of
              6.0% and an expected life of five years. An expected volatility of
              60.2% was used for 1997 and 52.3% was used for both 1996 and 1995.

              The Company applies APB Opinion No. 25 in accounting for its Plans
              and, accordingly, no compensation cost has been recognized for its
              stock options in the financial statements. Had the Company
              determined compensation cost based on the fair value at the grant
              date for its stock options under SFAS No. 123, the Company's net
              income would have been reduced to the pro forma amounts indicated
              below:


<TABLE>
<CAPTION>
                                                      1997        1996          1995
                                                      -----       -----         -----
              <S>                                  <C>          <C>          <C>
              As reported:
                  Net earnings                     $6,635,518   $4,148,561   $1,905,144
                                                   ==========   ==========   ==========

                  Earnings per share - basic       $     1.02   $     0.73   $     0.50
                                                   ==========   ==========   ==========

                  Earnings per share - diluted     $     0.99   $     0.71   $     0.50
                                                   ==========   ==========   ==========

              Pro forma SFAS No. 123:
                  Net earnings                     $6,005,411   $3,816,704   $1,805,618
                                                   ==========   ==========   ==========

                  Earnings per share - basic       $     0.92   $     0.68   $     0.48
                                                   ==========   ==========   ==========

                  Earnings per share - diluted     $     0.89   $     0.66   $     0.47
                                                   ==========   ==========   ==========
</TABLE>


                                                                     (Continued)

                                      F-15



<PAGE>   47


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




              The following table summarizes the transactions pursuant to the
              Plan for each of the years in the three-year period ended December
              28, 1997:

<TABLE>
<CAPTION>

                                                         NUMBER OF   WEIGHTED AVERAGE
                                                          SHARES      EXERCISE PRICE
                                                          -------     --------------
              <S>                                         <C>          <C>
              Outstanding at December 25, 1994               -           $    -
                  Granted                                 328,200        $  9.05
                  Exercised                                  -           $    -
                  Canceled                                    750        $  9.00
                                                          -------        -------

              Outstanding at December 31, 1995            327,450        $  9.05
                  Granted                                 182,350        $ 15.76
                  Exercised                                 3,748        $  9.00
                  Canceled                                 17,663        $  9.00
                                                          -------        -------

              Outstanding at December 29, 1996            488,389        $ 11.50
                  Granted                                 102,400        $ 24.49
                  Exercised                                28,634        $  9.62
                  Canceled                                 10,064        $ 11.53
                                                          -------        -------

              Outstanding at December 28, 1997            552,091        $ 14.04
                                                          =======        =======
</TABLE>



              The following table summarizes information about stock options
              outstanding at December 28, 1997:

<TABLE>
<CAPTION>

                                           Options Outstanding                        Options Exercisable
                                 ---------------------------------------          --------------------------
                                                Weighted
                                                Average                                             Weighted
                                   Number      Remaining          Average          Number            Average
                                Outstanding   Contractual        Exercise        Exercisable        Exercise
        Exercise Price          at 12/28/97      Life              Price         at 12/28/97          Price
     ---------------------------------------------------------------------------------------------------------
      <S>                       <C>            <C>               <C>             <C>               <C>

      $9.00 to $11.33            303,891         8.10 years       $ 9.28          144,102          $ 9.17
      $15.50 to $19.50           146,600         9.00              16.72           36,650           16.73
      $22.75 to $26.50           101,600        10.00              24.47             -               -
                                 -------        -----             ------          -------          ------

                                 552,091         8.72             $14.04          180,752          $10.70
                                 =======        =====             ======          =======          ======
</TABLE>


       (C)    PREFERRED STOCK
              ---------------

              The Company's charter authorizes 5,000,000 shares of preferred
              stock. At December 28, 1997, no preferred shares have been issued.

                                                                     (Continued)

                                      F-16

<PAGE>   48


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




(7)    INCOME TAXES
       ------------

       No income tax expense is recorded in these financial statements for
       operations prior to July 26, 1995 since taxes of the Predecessor were the
       responsibility of the partners.

       Income tax expense for each of the years in the three-year period ended 
       December 28, 1997 consists of the following:

<TABLE>
<CAPTION>
                                                                   STATE AND
                                                         FEDERAL     LOCAL     TOTAL
                                                         -------     -----     -----
            <S>                                       <C>          <C>        <C>
            1997:
                Current                                $2,366,445   $575,656  $2,942,101
                Deferred                                  480,678     94,971     575,649
                                                       ----------   --------  ----------

            Total income tax expense from earnings     $2,847,123   $670,627  $3,517,750
                                                       ==========   ========  ==========

            1996:
                Current                                $1,231,168   $304,201  $1,535,369
                Deferred                                  468,355    158,273     626,628
                                                       ----------   --------  ----------

            Total income tax expense from earnings     $1,699,523   $462,474  $2,161,997
                                                       ==========   ========  ==========


            1995:
                Current                                $  476,800   $111,300  $  588,100
                Deferred                                  315,400      5,800     321,200
                                                       ----------   --------  ----------

            Total income tax expense from earnings     $  792,200   $117,100  $  909,300
                                                       ==========   ========  ==========
</TABLE>



       Total income taxes for each of the years in the three-year period ended
       December 28, 1997, are allocated as follows:

<TABLE>
<CAPTION>
                                                    1997           1996       1995
                                                    -----          -----      -----
       <C>                                        <C>           <C>          <C>
       Income tax expense from earnings           $3,517,750    $2,161,997   $909,300

       Shareholders equity, tax benefit derived 
         from stock options exercised               (146,457)      (16,654)      -
                                                  ----------    ----------   --------

       Total income taxes                         $3,371,293    $2,145,343   $909,300
                                                  ==========    ==========   ========
</TABLE>



                                                                     (Continued)

                                      F-17


<PAGE>   49


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements



       Pro forma income tax expense based on earnings before taxes, adjusted for
       permanent non-deductible amounts, for the year ended December 31, 1995,
       is as follows:

<TABLE>

                <S>                                   <C>  
                Federal                               $  834,244
                State                                    211,578
                                                      ----------

                                                      $1,045,822
                                                      ==========
</TABLE>

                                                          


       The effective rate of income tax expense is 34.6% in 1997, 34.3% in 1996,
       and 30.8% in 1995. The actual income tax expense differs from the
       "expected" tax expense (computed by applying U.S. Federal corporate
       income tax rate of 34% to earnings before taxes) as follows:

<TABLE>
<CAPTION>

                                                                              1997               1996             1995
                                                                             -----              -----             -----
         <S>                                                              <C>                 <C>              <C>
         Computed "expected" tax expense                                  $3,452,111          $2,145,590       $1,003,300
         Increase (deduction) in income tax resulting from:
              Earnings attributable to the partnership                          -                   -            (449,000)
              Adjustment to deferred tax assets and liabilities
                  for change in tax status                                      -                   -             290,000
              State and local income taxes, net of federal
                income tax benefit                                           442,614             305,233           77,300
              Tax exempt interest income                                    (145,920)           (105,591)            -
              Utilization of tax credits                                    (160,719)           (103,031)         (37,400)
              Dividends received                                             (43,812)               -                -
              Other                                                          (26,524)            (80,204)          25,100
                                                                          ----------          ----------       ----------

                    Income tax expense                                    $3,517,750          $2,161,997       $  909,300
                                                                          ==========          ==========       ==========
</TABLE>


       The tax effects of temporary differences that give rise to significant
       portions of the deferred tax asset and deferred tax liability at December
       28, 1997 and December 29, 1996, are as follows:


<TABLE>
<CAPTION>
                                                                             1997        1996
                                                                             -----       -----
         <S>                                                              <C>           <C>
         Deferred tax assets:
              Insurance reserve, not yet deductible for tax purposes      $   30,521    $ 24,754
                                                                          ----------    --------

         Deferred tax liabilities:
              Plant and equipment, principally due to differences in
                depreciation and capitalized lease amortization            1,191,299     648,017
              Preopening costs, due to costs in excess of amortization       362,699     324,565
                                                                          ----------    --------

                    Total gross deferred tax liability                     1,553,998     972,582
                                                                          ----------    --------

                    Net deferred tax liability                            $1,523,477    $947,828
                                                                          ==========    ========
</TABLE>


                                                                    (Continued)

                                      F-18

<PAGE>   50


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




       The net deferred tax liability is presented in the December 28, 1997 and
       December 29, 1996 balance sheets as follows:


<TABLE>
<CAPTION>
                                                               1997         1996
                                                               -----        -----
           <S>                                              <C>           <C>
           Current deferred tax liability                   $  332,178    $299,800
           Noncurrent deferred tax liability                 1,191,299     648,028
                                                            ----------    --------

                      Net deferred tax liability            $1,523,477    $947,828
                                                            ==========    ========
</TABLE>



(8)    RELATED PARTY TRANSACTIONS
       --------------------------

       During 1995, the Company and Predecessor were involved in certain
       transactions with a partner of the Predecessor. The partner sold
       substantially all its stock in the Company in conjunction with the
       initial public offering. Such transactions included the following:

       (i)   Purchase of certain food products and supplies. This agreement was
             terminated during the fourth quarter of 1995. These purchases
             totaled $5,701,935 in 1995.

       (ii)  Purchase of accounting and administrative services through March
             1995. The amount paid for these services totaled approximately
             $21,300 in 1995.

       (iii) Use of various computer and software services in 1995. The cost of 
             these services was $19,500 in 1995.

       (iv)  A 2% monthly guaranty fee based on the outstanding balances of
             certain capital leases and bank debt. Amounts incurred totaled
             $27,091 in 1995.

       (v)   Leased real estate for the operation of five of its restaurants
             through July 1995. The leases provided for minimum lease payments
             and were subject to contingent rentals based on certain achieved
             sales levels. Basic rentals under these leases totaled
             approximately $353,000 in 1995, and contingent rentals totaled
             approximately $241,000 in 1995. In July 1995, as part of the
             exchange agreement when the Company completed the initial public
             offering of its common stock, the Company purchased the properties
             being leased from the related party. Such purchases totaled
             approximately $6,100,000 and were based on the fair market value of
             the properties as determined by an independent appraisal.

       As of December 28, 1997 and December 29, 1996, there has been no
       continued activities between the Company and the former related party.



                                                                    (Continued)
                                      F-19



<PAGE>   51


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements




(9)    FRANCHISING
       -----------

       In January 1996 and March 1997, respectively, the Company entered into
       franchise agreements with two separate entities controlled by significant
       shareholders. The agreements provide for the franchising of Logan's
       Roadhouse restaurants in select market areas which are not in the
       Company's immediate expansion plans. Pursuant to the terms of such
       agreements, one franchisee obtained the exclusive right to develop within
       certain counties of Arkansas, Oklahoma and Texas until December 31, 2000,
       and the other franchisee obtained the exclusive right to develop within
       the states of North Carolina and South Carolina and Augusta, Georgia
       until March 31, 2002. Each agreement is subject to automatic renewal for
       an additional five-year term upon the satisfaction of certain conditions.
       The agreements require the franchisee to pay an initial $30,000 franchise
       fee and a monthly royalty fee of 3% of gross sales. In addition, the
       Company may require the franchisees to contribute up to 1% of gross sales
       to the Company's general advertising account and expend on an annual
       basis up to 3% of gross sales for local promotional activities, subject
       to the approval of the Company. The Company is obligated to provide a
       three week training program for a fee ranging from $45,000 to $55,000 per
       restaurant. The franchisees are responsible for all expenses incurred by
       its personnel while training, including travel and living expenses.
       Income relating to the franchise agreements for the fiscal year ended
       December 28, 1997 and December 29, 1996 was $204,079 and $124,742,
       respectively.

       Management is also considering other franchising opportunities on a
       limited basis in areas which are not in the Company's immediate expansion
       plans, and has had preliminary discussions with third parties.

(10)   COMMITMENTS AND CONTINGENCIES
       -----------------------------

       At December 28, 1997, the Company has five restaurants under
       construction. The remaining costs to complete the construction, including
       furniture, fixtures, and equipment, are approximately $4,199,000.

       The Company is subject to various legal proceedings and claims which
       arise in the ordinary course of its business. In the opinion of
       management, the ultimate liability with respect to those claims will not
       materially affect the financial position or results of the Company's
       operations.



                                                                  (Continued)



                                      F-20

<PAGE>   52


                             LOGAN'S ROADHOUSE, INC.

                          Notes to Financial Statements



(11)   EARNINGS PER SHARE
       ------------------

       The following is a reconciliation of basic and diluted earnings per share
       (pro forma data for 1995):

<TABLE>
<CAPTION>
                                                INCOME          SHARES       PER SHARE
                                              (NUMERATOR)    (DENOMINATOR)    AMOUNT
                                              -----------    -------------   ---------          
                                               FOR THE YEAR ENDED DECEMBER 28, 1997
                                               ------------------------------------
    <S>                                       <C>               <C>           <C>
    BASIC EPS
    Income available to common shareholders   $6,635,518        6,505,194     $1.02
                                                                              =====

    EFFECT OF DILUTIVE SECURITIES
    Stock options                                 -               220,345
                                              ----------        ---------

    DILUTED EPS
    Income available to common shareholders   $6,635,518        6,725,539     $0.99
                                              ==========        =========     =====

                                                FOR THE YEAR ENDED DECEMBER 29, 1996
                                                ------------------------------------

    BASIC EPS
    Income available to common shareholders   $4,148,561        5,652,354     $0.73
                                                                              =====

    EFFECT OF DILUTIVE SECURITIES
    Stock options                                 -               173,414
                                              ----------        ---------

    DILUTED EPS
    Income available to common shareholders   $4,148,561        5,825,768     $0.71
                                              ==========        =========     =====

                                                FOR THE YEAR ENDED DECEMBER 31, 1995
                                                ------------------------------------

    BASIC EPS
    Income available to common shareholders   $1,905,144        3,774,644     $0.50
                                                                              =====

    EFFECT OF DILUTIVE SECURITIES
    Stock options                                 -                58,857
                                              ----------        ---------

    DILUTED EPS
    Income available to common shareholders   $1,905,144        3,833,501     $0.50
                                              ==========        =========     =====
</TABLE>


       For the year ending December 28, 1997, options to purchase a weighted
       average of 55,039 shares of the Company's common stock were excluded from
       the computation of diluted earnings per share as these securities were
       anti-dilutive for such period. Additionally, the Company granted a total
       of 231,000 stock options at an exercise price of $16.25 on January 13,
       1998.



                                      F-21

<PAGE>   53



                                  EXHIBIT INDEX
<TABLE>
<CAPTION>

   EXHIBIT
   NUMBER                      DESCRIPTION OF EXHIBITS
   -------                     -----------------------
   <S>        <C>  <C>
      2       --   Exchange Agreement, dated May 30, 1995, by and among 
                   O'Charley's Inc., each of the shareholders of Logan's
                   Management Group, Inc. and the Registrant(1)
      3.1     --   Amended and Restated Charter of the Registrant(1)
      3.2     --   Bylaws of the Registrant(1)
      4.1     --   Section 8 of the Amended and Restated Charter of the Registrant
                   (included in Exhibit 3.1)(1)
      4.2     --   Specimen of Common Stock certificate(1)
     10.1     --   Registrant's 1995 Non-Employee Director Stock Option Plan(2)
     10.2     --   Registrant's 1995 Incentive Stock Plan(2)
     10.3     --   Lease Agreement, dated September 23, 1994, between the
                   Registrant and LaSalle Fund III (executive offices)(1)
     10.4     --   Loan Agreement, dated February 16, 1996, between the Registrant
                   and First American National Bank(3)
     10.5     --   Master Secured Promissory Note, dated February 16, 1996, of
                   the Registrant to First American National Bank(3)
     10.6     --   Letter Agreement, dated August 9, 1995, between the Registrant
                   and Kraft Foodservice, Inc.(3)
     10.7     --   Letter Agreement, dated January 9, 1996, between the Registrant
                   and Coca-Cola Fountain(3)
     10.8     --   Area Development Agreement, dated January 12, 1996, between 
                   the Registrant, L.W. Group, Inc. and David K. Wachtel, Jr.(3)
     10.9     --   Form of Franchise Agreement between the Registrant, L.W. 
                   Group, Inc. and David K. Wachtel, Jr.(3)
     10.10    --   Area Development Agreement, dated March 17, 1997, between 
                   the Registrant, CMAC Incorporated and Charles F. McWhorter, 
                   Jr.(4)
     10.11    --   Form of Franchise Agreement between the Registrant, CMAC 
                   Incorporated and Charles F. McWhorter, Jr.(4)
     10.12    --   Amended and Restated Employment Agreement, dated January 14, 
                   1998, between Edwin W. Moats, Jr. and the Registrant
     10.13    --   Employment Agreement, dated January 14, 1998, between Peter 
                   Kehayes and the Registrant
     10.14    --   Employment Agreement, dated January 14, 1998, between Ralph
                   W. McCracken and the Registrant
     10.15    --   Employment Agreement, dated January 14, 1998, between David
                   J. McDaniel and the Registrant
     10.16    --   1998 Executive Bonus Plan
     10.17    --   Sponsorship Agreement, dated February 24, 1998, between the
                   Registrant and Southern Racing Promotions, Inc.
     21       --   Subsidiaries of the Registrant
     23       --   Consent of KPMG Peat Marwick LLP
     27.1     --   Financial Data Schedule for fiscal year ended December 29,
                   1996 (for SEC use only)
     27.2     --   Financial Data Schedule for fiscal year ended December 28,
                   1997 (for SEC use only)
</TABLE>

---------------
(1)    Incorporated by reference to the Registrant's Registration Statement on 
       Form SB-2 (Registration  No. 33-92976-A).

(2)    Incorporated by reference to the Registrant's Registration Statement on
       Form S-8 (Registration No. 333-48015). 
<PAGE>   54

(3)    Incorporated by reference to the Registrant's Registration Statement on
       Form SB-2 (Registration  No. 333-2570).
(4)    Incorporated by reference to the Registrant's Annual Report on Form 
       10-KSB for the fiscal year ended December 29, 1996 (Commission File 
       No. 0-26400).