Document:

Unassociated Document

                                                                                        Exhibit
      10.1

     

    THIRD
      AMENDMENT TO CREDIT AGREEMENT

     

    THIS
      THIRD AMENDMENT TO CREDIT AGREEMENT (this
      "Amendment"),
      dated
      as of November 8,
      2006,
      is by and among
      HNI CORPORATION,
      an Iowa
      corporation (the "Borrower"),
      those
      Domestic Subsidiaries of the Borrower identified as a "Guarantor" on the
      signature pages hereto (the "Guarantors"),
      the
      Lenders (defined below) party hereto and WACHOVIA
      BANK, NATIONAL ASSOCIATION,
      a
      national banking association, as administrative agent for the Lenders (the
      "Administrative
      Agent").

     

    W
      I T N E S S E T H

    

    WHEREAS,
      the
      Borrower, the Guarantors, the lenders from time to time party thereto (the
      "Lenders"),
      and
      the Administrative Agent have entered into that certain Credit Agreement dated
      as of January 28, 2005 (as amended, restated, amended and restated, modified,
      supplemented or otherwise modified through the date hereof, the "Credit
      Agreement";
      capitalized terms used herein shall have the meanings ascribed thereto in the
      Credit Agreement);

    

    WHEREAS,
      the
      Credit Parties have requested the Lenders amend certain provisions of the Credit
      Agreement; and

    

    WHEREAS,
      the
      Lenders are willing to make such amendments to the Credit Agreement, subject
      to
      the terms and conditions set forth herein.

    

    NOW,
      THEREFORE,
      in
      consideration of the agreements hereinafter set forth, and for other good and
      valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the parties hereto agree as follows:

    

    ARTICLE
      I

    AMENDMENTS
      TO CREDIT AGREEMENT

    

    1.1 Pricing
      Grid. 
      The
      pricing grid set forth in the definition of Applicable Percentage in Section
      1.1
      of the Credit Agreement is hereby amended and restated in its entirety to read
      as follows:

    

    
      	
              Applicable
                Percentage

               

            
	
               

               

              Level

            	
               

               

              Leverage
                Ratio

            	
               

              Alternate
                Base Rate Margin for 

              Revolving
                Loans

            	
              LIBOR
                Rate Margin for 

              Revolving
                Loans 

              and
                Letter of Credit Fee

            	
               

               

              Facility
                Fee

            
	
                I

            	
              >
                2.50 to 1.0

               

            	
              0.000%

            	
              0.325%

            	
              0.175%

            
	
               II

            	
              <
                2.50 to 1.0 but 

              >
                1.75 to 1.0

               

            	
              0.000%

            	
              0.300%

            	
              0.150%

            
	
              III

            	
              <
                1.75 to 1.0 but 

              >
                1.00 to 1.0

               

            	
              0.000%

            	
              0.300%

            	
              0.100%

            
	
               
                  IV

            	
               <
                1.00 to 1.0 

            	
               0.000%

            	
                0.270%

            	
                0.080%

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

       
       1.2 Section
      6.5(g).  
      Section
      6.5(g) of the Credit Agreement is hereby amended and restated in its entirety
      to
      read as follows:

    

    (g) Pearl
      City Insurance Company, a Vermont corporation, may make Investments in an
      aggregate amount not to exceed $50,000,000 at any one time outstanding so long
      as such Investments are in accordance with the investment policy of Pearl City
      Insurance Company as in effect at the time of each such
      Investment;

    

    ARTICLE
      II

    CONDITIONS
      TO EFFECTIVENESS

    

    2.1 Closing
      Conditions.

    

    This
      Amendment shall become effective as of the date hereof upon satisfaction of
      the
      following conditions (in form and substance reasonably acceptable to the
      Administrative Agent) (the "Third
      Amendment Effective Date"):

    

    (a) Executed
      Documents.
      Receipt
      by the Administrative Agent of counterparts of this Amendment executed by each
      Credit Party, the Administrative Agent and the Lenders.

    

    (b) Fees
      and Expenses.
      The
      Administrative Agent and the Lenders shall have received from the Borrower
      the
      aggregate amount of fees and expenses payable in connection with the
      consummation of the transactions contemplated hereby.

    

    ARTICLE
      III

    MISCELLANEOUS

    

    3.1 Amended
      Terms. 
      On and after the Third Amendment Effective Date, all references to the Credit
      Agreement in each of the Credit Documents shall hereafter mean the Credit
      Agreement as amended by this Amendment.  Except as specifically amended
      hereby or otherwise agreed, the Credit Agreement is hereby ratified and
      confirmed and shall remain in full force and effect according to its
      terms.

    

    3.2 Representations
      and Warranties of Credit Parties.
       Each
      of
      the Credit Parties represents and warrants as follows:

     

    (a)
       It
      has
      taken all necessary action to authorize the execution, delivery and performance
      of this Amendment.

    

    (b) This
      Amendment has been duly executed and delivered by such Person and constitutes
      such Person's legal, valid and binding obligations, enforceable in accordance
      with its terms, except as such enforceability may be subject to
      (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or
      transfer, moratorium or similar laws affecting creditors' rights generally
      and
      (ii) general principles of equity (regardless of whether such enforceability
      is
      considered in a proceeding at law or in equity).

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c) No
      consent, approval, authorization or order of, or filing, registration or
      qualification with, any court or governmental authority or third party is
      required in connection with the execution, delivery or performance by such
      Person of this Amendment.

    

    (d) After
      giving effect to this Amendment, the representations
      and warranties set forth in Article III of the Credit Agreement or which
      are contained in any certificate furnished at any time under or in connection
      with the Credit Agreement are true and correct as of the Third Amendment
      Effective Date (except for those which expressly relate to an earlier
      date).

    

    (e) After
      giving effect to this Amendment, no Default or Event of Default has occurred
      and
      is continuing.

    

    (f) The
      Credit Party Obligations are not reduced by this Amendment.

    

    3.3 Reaffirmation
      of Credit Party Obligations. 
      Each
      Credit Party hereby ratifies the Credit Agreement (as amended) and acknowledges
      and reaffirms (a) that it is bound by all terms of the Credit Agreement
      applicable to it and (b) that it is responsible for the observance and full
      performance of its respective Credit Party Obligations.

    

    3.4 Credit
      Document. 
      This
      Amendment shall constitute a Credit Document under the terms of the Credit
      Agreement and shall be subject to the terms and conditions thereof.

    

    3.5 Entirety.
      This Amendment and the other Credit Documents embody the entire agreement
      between the parties hereto and supersede all prior agreements and
      understandings, oral or written, if any, relating to the subject matter
      hereof.

    

    3.6 Counterparts;
      Telecopy. 
      This Amendment may be executed in any number of counterparts, each of which
      when
      so executed and delivered shall be an original, but all of which shall
      constitute one and the same instrument. Delivery of an executed counterpart
      to
      this Amendment by telecopy shall be effective as an original and shall
      constitute a representation that an original will be delivered.

    

    3.7 No
      Actions, Claims, Etc. 
      As
      of the
      date hereof, each of the Credit Parties hereby acknowledges and confirms that
      it
      has no knowledge of any actions, causes of action, claims, demands, damages
      and
      liabilities of whatever kind or nature, in law or in equity, by it against
      the
      Administrative Agent, the Lenders, or the Administrative Agent's or the Lenders'
      respective officers, employees, representatives, agents, counsel or directors
      arising from any action by such Persons, or failure of such Persons to act,
      under the Credit Agreement on or prior to the date hereof. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.8 GOVERNING
      LAW. 
      THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS
      AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
      WITH, THE LAW OF THE STATE OF NEW YORK. 

    

    3.9 Consent
      to Jurisdiction; Service of Process; Waiver of Jury
      Trial. 
      The
      jurisdiction, services of process and waiver of jury trial provisions set forth
      in Sections 10.14 and 10.17 of the Credit Agreement are hereby incorporated
      by
      reference, mutatis
      mutandis.

    

    3.10 Expenses. 
      The Borrower agrees to pay all reasonable costs and expenses of the
      Administrative Agent in connection with the preparation, execution and delivery
      of this Amendment, including without limitation the reasonable fees and expenses
      of the Administrative Agent's legal counsel; provided,
      however,
      that
      (a)
      the
      Administrative Agent shall submit to the Borrower a reasonably detailed
      itemization of such fees and expenses and (b)
      the
      aggregate amount of such reimbursable fees and expenses shall not exceed $25,000
      without prior approval of the Borrower.

    

    3.11 Further
      Assurances. 
      The Credit Parties agree to promptly take such action, upon the request of
      the
      Administrative Agent, as is necessary to carry out the intent of this
      Amendment.

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

        

      

    

    IN
      WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be
      duly
      executed and delivered as of the date first above written.

    

    
      	 	 	 
	 BORROWER:	
              HNI
                CORPORATION, 

              an Iowa corporation

            
	 
 	 
 	 
 
	 	By:  	/s/ Melinda
              C. Ellsworth
	 	
              
                

              

              Name: 
                Melinda C. Ellsworth

            
	 	
              Title:   
                Vice President, Treasurer and Investor Relations

               

               

            

    
      	 	 	 
	 GUARANTORS:	
              THE
                HON
                COMPANY

              ALLSTEEL INC.

              HEARTH & HOME TECHNOLOGIES
                INC.

              PAOLI INC.

              RIVER BEND CAPITAL
                CORPORATION

            
	 
 	 
 	 
 
	 	By:  	/s/ Melinda
              C. Ellsworth
	 	
              
                

              

              Name: 
                Melinda C. Ellsworth

            
	 	Title:   
              Vice President and Treasurer

    

     

    

    

    
      
        
          

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

        

      

    

    
      	
               

               

            	 	 
	LENDERS:	
              WACHOVIA
                BANK, NATIONAL ASSOCIATION,

              individually in its capacity as a 

              Lender and in its capacity as Administrative
                Agent

            
	 
 	 
 	 
 
	
            	By:  	/s/ Richard
              E. Anglin III
	 	
              
                

              

              Name: 
                Richard E. Anglin III

            
	 	Title:   
              Vice President 

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

           

        

      

    

     

    
      	 	 	 
	LENDERS:	
              HARRIS
                N.A., 

              as a Lender

            
	 
 	 
 	 
 
	 	By:  	/s/ Thad
              D.
              Rasche
	 	
              
                

              

              Name:     
                Thad D. Rasche

            
	 	Title:       
              Director 

    

     

     

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            HNI
              CORPORATION

            THIRD
              AMENDMENT TO CREDIT AGREEMENT

          

        

      

    

     

     

    
      	 	 	 
	LENDERS:	
              BNP
                PARIBAS,

              as a Lender

            
	 
 	 
 	 
 
	 	By:  	/s/ Jo
              Ellen
              Bender
	 	
              

              Name:   
                Jo Ellen Bender

            
	 	Title:     
              Managing Director

    

     

    
      	 	 	 
	 	 
	 
 	 
 	 
 
	 	By:  	/s/ Christopher
              Grumboski
	 	
              

              Name:  Christopher
                Grumboski

            
	 	Title:   
              Director

    

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

        

      

    

     

     

    
      	 	 	 
	LENDERS:	
              NATIONAL
                CITY BANK OF THE MIDWEST,

              as a Lender

            
	 
 	 
 	 
 
	 	By:  	/s/ Kevin
              J.
              Anderson
	 	
              

              Name:  Kevin
                J. Anderson

            
	 	Title:   
              Senior Vice President 

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

        

      

    

     

     

    
      	 	 	 
	LENDERS:	
              BANK
                OF
                AMERICA, N.A.,

              as a Lender

            
	 
 	 
 	 
 
	 	By:  	/s/ 
Charles
              R. Dickerson
	 	
              
Name: 
              Charles R. Dickerson
	 	Title:    
              Managing Director 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          HNI
            CORPORATION

          THIRD
            AMENDMENT TO CREDIT AGREEMENT

        

      

    

     

     

    
      	 	 	 
	 LENDERS:	
              WELLS
                FARGO BANK, NATIONAL ASSOCIATION,

              as a Lender

            
	 
 	 
 	 
 
	 	By:  	/s/ Elizabeth
              M. Emde
	 	
              
Name: 
Elizabeth
              M. Emde
	 	Title:   
              Vice PresidentExhibit 10.1 Earnings Release

    Exhibit 10.1

    
 

      

      

      THE
        STEAK N SHAKE COMPANY REPORTS FISCAL FOURTH QUARTER 2006
        RESULTS

      	-  	
              Fourth
                Quarter Total Revenues Grew 4.3% -

            

      	-  	
              Company
                Opens 7 New Restaurants -

            

      

      

      INDIANAPOLIS,
        November 14, 2006/PRNewswire -- The Steak n Shake Company (NYSE:SNS) today
        announced its revenues and earnings for the fourth quarter 2006 ended September
        27, 2006. 

      

      Highlights
        for fiscal fourth quarter include:

      	·  	
              Total
                revenues increased 4.3% to $152.0 million

            

      	·  	
              Net
                earnings were
                $7.5 million, including a $0.5 million after-tax impact of adopting
                SFAS
                123R related to expensing stock-based awards issued to
                employees

            

      	·  	
              Diluted
                earnings per share were $0.27, including a $0.02 impact of adopting
                SFAS
                No. 123R

            

      

      Highlights
        for fiscal 2006 include:

      	·  	
              Total
                revenues increased 5.3% to $638.8 million

            

      	·  	
              Same
                store sales for Company-owned stores declined
                2.1%

            

      	·  	
              Net
                earnings were $28.0 million, including a $2.0 million after-tax impact
                of
                adopting SFAS 123R related to expensing stock-based awards issued
                to
                employees

            

      	·  	
              Diluted
                earnings per share were $1.00, including a $0.07 impact of adopting
                SFAS
                No. 123R

            

      

      Fiscal
        Fourth Quarter 2006 Results

      Total
        revenues for the fiscal fourth quarter 2006 grew 4.3% to $152.0 million from
        $145.7 million in the same quarter last year, and same-store sales declined
        3.4%. 

      

      Net
        earnings for the fiscal fourth quarter 2006 were $7.5 million, or $0.27 per
        diluted share, compared to $8.7 million, or $0.31 per diluted share, in the
        prior year period. The fiscal 2006 results include the impact of expensing
        stock
        options and shares purchased under the employee stock purchase plan as required
        by Statement of Financial Accounting Standards No. 123R, Share-Based Payment
        (“SFAS 123R”). The Company recorded stock-based compensation expense of $0.5
        million after-tax, or $0.02 per share in the current quarter. During the
        quarter, the Company opened seven
        new
        Company-owned restaurants, acquired eight units from a franchisee, sold one
        unit
        to a franchisee, and opened one new franchised unit.

      

      Fiscal 2006
        Results

      For
        the
        fiscal year 2006, total revenues increased 5.3% to $638.8 million compared
        to
        $606.9 million in the prior year. Same store sales decreased 2.1% for
        Company-owned units for fiscal 2006. Diluted earnings per share were $1.00
        versus $1.08 in the prior year (note that the current year amount includes
        a
        $0.07 impact of the adoption of SFAS 123R).

      

      Peter
        Dunn, President and Chief Executive Officer commented, “We
        made
        substantial progress on many aspects of our operating fundamentals, including
        key operating metrics, new product innovation and expansion. While our
        same-store-sales results were consistent with the performance experienced
        by
        many casual dining restaurants in the face of higher gas prices and rising
        interest rates, we were dissatisfied that we were not able to grow guest
        counts
        during the year.”

      

      Mr.
        Dunn
        concluded, “As we look ahead to fiscal 2007 our top priority will be to gain
        sustainable same store sales momentum through improved store execution, new
        product innovation and optimization of the Steak n Shake concept. We will
        be
        diligent to ensure that the necessary decisions and related investments to
        improve the brand’s performance will be aligned in order to maximize our return
        on invested capital. We believe these actions will put us in a position to
        accelerate expansion and deliver sustained earnings growth over the
        long-term.”

      

      As
        of
        September 27, 2006, there were 477 Steak n Shake restaurants operating in
        20
        states, including 429 Company-owned restaurants and 48 franchised
        units.

      

      Fiscal
        2007 Guidance

      
        For
          fiscal year 2007, the Company anticipates diluted earnings per share in
          the
          range of $0.90 to $1.00. This is based on expected same store sales growth
          of
          positive 1% to down 3%. The Company anticipates opening approximately 15
          Company-owned restaurants and at least 7 franchise units in fiscal 2007.
          During
          the year, the Company will review all aspects of the current organization
          and
          will take any necessary actions to ensure sales and earnings momentum going
          forward. Any actions which would affect cash flow have been estimated and
          are
          included in the earnings per share guidance above. In addition, the Company
          will
          continue reviewing all underperforming stores and will develop a plan to
          improve
          each store’s performance or dispose of the assets. 

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Investor
        Conference Call and Webcast 

      The
        Steak
        n Shake Company will broadcast its investor conference call live over the
        Internet at 5:00 p.m. Eastern Time, 4:00 p.m. Central Time today. Hosting
        the
        call will be Peter M. Dunn, President and Chief Executive Officer, and Jeffrey
        A. Blade, Senior Vice President and Chief Financial Officer. 

      

      Interested
        investors and other parties may listen to a simultaneous webcast of the
        conference call by logging onto the Company's website at www.steaknshake.com.
        The on-line replay will be available for a limited time immediately following
        the call.

      

      The
        call
        can also be accessed live over the phone by dialing (800) 819-9193, or for
        international callers, (913) 981-4911. A replay will be available one hour
        after
        the call and can be accessed by dialing (888) 203-1112, or for international
        callers, (719) 457-0820. The passcode for the replay is 8718147. The replay
        will
        be available until November 21, 2006.

      

      About
        Steak n Shake

      Steak
        n
        Shake is a full service, casual dining restaurant serving a core menu of
        its
        famous STEAKBURGERTM
        sandwiches, thin ‘n crispy french fries, old fashioned hand-dipped milk shakes,
        chili, home style soups, fresh salads, a variety of desserts and breakfast.
        All
        of the food is prepared to the guest’s order and served by friendly,
        well-trained associates. Steak n Shake restaurants feature full-service dining
        areas, counter service and drive-thru windows and are open 24 hours a day,
        seven
        days a week.

      

      This
        press release contains forward-looking information. In general, forward-looking
        statements include estimates of future revenues, cash flows, capital
        expenditures, or other financial items, and assumptions underlying any of
        the
        foregoing. Forward-looking statements reflect management’s current expectations
        regarding future events and use words such as “anticipate”, “believe”, “expect”,
“may”, “will”, and other similar terminology. These statements speak only as of
        the date they were made and involve a number of risks and uncertainties that
        could cause actual results to differ materially from those expressed in
        forward-looking statements. Several factors, many beyond our control, could
        cause actual results to differ significantly from our expectations, such
        as the
        following: the effectiveness of our expansion plans, including the ability
        to
        acquire cost-effective sites; the effectiveness of our operating initiatives;
        changes in economic conditions; the impact of restaurant closings; changes
        in
        consumer tastes; changes in consumer behavior, including behavior based on
        publicity or concerns relating to food safety or food-borne illnesses; the
        effectiveness of our advertising and marketing initiatives; competitor
        influences; poor performance in a regional area or in even a small number
        of
        geographically diverse restaurants, and the impact this performance could
        have
        on consolidated results; harsh weather conditions, primarily in the first
        and
        second quarters; the availability and cost of qualified personnel; changes
        in
        minimum wage rates; changes in food commodity prices; the completion of mergers
        or acquisitions and the successful integration of those transactions into
        the
        Company’s business; and changes in applicable accounting policies and practices,
        including the failure to maintain effective internal controls over financial
        reporting. The foregoing list of important factors is not intended to be
        all-inclusive as other general market, industry, economic, and political
        factors
        may also impact our operations. Readers are cautioned not to place undue
        reliance on our forward-looking statements, as we assume no obligation to
        update
        forward-looking statements.

    

    
      

      Contact: Jeffrey
        A. Blade

      Jeff.blade@steaknshake.com

      www.steaknshake.com

      (317)
        633-4100

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                    THE
                      STEAK N SHAKE COMPANY

                  	 	 	 
	
                    CONDENSED
                      CONSOLIDATED STATEMENTS OF EARNINGS

                  	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                     

                  	
                    TWELVE

                  	
                    FIFTY-TWO

                  	 	 	 
	
                     

                  	
                    WEEKS
                      ENDED

                  	
                    WEEKS
                      ENDED

                  	 	 	 
	
                    
                      (Amounts
                        in $000's

                    

                  	 	 	
                    9/27/2006

                  	 	 	 	 	 	
                    9/28/2005

                  	 	 	 	 	 	 	 	
                    9/27/2006

                  	 	 	 	 	 	
                    9/28/2005

                  	
                     

                  	
                     

                  	
                     

                  	
                     

                  
	
                    
                      except
                        share and per share data)

                    

                  	 	 	
                    (UNAUDITED) 

                  	 	 	 	 	 	
                    (UNAUDITED

                  	
                    )

                  	 	 	 	 	 	 	
                    (UNAUDITED

                  	
                    )

                  	 	 	 	 	
                    (UNAUDITED

                  	
                    )

                  	 	 	 
	
                    Revenues

                  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Net
                      sales

                  	 	
                    $

                  	
                    151,105

                  	 	 	
                    99.4

                  	
                    %

                  	
                    $

                  	
                    144,760

                  	 	 	
                    99.3

                  	
                    %

                  	 	 	
                    $

                  	
                    634,941

                  	 	 	
                    99.4

                  	
                    %

                  	
                    $

                  	
                    603,068

                  	 	 	
                    99.4

                  	
                    %

                  
	
                    Franchise
                      fees

                  	 	 	
                    919

                  	 	 	
                    0.6

                  	
                    %

                  	 	
                    948

                  	 	 	
                    0.7

                  	
                    %

                  	 	 	 	
                    3,881

                  	 	 	
                    0.6

                  	
                    %

                  	 	
                    3,844

                  	 	 	
                    0.6

                  	
                    %

                  
	Total
                    Revenues	 	 	
                    152,024

                  	 	 	
                    100.0

                  	
                    %

                  	 	
                    145,708

                  	 	 	
                    100.0

                  	
                    %

                  	 	 	 	
                    638,822

                  	 	 	
                    100.0

                  	
                    %

                  	 	
                    606,912

                  	 	 	
                    100.0

                  	
                    %

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Costs
                      and Expenses

                  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Cost
                      of sales (1)

                  	 	 	
                    33,841

                  	 	 	
                    22.4

                  	
                    %

                  	 	
                    33,069

                  	 	 	
                    22.8

                  	
                    %

                  	 	 	 	
                    143,360

                  	 	 	
                    22.6

                  	
                    %

                  	 	
                    140,078

                  	 	 	
                    23.2

                  	
                    %

                  
	
                    Restaurant
                      operating costs (1)

                  	 	 	
                    77,068

                  	 	 	
                    51.0

                  	
                    %

                  	 	
                    69,983

                  	 	 	
                    48.3

                  	
                    %

                  	 	 	 	
                    319,070

                  	 	 	
                    50.3

                  	
                    %

                  	 	
                    295,202

                  	 	 	
                    49.0

                  	
                    %

                  
	
                    General
                      and administrative (2)

                  	 	 	
                    11,329

                  	 	 	
                    7.5

                  	
                    %

                  	 	
                    10,896

                  	 	 	
                    7.5

                  	
                    %

                  	 	 	 	
                    52,949

                  	 	 	
                    8.3

                  	
                    %

                  	 	
                    47,902

                  	 	 	
                    7.9

                  	
                    %

                  
	
                    Depreciation
                      and amortization

                  	 	 	
                    7,058

                  	 	 	
                    4.6

                  	
                    %

                  	 	
                    6,717

                  	 	 	
                    4.6

                  	
                    %

                  	 	 	 	
                    28,967

                  	 	 	
                    4.5

                  	
                    %

                  	 	
                    26,945

                  	 	 	
                    4.4

                  	
                    %

                  
	
                    Marketing

                  	 	 	
                    5,613

                  	 	 	
                    3.7

                  	
                    %

                  	 	
                    5,849

                  	 	 	
                    4.0

                  	
                    %

                  	 	 	 	
                    27,473

                  	 	 	
                    4.3

                  	
                    %

                  	 	
                    26,771

                  	 	 	
                    4.4

                  	
                    %

                  
	
                    Interest

                  	 	 	
                    2,948

                  	 	 	
                    1.9

                  	
                    %

                  	 	
                    2,906

                  	 	 	
                    2.0

                  	
                    %

                  	 	 	 	
                    11,373

                  	 	 	
                    1.8

                  	
                    %

                  	 	
                    12,641

                  	 	 	
                    2.1

                  	
                    %

                  
	
                    Rent

                  	 	 	
                    2,881

                  	 	 	
                    1.9

                  	
                    %

                  	 	
                    2,567

                  	 	 	
                    1.8

                  	
                    %

                  	 	 	 	
                    12,233

                  	 	 	
                    1.9

                  	
                    %

                  	 	
                    10,250

                  	 	 	
                    1.7

                  	
                    %

                  
	
                    Pre-opening
                      costs

                  	 	 	
                    803

                  	 	 	
                    0.5

                  	
                    %

                  	 	
                    1,081

                  	 	 	
                    0.7

                  	
                    %

                  	 	 	 	
                    3,579

                  	 	 	
                    0.6

                  	
                    %

                  	 	
                    3,247

                  	 	 	
                    0.5

                  	
                    %

                  
	
                    Provision
                      for store closings

                  	 	 	
                    -

                  	 	 	
                    0.0

                  	
                    %

                  	 	
                    1,400

                  	
                     

                  	 	
                    1.0

                  	
                    %

                  	 	 	 	
                    (103

                  	)	 	
                    0.0

                  	
                    %

                  	 	
                    1,400

                  	
                     

                  	 	
                    0.2

                  	
                    %

                  
	
                    Other
                      income, net

                  	 	 	
                    (689

                  	
                    )

                  	 	
                    -0.5

                  	
                    %

                  	 	
                    (513

                  	
                    )

                  	 	
                    -0.4

                  	
                    %

                  	 	 	 	
                    (2,371

                  	
                    )

                  	 	
                    -0.4

                  	
                    %

                  	 	
                    (1,968

                  	
                    )

                  	 	
                    -0.3

                  	
                    %

                  
	 	 	 	
                    140,852

                  	 	 	
                    92.7

                  	
                    %

                  	 	
                    133,955

                  	 	 	
                    91.9

                  	
                    %

                  	 	 	 	
                    596,530

                  	 	 	
                    93.4

                  	
                    %

                  	 	
                    562,468

                  	 	 	
                    92.7

                  	
                    %

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Earnings
                      Before Income Taxes

                  	 	 	
                    11,172

                  	 	 	
                    7.3

                  	
                    %

                  	 	
                    11,753

                  	 	 	
                    8.1

                  	
                    %

                  	 	 	 	
                    42,292

                  	 	 	
                    6.6

                  	
                    %

                  	 	
                    44,444

                  	 	 	
                    7.3

                  	
                    %

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Income
                      Taxes

                  	 	 	
                    3,676

                  	 	 	
                    2.4

                  	
                    %

                  	 	
                    3,097

                  	 	 	
                    2.1

                  	
                    %

                  	 	 	 	
                    14,291

                  	 	 	
                    2.2

                  	
                    %

                  	 	
                    14,222

                  	 	 	
                    2.3

                  	
                    %

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Net
                      Earnings

                  	 	
                    $

                  	
                    7,496

                  	 	 	
                    4.9

                  	
                    %

                  	
                    $

                  	
                    8,656

                  	 	 	
                    5.9

                  	
                    %

                  	 	 	
                    $

                  	
                    28,001

                  	 	 	
                    4.4

                  	
                    %

                  	
                    $

                  	
                    30,222

                  	 	 	
                    5.0

                  	
                    %

                  
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Net
                      Earnings Per Common and Common Equivalent Share:

                  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Basic

                  	 	
                    $

                  	
                    0.27

                  	 	 	 	 	
                    $

                  	
                    0.31

                  	 	 	 	 	 	 	
                    $

                  	
                    1.01

                  	 	 	 	 	
                    $

                  	
                    1.10

                  	 	 	 	 
	
                    Diluted

                  	 	
                    $

                  	
                    0.27

                  	 	 	 	 	
                    $

                  	
                    0.31

                  	 	 	 	 	 	 	
                    $

                  	
                    1.00

                  	 	 	 	 	
                    $

                  	
                    1.08

                  	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Weighted
                      Average Shares and Equivalents:

                  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    Basic

                  	 	 	
                    27,763,004

                  	 	 	
                  	 	 	
                    27,862,796

                  	 	 	 	 	 	 	 	
                    27,723,282

                  	 	 	
                  	 	 	
                    27,499,982

                  	 	 	 	 
	
                    Diluted

                  	 	 	
                    28,026,831

                  	 	 	 	 	 	
                    28,146,485

                  	 	 	 	 	 	 	 	
                    28,038,545

                  	 	 	 	 	 	
                    28,059,152

                  	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                    (1)
                      Cost of sales and restaurant operating costs are expressed
                      as a percentage
                      of net sales.

                    (2)
                      For the twelve and fifty-two weeks ended September 27, 2006,
                      general and
                      administrative expenses include the incremental pre-tax impact
                      related to
                      the adoption of SFAS 123R of approximately $500 and $2,200,
                      respectively.  The adoption had no impact on fiscal 2005
                      amounts.

                  	 	
                  	 	 	 	 	 	 	 

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

          
             

             

             

          

        

        
          	 	 	 	 	 	 
	
                  CONDENSED
                    CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                	 
	 	 	 	 	 	 
	 	 	
                  9/27/2006

                	 	
                  9/28/2005

                	 
	
                  (Amounts
                    in $000's)

                	 	 	
                  (UNAUDITED)

                	
                   

                	 	
                  (UNAUDITED) 

                	 
	
                  Assets

                	 	 	 	 	 	 	 
	
                  Current
                    assets

                	 	
                  $

                	
                  30,920

                	 	
                  $

                	
                  21,038

                	 
	
                  Property
                    and equipment - net

                	 	 	
                  490,142

                	 	 	
                  439,620

                	 
	
                  Other
                    assets

                	 	 	
                  21,459

                	 	 	
                  13,999

                	 
	 	 	 	 	 	 	 	 
	
                  Total
                    assets

                	 	
                  $

                	
                  542,521

                	 	
                  $

                	
                  474,657

                	 
	 	 	 	 	 	 	 	 
	
                  Liabilities
                    and Shareholders' Equity

                	 	 	 	 	 	 	 
	
                  Current
                    liabilities

                	 	
                  $

                	
                  98,083

                	 	
                  $

                	
                  60,048

                	 
	
                  Deferred
                    income taxes and credits

                	 	 	
                  9,605

                	 	 	
                  7,704

                	 
	
                  Obligations
                    under capital leases

                	 	 	
                  143,996

                	 	 	
                  147,615

                	 
	
                  Senior
                    note

                	 	 	
                  3,802

                	 	 	
                  6,315

                	 
	
                  Shareholders'
                    equity

                	 	 	
                  287,035

                	 	 	
                  252,975

                	 
	 	 	 	 	 	 	 	 
	
                  Total
                    liabilities and shareholders' equity

                	 	
                  $

                	
                  542,521

                	 	
                  $

                	
                  474,657

                	 
	 	 	 	 	 	 	 	 

        

         

        
 

        
          	 	 	 	 	 	 
	
                  CONDENSED
                    CONSOLIDATED STATEMENTS OF CASH FLOWS

                	 
	 	 	 	 	 	 	 	 
	
                   

                	 	
                  FIFTY-TWO

                
	
                   

                	 	
                  WEEKS
                    ENDED

                
	
                   

                	 	 	 

                  9/27/2006

                	 	 	
                  9/28/2005

                	 
	
                   

                	 	 	
                  (UNAUDITED)

                	 	 	
                  (UNAUDITED)

                	
                   

                
	
                  (Amounts
                    in $000's)

                	 	 	 	 	 	 	 
	
                  Net
                    cash provided by operating activities

                	 	
                  $

                	
                  69,578

                	 	
                  $

                	
                  64,279

                	 
	
                  Net
                    cash used in investing activities

                	 	 	
                  (87,314

                	
                  )

                	 	
                  (74,873

                	
                  )

                
	
                  Net
                    cash provided by (used in) financing activities

                	 	 	
                  19,493

                	
                   

                	 	
                  (11,493

                	
                  )

                
	 	 	 	 	 	 	 	 
	
                  Increase
                    (Decrease) in Cash and Cash Equivalents

                	 	
                  $

                	
                  1,757

                	 	
                  $

                	
                  (22,087

                	)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]