FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the Quarter ended October 3, 2001
Commission File No. 0-10943
RYAN'S FAMILY STEAK HOUSES, INC.
(Exact name of registrant as specified in its charter)
South Carolina No. 57-0657895
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
405 Lancaster Avenue (29650)
P. O. Box 100
Greer, South Carolina 29652
(Address of principal executive
offices, including zip code)
864-879-1000
(Registrant's telephone number, including area code)
------------------------------------------------------------
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Sections 13 or 15(d) of
the Securities Exchange Act of 1934 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 ________
At October 3, 2001, there were 30,501,000 shares outstanding
of the registrant's common stock, par value $1.00 per share.
RYAN'S FAMILY STEAK HOUSES, INC.
TABLE OF CONTENTS PAGE NO.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements:
Consolidated Statements of Earnings (Unaudited) -
Quarters Ended October 3, 2001 and September 27,
2000 3
Consolidated Statements of Earnings (Unaudited) -
Nine Months Ended October 3, 2001 and September 27,
2000 4
Consolidated Balance Sheets -
October 3, 2001 (Unaudited) and January 3, 2001 5
Consolidated Statements of Cash Flows (Unaudited) -
Nine Months Ended October 3, 2001 and September 27,
2000 6
Consolidated Statements of Shareholders' Equity
(Unaudited) -
Nine Months Ended October 3, 2001 and September 27,
2000 7
Notes to Consolidated Financial Statements
(Unaudited) 8
Item 2.Management's Discussion and Analysis of Financial
Condition
and Results of Operations 9 - 11
Item 3.Quantitative And Qualitative Disclosures About
Market Risk 12
Forward-Looking Information 12
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 13
SIGNATURES 13
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
RYAN'S FAMILY STEAK HOUSES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Quarter Ended
October 3, September 27,
2001 2000
Restaurant sales $188,839 177,797
Operating expenses:
Food and beverage 67,878 67,050
Payroll and benefits 57,939 53,109
Depreciation 7,408 7,041
Other operating expenses 25,102 23,481
Total operating expenses 158,327 150,681
Operating profit 30,512 27,116
General and administrative expenses 10,280 8,933
Interest expense 2,642 3,507
Revenues from franchised restaurants (316) (291)
Other income, net (850) (563)
Earnings before income taxes 18,756 15,530
Income taxes 6,751 5,653
Net earnings $ 12,005 9,877
Net earnings per common share:
Basic $ .39 .31
Diluted .38 .31
Weighted-average shares:
Basic 30,561 32,037
Diluted 31,891 32,288
See accompanying notes to consolidated financial statements.
RYAN'S FAMILY STEAK HOUSES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share data)
Nine Months Ended
October 3, September 27,
2001 2000
Restaurant sales $565,341 527,029
Operating expenses:
Food and beverage 207,092 197,630
Payroll and benefits 170,129 157,002
Depreciation 21,728 20,714
Other operating expenses 76,713 67,597
Total operating expenses 475,662 442,943
Operating profit 89,679 84,086
General and administrative expenses 27,867 26,506
Interest expense 9,368 10,182
Revenues from franchised restaurants (991) (904)
Other income, net (2,219) (1,875)
Earnings before income taxes 55,654 50,177
Income taxes 20,034 18,265
Net earnings $ 35,620 31,912
Net earnings per common share:
Basic $ 1.16 .96
Diluted 1.13 .95
Weighted-average shares:
Basic 30,654 33,168
Diluted 31,607 33,472
See accompanying notes to consolidated financial statements.
RYAN'S FAMILY STEAK HOUSES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
October 3, January 3,
2001 2001
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 5,851 2,098
Receivables 4,751 3,631
Inventories 4,855 5,085
Deferred income taxes 4,806 4,806
Prepaid expenses 1,345 820
Total current assets 21,608 16,440
Property and equipment:
Land and improvements 131,041 126,362
Buildings 374,648 358,415
Equipment 203,640 193,013
Construction in progress 37,940 37,054
747,269 714,844
Less accumulated depreciation 201,473 182,379
Net property and equipment 545,796 532,465
Other assets 6,937 7,156
$574,341 556,061
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable 11,802 11,003
Income taxes payable 7,204 3,263
Accrued liabilities 34,967 33,806
Total current liabilities 53,973 48,072
Long-term debt 178,000 192,000
Deferred income taxes 30,829 30,628
Other long-term liabilities 3,705 2,932
Total liabilities 266,507 273,632
Shareholders' equity:
Common stock of $1.00 par value; authorized
100,000,000 shares; issued 30,501,000 in
2001 and 31,192,000 shares in 2000 30,501 31,192
Additional paid-in capital 38 89
Retained earnings 277,295 251,148
Total shareholders' equity 307,834 282,429
Commitments
$574,341 556,061
See accompanying notes to consolidated financial statements.
RYAN'S FAMILY STEAK HOUSES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Nine Months Ended
October 3, September 27,
2001 2000
Cash flows from operating activities:
Net earnings $ 35,620 31,912
Adjustments to reconcile net earnings
to net cash provided by operating
activities:
Depreciation and amortization 22,991 22,000
Gain on sale of property and
equipment (475) (111)
Decrease (increase) in:
Receivables (1,120) (573)
Inventories 230 (501)
Prepaid expenses (525) (719)
Other assets 17 (1,591)
Increase in:
Accounts payable 799 600
Income taxes payable 3,941 3,017
Accrued liabilities 1,161 5,529
Deferred income taxes 201 183
Other long-term liabilities 773 1,624
Net cash provided by operating
activities 63,613 61,370
Cash flows from investing activities:
Proceeds from sale of property and
equipment 5,385 4,665
Capital expenditures (41,030) (44,059)
Net cash used in investing activities (35,645) (39,394)
Cash flows from financing activities:
Net repayment of notes payable - (91,000)
Repayment of long-term debt - (81,375)
Proceeds from issuance of senior
notes - 75,000
Net proceeds from (repayment of)
revolving credit facility (14,000) 119,000
Debt issuance costs - (1,565)
Issuance of common stock under
stock option plans 5,332 591
Purchases of common stock (15,547) (37,219)
Net cash used in financing activities (24,215) (16,568)
Increase in cash and cash equivalents 3,753 5,408
Cash and cash equivalents - beginning
of period 2,098 642
Cash and cash equivalents - end
of period $ 5,851 6,050
See accompanying notes to consolidated financial statements.
RYAN'S FAMILY STEAK HOUSES, INC.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)
I. For the Nine Months ended October 3, 2001
$1 Par Value Additional
Common Paid-In Retained
Stock Capital Earnings Total
Balances at January 3, 2001 $ 31,192 89 251,148 282,429
Net earnings - - 35,620 35,620
Issuance of common stock
under stock option plans 683 4,649 - 5,332
Purchases of common stock (1,374)(4,700) (9,473) (15,547)
Balances at October 3, 2001 $ 30,501 38 277,295 307,834
II. For the Nine Months ended September 27, 2000
$1 Par Value Additional
Common Paid-In Retained
Stock Capital Earnings Total
Balances at December 29, 1999 $35,855 703 246,835 283,393
Net earnings - - 31,912 31,912
Issuance of common stock
under stock option plans 80 511 - 591
Purchases of common stock (4,034)(1,142) (32,043) (37,219)
Balances at September 27, 2000 $31,901 72 246,704 278,677
See accompanying notes to consolidated financial statements.
RYAN'S FAMILY STEAK HOUSES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
October 3, 2001
(Unaudited)
Note 1. Description of Business
Ryan's Family Steak Houses, Inc. operates a single-concept
restaurant chain consisting of 310 Company-owned and 23
franchised restaurants located principally in the southern
and midwestern United States. The Company, organized in
1977, opened its first restaurant in 1978 and completed its
initial public offering in 1982. The Company does not
operate or franchise any international units and has no
individually significant customers.
Note 2. Basis of Presentation
The consolidated financial statements include the financial
statements of Ryan's Family Steak Houses, Inc. and its
wholly-owned subsidiaries. All intercompany balances and
transactions have been eliminated in consolidation.
The accompanying unaudited consolidated financial statements
have been prepared in accordance with accounting principles
generally accepted in the United States of America for
interim financial information and the instructions to Form
10-Q and do not include all of the information and footnotes
required by accounting principles generally accepted in the
United States of America for complete financial statements.
In the opinion of management, all adjustments (consisting of
normal recurring accruals) considered necessary for a fair
presentation have been included. Consolidated operating
results for the nine months ended October 3, 2001 are not
necessarily indicative of the results that may be expected
for the fiscal year ending January 2, 2002. For further
information, refer to the consolidated financial statements
and footnotes included in the Company's annual report on
Form 10-K for the fiscal year ended January 3, 2001.
Note 3. Relevant New Accounting Pronouncements
In October 2001, the Financial Accounting Standards Board
issued Statement of Financial Accounting Standards ("SFAS")
No. 144, "Accounting for the Impairment or Disposal of Long-
Lived Assets", which is applicable to financial statements
issued for fiscal years beginning after December 15, 2001.
SFAS No. 144 provides new rules on asset impairment,
superseding SFAS No. 121, "Accounting for the Impairment of
Long-Lived Assets and for Long-Lived Assets to Be Disposed
Of" and providing a single accounting model for long-lived
assets to be disposed of. The Company will adopt the
Statement effective January 3, 2002 and is currently
assessing the impact on its operations.
Note 4. Contingencies
The Company received a proposed assessment in September 2001
from the South Carolina Department of Revenue ("DOR") in
connection with the DOR's audits of the Company's state tax
returns for the years 1994 through 1999. The Company
disagrees strongly with the DOR's findings, intends to
vigorously contest the assessment and has in fact filed
refund claims for substantially all of the years under
audit. The DOR has not yet issued a final determination.
When the determination is issued, management believes that
there is a strong likelihood that the assessment will be
sent to litigation and consequently has engaged legal
counsel to review the case and maintain a current dialogue
with the DOR. Accordingly, it is not possible to estimate
the ultimate gain or loss to the Company. In the event of
an unfavorable outcome, payment of the full assessment,
including interest and penalties, by the Company to the DOR
would not materially affect the Company's financial
position.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Quarter ended October 3, 2001 versus September 27, 2000
Restaurant sales during the third quarter of 2001 increased
by 6.2% over the comparable quarter of 2000. Average unit
growth, based on the average number of restaurants in
operation, for the quarter amounted to 4.2%. Average unit
sales ("AUS"), or the average weekly sales volume per unit,
for all stores (including newly opened restaurants)
increased by 2.5%. Same-store sales increased by 1.5% for
the quarter. The Company calculates same-store sales using
AUS in units that have been open for at least 18 months and
operating during comparable weeks during the current and
prior year. Same-store sales in 2001 were affected
principally by new product introductions and menu price
increases.
Total costs and expenses of Company-owned restaurants
include food and beverage, payroll, payroll taxes and
employee benefits, depreciation, repairs, maintenance,
utilities, supplies, advertising, insurance, property taxes
and licenses. Such costs, as a percentage of sales, were
83.8% during the third quarter of 2001 compared to 84.7% in
2000. Food and beverage costs decreased to 35.9% of sales
in 2001 from 37.7% in 2000 due to lower soft drink, beef and
vegetable costs and menu price increases. Payroll and
benefits increased to 30.7% of sales in 2001 from 29.9% in
2000 due principally to higher manager pay and group medical
costs, partially offset by lower hourly labor and workers'
compensation costs. Manager pay increased as a result of a
company-wide salary increase for all top-level store
managers that was implemented at the beginning of April
2001. Group medical costs were impacted by general medical
inflation that is currently running nationally at a 13% to
15% annual rate. Hourly payroll and workers' compensation
costs decreased due to efficiencies resulting from higher
AUS and lower team member accident rates, respectively. All
other operating costs, including depreciation, were 17.2% of
sales in both 2001 and 2000 with higher natural gas prices
in 2001 offset by lower store closing costs. Store closing
costs were impacted by a gain on sale of a restaurant that
amounted to approximately $1.0 million, or 0.5% of sales.
Based on these factors, the Company's operating profit
amounted to 16.2% and 15.3% of sales for the third quarters
of 2001 and 2000, respectively.
General and administrative expenses increased to 5.4% of
sales in 2001 compared to 5.0% in 2000. Higher franchise
taxes in 2001 combined with the write-off of unused
advertising trade credits were partially offset by lower
legal costs. The Company obtained the trade credits in
connection with a prior year's sale of land and expensed
them in the third quarter of 2001 as management now believes
that their expected utilization will be minimal. The
increase in AUS also favorably impacted this heavily fixed-
cost category.
Interest expense for the third quarters of 2001 and 2000
amounted to 1.4% and 2.0% of sales, respectively. The
effective average interest rate decreased to 6.7% during the
third quarter of 2001 from 8.4% in 2000, resulting from
favorable interest rate trends. At October 3, 2001,
approximately 58% of the Company's outstanding debt was
variable-rate debt with interest rates based generally on
the London Interbank Offered Rate ("LIBOR"). Based on
current LIBOR rates and recent actions by the U.S. Federal
Reserve Bank, management expects favorable interest rate
comparisons during the remainder of 2001.
Effective income tax rates of 36.0% and 36.4% were used for
the second quarters of 2001 and 2000, respectively. The
lower rate in 2001 resulted from the favorable impact of
various tax-planning strategies.
Net earnings for the third quarter amounted to $12.0 million
in 2001 compared to $9.9 million in 2000. Weighted-average
shares (diluted) decreased 1.2% resulting from the Company's
stock repurchase program (see "Liquidity and Capital
Resources"). Accordingly, earnings per share (diluted)
increased by 22.6% to 38 cents in 2001 compared to 31 cents
in 2000.
Nine months ended October 3, 2001 versus September 27, 2000
For the nine months ended October 3, 2001, restaurant sales
increased by 7.3% compared to the same period in 2000.
Principal factors affecting 2001 sales growth include (a)
the 4.5% unit growth of Company-owned restaurants, (b) a
2.4% increase in all-store AUS, and (c) the absence of the
week containing New Year's Day 2001 from the 2001 amounts.
This week, which traditionally is a slower sales week, was
included in the results for the fourth quarter of 2000 due
to its January 3, 2001 ending date. The week containing New
Year's Day 2000 was included in the results for the first
nine months of 2000. Same-store sales for the first nine
months of 2001 increased by 1.4%.
Nine-month costs and expenses as detailed above were 84.1%
and 84.0% of sales for 2001 and 2000, respectively. During
the first nine months of 2001, costs and expenses were most
affected by lower food and beverage costs (down 0.9% of
sales) resulting from lower beef, produce, poultry,
vegetable and soy-based product costs. Payroll and benefits
increased by 0.3% of sales due to higher manager pay and
group medical costs, partially offset by lower hourly labor
and workers' compensation costs. All other operating costs,
including depreciation, increased by 0.6% of sales due
principally to higher natural gas prices. Based on these
factors, the Company's operating margin at the restaurant
level amounted to 15.9% of sales for the first nine months
of 2001 compared to 16.0% of sales in 2000.
General and administrative expenses decreased by 0.1% of
sales for the first nine months of 2001 due to lower media
advertising and professional fees for the current year,
partially offset by higher performance-based compensation.
A reduction in the average interest rate associated with the
Company's revolving credit facility (see "Liquidity and
Capital Resources") caused interest expense to decrease by
0.3% of sales from the prior year.
Effective income tax rates of 36.0% and 36.4% were used for
the first nine months of 2001 and 2000, respectively. The
lower rate in 2001 resulted from the favorable impact of
various tax-planning strategies.
Net earnings for the first nine months of 2001 amounted to
$35.6 million compared to $31.9 million in 2000. Weighted-
average shares (diluted) decreased 5.6% resulting from the
Company's stock repurchase program (see "Liquidity and
Capital Resources"). Accordingly, earnings per share
(diluted) increased by 18.9% to $1.13 in 2001 compared to
$0.95 in 2000.
LIQUIDITY AND CAPITAL RESOURCES
The Company's restaurant sales are primarily derived from
cash. Inventories are purchased on credit and are rapidly
converted to cash. Therefore, the Company does not maintain
significant receivables or inventories, and other working
capital requirements for operations are not significant.
At October 3, 2001, the Company's working capital was a
$32.4 million deficit compared to a $31.6 million deficit at
January 3, 2001. The Company does not anticipate any
adverse effects from the current working capital deficit due
to significant cash flow provided by operations, which
amounted to $63.6 million for the first nine months of 2001
and $79.4 million for the year ended January 3, 2001.
Total capital expenditures for the first nine months of 2001
amounted to $41.0 million. The Company opened 12 Ryan's
restaurants during the first nine months of 2001, including
four relocations. Management defines a relocation as a
restaurant opened within 18 months after closing another
restaurant in the same marketing area. A relocation
represents a redeployment of assets within a market. For
all of 2001, the Company plans to open a total of 16 Ryan's,
including five relocations. Total capital expenditures for
2001 are estimated at $56 million. Expansion of Company-
owned restaurants is expected to occur in states either
within or contiguous to the Company's current 22-state
operating area. The Company is currently concentrating its
efforts on Company-owned units and is not actively pursuing
any additional franchised locations, either domestic or
international.
The Company began a stock repurchase program in March 1996
and is currently authorized to repurchase a total of 30.0
million shares of the Company's common stock through
December 2002. Repurchases may be made from time to time on
the open market or in privately negotiated transactions in
accordance with applicable securities regulations, depending
on market conditions, share price and other factors. During
the first nine months of 2001, the Company purchased
1,374,600 shares at an aggregate cost of $15.5 million.
Since the beginning of the program in March 1996,
approximately 24.9 million shares, or 47% of total shares
available at the beginning of the program, had been
purchased at an aggregate cost of $237.4 million.
Management intends to proceed with the repurchase program
during 2001, subject to the continued availability of
capital and the other factors described below in "Forward-
Looking Information". The Company is prohibited from
repurchasing stock after 2002 per the current provisions of
the credit agreement governing the revolving credit facility
(see next paragraph).
The extent of the Company's external funding requirements
for 2001 is dependent upon the level of stock repurchase
transactions during the year. Based on current target debt
levels, a maximum repurchase scenario would require
approximately $23 million of additional borrowings during
the remainder of 2001. All other funding needs, including
capital expenditures, are expected to be met by internally
generated cash from operations. The Company's debt
structure at October 3, 2001 consisted of $75 million of
9.02% senior notes and $103 million in outstanding notes
under a $200 million revolving credit facility. The senior
notes are due in 2008 with principal payments commencing in
2005. The revolving credit facility is due in 2005 and
bears interest at various floating interest rates plus a
variable spread currently set at 1.375%. After allowances
for letters of credit and other items, there was
approximately $89 million in funds available under the
revolving credit facility. However, the Company's ability
to draw on these funds may be limited by restrictions in the
loan agreements governing both the senior notes and the
revolving credit facility. The loan agreements contain
minimum net worth requirements and maximum leverage ratios
as well as restrictions on future stock repurchases (see
preceding paragraph), dividends, capital expenditures,
investments and sales of assets. As of October 3, 2001, the
Company exceeded the most restrictive minimum net worth
requirement in the agreements by $51.4 million. Both loans
are secured by the stock of the Company and its wholly-owned
subsidiaries.
Management believes that its current capital structure is
sufficient to meet its capital requirements through 2002.
Interest rates for the revolving credit facility have not
been fixed and generally change in response to LIBOR. The
Company has entered into interest rate hedging transactions
in the past and, although no such agreements are currently
outstanding, management intends to continue monitoring the
interest rate environment and may enter into such
transactions in the future if deemed advantageous.
IMPACT OF INFLATION
The Company's operating costs that may be affected by
inflation consist principally of food, payroll and utility
costs. A significant number of the Company's restaurant
team members are paid at the Federal minimum wage and,
accordingly, legislated changes to the minimum wage affect
the Company's payroll costs. Although no minimum wage
increases have been signed into law, this issue has been
discussed frequently during recent months in the U.S
Congress. The most publicized proposal increases the
minimum wage by $1.50 to $6.55 per hour in several steps
with a final implementation date that has not yet been
determined. The Company is typically able to increase menu
prices to offset most of the payroll rate increases.
The Company considers its current price structure to be very
competitive. This factor, among others, is considered by
the Company when passing cost increases on to its customers.
Annual menu price increases have generally ranged from 3% to
5%.
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
The Company's exposure to market risk relates primarily to
changes in interest rates. Foreign currencies are not used
in the Company's operations, and commodities used in the
preparation of food at the Company's restaurants are not
under purchase contract for more than one year in advance.
The Company is exposed to interest rate risk on its variable-
rate debt, which is composed entirely of outstanding debt
under the Company's revolving credit facility (see
"Liquidity and Capital Resources"). At October 3, 2001,
there was $103 million in outstanding debt under this
facility. Interest rates for the facility generally change
in response to LIBOR. Management estimates that a one-
percent change in interest rates throughout the quarter
ended October 3, 2001 would have impacted interest expense
by approximately $228,000 and net earnings by $146,000.
While the Company has entered into interest rate derivative
agreements in the past, there were no such agreements
outstanding as of October 3, 2001. The Company does not
enter into financial instrument agreements for trading or
speculative purposes.
FORWARD-LOOKING INFORMATION
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, the Company
cautions that the statements in this report and elsewhere,
which are forward-looking and which provide other than
historical information, involve risks and uncertainties that
may impact the Company's actual results of operations. All
statements other than statements of historical fact that
address activities, events or developments that the Company
expects or anticipates will or may occur in the future,
including such things as deadlines for completing projects,
expected financial results and other such matters are
forward-looking statements. The words "estimate", "plans",
"anticipate", "expects", "intends", "believes", and similar
expressions are intended to identify forward-looking
statements. All forward-looking information reflects the
Company's best judgment based on current information.
However, there can be no assurance that other factors will
not affect the accuracy of such information. While it is
not possible to identify all factors, the following could
cause actual results to differ materially from expectations:
general economic conditions; competition; developments
affecting the public's perception of buffet-style
restaurants; real estate availability; food and labor supply
costs; food and labor availability; weather fluctuations;
interest rate fluctuations; stock market conditions; and
other risks and factors described from time to time in the
Company's reports filed with the Securities and Exchange
Commission, including the Company's annual report on Form 10-
K for the fiscal year ended January 3, 2001. The ability of
the Company to open new restaurants depends upon a number of
factors, including its ability to find suitable locations
and negotiate acceptable land acquisition and construction
contracts, its ability to attract and retain sufficient
numbers of restaurant managers and team members, and the
availability of reasonably priced capital. The extent of
the Company's stock repurchase program during 2001 and
future years depends upon the financial performance of the
Company's restaurants, the investment required to open new
restaurants, share price, the availability of reasonably
priced capital, the financial covenants contained in the
agreements governing both the senior notes and the revolving
credit facilities, and the maximum debt and share repurchase
levels authorized by the Company's Board of Directors.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports
on Form 8-K.
(a)None.
(b)On July 9, 2001, the Company filed a report on
Form 8-K regarding sales information for June
2001.
On August 13, 2001, the Company filed a report
on Form 8-K regarding sales information for July
2001.
On September 10, 2001, the Company filed a
report on Form 8-K regarding sales information
for August 2001.
On October 9, 2001, the Company filed a report
on Form 8-K regarding sales information for
September 2001.
On November 13, 2001, the Company filed a report
on Form 8-K regarding sales information for
October 2001.
SIGNATURES
Pursuant to the requirements 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.
RYAN'S FAMILY STEAK HOUSES, INC.
(Registrant)
November 19, 2001 /s/Charles D. Way
Charles D. Way
Chairman, President and Chief
Executive Officer
November 19, 2001 /s/Fred T. Grant, Jr.
Fred T. Grant, Jr.
Senior Vice President-Finance and
Treasurer
November 19, 2001 /s/Richard D. Sieradzki
Richard D. Sieradzki
Controller