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CASH FLOW PROJECTION

YCST01:11198132.1

070242.1001

PERKINS & MARIE CALLENDER'S INC.
13 WEEK CASH FLOW PROJECTION (2)

Opening Bank Balances

13-Jun

20-Jun

27-Jun

4-Jul

       7,012,344

      5,218,068

      2,059,196

      1,917,972

      2,829,002        2,173,685        2,057,025

      2,000,000

      2,500,000

        (100,000)
    (2,006,192)
    (2,868,915)
                      ‐
        (475,000)
        (267,000)
    (2,363,600)
        (600,000)
        (118,000)
    (2,588,000)
    (1,729,000)
  (13,115,707)

        (100,000)
    (1,736,868)
    (3,698,600)
        (392,285)
        (510,000)
        (327,000)
        (193,200)
        (367,350)
          (72,000)
    (1,320,000)
        (940,000)
    (9,657,303)

        (100,000)
    (1,565,668)
    (1,999,000)
        (535,000)
        (470,000)
        (247,000)
          (18,600)
        (303,180)
          (72,000)
        (803,260)
        (643,625)
    (6,757,333)

        (100,000)
    (1,793,800)
    (2,918,000)
        (835,000)
        (505,000)
        (247,000)
        (216,900)
        (328,400)
          (55,000)
    (1,279,000)
        (433,975)
    (8,712,075)

Revolver/DIP Borrowing (1)
Repay to Gift Card Accounts
USF ACH
Payroll & Payroll Taxes
Rent
Utilities
Medical/Work Comp Insurance
Sales & Income Tax
Foxtail AP (Checks Clearing)
Foxtail - Corona Checks Clearing
Perkins AP
Marie AP
Subtotal Operating Expenses/Disbursements

         (100,000)
      (2,113,100)
      (3,799,804)
         (135,724)
         (550,000)
         (247,000)
         (435,850)
         (150,000)
           (26,000)
         (966,000)
         (855,300)
      (9,378,778)

11-Jul

18-Jul

25-Jul

       2,000,000        1,500,000
         (100,000)
      (1,586,400)
      (2,743,700)
                        ‐
         (511,900)
         (267,000)
         (628,510)
         (328,400)
           (55,000)
      (1,225,000)
         (790,000)
      (8,235,910)

         (100,000)
      (1,610,300)
      (3,550,800)
           (96,500)
         (383,900)
         (327,000)
         (145,440)
         (328,400)
           (55,000)
      (1,225,000)
         (790,000)
      (8,612,340)

                      ‐

                      ‐

                      ‐

                       ‐                         ‐                        ‐

Perkins Store Funds
Marie Store Funds
Perkins Commercial Deposits
Foxtail Commercial Deposits
Marie Commercial Deposits
Other
Subtotal Operating Inflows/Revenues

       5,232,600
       2,471,902
           565,000
           580,000
           255,000
                       ‐
       9,104,502

      4,838,200
      1,850,385
         640,000
         580,000
         255,000
              3,250
      8,166,835

      4,638,200
      1,938,129
         565,000
         580,000
         255,000
                (250)
      7,976,079

      4,847,200
      1,810,163
         452,000
         464,000
         204,000
           11,000
      7,788,363

      4,637,900
      1,799,808
      1,175,000
         544,050
         300,000
          (30,000)
      8,426,758

       4,703,000
       1,613,900
           525,000
           544,050
           300,000
               3,300
       7,689,250

       4,705,600
       1,644,700
          450,000
          544,050
          300,000
                       ‐
       7,644,350

General Expenses (3)
Capital Expenditures
Closed Store Severance/Vacation
Professional Fees
Utility Deposits
Store Closing Expenses
ConAgra Proceeds

         (120,000)
                       ‐
      (1,400,000)
                   ‐
                       ‐
                       ‐

        (120,000)
                      ‐
                  ‐
                  ‐

        (120,000)
                      ‐
                  ‐
                  ‐
                      ‐

        (120,000)
        (250,000)
                  ‐
                  ‐
                       ‐
                       ‐

         (120,000)
         (250,000)
                   ‐
      (1,200,000)
                        ‐
                        ‐

         (120,000)
         (250,000)
                   ‐
                   ‐
                       ‐
                       ‐

Interest Payments

Subtotal Restructuring Expenses

        (120,000)
                      ‐
                  ‐
                  ‐
        (750,000)
          (90,000)           (90,000)

      (1,520,000)         (210,000)         (960,000)         (120,000)         (370,000)       (1,570,000)          (370,000)

Period operating activity

      (1,794,276)     (5,158,872)     (2,641,224)          911,030

        (655,317)       (2,116,660)       (1,337,990)

Closing Bank Balances

       5,218,068

      2,059,196

      1,917,972

      2,829,002

      2,173,685        2,057,025        2,219,035

Total DIP Revolving Credit Facility (1)
Revolver/DIP Balance
Pre-Petition Loan Balance
Lender Fees & Interest Charged to Revolver
Outstanding Letters of Credit

     21,000,000
                       ‐
                       ‐
           200,000
     10,058,760

    21,000,000
      2,200,000
                      ‐
                      ‐
    10,058,760

    21,000,000
      4,700,000
                      ‐
                      ‐
    10,058,760

    21,000,000
      4,700,000
                      ‐
           51,268
    10,058,760

    21,000,000
      4,751,268
                       ‐
                       ‐
    10,058,760

Remaining DIP Availability

     10,741,240

      8,741,240

      6,241,240

      6,189,972

      6,189,972        4,189,972        2,689,972

CUMULATIVE CASH RECEIPTS

       9,104,502

    17,271,337

    25,247,416

    33,035,779

    41,462,537      49,151,787      56,796,137

CUMULATIVE DISBURSEMENTS

    (10,898,778)   (24,224,485)   (34,841,788)   (41,719,121)   (50,801,196)     (60,607,106)     (69,589,446)

     21,000,000
       6,751,268
                        ‐
                        ‐
     10,058,760

     21,000,000
       8,251,268
                       ‐
                       ‐
     10,058,760

(1) Contemplated DIP facility
(2)  After giving effect to proposed store closings
(3)  Subject to review/court approval

CUMULATIVE VARIANCE

PERKINS & MARIE CALLENDER'S INC.
13 WEEK CASH FLOW PROJECTION (2)

Total
1-Aug

8-Aug

15-Aug

22-Aug

29-Aug

       2,219,035

      2,021,180

      1,759,290

      2,186,127

      1,964,497

Repay to Gift Card Accounts
USF ACH
Payroll & Payroll Taxes
Rent
Utilities
Medical/Work Comp Insurance
Sales & Income Tax
Foxtail AP (Checks Clearing)
Foxtail - Corona Checks Clearing
Perkins AP
Marie AP
Subtotal Operating Expenses/Disbursements

                        ‐
      (1,600,400)
      (2,681,000)
         (872,785)
         (391,100)
         (247,000)
         (303,280)
         (317,240)
           (55,000)
         (675,050)
         (563,950)
      (7,706,805)

                      ‐
    (1,685,800)
    (2,794,000)
        (789,000)
        (390,900)
        (247,000)
        (145,240)
        (272,600)
          (55,000)
    (1,035,050)
        (470,200)
    (7,884,790)

                      ‐
    (1,684,200)
    (2,600,000)
                      ‐
        (449,500)
        (267,000)
    (1,081,214)
        (272,600)
          (55,000)
        (950,000)
        (696,250)
    (8,055,764)

                      ‐
    (1,660,500)
    (2,763,700)
                      ‐
        (403,300)
        (327,000)
        (625,780)
        (272,600)
          (55,000)
        (950,000)
        (696,250)
    (7,754,130)

                      ‐
    (1,587,700)
    (2,727,200)
        (392,285)
        (203,900)
        (247,000)
          (45,900)
        (272,600)
          (55,000)
        (616,640)
        (628,300)
    (6,776,525)

Interest Payments

                        ‐

                      ‐

                      ‐

                      ‐

                      ‐

Perkins Store Funds
Marie Store Funds
Perkins Commercial Deposits
Foxtail Commercial Deposits
Marie Commercial Deposits
Other
Subtotal Operating Inflows/Revenues

       4,910,000
       1,677,900
           450,000
           544,050
           300,000
              (3,000)
       7,878,950

      4,895,300
      1,655,600
         550,000
         651,000
         285,000
          (44,000)
      7,992,900

      4,812,300
      1,654,300
         550,000
         651,000
         285,000
                      ‐
      7,952,600

      4,603,800
      1,617,700
         625,000
         651,000
         285,000
                      ‐
      7,782,500

      4,339,000
      1,586,100
         550,000
         651,000
         285,000
                      ‐
      7,411,100

General Expenses (3)
Capital Expenditures
Closed Store Severance/Vacation
Professional Fees
Utility Deposits
Store Closing Expenses
ConAgra Proceeds

         (120,000)
         (250,000)
                   ‐
                   ‐
                        ‐
                        ‐

        (120,000)
        (250,000)
                  ‐
                  ‐
                      ‐
                      ‐

        (120,000)
        (250,000)
                  ‐
        (600,000)
                      ‐
                      ‐

                      ‐
        (250,000)
                  ‐
                  ‐
                      ‐
                      ‐

Opening Bank Balances

6/13 - 9/11

      2,349,072          7,012,344

      1,500,000

Revolver/DIP Borrowing (1)

Subtotal Restructuring Expenses

5-Sep

         9,500,000
     (1,616,300)
     (2,722,500)
        (960,000)
        (352,900)
        (247,000)
          (11,700)
        (371,180)
          (55,000)
        (868,280)
        (312,100)
     (7,516,960)

           (700,000)
     (22,247,228)
     (37,867,219)
       (5,008,579)
       (5,597,400)
       (3,511,000)
       (6,215,214)
       (4,184,550)
           (783,000)
     (14,501,280)
       (9,548,950)
   (110,164,420)

      4,756,500
      1,609,700
          400,000
          483,600
          156,000
          (42,000)
      7,363,800

       61,919,600
       22,930,287
         7,497,000
         7,467,800
         3,465,000
           (101,700)
    103,177,987

                      ‐
        (250,000)         (250,000)
                  ‐
                  ‐
                      ‐
                      ‐

       (1,200,000)
       (2,250,000)
       (1,400,000)
       (1,800,000)
           (750,000)
           (180,000)
                         ‐

         (370,000)         (370,000)         (970,000)         (250,000)         (250,000)         (250,000)        (7,580,000)

Period operating activity

         (197,855)         (261,890)     (1,073,164)         (221,630)          384,575

        (403,160)      (14,566,433)

Closing Bank Balances

       2,021,180

      1,759,290

      2,186,127

      1,964,497

      2,349,072

      1,945,912          1,945,912

Total DIP Revolving Credit Facility (1)
Revolver/DIP Balance
Pre-Petition Loan Balance
Lender Fees & Interest Charged to Revolver
Outstanding Letters of Credit

     21,000,000
       8,251,268
                        ‐
             60,652
     10,058,760

    21,000,000
      8,311,920
                      ‐
                      ‐
    10,058,760

    21,000,000
      9,811,920
                      ‐
                      ‐
    10,058,760

    21,000,000
      9,811,920
                      ‐
                      ‐
    10,058,760

    21,000,000
      9,811,920
                      ‐
           66,151
    10,058,760

    21,000,000        21,000,000
      9,878,071          9,878,071
                       ‐
                       ‐
    10,058,760        10,058,760

Remaining DIP Availability

       2,629,320

      2,629,320

      1,129,320

      1,129,320

      1,063,169

      1,063,169          1,063,169

CUMULATIVE CASH RECEIPTS

     64,675,087

    72,667,987

    80,620,587

    88,403,087

    95,814,187

 103,177,987     206,355,974

CUMULATIVE DISBURSEMENTS

    (77,666,251)   (85,921,041)   (94,946,805) (102,950,935) (109,977,460) (117,744,420)    (235,488,839)

(1) Contemplated DIP facility
(2)  After giving effect to proposed store closings
(3)  Subject to review/court approval

CUMULATIVE VARIANCE

PERKINS & MARIE CALLENDER'S INC.
13 WEEK CASH FLOW PROJECTION (2)

Opening Bank Balances

12-Sep

19-Sep

26-Sep

3-Oct

10-Oct

       1,945,912

      1,767,032

      2,098,082

      2,656,557

      3,973,757

24-Oct

31-Oct

      4,826,177

    (1,000,000)      (1,000,000)       (1,000,000)     (1,000,000)

Revolver/DIP Borrowing (1)
Repay to Gift Card Accounts
USF ACH
Payroll & Payroll Taxes
Rent
Utilities
Medical/Work Comp Insurance
Sales & Income Tax
Foxtail AP (Checks Clearing)
Foxtail - Corona Checks Clearing
Perkins AP
Marie AP
Subtotal Operating Expenses/Disbursements

17-Oct

      3,542,757        4,428,217

      (1,671,000)
      (2,699,000)
         (407,000)
         (352,900)
         (247,000)
         (518,400)
         (272,600)
           (55,000)
         (850,000)
         (312,100)
      (7,385,000)

    (1,508,000)     (1,665,000)
    (1,936,000)     (2,747,000)
        (392,285)
        (393,350)         (386,340)
        (247,000)         (247,000)
    (1,240,000)         (157,500)
        (272,600)         (272,600)
          (55,000)           (55,000)
        (850,000)         (517,000)
        (450,000)         (312,100)
    (6,951,950)     (6,751,825)

    (1,745,000)
    (1,893,000)
        (960,000)
        (393,900)
        (247,000)
                      ‐
        (272,600)
          (55,000)
        (868,280)
        (312,100)
    (6,746,880)

    (1,926,000)
    (2,735,000)
        (407,000)
        (421,700)
        (247,000)
            (8,500)
        (272,600)
          (55,000)
        (850,000)
        (450,000)
    (7,372,800)

     (1,754,000)       (1,843,000)     (1,952,000)
     (1,851,000)       (2,865,000)     (2,302,000)
    (1,352,285)
        (510,500)          (352,000)           (36,200)
        (247,000)          (247,000)         (247,000)
          (87,000)
    (1,104,000)
        (272,600)          (272,600)         (272,600)
          (55,000)            (55,000)           (55,000)
        (950,000)          (875,000)         (950,000)
        (450,000)          (450,000)         (312,100)
     (6,177,100)       (6,959,600)     (8,583,185)

       4,267,400
       1,610,000
           500,000
           658,720
           170,000
                        ‐
       7,206,120

      4,474,000
      1,650,000
         480,000
         529,000
         150,000
                      ‐
      7,283,000

      4,520,000
      1,746,900
         300,000
         593,400
         150,000
                      ‐
      7,310,300

      4,620,000
      2,120,000
         600,000
         666,080
         100,000
          (42,000)
      8,064,080

      4,500,000
      2,069,000
         400,000
         772,800
         200,000
                      ‐
      7,941,800

      4,637,000
      2,197,000
          550,000
          453,560
          225,000
                       ‐
      8,062,560

       4,660,000
       2,176,000
           450,000
           821,560
           250,000
                       ‐
       8,357,560

      4,706,000
      2,071,000
         670,000
         801,320
         250,000
                      ‐
      8,498,320

                        ‐

                      ‐

                      ‐

                      ‐

                      ‐

                       ‐                        ‐

                      ‐

Period operating activity

         (178,880)          331,050

         558,475

      1,317,200

         569,000

      1,885,460        1,397,960

          (84,865)

Closing Bank Balances

       1,767,032

      2,098,082

      2,656,557

      3,973,757

      3,542,757

      4,428,217        4,826,177

      3,741,312

Total DIP Revolving Credit Facility (1)
Revolver/DIP Balance
Pre-Petition Loan Balance
Lender Fees & Interest Charged to Revolver
Outstanding Letters of Credit

     21,000,000
       9,878,071
                        ‐
                        ‐
     10,058,760

    21,000,000
      9,878,071
                      ‐
                      ‐
    10,058,760

    21,000,000
      9,878,071
                      ‐
           72,243
    10,058,760

    21,000,000
      9,950,315
                      ‐
                      ‐
    10,058,760

    21,000,000
      8,950,315
                      ‐
                      ‐
    10,058,760

    21,000,000
      7,950,315
                       ‐
                       ‐
    10,058,760

     21,000,000
       6,950,315
                       ‐
                       ‐
     10,058,760

    21,000,000
      5,950,315
                      ‐
           65,039
    10,058,760

Remaining DIP Availability

       1,063,169

      1,063,169

      1,063,169

         990,925

      1,990,925

      2,990,925        3,990,925

      4,990,925

Interest Payments
Perkins Store Funds
Marie Store Funds
Perkins Commercial Deposits
Foxtail Commercial Deposits
Marie Commercial Deposits
Other
Subtotal Operating Inflows/Revenues
General Expenses (3)
Capital Expenditures
Closed Store Severance/Vacation
Professional Fees
Utility Deposits
Store Closing Expenses
ConAgra Proceeds
Subtotal Restructuring Expenses

(1) Contemplated DIP facility
(2)  After giving effect to proposed store closings
(3)  Subject to review/court approval
CUMULATIVE CASH RECEIPTS
CUMULATIVE DISBURSEMENTS
CUMULATIVE VARIANCE

PERKINS & MARIE CALLENDER'S INC.
13 WEEK CASH FLOW PROJECTION (2)

7-Nov

14-Nov

21-Nov

28-Nov

5-Dec

Opening Bank Balances

       3,741,312

      1,822,312

      3,844,952

      3,824,512

      2,006,847

Revolver/DIP Borrowing (1)

      (1,000,000)     (1,000,000)     (1,000,000)

      1,000,000

Repay to Gift Card Accounts
USF ACH
Payroll & Payroll Taxes
Rent
Utilities
Medical/Work Comp Insurance
Sales & Income Tax
Foxtail AP (Checks Clearing)
Foxtail - Corona Checks Clearing
Perkins AP
Marie AP
Subtotal Operating Expenses/Disbursements

      (2,060,000)
      (2,763,000)
         (407,000)
         (352,000)
         (247,000)
         (676,000)
         (272,600)
           (55,000)
         (950,000)
         (450,000)
      (8,232,600)

    (2,002,000)     (3,003,000)     (2,802,000)
    (1,917,000)     (2,565,000)     (2,354,000)
        (392,285)
        (347,000)         (235,000)         (281,000)
        (247,000)         (247,000)         (247,000)
          (28,000)         (644,000)           (12,000)
        (272,600)         (272,600)         (272,600)
          (55,000)           (55,000)           (55,000)
        (950,000)         (880,000)         (950,000)
        (450,000)         (450,000)         (312,100)
    (6,268,600)     (8,351,600)     (7,677,985)

    (1,350,000)
    (3,277,000)
    (1,367,000)
        (276,000)
        (247,000)
          (44,000)
        (272,600)
          (55,000)
        (868,280)
        (312,100)
    (8,068,980)

        (286,300)
        (247,000)
        (133,000)
        (272,600)
          (55,000)
        (868,280)
        (312,100)
     (5,540,280)

         (180,000)
         (247,000)
         (128,000)
         (272,600)
           (55,000)
         (868,280)
         (312,100)
      (6,635,980)

        (158,000)
        (247,000)
        (483,000)
        (272,600)
          (55,000)
        (950,000)
        (312,100)
    (7,008,700)

       4,323,000
       1,845,000
           350,000
           487,600
           350,000
           (42,000)
       7,313,600

      5,272,000
      2,551,000
         350,000
         618,240
         500,000
                      ‐
      9,291,240

      4,380,000
      3,978,000
         250,000
         573,160
         150,000
                      ‐
      9,331,160

      6,254,000
      3,948,000
         600,000
      1,698,320
         500,000
                      ‐
    13,000,320

19-Dec

26-Dec

      4,584,000
      1,755,000
         350,000
         591,560
         325,000
          (42,000)
      7,563,560

      4,398,000
      1,951,000
          475,000
      1,414,960
          400,000
                       ‐
      8,638,960

       5,136,000
       2,471,000
           200,000
           249,320
           450,000
                       ‐
       8,506,320

      5,504,000
      3,140,000
         700,000
         249,320
         275,000
                      ‐
      9,868,320

                        ‐

                      ‐

                      ‐

                      ‐

                      ‐

                       ‐                        ‐

                      ‐

Period operating activity

         (919,000)       3,022,640

         979,560

    (1,817,665)         (505,420)       3,098,680        1,870,340

      2,859,620

Closing Bank Balances

       1,822,312

      3,844,952

      3,824,512

      2,006,847

      2,501,427

      5,600,107        6,470,447

      7,530,067

Total DIP Revolving Credit Facility (1)
Revolver/DIP Balance
Pre-Petition Loan Balance
Lender Fees & Interest Charged to Revolver
Outstanding Letters of Credit

     21,000,000
       5,015,354
                        ‐
                        ‐
     10,058,760

    21,000,000
      4,015,354
                      ‐
                      ‐
    10,058,760

    21,000,000
      3,015,354
                      ‐
                      ‐
    10,058,760

    21,000,000
      3,015,354
                      ‐
           57,630
    10,058,760

    21,000,000
      4,072,984
                      ‐
                      ‐
    10,058,760

    21,000,000
      4,072,984
                       ‐
                       ‐
    10,058,760

     21,000,000
       3,072,984
                       ‐
                       ‐
     10,058,760

    21,000,000
      1,272,984
                      ‐
                      ‐
    10,058,760

Remaining DIP Availability

       5,925,886

      6,925,886

      7,925,886

      7,925,886

      6,868,256

      6,868,256        7,868,256

      9,668,256

      6,470,447

      (1,000,000)     (1,800,000)
     (1,490,000)       (1,690,000)     (2,612,000)
     (1,876,000)       (2,883,000)     (1,919,000)

    (7,140,000)

Interest Payments
Perkins Store Funds
Marie Store Funds
Perkins Commercial Deposits
Foxtail Commercial Deposits
Marie Commercial Deposits
Other
Subtotal Operating Inflows/Revenues

12-Dec

      2,501,427        5,600,107

General Expenses (3)
Capital Expenditures
Closed Store Severance/Vacation
Professional Fees
Utility Deposits
Store Closing Expenses
ConAgra Proceeds
Subtotal Restructuring Expenses

(1) Contemplated DIP facility
(2)  After giving effect to proposed store closings
(3)  Subject to review/court approval
CUMULATIVE CASH RECEIPTS
CUMULATIVE DISBURSEMENTS
CUMULATIVE VARIANCE

CERTIFICATE OF INSURANCE

YCST01:11198132.1

070242.1001

ORDER AUTHORIZING CONTINUED USE OF CASH MANAGEMENT SYSTEM

YCST01:11198132.1

070242.1001

SCHEDULE OF RETAINERS PAID

YCST01:11198132.1

070242.1001

In re: Perkins & Marie Callender's Inc., et al.

Case No. 11-11795 (KG)
Reporting Period: Initial Operating Report

Debtors

SCHEDULE OF RETAINERS PAID TO PROFESSIONALS
(This schedule is to include each Professional paid a retainer)

Payee
Troutman Sanders LLP
Troutman Sanders LLP
Troutman Sanders LLP

Check
Name of Payor
Date
Number
2/18/2011 1221134 Perkins & Marie Callender's Inc.
4/20/2011 1227936 Perkins & Marie Callender's Inc.
6/8/2011
ACH Perkins & Marie Callender's Inc.

Young Conaway Stargatt & Taylor, LLP

4/29/2011

Whitby, Santarlasci & Co.

Amount
150,000.00
150,000.00
150,000.00

Amount Applied to
Date
150,000.00
150,000.00
118,000.00

Balance
0.00
0.00
32,000.00

Wire Perkins & Marie Callender's Inc.

40,000.00

39,826.25

173.75

4/15/2011

ACH Perkins & Marie Callender's Inc.

135,000.00

25,999.92

109,000.08

Omni Management Group, LLC

6/10/2011

Wire Perkins & Marie Callender's Inc.

25,028.00

0.00

25,028.00

Akin Gump Strauss Hauer & Feld LLP*
Akin Gump Strauss Hauer & Feld LLP*

5/20/2011
6/9/2011

ACH Perkins & Marie Callender's Inc.
Wire Perkins & Marie Callender's Inc.

100,000.00
200,000.00

0.00
0.00

100,000.00
200,000.00

*The Debtors have not yet been able to confirm what portion, if any, of the retainer has been applied to date