<SUBMISSION>
<ACCESSION-NUMBER>0000950144-04-005545
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20040514
<ITEMS>12
<ITEMS>9
<FILING-DATE>20040517
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ALEXANDERS J CORP
<CIK>0000103884
<ASSIGNED-SIC>5812
<IRS-NUMBER>620854056
<STATE-OF-INCORPORATION>TN
<FISCAL-YEAR-END>0103
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-08766
<FILM-NUMBER>04809669
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3401 WEST END AVE
<STREET2>P O BOX 24300
<CITY>NASHVILLE
<STATE>TN
<ZIP>37203
<PHONE>6152691900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3401 WEST END AVE
<STREET2>SUITE 260
<CITY>NASHVILLE
<STATE>TN
<ZIP>37203
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VOLUNTEER CAPITAL CORP / TN /
<DATE-CHANGED>19920703
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>WINNERS CORP
<DATE-CHANGED>19890910
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>VOLUNTEER CAPITAL CORP
<DATE-CHANGED>19820520
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<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>g89072e8vk.htm
<DESCRIPTION>J. ALEXANDER'S CORPORATION - FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>J. Alexander's Corporation - Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">







<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P>
<HR noshade width="30%" align="center" size="1">




<P align="center" style="font-size: 12pt"><B>CURRENT REPORT</B>



<P align="center" style="font-size: 10pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>



<P align="center" style="font-size: 10pt">Date of Report (Date of
earliest event reported): May&nbsp;14, 2004 (May&nbsp;14, 2004)


<P align="center" style="font-size: 24pt"><B>J. ALEXANDER&#146;S CORPORATION</B>

<HR noshade width="90%" align="center" size="1">

<DIV align="center" style="font-size: 10pt">(Exact name of registrant
as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Tennessee
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-08766
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">62-0854056</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3401 West End Avenue, Suite&nbsp;260, P.O. Box 24300, Nashville, Tennessee 37202

<HR noshade width="90%" align="center" size="1">

<DIV align="center" style="font-size: 10pt">(Address of principal
executive offices) (Zip Code)</DIV>



<P align="center" style="font-size: 10pt">(615)&nbsp;269-1900

<HR noshade width="90%" align="center" size="1">

<DIV align="center" style="font-size: 10pt">(Registrant&#146;s telephone number, including area code)</DIV>



<P align="center" style="font-size: 10pt">Not Applicable

<HR noshade width="90%" align="center" size="1">

<DIV align="center" style="font-size: 10pt">(Former name or former
address, if changed since last report)</DIV>



<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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</TR>
<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;9. Regulation FD Disclosure.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;12. Results of Operations and Financial Condition.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g89072exv99w1.txt">Ex-99.1 Press Release</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link2 "Item&nbsp;9. Regulation FD Disclosure." -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Regulation FD Disclosure.</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 14, 2004, J. Alexander&#146;s Corporation announced that it
extended its shareholder rights plan to May 16, 2009 and that it has
reviewed the appropriate accounting treatment for an outstanding
stock option. The text of the press release is set forth in Exhibit&nbsp;99.1.



<!-- link2 "Item&nbsp;12. Results of Operations and Financial Condition." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;12. Results of Operations and Financial Condition.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
press release also announces financial results for the first quarter ended March
28, 2004.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">Date: May 14, 2004&nbsp;</TD>
    <TD colspan="3">J. ALEXANDER&#146;S CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ R. Gregory Lewis&nbsp;</TD>
    <TD></TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">R. Gregory Lewis&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chief Financial Officer, Vice
President of Finance and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
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    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-cen:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release issued by J.
Alexander&#146;s Corporation dated May&nbsp;14, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>g89072exv99w1.txt
<DESCRIPTION>EX-99.1 PRESS RELEASE
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1

FOR IMMEDIATE RELEASE                           CONTACT:  R. GREGORY LEWIS
                                                          615-269-1900


                    J. ALEXANDER'S CORP. REPORTS 50% INCREASE
                          IN FIRST QUARTER NET INCOME;
                     RESULTS IN LINE WITH PREVIOUS ESTIMATES

                SHAREHOLDER RIGHTS PLAN EXTENDED FOR FIVE YEARS;
              COMPANY REVIEWS ACCOUNTING TREATMENT FOR STOCK OPTION


         NASHVILLE, Tenn., May 14, 2004 - J. Alexander's Corporation (AMEX:
JAX), owner and operator of 27 J. Alexander's full-service, contemporary upscale
American restaurants in 12 states, today reported increased net income on higher
net sales for the first quarter of 2004. At the same time, the Company's board
of directors said it has extended the expiration date of the Company's
Shareholder Rights Plan for five years from May 16, 2004, to May 16, 2009.

         Lonnie J. Stout II, chairman, president and chief executive officer,
announced first quarter results and said income before income taxes for the
period ended March 28, 2004, rose to $1,407,000. This compares to income before
income taxes of $942,000 achieved in the same quarter of 2003. Last year's first
quarter results included pre-opening expense of $271,000 while no pre-opening
expense was included in the most recent quarter. Income before income taxes for
the first quarter of 2004 also included the effect of $77,000 of non-cash
compensation expense relating to the stock option described below.

         Net income for the first quarter of 2004 reached $948,000, or $.14 per
diluted share, up 50% from net income of $631,000, or $.09 per diluted share,
recorded in the comparable period of 2003.

         "Net income for the first quarter of 2004 exceeded last year's
performance despite the impact of higher food input costs," Stout said in making
the announcement. "The continued



<PAGE>

momentum of strong sales, reflected in a same store sales gain of 8.3%, more
than offset the effect of higher input costs in the most recent period."

         For the first quarter of 2004, J. Alexander's Corporation had net sales
of $30,789,000, an increase of 16.4% from $26,450,000 reported in the
corresponding period of 2003. The Company's same store weekly sales per
restaurant, based on 24 restaurants open for more than 18 months, climbed to
$90,500 in the first quarter of 2004 from $83,600 in the corresponding period of
2003. For the most recent quarter, the average weekly sales per restaurant
increased 4.7% to $87,400 from $83,500 in the first period a year ago.

         Stout said that guest count increases, along with moderate menu price
increases, were primary catalysts driving the same store sales gain.

         The J. Alexander's Corporation CEO also said that the influence of
rising food input costs continues to place significant pressure on restaurant
profit margins. During the first quarter of 2004, higher food input costs
increased the Company's cost of sales as a percentage of sales to 33.1% in the
most recent quarter, up from 31.8% in the same period of 2003.

         Stout added that the negative impact of soft sales from the two newest
J. Alexander's restaurants opened in the fourth quarter of 2003 is creating
additional pressure on restaurant margins, noting that total restaurant
operating expenses as a percentage of sales increased to 86.5% in the first
quarter of 2004 from 86.2% in the comparable period a year earlier.

         "Our sales trends through the first half of the second quarter are very
encouraging, continuing well ahead of those experienced at this point a year
ago," Stout commented. "At the same time, we remain very concerned with the
challenges posed by rising input costs and their influence on restaurant
margins.


<PAGE>

         "We are carefully evaluating appropriate counter measures such as
additional menu price increases. We are also closely monitoring guest count
trends, and will make every effort to avoid any action that would jeopardize the
momentum of these trends," he added.

         In another announcement, J. Alexander's Corporation said that it has
reconsidered the accounting treatment for a stock option awarded to its CEO in
1999. As a result, the option will be accounted for as a variable award, thereby
requiring that the Company recognize non-cash compensation expense of
approximately $550,000 in its previously issued fiscal 2003 financial
statements. This expense will lower previously reported fiscal 2003 net income
from $3.8 million to $3.3 million. The Company intends to amend its Form 10-K
for 2003 to reflect the accounting change, which will not affect the Company's
reported cash flows in any period.

         The Company noted that the option has been disclosed in previous annual
proxy statements. Provisions of the option called for the exercise price, which
was equal to the fair market value of the Company's common stock on the date of
the award, to increase by a stated amount on each anniversary date of the award
if the option had not yet been exercised. The Company believed at the date of
the grant, and had continued to believe since that time, that the option grant
would be accorded treatment as a fixed plan award (meaning that no compensation
expense would be recognized with respect to that award) because both the number
of shares and exercise prices at which the option could be exercised throughout
its life were known. Furthermore, the escalating exercise price of this award
was less favorable to the CEO than options typically granted to other members of
management which require no compensation expense to be recognized.

         J. Alexander's Corporation decided to review the accounting for the
option after the issue was raised by the Company's new independent auditors,
KPMG LLP, in connection with its review of the Company's 2004 first quarter
financial statements. Following the 2004 first quarter review, both KPMG LLP and
the Company's former auditors indicated that the option



<PAGE>

should be accounted for as a variable award. The Company and its board of
directors are considering various courses of action with respect to the option
grant, some of which would have the effect of eliminating future compensation
charges with respect to the option.

         J. Alexander's Corporation presently owns and operates 27 J.
Alexander's restaurants in Alabama, Colorado, Florida, Georgia, Illinois,
Kansas, Kentucky, Louisiana, Michigan, Ohio, Tennessee and Texas. J. Alexander's
is a contemporary American restaurant placing a special emphasis on food quality
and professional service. The Company is based in Nashville, Tennessee.

         This press release contains forward-looking statements that involve
risks and uncertainties. Actual results, performance or developments could
differ materially from those expressed or implied by those forward-looking
statements as a result of known or unknown risks, uncertainties and other
factors, including those described from time-to-time in the Company's filings
with the Securities and Exchange Commission, press releases and other
communications.




<PAGE>
J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                                                                Quarters Ended
                                                                           ----------------------
                                                                           MARCH 28      March 30
                                                                             2004           2003
                                                                           --------       --------
<S>                                                                        <C>            <C>
Net sales ...........................................................      $ 30,789       $ 26,450

Costs and expenses:
   Cost of sales ....................................................        10,201          8,415
   Restaurant labor and related costs ...............................         9,668          8,571
   Depreciation and amortization of restaurant property and equipment         1,145          1,059
   Other operating expenses .........................................         5,631          4,751
                                                                           --------       --------
     Total restaurant operating expenses ............................        26,645         22,796

General and administrative expenses .................................         2,189          1,867
Pre-opening expense .................................................            --            271
                                                                           --------       --------
Operating income ....................................................         1,955          1,516
Other income (expense):
   Interest expense, net ............................................          (529)          (555)
   Other, net .......................................................           (19)           (19)
                                                                           --------       --------
     Total other expense ............................................          (548)          (574)
                                                                           --------       --------
Income before income taxes ..........................................         1,407            942
Income tax provision ................................................          (459)          (311)
                                                                           --------       --------
Net income ..........................................................      $    948       $    631
                                                                           ========       ========

Earnings per share:
   Basic earnings per share .........................................      $    .15       $    .10
                                                                           ========       ========

   Diluted earnings per share .......................................      $    .14       $    .09
                                                                           ========       ========

Weighted average number of shares:
   Basic earnings per share .........................................         6,438          6,616
   Diluted earnings per share .......................................         6,803          6,702
</TABLE>



<PAGE>



J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
PERCENTAGES OF SALES

<TABLE>
<CAPTION>
                                                                                  Quarters Ended
                                                                             --------------------------
                                                                              MARCH 28        March 30
                                                                                2004            2003
                                                                             ---------        ---------
<S>                                                                          <C>              <C>
Net sales ...........................................................            100.0%           100.0%

Costs and expenses:
   Cost of sales ....................................................             33.1             31.8
   Restaurant labor and related costs ...............................             31.4             32.4
   Depreciation and amortization of restaurant property and equipment              3.7              4.0
   Other operating expenses .........................................             18.3             18.0
                                                                             ---------        ---------
     Total restaurant operating expenses ............................             86.5             86.2

General and administrative expenses .................................              7.1              7.1
Pre-opening expense .................................................               --              1.0
                                                                             ---------        ---------
Operating income ....................................................              6.3              5.7
Other income (expense):
   Interest expense, net ............................................             (1.7)            (2.1)
   Other, net .......................................................             (0.1)            (0.1)
                                                                             ---------        ---------
     Total other expense ............................................             (1.8)            (2.2)
                                                                             ---------        ---------
Income before income taxes ..........................................              4.6              3.6
Income tax provision ................................................             (1.5)            (1.2)
                                                                             ---------        ---------

Net income ..........................................................              3.1%             2.4%
                                                                             =========        =========
Note: Certain percentage totals do not sum due to rounding.

AVERAGE WEEKLY SALES INFORMATION:

Average weekly sales per restaurant .................................        $  87,400        $  83,500
Percent increase ....................................................              4.7%

Same store weekly sales per restaurant (1) ..........................        $  90,500        $  83,600
Percent increase ....................................................              8.3%
</TABLE>


(1) Includes the twenty-four restaurants open for more than eighteen months.



<PAGE>



J. ALEXANDER'S CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED IN THOUSANDS)


<TABLE>
<CAPTION>
                                                   MARCH 28   December 28
                                                     2004        2003
                                                   -------    -----------
<S>                                                <C>        <C>
                                 ASSETS

Current Assets
      Cash and cash equivalents .............      $ 2,501      $ 1,635
      Deferred income taxes .................          791          791
      Other current assets ..................        2,041        2,707
                                                   -------      -------
         Total current assets ...............        5,333        5,133

Other assets ................................        1,082        1,009
Property and equipment, net .................       73,037       73,613
Deferred income taxes .......................        1,884        1,884
Deferred charges, net .......................          861          898
                                                   -------      -------
                                                   $82,197      $82,537
                                                   =======      =======



         LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities .........................      $ 9,346      $10,891
Long-term obligations .......................       24,588       24,642
Other long-term liabilities .................        2,762        2,572
Stockholders' equity ........................       45,501       44,432
                                                   -------      -------
                                                   $82,197      $82,537
                                                   =======      =======

</TABLE>


                                   ###



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</DOCUMENT>
</SUBMISSION>
