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March 27, 2016 | December 27, 2015 | |||||||
Land | $ | 37,500 | $ | 37,500 | ||||
Building | 2,339,219 | 2,339,219 | ||||||
Equipment | 33,759,598 | 32,912,992 | ||||||
Furniture and fixtures | 8,481,222 | 8,194,060 | ||||||
Leasehold improvements | 73,272,456 | 72,148,545 | ||||||
Restaurant construction in progress | 5,410,138 | 1,768,027 | ||||||
Total | 123,300,133 | 117,400,343 | ||||||
Less accumulated depreciation | (40,964,711 | ) | (38,210,682 | ) | ||||
Property and equipment, net | $ | 82,335,422 | $ | 79,189,661 |
|
March 27, 2016 | December 27, 2015 | |||||||
Amortized intangibles: | ||||||||
Franchise fees | $ | 1,278,142 | $ | 1,278,142 | ||||
Trademark | 70,576 | 66,826 | ||||||
Non-compete agreement | 76,560 | 76,560 | ||||||
Favorable lease | 351,344 | 351,344 | ||||||
Loan fees - Revolving line of credit and DLOC | 368,084 | 368,084 | ||||||
Total | 2,144,706 | 2,140,956 | ||||||
Less accumulated amortization | (580,177 | ) | (519,858 | ) | ||||
Amortized intangibles, net | 1,564,529 | 1,621,098 | ||||||
Unamortized intangibles: | ||||||||
Liquor licenses | 1,957,317 | 2,017,618 | ||||||
Total intangibles, net | $ | 3,521,846 | $ | 3,638,716 |
|
|
March 27, 2016 | December 27, 2015 | |||||||||
Sales tax payable | $ | 954,111 | $ | 987,795 | ||||||
Accrued interest | 481,549 | 495,365 | ||||||||
Closure liability - current | 823,264 | 1,008,707 | ||||||||
Other | 1,223,579 | 1,171,344 | ||||||||
Total other accrued liabilities | $ | 3,482,503 | $ | 3,663,211 |
|
March 27, 2016 | December 27, 2015 | |||||||
Note payable - $120.0 million term loan; payable to Citizens with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $833,333 plus accrued interest through maturity in June 2020. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.5%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at March 27, 2016 was approximately 3.94%. | $ | 108,333,333 | $ | 115,833,333 | ||||
Note payable - $30.0 million development line of credit; payable to Citizens with a senior lien on all the Company’s personal property and fixtures. Payments are due monthly once fully drawn and matures in June 2020. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.5%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at March 27, 2016 was approximately 3.94%. | 14,401,554 | 11,090,323 | ||||||
Unamortized discount and debt issuance costs | (633,131 | ) | (667,666 | ) | ||||
Total debt | 122,101,756 | 126,255,990 | ||||||
Less current portion | (9,842,417 | ) | (9,891,825 | ) | ||||
Long-term debt, net of current portion | $ | 112,259,339 | $ | 116,364,165 |
March 27, 2016 | |||||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||||
Interest rate swaps | Rate | Expires | |||||||||||||
April 2012 | 1.4% | April 2019 | $ | 7,047,619 | $ | — | $ | 82,875 | |||||||
October 2012 | 0.9% | October 2017 | 3,000,000 | — | 10,955 | ||||||||||
July 2013 | 1.4% | April 2018 | 7,333,333 | — | 70,855 | ||||||||||
May 2014 | 1.5% | April 2018 | 10,892,857 | — | 163,058 | ||||||||||
January 2015 | 1.8% | December 2019 | 20,690,476 | — | 830,482 | ||||||||||
August 2015 | 2.3% | June 2020 | 49,696,875 | — | 1,956,136 | ||||||||||
Total | $ | 98,661,160 | $ | — | $ | 3,114,361 |
December 27, 2015 | |||||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||||
Interest rate swaps | Rate | Expires | |||||||||||||
April 2012 | 1.4% | April 2019 | $ | 7,619,048 | $ | — | $ | 56,280 | |||||||
October 2012 | 0.9% | October 2017 | 3,214,286 | — | 3,027 | ||||||||||
July 2013 | 1.4% | April 2018 | 8,190,476 | — | 60,164 | ||||||||||
May 2014 | 1.5% | April 2018 | 11,428,571 | — | 122,716 | ||||||||||
January 2015 | 1.8% | December 2019 | 20,547,619 | — | 415,459 | ||||||||||
August 2015 | 2.3% | June 2020 | 49,696,875 | — | 867,609 | ||||||||||
Total | $ | 100,696,875 | $ | — | $ | 1,525,255 |
|
Number of Restricted Stock Shares | ||
Unvested, December 27, 2015 | 241,124 | |
Granted | 3,500 | |
Vested | (30,945 | ) |
Expired/Forfeited | (10,766 | ) |
Unvested, March 27, 2016 | 202,913 |
Number of Restricted Stock Shares | ||
Unvested, December 28, 2014 | 164,867 | |
Granted | — | |
Vested | (3,334 | ) |
Expired/Forfeited | (1,917 | ) |
Unvested, March 29, 2015 | 159,616 |
|
|
Year | Amount | ||
Remainder of 2016 | $ | 8,248,554 | |
2017 | 10,932,225 | ||
2018 | 10,458,132 | ||
2019 | 9,614,494 | ||
2020 | 9,354,108 | ||
2021 and thereafter | 45,528,165 | ||
Total | $ | 94,135,678 |
|
|
|
● | Level 1 | Quoted market prices in active markets for identical assets and liabilities; |
● | Level 2 | Inputs, other than level 1 inputs, either directly or indirectly observable; and |
● | Level 3 | Unobservable inputs developed using internal estimates and assumptions (there is little or no market data) which reflect those that market participants would use. |
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Interest rate swaps | $ | — | $ | (3,114,361 | ) | $ | — | $ | (3,114,361 | ) |
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Cash equivalents | $ | 2,000,000 | $ | — | $ | — | $ | 2,000,000 | ||||||||
Interest rate swaps | — | (1,525,255 | ) | — | (1,525,255 | ) | ||||||||||
Total | $ | 2,000,000 | $ | (1,525,255 | ) | $ | — | $ | 474,745 |
|
Three Months Ended March 27, 2016 | ||||||||||||
Interest Rate Swap | Investments | Total | ||||||||||
Beginning balance | $ | (1,006,667 | ) | $ | — | $ | (1,006,667 | ) | ||||
Loss recorded to other comprehensive income | (1,589,106 | ) | — | (1,589,106 | ) | |||||||
Tax benefit | 540,296 | — | 540,296 | |||||||||
Other comprehensive loss | (1,048,810 | ) | — | (1,048,810 | ) | |||||||
Accumulated OCL | $ | (2,055,477 | ) | $ | — | $ | (2,055,477 | ) |
Three Months Ended March 29, 2015 | ||||||||||||
Interest Rate Swap | Investments | Total | ||||||||||
Beginning balance | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) | |||
Gain (loss) recorded to other comprehensive income | (475,564 | ) | 5,763 | (469,801 | ) | |||||||
Tax income (expense) | 161,691 | (1,959 | ) | 159,732 | ||||||||
Other comprehensive income (loss) | (313,873 | ) | 3,804 | (310,069 | ) | |||||||
Accumulated OCL | $ | (485,225 | ) | $ | — | $ | (485,225 | ) |
|
Three months ended | |||||||
March 27, 2016 | March 29, 2015 | ||||||
Revenue from external customers: | |||||||
BWW | $ | 43,143,252 | $ | 31,852,089 | |||
Bagger Dave's | 5,269,547 | 7,588,243 | |||||
Total | $ | 48,412,799 | $ | 39,440,332 | |||
Segment operating profit (loss): | |||||||
BWW | $ | 5,285,645 | $ | 4,606,331 | |||
Bagger Dave's | (612,260 | ) | (1,458,634 | ) | |||
Total segment operating profit | $ | 4,673,385 | $ | 3,147,697 | |||
Closure-related expenses | (345,011 | ) | — | ||||
Corporate expenses | (2,641,625 | ) | (2,539,193 | ) | |||
Total consolidated operating profit | $ | 1,686,749 | $ | 608,504 | |||
Interest expense | $ | (1,444,940 | ) | $ | (432,223 | ) | |
Other income | 45,272 | 17,003 | |||||
Net income before income taxes | $ | 287,081 | $ | 193,284 | |||
March 27, 2016 | December 27, 2015 | ||||||
Total assets | |||||||
BWW | $ | 117,530,474 | $ | 115,044,166 | |||
Bagger Dave's | 22,262,803 | 21,886,470 | |||||
Corporate | 20,763,325 | 28,841,859 | |||||
Total assets | $ | 160,556,602 | $ | 165,772,495 |
|
|
March 27, 2016 | December 27, 2015 | |||||||
Land | $ | 37,500 | $ | 37,500 | ||||
Building | 2,339,219 | 2,339,219 | ||||||
Equipment | 33,759,598 | 32,912,992 | ||||||
Furniture and fixtures | 8,481,222 | 8,194,060 | ||||||
Leasehold improvements | 73,272,456 | 72,148,545 | ||||||
Restaurant construction in progress | 5,410,138 | 1,768,027 | ||||||
Total | 123,300,133 | 117,400,343 | ||||||
Less accumulated depreciation | (40,964,711 | ) | (38,210,682 | ) | ||||
Property and equipment, net | $ | 82,335,422 | $ | 79,189,661 |
|
March 27, 2016 | December 27, 2015 | |||||||
Amortized intangibles: | ||||||||
Franchise fees | $ | 1,278,142 | $ | 1,278,142 | ||||
Trademark | 70,576 | 66,826 | ||||||
Non-compete agreement | 76,560 | 76,560 | ||||||
Favorable lease | 351,344 | 351,344 | ||||||
Loan fees - Revolving line of credit and DLOC | 368,084 | 368,084 | ||||||
Total | 2,144,706 | 2,140,956 | ||||||
Less accumulated amortization | (580,177 | ) | (519,858 | ) | ||||
Amortized intangibles, net | 1,564,529 | 1,621,098 | ||||||
Unamortized intangibles: | ||||||||
Liquor licenses | 1,957,317 | 2,017,618 | ||||||
Total intangibles, net | $ | 3,521,846 | $ | 3,638,716 |
|
March 27, 2016 | December 27, 2015 | |||||||||
Sales tax payable | $ | 954,111 | $ | 987,795 | ||||||
Accrued interest | 481,549 | 495,365 | ||||||||
Closure liability - current | 823,264 | 1,008,707 | ||||||||
Other | 1,223,579 | 1,171,344 | ||||||||
Total other accrued liabilities | $ | 3,482,503 | $ | 3,663,211 |
|
March 27, 2016 | December 27, 2015 | |||||||
Note payable - $120.0 million term loan; payable to Citizens with a senior lien on all the Company’s personal property and fixtures. Scheduled monthly principal payments are approximately $833,333 plus accrued interest through maturity in June 2020. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.5%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at March 27, 2016 was approximately 3.94%. | $ | 108,333,333 | $ | 115,833,333 | ||||
Note payable - $30.0 million development line of credit; payable to Citizens with a senior lien on all the Company’s personal property and fixtures. Payments are due monthly once fully drawn and matures in June 2020. Interest is charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.5%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at March 27, 2016 was approximately 3.94%. | 14,401,554 | 11,090,323 | ||||||
Unamortized discount and debt issuance costs | (633,131 | ) | (667,666 | ) | ||||
Total debt | 122,101,756 | 126,255,990 | ||||||
Less current portion | (9,842,417 | ) | (9,891,825 | ) | ||||
Long-term debt, net of current portion | $ | 112,259,339 | $ | 116,364,165 |
March 27, 2016 | |||||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||||
Interest rate swaps | Rate | Expires | |||||||||||||
April 2012 | 1.4% | April 2019 | $ | 7,047,619 | $ | — | $ | 82,875 | |||||||
October 2012 | 0.9% | October 2017 | 3,000,000 | — | 10,955 | ||||||||||
July 2013 | 1.4% | April 2018 | 7,333,333 | — | 70,855 | ||||||||||
May 2014 | 1.5% | April 2018 | 10,892,857 | — | 163,058 | ||||||||||
January 2015 | 1.8% | December 2019 | 20,690,476 | — | 830,482 | ||||||||||
August 2015 | 2.3% | June 2020 | 49,696,875 | — | 1,956,136 | ||||||||||
Total | $ | 98,661,160 | $ | — | $ | 3,114,361 |
December 27, 2015 | |||||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||||
Interest rate swaps | Rate | Expires | |||||||||||||
April 2012 | 1.4% | April 2019 | $ | 7,619,048 | $ | — | $ | 56,280 | |||||||
October 2012 | 0.9% | October 2017 | 3,214,286 | — | 3,027 | ||||||||||
July 2013 | 1.4% | April 2018 | 8,190,476 | — | 60,164 | ||||||||||
May 2014 | 1.5% | April 2018 | 11,428,571 | — | 122,716 | ||||||||||
January 2015 | 1.8% | December 2019 | 20,547,619 | — | 415,459 | ||||||||||
August 2015 | 2.3% | June 2020 | 49,696,875 | — | 867,609 | ||||||||||
Total | $ | 100,696,875 | $ | — | $ | 1,525,255 |
|
Number of Restricted Stock Shares | ||
Unvested, December 27, 2015 | 241,124 | |
Granted | 3,500 | |
Vested | (30,945 | ) |
Expired/Forfeited | (10,766 | ) |
Unvested, March 27, 2016 | 202,913 |
Number of Restricted Stock Shares | ||
Unvested, December 28, 2014 | 164,867 | |
Granted | — | |
Vested | (3,334 | ) |
Expired/Forfeited | (1,917 | ) |
Unvested, March 29, 2015 | 159,616 |
|
Year | Amount | ||
Remainder of 2016 | $ | 8,248,554 | |
2017 | 10,932,225 | ||
2018 | 10,458,132 | ||
2019 | 9,614,494 | ||
2020 | 9,354,108 | ||
2021 and thereafter | 45,528,165 | ||
Total | $ | 94,135,678 |
|
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Interest rate swaps | $ | — | $ | (3,114,361 | ) | $ | — | $ | (3,114,361 | ) |
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Cash equivalents | $ | 2,000,000 | $ | — | $ | — | $ | 2,000,000 | ||||||||
Interest rate swaps | — | (1,525,255 | ) | — | (1,525,255 | ) | ||||||||||
Total | $ | 2,000,000 | $ | (1,525,255 | ) | $ | — | $ | 474,745 |
|
Three Months Ended March 27, 2016 | ||||||||||||
Interest Rate Swap | Investments | Total | ||||||||||
Beginning balance | $ | (1,006,667 | ) | $ | — | $ | (1,006,667 | ) | ||||
Loss recorded to other comprehensive income | (1,589,106 | ) | — | (1,589,106 | ) | |||||||
Tax benefit | 540,296 | — | 540,296 | |||||||||
Other comprehensive loss | (1,048,810 | ) | — | (1,048,810 | ) | |||||||
Accumulated OCL | $ | (2,055,477 | ) | $ | — | $ | (2,055,477 | ) |
Three Months Ended March 29, 2015 | ||||||||||||
Interest Rate Swap | Investments | Total | ||||||||||
Beginning balance | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) | |||
Gain (loss) recorded to other comprehensive income | (475,564 | ) | 5,763 | (469,801 | ) | |||||||
Tax income (expense) | 161,691 | (1,959 | ) | 159,732 | ||||||||
Other comprehensive income (loss) | (313,873 | ) | 3,804 | (310,069 | ) | |||||||
Accumulated OCL | $ | (485,225 | ) | $ | — | $ | (485,225 | ) |
|
Three months ended | |||||||
March 27, 2016 | March 29, 2015 | ||||||
Revenue from external customers: | |||||||
BWW | $ | 43,143,252 | $ | 31,852,089 | |||
Bagger Dave's | 5,269,547 | 7,588,243 | |||||
Total | $ | 48,412,799 | $ | 39,440,332 | |||
Segment operating profit (loss): | |||||||
BWW | $ | 5,285,645 | $ | 4,606,331 | |||
Bagger Dave's | (612,260 | ) | (1,458,634 | ) | |||
Total segment operating profit | $ | 4,673,385 | $ | 3,147,697 | |||
Closure-related expenses | (345,011 | ) | — | ||||
Corporate expenses | (2,641,625 | ) | (2,539,193 | ) | |||
Total consolidated operating profit | $ | 1,686,749 | $ | 608,504 | |||
Interest expense | $ | (1,444,940 | ) | $ | (432,223 | ) | |
Other income | 45,272 | 17,003 | |||||
Net income before income taxes | $ | 287,081 | $ | 193,284 | |||
March 27, 2016 | December 27, 2015 | ||||||
Total assets | |||||||
BWW | $ | 117,530,474 | $ | 115,044,166 | |||
Bagger Dave's | 22,262,803 | 21,886,470 | |||||
Corporate | 20,763,325 | 28,841,859 | |||||
Total assets | $ | 160,556,602 | $ | 165,772,495 |
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