|
|
|
|
|
|
|
|
|
|
|
Working capital | $ | 57,600 | |
Property and equipment | 656,146 | ||
Franchise fees | 72,750 | ||
Goodwill | 2,419,854 | ||
Net Cash paid for acquisition | $ | 3,206,350 |
Working capital | $ | 413,232 | |
Fixed assets | 13,993,000 | ||
Intangible assets | 505,000 | ||
Favorable lease | 112,344 | ||
Unfavorable lease | (58,797 | ) | |
Goodwill | 39,098,451 | ||
Net Cash paid for acquisition | $ | 54,063,230 |
Fiscal Years Ended | ||||||||
December 27, 2015 | December 28, 2014 | |||||||
Revenue | $ | 193,481,326 | $ | 168,221,665 | ||||
Net income (loss) | (15,250,523 | ) | 684,575 | |||||
Basic earnings (loss) per share | (0.58 | ) | 0.03 | |||||
Diluted earnings (loss) per share | (0.58 | ) | 0.03 |
|
Fiscal | ||||
2015 | ||||
Beginning of the year | $ | — | ||
Charges | 1,414,308 | |||
Cash payments | (75,122 | ) | ||
End of the year | $ | 1,339,186 |
Location in the Consolidated statement of Operations | Fiscal | |||||
Description | 2015 | |||||
Property and equipment impairments | Impairment and loss on asset disposals | $ | 12,778,155 | |||
Facility closure and other expenses | Occupancy costs | 733,834 | ||||
Severance expense | Compensation costs | 154,764 | ||||
$ | 13,666,753 |
|
December 28, 2014 | ||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Loss | Estimated Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
Obligations of states/municipals | $ | 1,190,261 | $ | — | $ | (4,278 | ) | $ | 1,185,983 | |||||||
Corporate securities | 1,732,734 | — | (1,485 | ) | 1,731,249 | |||||||||||
Total debt securities | $ | 2,922,995 | $ | — | $ | (5,763 | ) | $ | 2,917,232 |
December 28, 2014 | December 29, 2013 | |||||||
Unrealized gain | $ | — | $ | 236 | ||||
Unrealized loss | (5,763 | ) | (44,442 | ) | ||||
Net unrealized loss | (5,763 | ) | (44,206 | ) | ||||
Deferred federal income tax benefit | 1,959 | 15,030 | ||||||
Net unrealized loss on investments, net of deferred income tax | $ | (3,804 | ) | $ | (29,176 | ) |
|
December 27, 2015 | December 28, 2014 | |||||||
Land | $ | 37,500 | $ | 3,087,514 | ||||
Building | 2,339,219 | 2,339,219 | ||||||
Equipment | 32,912,992 | 29,251,119 | ||||||
Furniture and fixtures | 8,194,060 | 7,458,292 | ||||||
Leasehold improvements | 72,148,545 | 56,971,815 | ||||||
Restaurant construction in progress | 1,768,027 | 4,731,045 | ||||||
Total | 117,400,343 | 103,839,004 | ||||||
Less accumulated depreciation | (38,210,682 | ) | (32,330,054 | ) | ||||
Property and equipment, net | $ | 79,189,661 | $ | 71,508,950 |
|
December 27, 2015 | December 28, 2014 | |||||||
Amortized intangible assets | ||||||||
Franchise fees | $ | 1,278,142 | $ | 647,363 | ||||
Trademark | 66,826 | 64,934 | ||||||
Non-compete | 76,560 | 76,560 | ||||||
Favorable operating leases | 351,344 | 239,000 | ||||||
Loan fees | 751,070 | 130,377 | ||||||
Total | 2,523,942 | 1,158,234 | ||||||
Less accumulated amortization | (557,527 | ) | (377,839 | ) | ||||
Amortized intangible assets, net | 1,966,415 | 780,395 | ||||||
Unamortized intangible assets | ||||||||
Liquor licenses | 2,017,618 | 2,136,103 | ||||||
Total intangible assets, net | $ | 3,984,033 | $ | 2,916,498 |
Year | Amount | ||
2016 | $ | 262,945 | |
2017 | 261,409 | ||
2018 | 259,734 | ||
2019 | 259,176 | ||
2020 | 182,973 | ||
Thereafter | 740,178 | ||
Total | $ | 1,966,415 |
|
December 27, 2015 | December 28, 2014 | |||||||
Sales tax payable | $ | 987,795 | $ | 770,938 | ||||
Accrued interest | 495,365 | 138,538 | ||||||
Closure liability - current | 1,008,707 | — | ||||||
Other | 1,171,344 | 448,034 | ||||||
Total accrued other liabilities | 3,663,211 | 1,357,510 |
|
|
December 27, 2015 | December 28, 2014 | |||||||
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 December 27, 2015 was approximately 3.86%. | $ | 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. Once fully drawn, payments will be due monthly; the note matures June 2020. The rate at December 27, 2015 was approximately 3.86%. | 11,090,323 | |||||||
Note payable - $56.0 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 $666,667 plus accrued interest through maturity in December 2019. Interest was charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at December 28, 2014 was approximately 2.7%. | — | 56,000,000 | ||||||
Note payable - $20.0 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 December 2019. Interest was charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at December 28, 2014 was approximately 2.7%. | — | 5,768,399 | ||||||
Unamortized discount | (322,349 | ) | — | |||||
Total debt | 126,601,307 | 61,768,399 | ||||||
Less current portion | (9,918,827 | ) | (8,155,903 | ) | ||||
Long-term debt, net of current portion | $ | 116,682,480 | $ | 53,612,496 |
Amount | |||
2016 | $ | 9,918,827 | |
2017 | 10,480,330 | ||
2018 | 11,042,033 | ||
2019 | 11,047,760 | ||
2020 | 84,112,357 | ||
Thereafter | — | ||
Total | $ | 126,601,307 |
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 |
December 28, 2014 | |||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||
Interest rate swaps | Rate | Expires | |||||||||||
April 2012 | 1.4% | April 2019 | $ | 9,904,762 | $ | — | $ | 73,492 | |||||
October 2012 | 0.9% | October 2017 | 4,071,429 | 3,119 | — | ||||||||
July 2013 | 1.4% | April 2018 | 11,619,048 | — | 106,061 | ||||||||
May 2014 | 1.5% | April 2018 | 12,857,143 | — | 83,192 | ||||||||
Total | $ | 38,452,382 | $ | 3,119 | $ | 262,745 |
|
Number of Restricted Stock Shares | ||
Unvested, December 28, 2014 | 164,867 | |
Granted | 131,752 | |
Vested | (45,521 | ) |
Vested shares tax portion | (1,387 | ) |
Forfeited | (8,587 | ) |
Unvested, December 27, 2015 | 241,124 |
Number of Restricted Stock Shares | ||
Unvested, December 29, 2013 | 116,667 | |
Granted | 91,966 | |
Vested | (41,031 | ) |
Forfeited | (2,735 | ) |
Unvested, December 28, 2014 | 164,867 |
Number of Restricted Stock Shares | ||
Unvested, December 30, 2012 | 54,900 | |
Granted | 145,575 | |
Vested | (26,700 | ) |
Forfeited | (57,108 | ) |
Unvested, December 29, 2013 | 116,667 |
|
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Federal | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | (9,073,787 | ) | (1,628,568 | ) | (306,951 | ) | ||||||
State | ||||||||||||
Current | — | 127,312 | 74,773 | |||||||||
Deferred | (912,220 | ) | (205,480 | ) | (29,272 | ) | ||||||
Income tax benefit | $ | (9,986,007 | ) | $ | (1,706,736 | ) | $ | (261,450 | ) |
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Income tax benefit at federal statutory rate | $ | (8,900,690 | ) | $ | (1,011,580 | ) | $ | (43,228 | ) | |||
State income tax, net of federal benefit | (912,221 | ) | (51,689 | ) | 30,032 | |||||||
Permanent differences | 1,219,947 | 346,388 | 271,151 | |||||||||
Tax credits | (1,393,043 | ) | (989,855 | ) | (519,405 | ) | ||||||
Income tax benefit | $ | (9,986,007 | ) | $ | (1,706,736 | ) | $ | (261,450 | ) |
December 27, 2015 | December 28, 2014 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carry-forwards | $ | 7,368,309 | $ | 915,900 | ||||
Deferred rent expense | 505,995 | 481,543 | ||||||
Start-up costs | 138,832 | 99,261 | ||||||
Tax credit carry-forwards | 4,810,760 | 3,417,716 | ||||||
Interest rate swaps | 518,589 | 88,121 | ||||||
Investments | — | 1,959 | ||||||
Sale leaseback deferred gain | 734,744 | 788,195 | ||||||
Stock-based compensation | 457,680 | 310,790 | ||||||
Accrued closure liabilities | 455,324 | — | ||||||
Other | 835,018 | 397,117 | ||||||
Total deferred tax assets | 15,825,251 | 6,500,602 | ||||||
Deferred tax liabilities: | ||||||||
Tax depreciation in excess of book | 1,296,243 | 3,069,315 | ||||||
Goodwill amortization in excess of book | 1,208,831 | 470,647 | ||||||
Total deferred tax liability | 2,505,074 | 3,539,962 | ||||||
Net deferred income tax assets | $ | 13,320,177 | $ | 2,960,640 |
|
Year | Amount | ||
2016 | $ | 10,997,865 | |
2017 | 10,954,711 | ||
2018 | 10,444,798 | ||
2019 | 9,599,795 | ||
2020 | 9,156,279 | ||
Thereafter | 45,131,930 | ||
Total | $ | 96,285,378 |
Year | Amount | ||
2016 | $ | 224,167 | |
2017 | 340,000 | ||
2018 | 340,000 | ||
2019 | 340,000 | ||
2020 | 340,000 | ||
Thereafter | 3,820,297 | ||
Total | $ | 5,404,464 |
|
|
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Income (loss) available to common stockholders | $ | (16,192,492 | ) | $ | (1,268,497 | ) | $ | 134,308 | ||||
Weighted-average shares outstanding | 26,211,669 | 26,092,919 | 23,937,188 | |||||||||
Effect of dilutive securities | — | — | 120,884 | |||||||||
Weighted-average shares outstanding - assuming dilution | 26,211,669 | 26,092,919 | 24,058,072 | |||||||||
Earnings per common share | $ | (0.62 | ) | $ | (0.05 | ) | $ | 0.01 | ||||
Earnings per common share - assuming dilution | $ | (0.62 | ) | $ | (0.05 | ) | $ | 0.01 |
|
|
● | 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 | ||||||||||||
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 |
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Interest rate swaps | $ | — | $ | (259,626 | ) | $ | — | $ | (259,626 | ) | ||||||
Debt securities | ||||||||||||||||
Obligations of states/municipals | — | 1,185,983 | — | 1,185,983 | ||||||||||||
Corporate securities | — | 1,731,249 | — | 1,731,249 | ||||||||||||
Total debt securities | — | 2,917,232 | — | 2,917,232 | ||||||||||||
Total | $ | — | $ | 2,657,606 | $ | — | $ | 2,657,606 |
|
Year Ended December 27, 2015 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) | |||
Gain (loss) recorded to other comprehensive income | (1,265,783 | ) | 5,763 | (1,260,020 | ) | |||||||
Tax benefit (expense) | 430,468 | (1,959 | ) | 428,509 | ||||||||
Other comprehensive income (loss) | (835,315 | ) | 3,804 | (831,511 | ) | |||||||
Accumulated OCL | $ | (1,006,667 | ) | $ | — | $ | (1,006,667 | ) |
Year Ended December 28, 2014 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (216,188 | ) | $ | (29,176 | ) | $ | (245,364 | ) | |||
Gain (loss) recorded to other comprehensive income | 67,933 | 38,443 | 106,376 | |||||||||
Tax benefit (expense) | (23,097 | ) | (13,071 | ) | (36,168 | ) | ||||||
Other comprehensive income | 44,836 | 25,372 | 70,208 | |||||||||
Accumulated OCL | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) |
Year Ended December 29, 2013 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (284,294 | ) | $ | — | $ | (284,294 | ) | ||||
Gain (loss) recorded to other comprehensive income | 103,190 | (44,206 | ) | 58,984 | ||||||||
Tax benefit (expense) | (35,084 | ) | 15,030 | (20,054 | ) | |||||||
Other comprehensive income (loss) | 68,106 | (29,176 | ) | 38,930 | ||||||||
Accumulated OCL | $ | (216,188 | ) | $ | (29,176 | ) | $ | (245,364 | ) |
|
Fiscal Quarters | ||||||||||||||||
March 29, 2015 | June 28, 2015 | September 27, 2015 | December 27, 2015 | |||||||||||||
Revenue | $ | 39,440,332 | $ | 36,871,838 | $ | 47,077,816 | $ | 49,095,392 | ||||||||
Operating profit (loss) | 608,504 | (5,509,546 | ) | (3,140,137 | ) | (14,748,104 | ) | |||||||||
Income (loss) before income taxes | 193,284 | (5,341,323 | ) | (4,948,302 | ) | (16,082,158 | ) | |||||||||
Net income (loss) | $ | 262,642 | $ | (3,318,343 | ) | $ | (3,581,535 | ) | $ | (9,555,256 | ) | |||||
Basic earnings per share | $ | 0.01 | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.36 | ) | |||||
Fully diluted earnings per share | $ | 0.01 | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.36 | ) | |||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 26,149,184 | 26,151,853 | 26,251,621 | 26,294,530 | ||||||||||||
Diluted | 26,248,424 | 26,151,853 | 26,251,261 | 26,294,530 |
Fiscal Quarters | ||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | |||||||||||||
Revenue | $ | 30,473,014 | $ | 30,009,621 | $ | 32,782,092 | $ | 35,148,721 | ||||||||
Operating profit (loss) | 778,170 | 291,659 | 185,059 | (1,897,168 | ) | |||||||||||
Income (loss) before income taxes | 314,799 | (179,368 | ) | (230,209 | ) | (2,880,455 | ) | |||||||||
Net income (loss) | $ | 367,857 | $ | (100,496 | ) | $ | (182,109 | ) | $ | (1,353,749 | ) | |||||
Basic earnings per share | $ | 0.01 | $ | — | $ | (0.01 | ) | $ | (0.05 | ) | ||||||
Fully diluted earnings per share | $ | 0.01 | $ | — | $ | (0.01 | ) | $ | (0.05 | ) | ||||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 26,048,805 | 26,067,958 | 26,107,627 | 26,147,287 | ||||||||||||
Diluted | 26,153,595 | 26,067,958 | 26,107,627 | 26,147,287 |
|
|
Working capital | $ | 413,232 | |
Fixed assets | 13,993,000 | ||
Intangible assets | 505,000 | ||
Favorable lease | 112,344 | ||
Unfavorable lease | (58,797 | ) | |
Goodwill | 39,098,451 | ||
Net Cash paid for acquisition | $ | 54,063,230 |
Working capital | $ | 57,600 | |
Property and equipment | 656,146 | ||
Franchise fees | 72,750 | ||
Goodwill | 2,419,854 | ||
Net Cash paid for acquisition | $ | 3,206,350 |
Fiscal Years Ended | ||||||||
December 27, 2015 | December 28, 2014 | |||||||
Revenue | $ | 193,481,326 | $ | 168,221,665 | ||||
Net income (loss) | (15,250,523 | ) | 684,575 | |||||
Basic earnings (loss) per share | (0.58 | ) | 0.03 | |||||
Diluted earnings (loss) per share | (0.58 | ) | 0.03 |
|
Fiscal | ||||
2015 | ||||
Beginning of the year | $ | — | ||
Charges | 1,414,308 | |||
Cash payments | (75,122 | ) | ||
End of the year | $ | 1,339,186 |
Location in the Consolidated statement of Operations | Fiscal | |||||
Description | 2015 | |||||
Property and equipment impairments | Impairment and loss on asset disposals | $ | 12,778,155 | |||
Facility closure and other expenses | Occupancy costs | 733,834 | ||||
Severance expense | Compensation costs | 154,764 | ||||
$ | 13,666,753 |
|
December 28, 2014 | ||||||||||||||||
Amortized Cost | Unrealized Gains | Unrealized Loss | Estimated Fair Value | |||||||||||||
Debt securities: | ||||||||||||||||
Obligations of states/municipals | $ | 1,190,261 | $ | — | $ | (4,278 | ) | $ | 1,185,983 | |||||||
Corporate securities | 1,732,734 | — | (1,485 | ) | 1,731,249 | |||||||||||
Total debt securities | $ | 2,922,995 | $ | — | $ | (5,763 | ) | $ | 2,917,232 |
December 28, 2014 | December 29, 2013 | |||||||
Unrealized gain | $ | — | $ | 236 | ||||
Unrealized loss | (5,763 | ) | (44,442 | ) | ||||
Net unrealized loss | (5,763 | ) | (44,206 | ) | ||||
Deferred federal income tax benefit | 1,959 | 15,030 | ||||||
Net unrealized loss on investments, net of deferred income tax | $ | (3,804 | ) | $ | (29,176 | ) |
|
December 27, 2015 | December 28, 2014 | |||||||
Land | $ | 37,500 | $ | 3,087,514 | ||||
Building | 2,339,219 | 2,339,219 | ||||||
Equipment | 32,912,992 | 29,251,119 | ||||||
Furniture and fixtures | 8,194,060 | 7,458,292 | ||||||
Leasehold improvements | 72,148,545 | 56,971,815 | ||||||
Restaurant construction in progress | 1,768,027 | 4,731,045 | ||||||
Total | 117,400,343 | 103,839,004 | ||||||
Less accumulated depreciation | (38,210,682 | ) | (32,330,054 | ) | ||||
Property and equipment, net | $ | 79,189,661 | $ | 71,508,950 |
|
December 27, 2015 | December 28, 2014 | |||||||
Amortized intangible assets | ||||||||
Franchise fees | $ | 1,278,142 | $ | 647,363 | ||||
Trademark | 66,826 | 64,934 | ||||||
Non-compete | 76,560 | 76,560 | ||||||
Favorable operating leases | 351,344 | 239,000 | ||||||
Loan fees | 751,070 | 130,377 | ||||||
Total | 2,523,942 | 1,158,234 | ||||||
Less accumulated amortization | (557,527 | ) | (377,839 | ) | ||||
Amortized intangible assets, net | 1,966,415 | 780,395 | ||||||
Unamortized intangible assets | ||||||||
Liquor licenses | 2,017,618 | 2,136,103 | ||||||
Total intangible assets, net | $ | 3,984,033 | $ | 2,916,498 |
Year | Amount | ||
2016 | $ | 262,945 | |
2017 | 261,409 | ||
2018 | 259,734 | ||
2019 | 259,176 | ||
2020 | 182,973 | ||
Thereafter | 740,178 | ||
Total | $ | 1,966,415 |
|
December 27, 2015 | December 28, 2014 | |||||||
Sales tax payable | $ | 987,795 | $ | 770,938 | ||||
Accrued interest | 495,365 | 138,538 | ||||||
Closure liability - current | 1,008,707 | — | ||||||
Other | 1,171,344 | 448,034 | ||||||
Total accrued other liabilities | 3,663,211 | 1,357,510 |
|
December 27, 2015 | December 28, 2014 | |||||||
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 December 27, 2015 was approximately 3.86%. | $ | 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. Once fully drawn, payments will be due monthly; the note matures June 2020. The rate at December 27, 2015 was approximately 3.86%. | 11,090,323 | |||||||
Note payable - $56.0 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 $666,667 plus accrued interest through maturity in December 2019. Interest was charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at December 28, 2014 was approximately 2.7%. | — | 56,000,000 | ||||||
Note payable - $20.0 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 December 2019. Interest was charged based on one-month LIBOR plus an applicable margin, which ranges from 2.25% to 3.15%, depending on the lease adjusted leverage ratio defined in the terms of the agreement. The rate at December 28, 2014 was approximately 2.7%. | — | 5,768,399 | ||||||
Unamortized discount | (322,349 | ) | — | |||||
Total debt | 126,601,307 | 61,768,399 | ||||||
Less current portion | (9,918,827 | ) | (8,155,903 | ) | ||||
Long-term debt, net of current portion | $ | 116,682,480 | $ | 53,612,496 |
Amount | |||
2016 | $ | 9,918,827 | |
2017 | 10,480,330 | ||
2018 | 11,042,033 | ||
2019 | 11,047,760 | ||
2020 | 84,112,357 | ||
Thereafter | — | ||
Total | $ | 126,601,307 |
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 |
December 28, 2014 | |||||||||||||
Notional amounts | Derivative assets | Derivative liabilities | |||||||||||
Interest rate swaps | Rate | Expires | |||||||||||
April 2012 | 1.4% | April 2019 | $ | 9,904,762 | $ | — | $ | 73,492 | |||||
October 2012 | 0.9% | October 2017 | 4,071,429 | 3,119 | — | ||||||||
July 2013 | 1.4% | April 2018 | 11,619,048 | — | 106,061 | ||||||||
May 2014 | 1.5% | April 2018 | 12,857,143 | — | 83,192 | ||||||||
Total | $ | 38,452,382 | $ | 3,119 | $ | 262,745 |
|
Number of Restricted Stock Shares | ||
Unvested, December 28, 2014 | 164,867 | |
Granted | 131,752 | |
Vested | (45,521 | ) |
Vested shares tax portion | (1,387 | ) |
Forfeited | (8,587 | ) |
Unvested, December 27, 2015 | 241,124 |
Number of Restricted Stock Shares | ||
Unvested, December 29, 2013 | 116,667 | |
Granted | 91,966 | |
Vested | (41,031 | ) |
Forfeited | (2,735 | ) |
Unvested, December 28, 2014 | 164,867 |
Number of Restricted Stock Shares | ||
Unvested, December 30, 2012 | 54,900 | |
Granted | 145,575 | |
Vested | (26,700 | ) |
Forfeited | (57,108 | ) |
Unvested, December 29, 2013 | 116,667 |
|
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Federal | ||||||||||||
Current | $ | — | $ | — | $ | — | ||||||
Deferred | (9,073,787 | ) | (1,628,568 | ) | (306,951 | ) | ||||||
State | ||||||||||||
Current | — | 127,312 | 74,773 | |||||||||
Deferred | (912,220 | ) | (205,480 | ) | (29,272 | ) | ||||||
Income tax benefit | $ | (9,986,007 | ) | $ | (1,706,736 | ) | $ | (261,450 | ) |
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Income tax benefit at federal statutory rate | $ | (8,900,690 | ) | $ | (1,011,580 | ) | $ | (43,228 | ) | |||
State income tax, net of federal benefit | (912,221 | ) | (51,689 | ) | 30,032 | |||||||
Permanent differences | 1,219,947 | 346,388 | 271,151 | |||||||||
Tax credits | (1,393,043 | ) | (989,855 | ) | (519,405 | ) | ||||||
Income tax benefit | $ | (9,986,007 | ) | $ | (1,706,736 | ) | $ | (261,450 | ) |
December 27, 2015 | December 28, 2014 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carry-forwards | $ | 7,368,309 | $ | 915,900 | ||||
Deferred rent expense | 505,995 | 481,543 | ||||||
Start-up costs | 138,832 | 99,261 | ||||||
Tax credit carry-forwards | 4,810,760 | 3,417,716 | ||||||
Interest rate swaps | 518,589 | 88,121 | ||||||
Investments | — | 1,959 | ||||||
Sale leaseback deferred gain | 734,744 | 788,195 | ||||||
Stock-based compensation | 457,680 | 310,790 | ||||||
Accrued closure liabilities | 455,324 | — | ||||||
Other | 835,018 | 397,117 | ||||||
Total deferred tax assets | 15,825,251 | 6,500,602 | ||||||
Deferred tax liabilities: | ||||||||
Tax depreciation in excess of book | 1,296,243 | 3,069,315 | ||||||
Goodwill amortization in excess of book | 1,208,831 | 470,647 | ||||||
Total deferred tax liability | 2,505,074 | 3,539,962 | ||||||
Net deferred income tax assets | $ | 13,320,177 | $ | 2,960,640 |
|
Year | Amount | ||
2016 | $ | 10,997,865 | |
2017 | 10,954,711 | ||
2018 | 10,444,798 | ||
2019 | 9,599,795 | ||
2020 | 9,156,279 | ||
Thereafter | 45,131,930 | ||
Total | $ | 96,285,378 |
Year | Amount | ||
2016 | $ | 224,167 | |
2017 | 340,000 | ||
2018 | 340,000 | ||
2019 | 340,000 | ||
2020 | 340,000 | ||
Thereafter | 3,820,297 | ||
Total | $ | 5,404,464 |
|
Fiscal Years Ended | ||||||||||||
December 27, 2015 | December 28, 2014 | December 29, 2013 | ||||||||||
Income (loss) available to common stockholders | $ | (16,192,492 | ) | $ | (1,268,497 | ) | $ | 134,308 | ||||
Weighted-average shares outstanding | 26,211,669 | 26,092,919 | 23,937,188 | |||||||||
Effect of dilutive securities | — | — | 120,884 | |||||||||
Weighted-average shares outstanding - assuming dilution | 26,211,669 | 26,092,919 | 24,058,072 | |||||||||
Earnings per common share | $ | (0.62 | ) | $ | (0.05 | ) | $ | 0.01 | ||||
Earnings per common share - assuming dilution | $ | (0.62 | ) | $ | (0.05 | ) | $ | 0.01 |
|
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 |
FAIR VALUE MEASUREMENTS | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Asset/(Liability) Total | ||||||||||||
Interest rate swaps | $ | — | $ | (259,626 | ) | $ | — | $ | (259,626 | ) | ||||||
Debt securities | ||||||||||||||||
Obligations of states/municipals | — | 1,185,983 | — | 1,185,983 | ||||||||||||
Corporate securities | — | 1,731,249 | — | 1,731,249 | ||||||||||||
Total debt securities | — | 2,917,232 | — | 2,917,232 | ||||||||||||
Total | $ | — | $ | 2,657,606 | $ | — | $ | 2,657,606 |
|
Year Ended December 27, 2015 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) | |||
Gain (loss) recorded to other comprehensive income | (1,265,783 | ) | 5,763 | (1,260,020 | ) | |||||||
Tax benefit (expense) | 430,468 | (1,959 | ) | 428,509 | ||||||||
Other comprehensive income (loss) | (835,315 | ) | 3,804 | (831,511 | ) | |||||||
Accumulated OCL | $ | (1,006,667 | ) | $ | — | $ | (1,006,667 | ) |
Year Ended December 28, 2014 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (216,188 | ) | $ | (29,176 | ) | $ | (245,364 | ) | |||
Gain (loss) recorded to other comprehensive income | 67,933 | 38,443 | 106,376 | |||||||||
Tax benefit (expense) | (23,097 | ) | (13,071 | ) | (36,168 | ) | ||||||
Other comprehensive income | 44,836 | 25,372 | 70,208 | |||||||||
Accumulated OCL | $ | (171,352 | ) | $ | (3,804 | ) | $ | (175,156 | ) |
Year Ended December 29, 2013 | ||||||||||||
Interest Rate Swaps | Investments | Total | ||||||||||
Beginning balance | $ | (284,294 | ) | $ | — | $ | (284,294 | ) | ||||
Gain (loss) recorded to other comprehensive income | 103,190 | (44,206 | ) | 58,984 | ||||||||
Tax benefit (expense) | (35,084 | ) | 15,030 | (20,054 | ) | |||||||
Other comprehensive income (loss) | 68,106 | (29,176 | ) | 38,930 | ||||||||
Accumulated OCL | $ | (216,188 | ) | $ | (29,176 | ) | $ | (245,364 | ) |
|
Fiscal Quarters | ||||||||||||||||
March 29, 2015 | June 28, 2015 | September 27, 2015 | December 27, 2015 | |||||||||||||
Revenue | $ | 39,440,332 | $ | 36,871,838 | $ | 47,077,816 | $ | 49,095,392 | ||||||||
Operating profit (loss) | 608,504 | (5,509,546 | ) | (3,140,137 | ) | (14,748,104 | ) | |||||||||
Income (loss) before income taxes | 193,284 | (5,341,323 | ) | (4,948,302 | ) | (16,082,158 | ) | |||||||||
Net income (loss) | $ | 262,642 | $ | (3,318,343 | ) | $ | (3,581,535 | ) | $ | (9,555,256 | ) | |||||
Basic earnings per share | $ | 0.01 | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.36 | ) | |||||
Fully diluted earnings per share | $ | 0.01 | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.36 | ) | |||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 26,149,184 | 26,151,853 | 26,251,621 | 26,294,530 | ||||||||||||
Diluted | 26,248,424 | 26,151,853 | 26,251,261 | 26,294,530 |
Fiscal Quarters | ||||||||||||||||
March 30, 2014 | June 29, 2014 | September 28, 2014 | December 28, 2014 | |||||||||||||
Revenue | $ | 30,473,014 | $ | 30,009,621 | $ | 32,782,092 | $ | 35,148,721 | ||||||||
Operating profit (loss) | 778,170 | 291,659 | 185,059 | (1,897,168 | ) | |||||||||||
Income (loss) before income taxes | 314,799 | (179,368 | ) | (230,209 | ) | (2,880,455 | ) | |||||||||
Net income (loss) | $ | 367,857 | $ | (100,496 | ) | $ | (182,109 | ) | $ | (1,353,749 | ) | |||||
Basic earnings per share | $ | 0.01 | $ | — | $ | (0.01 | ) | $ | (0.05 | ) | ||||||
Fully diluted earnings per share | $ | 0.01 | $ | — | $ | (0.01 | ) | $ | (0.05 | ) | ||||||
Weighted average number of common shares outstanding | ||||||||||||||||
Basic | 26,048,805 | 26,067,958 | 26,107,627 | 26,147,287 | ||||||||||||
Diluted | 26,153,595 | 26,067,958 | 26,107,627 | 26,147,287 |
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