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• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. |
• | Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates. At April 3, 2016, the fair value and carrying value of the Company's senior credit facility was approximately $70.9 million. |
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April 3, 2016 | January 3, 2016 | ||||||
Accrued workers' compensation and general liability claims | $ | 5,448 | $ | 5,540 | |||
Sales and property taxes | 1,669 | 3,031 | |||||
Accrued occupancy costs | 885 | 980 | |||||
Other | 1,076 | 2,545 | |||||
$ | 9,078 | $ | 12,096 |
April 3, 2016 | January 3, 2016 | ||||||
Accrued occupancy costs | $ | 16,166 | $ | 15,349 | |||
Deferred compensation | 1,581 | 1,665 | |||||
Accrued workers' compensation and general liability claims | 1,139 | 697 | |||||
Other | 3,705 | 3,286 | |||||
$ | 22,591 | $ | 20,997 |
Three Months Ended April 3, 2016 | Year Ended January 3, 2016 | ||||||
Balance, beginning of period | $ | 1,832 | $ | 1,251 | |||
Provisions for restaurant closures | — | 554 | |||||
Additional lease charges, net of (recoveries) | — | 258 | |||||
Payments, net | (166 | ) | (358 | ) | |||
Other adjustments | 108 | 127 | |||||
Balance, end of period | $ | 1,774 | $ | 1,832 |
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Non-Vested Shares | Restricted Stock Units | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||
Shares | Price | Units | Price | ||||||||||
Outstanding at January 3, 2016 | 257,618 | $ | 30.69 | 42,840 | $ | 56.46 | |||||||
Granted | 83,778 | 35.25 | 39,453 | 35.25 | |||||||||
Vested/Released | (58,918 | ) | 33.00 | (122 | ) | 51.45 | |||||||
Forfeited | (4,700 | ) | 37.62 | (1,093 | ) | 47.02 | |||||||
Outstanding at April 3, 2016 | 277,778 | $ | 31.46 | 81,078 | $ | 46.27 |
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Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
April 3, 2016: | ||||||||||||||||
Restaurant sales | $ | 98,906 | $ | 77,033 | $ | — | $ | 175,939 | ||||||||
Franchise revenue | 577 | 161 | — | 738 | ||||||||||||
Cost of sales | 31,604 | 22,446 | — | 54,050 | ||||||||||||
Restaurant wages and related expenses (1) | 22,896 | 22,156 | — | 45,052 | ||||||||||||
Restaurant rent expense | 4,644 | 4,277 | — | 8,921 | ||||||||||||
Other restaurant operating expenses | 12,592 | 9,796 | — | 22,388 | ||||||||||||
Advertising expense | 3,762 | 3,233 | — | 6,995 | ||||||||||||
General and administrative expense (2) | 7,685 | 5,462 | 701 | 13,848 | ||||||||||||
Depreciation and amortization | 5,278 | 3,058 | — | 8,336 | ||||||||||||
Pre-opening costs | 1,114 | 68 | — | 1,182 | ||||||||||||
Impairment and other lease charges | — | 12 | — | 12 | ||||||||||||
Interest expense | 251 | 307 | — | 558 | ||||||||||||
Income before taxes | 9,669 | 6,615 | (701 | ) | 15,583 | |||||||||||
Capital expenditures | 14,099 | 1,634 | 1,058 | 16,791 | ||||||||||||
March 29, 2015: | ||||||||||||||||
Restaurant sales | $ | 86,889 | $ | 76,169 | $ | — | $ | 163,058 | ||||||||
Franchise revenue | 681 | 136 | — | 817 | ||||||||||||
Cost of sales | 28,539 | 22,584 | — | 51,123 | ||||||||||||
Restaurant wages and related expenses (1) | 18,754 | 21,836 | — | 40,590 | ||||||||||||
Restaurant rent expense | 3,649 | 4,358 | — | 8,007 | ||||||||||||
Other restaurant operating expenses | 10,089 | 9,770 | — | 19,859 | ||||||||||||
Advertising expense | 2,358 | 3,196 | — | 5,554 | ||||||||||||
General and administrative expense (2) | 7,797 | 5,967 | — | 13,764 | ||||||||||||
Depreciation and amortization | 3,739 | 3,108 | — | 6,847 | ||||||||||||
Pre-opening costs | 870 | 81 | — | 951 | ||||||||||||
Impairment and other lease charges | — | 94 | — | 94 | ||||||||||||
Interest expense | 185 | 253 | — | 438 | ||||||||||||
Income before taxes | 11,590 | 5,430 | — | 17,020 | ||||||||||||
Capital expenditures | 15,042 | 3,051 | 1,164 | 19,257 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
April 3, 2016: | 251,099 | 161,303 | 11,987 | 424,389 | ||||||||||||
January 3, 2016 | 237,065 | 165,549 | 13,031 | 415,645 |
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• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. |
• | Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates. At April 3, 2016, the fair value and carrying value of the Company's senior credit facility was approximately $70.9 million. |
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April 3, 2016 | January 3, 2016 | ||||||
Accrued workers' compensation and general liability claims | $ | 5,448 | $ | 5,540 | |||
Sales and property taxes | 1,669 | 3,031 | |||||
Accrued occupancy costs | 885 | 980 | |||||
Other | 1,076 | 2,545 | |||||
$ | 9,078 | $ | 12,096 |
April 3, 2016 | January 3, 2016 | ||||||
Accrued occupancy costs | $ | 16,166 | $ | 15,349 | |||
Deferred compensation | 1,581 | 1,665 | |||||
Accrued workers' compensation and general liability claims | 1,139 | 697 | |||||
Other | 3,705 | 3,286 | |||||
$ | 22,591 | $ | 20,997 |
Three Months Ended April 3, 2016 | Year Ended January 3, 2016 | ||||||
Balance, beginning of period | $ | 1,832 | $ | 1,251 | |||
Provisions for restaurant closures | — | 554 | |||||
Additional lease charges, net of (recoveries) | — | 258 | |||||
Payments, net | (166 | ) | (358 | ) | |||
Other adjustments | 108 | 127 | |||||
Balance, end of period | $ | 1,774 | $ | 1,832 |
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Non-Vested Shares | Restricted Stock Units | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||
Shares | Price | Units | Price | ||||||||||
Outstanding at January 3, 2016 | 257,618 | $ | 30.69 | 42,840 | $ | 56.46 | |||||||
Granted | 83,778 | 35.25 | 39,453 | 35.25 | |||||||||
Vested/Released | (58,918 | ) | 33.00 | (122 | ) | 51.45 | |||||||
Forfeited | (4,700 | ) | 37.62 | (1,093 | ) | 47.02 | |||||||
Outstanding at April 3, 2016 | 277,778 | $ | 31.46 | 81,078 | $ | 46.27 |
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Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
April 3, 2016: | ||||||||||||||||
Restaurant sales | $ | 98,906 | $ | 77,033 | $ | — | $ | 175,939 | ||||||||
Franchise revenue | 577 | 161 | — | 738 | ||||||||||||
Cost of sales | 31,604 | 22,446 | — | 54,050 | ||||||||||||
Restaurant wages and related expenses (1) | 22,896 | 22,156 | — | 45,052 | ||||||||||||
Restaurant rent expense | 4,644 | 4,277 | — | 8,921 | ||||||||||||
Other restaurant operating expenses | 12,592 | 9,796 | — | 22,388 | ||||||||||||
Advertising expense | 3,762 | 3,233 | — | 6,995 | ||||||||||||
General and administrative expense (2) | 7,685 | 5,462 | 701 | 13,848 | ||||||||||||
Depreciation and amortization | 5,278 | 3,058 | — | 8,336 | ||||||||||||
Pre-opening costs | 1,114 | 68 | — | 1,182 | ||||||||||||
Impairment and other lease charges | — | 12 | — | 12 | ||||||||||||
Interest expense | 251 | 307 | — | 558 | ||||||||||||
Income before taxes | 9,669 | 6,615 | (701 | ) | 15,583 | |||||||||||
Capital expenditures | 14,099 | 1,634 | 1,058 | 16,791 | ||||||||||||
March 29, 2015: | ||||||||||||||||
Restaurant sales | $ | 86,889 | $ | 76,169 | $ | — | $ | 163,058 | ||||||||
Franchise revenue | 681 | 136 | — | 817 | ||||||||||||
Cost of sales | 28,539 | 22,584 | — | 51,123 | ||||||||||||
Restaurant wages and related expenses (1) | 18,754 | 21,836 | — | 40,590 | ||||||||||||
Restaurant rent expense | 3,649 | 4,358 | — | 8,007 | ||||||||||||
Other restaurant operating expenses | 10,089 | 9,770 | — | 19,859 | ||||||||||||
Advertising expense | 2,358 | 3,196 | — | 5,554 | ||||||||||||
General and administrative expense (2) | 7,797 | 5,967 | — | 13,764 | ||||||||||||
Depreciation and amortization | 3,739 | 3,108 | — | 6,847 | ||||||||||||
Pre-opening costs | 870 | 81 | — | 951 | ||||||||||||
Impairment and other lease charges | — | 94 | — | 94 | ||||||||||||
Interest expense | 185 | 253 | — | 438 | ||||||||||||
Income before taxes | 11,590 | 5,430 | — | 17,020 | ||||||||||||
Capital expenditures | 15,042 | 3,051 | 1,164 | 19,257 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
April 3, 2016: | 251,099 | 161,303 | 11,987 | 424,389 | ||||||||||||
January 3, 2016 | 237,065 | 165,549 | 13,031 | 415,645 |
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