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|
Buildings and improvements | 5 | to | 30 years |
Equipment | 3 | to | 7 years |
Computer hardware and software | 3 | to | 7 years |
Assets subject to capital lease | Shorter of useful life or lease term |
• | 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 Facility. The fair value of outstanding credit facility borrowings, which is considered Level 2, is based on current LIBOR rates and at December 29, 2013, was approximately $71.0 million. |
|
December 29, 2013 | December 30, 2012 | ||||||
Land | $ | 15,277 | $ | 19,904 | |||
Owned buildings | 13,813 | 16,706 | |||||
Leasehold improvements | 130,623 | 113,679 | |||||
Equipment | 136,088 | 118,489 | |||||
Assets subject to capital leases | 1,647 | 1,151 | |||||
297,448 | 269,929 | ||||||
Less accumulated depreciation and amortization | (152,921 | ) | (143,413 | ) | |||
$ | 144,527 | $ | 126,516 |
|
Pollo Tropical | Taco Cabana | Total | |||||||||
Balance, December 29, 2013 and December 30, 2012 | $ | 56,307 | $ | 67,177 | $ | 123,484 |
|
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Pollo Tropical | $ | (116 | ) | $ | 6,035 | $ | 2,457 | ||||
Taco Cabana | 315 | 1,004 | 287 | ||||||||
$ | 199 | $ | 7,039 | $ | 2,744 |
|
December 29, 2013 | December 30, 2012 | ||||||
Accrued occupancy costs | $ | 9,973 | $ | 8,493 | |||
Accrued workers’ compensation and general liability claims | 729 | 1,270 | |||||
Deferred compensation | 593 | 812 | |||||
Other | 1,243 | 1,358 | |||||
$ | 12,538 | $ | 11,933 |
Year Ended | |||||||
December 29, 2013 | December 30, 2012 | ||||||
Balance, beginning of period | $ | 2,432 | $ | 2,246 | |||
Provisions for restaurant closures | — | 1,796 | |||||
Recoveries, net of additional lease charges | (197 | ) | (377 | ) | |||
Payments, net | (937 | ) | (1,496 | ) | |||
Other adjustments | 141 | 263 | |||||
Balance, end of period | $ | 1,439 | $ | 2,432 |
|
Capital | Operating | ||||||
2014 | $ | 236 | $ | 31,541 | |||
2015 | 224 | 31,177 | |||||
2016 | 220 | 30,798 | |||||
2017 | 220 | 29,813 | |||||
2018 | 220 | 28,795 | |||||
Thereafter | 1,963 | 212,652 | |||||
Total minimum lease payments (1) | 3,083 | $ | 364,776 | ||||
Less amount representing interest | (1,698 | ) | |||||
Total obligations under capital leases | 1,385 | ||||||
Less current portion | (61 | ) | |||||
Long-term debt under capital leases | $ | 1,324 |
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Minimum rent on real property, excluding rent included in pre-opening costs | $ | 26,571 | $ | 21,349 | $ | 16,632 | |||||
Additional rent based on percentage of sales | 278 | 246 | 209 | ||||||||
Restaurant rent expense | 26,849 | 21,595 | 16,841 | ||||||||
Rent included in pre-opening costs | 842 | 411 | 89 | ||||||||
Administrative and equipment rent | 1,004 | 781 | 819 | ||||||||
$ | 28,695 | $ | 22,787 | $ | 17,749 |
|
• | Tax Matters Agreement. The tax matters agreement dated April 24, 2012, (the "Tax Matters Agreement"), (1) governs the allocation of the tax assets and liabilities between the Company and Carrols and Carrols Corporation, a subsidiary of Carrols ("Carrols Corp."), (2) provides for certain restrictions and indemnities in connection with the tax treatment of the Spin-off and (3) addresses certain other tax related matters, including, without limitation, those relating to (a) the obligations of Carrols, Carrols Corp. and the Company with respect to the preparation or filing of tax returns for all periods, and (b) the control of any income tax audits and any indemnities with respect thereto. The Tax Matters Agreement provides that if the Company takes any actions after Carrols’ distribution of our shares in the Spin-off that result in or cause the distribution to be taxable to Carrols, the Company will be responsible under the Tax Matters Agreement for any resulting taxes imposed on the Company or on Carrols or Carrols Corp. Further, the Tax Matters Agreement provides that the Company will be responsible for 50% of the losses and taxes of Carrols and its affiliates resulting from the Spin-off not attributable to any such action of the Company or an equivalent action by Carrols. |
• | Transition Services Agreement. Under the TSA, Carrols and Carrols Corp. agreed to provide certain support services (including accounting, tax accounting, treasury management, internal audit, financial reporting and analysis, human resources and employee benefits management, information systems, restaurant systems support, legal, property management and insurance and risk management services) to the Company, and the Company agreed to provide certain limited management services (including certain legal services) to Carrols and Carrols Corp. During the year ended December 29, 2013, the Company recognized expenses of $3.0 million related to the TSA. The Company incurred costs of $3.7 million in 2012 related to the TSA. In October 2013, the Company terminated the TSA with respect to substantially all of the remaining services provided under the TSA with the exception of certain information technology services and other miscellaneous services. The Company terminated the remaining services under the TSA in December 2013. |
|
December 29, 2013 | December 30, 2012 | ||||||
Collateralized: | |||||||
Fiesta Restaurant Group 8.875% Senior Secured Second Lien Notes | $ | — | $ | 200,000 | |||
Revolving Credit Facility | 71,000 | — | |||||
Capital leases | 1,385 | 949 | |||||
72,385 | 200,949 | ||||||
Less: current portion of long-term debt | (61 | ) | (60 | ) | |||
$ | 72,324 | $ | 200,889 |
|
2014 | $ | 139 | |
2015 | 140 | ||
2016 | 141 | ||
2017 | 143 | ||
2018 | 144 | ||
Thereafter, through 2030 | 2,369 | ||
Total minimum lease payments | 3,076 | ||
Less: Interest implicit in obligations | (1,419 | ) | |
Total lease financing obligations | $ | 1,657 |
|
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 2,550 | $ | 4,197 | $ | 2,761 | |||||
Foreign | 375 | 365 | 286 | ||||||||
State | 1,048 | 757 | 1,632 | ||||||||
3,973 | 5,319 | 4,679 | |||||||||
Deferred (prepaid): | |||||||||||
Federal | 136 | (1,405 | ) | 155 | |||||||
State | (11 | ) | 230 | (324 | ) | ||||||
125 | (1,175 | ) | (169 | ) | |||||||
Valuation allowance | (303 | ) | 145 | 125 | |||||||
$ | 3,795 | $ | 4,289 | $ | 4,635 |
December 29, 2013 | December 30, 2012 | |||||||
Current deferred income tax assets (liabilities): | ||||||||
Inventory and other reserves | $ | (88 | ) | $ | (173 | ) | ||
Accrued vacation benefits | 1,392 | 1,446 | ||||||
Other accruals | 1,714 | 776 | ||||||
Current deferred income tax assets | 3,018 | 2,049 | ||||||
Long term deferred income tax assets (liabilities): | ||||||||
Deferred income on sale-leaseback of certain real estate | 13,048 | 13,126 | ||||||
Lease financing obligations | 126 | 258 | ||||||
Property and equipment depreciation | (3,423 | ) | (2,217 | ) | ||||
Amortization of other intangibles, net | (3,136 | ) | (3,031 | ) | ||||
Occupancy costs | 3,645 | 3,104 | ||||||
Tax credit carryforwards | 516 | 819 | ||||||
Other | 1,786 | 1,861 | ||||||
Long-term net deferred income tax assets | 12,562 | 13,920 | ||||||
Less: Valuation allowance | (516 | ) | (819 | ) | ||||
Total long-term deferred income tax assets | 12,046 | 13,101 | ||||||
Carrying value of net deferred income tax assets | $ | 15,064 | $ | 15,150 |
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Statutory federal income tax provision | $ | 4,568 | $ | 4,395 | $ | 4,962 | |||||
State income taxes, net of federal benefit | 666 | 520 | 850 | ||||||||
Change in valuation allowance | (303 | ) | 145 | 125 | |||||||
Increase in deferred tax assets at Spin-off | — | (182 | ) | — | |||||||
Non-deductible expenses | 334 | 94 | 67 | ||||||||
Foreign taxes | 654 | 365 | 286 | ||||||||
Employment tax credits | (1,490 | ) | (202 | ) | (1,321 | ) | |||||
Foreign tax credits | (375 | ) | (365 | ) | (229 | ) | |||||
Miscellaneous | (259 | ) | (481 | ) | (105 | ) | |||||
$ | 3,795 | $ | 4,289 | $ | 4,635 |
|
Weighted | ||||||
Average | ||||||
Grant Date | ||||||
Shares | Price | |||||
Non-vested at December 30, 2012 | 766,196 | $ | 12.49 | |||
Granted | 161,546 | 21.35 | ||||
Vested | (256,223 | ) | 12.11 | |||
Forfeited | (44,208 | ) | 14.22 | |||
Non-vested at December 29, 2013 | 627,311 | $ | 14.81 |
|
Year Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
December 29, 2013: | ||||||||||||||||
Restaurant sales | $ | 257,837 | $ | 291,143 | $ | — | $ | 548,980 | ||||||||
Franchise revenue | 1,865 | 492 | — | 2,357 | ||||||||||||
Cost of sales | 85,532 | 90,591 | — | 176,123 | ||||||||||||
Restaurant wages and related expenses (1) | 57,893 | 85,499 | — | 143,392 | ||||||||||||
Restaurant rent expense | 10,110 | 16,739 | — | 26,849 | ||||||||||||
Other restaurant operating expenses | 30,790 | 38,231 | — | 69,021 | ||||||||||||
Advertising expense | 5,726 | 11,412 | — | 17,138 | ||||||||||||
General and administrative expense (2) | 24,966 | 23,555 | — | 48,521 | ||||||||||||
Depreciation and amortization | 9,248 | 11,127 | — | 20,375 | ||||||||||||
Pre-opening costs | 2,047 | 720 | — | 2,767 | ||||||||||||
Impairment and other lease charges | (116 | ) | 315 | — | 199 | |||||||||||
Other expense (income) | (497 | ) | (57 | ) | — | (554 | ) | |||||||||
Interest expense | 7,954 | 10,089 | — | 18,043 | ||||||||||||
Income (loss) before taxes (3) | 26,049 | 3,414 | (16,411 | ) | 13,052 | |||||||||||
Capital expenditures | 24,996 | 16,609 | 5,420 | 47,025 | ||||||||||||
December 30, 2012: | ||||||||||||||||
Restaurant sales | $ | 227,428 | $ | 279,923 | $ | — | $ | 507,351 | ||||||||
Franchise revenue | 1,915 | 460 | — | 2,375 | ||||||||||||
Cost of sales | 75,388 | 88,126 | — | 163,514 | ||||||||||||
Restaurant wages and related expenses (1) | 53,624 | 82,641 | — | 136,265 | ||||||||||||
Restaurant rent expense | 7,688 | 13,907 | — | 21,595 | ||||||||||||
Other restaurant operating expenses | 26,825 | 36,988 | — | 63,813 | ||||||||||||
Advertising expense | 5,723 | 11,068 | — | 16,791 | ||||||||||||
General and administrative expense (2) | 21,358 | 22,512 | — | 43,870 | ||||||||||||
Depreciation and amortization | 8,153 | 10,100 | 25 | 18,278 | ||||||||||||
Pre-opening costs | 1,090 | 583 | — | 1,673 | ||||||||||||
Impairment and other lease charges | 6,035 | 1,004 | — | 7,039 | ||||||||||||
Other expense (income) | (92 | ) | — | (92 | ) | |||||||||||
Interest expense | 10,501 | 13,923 | — | 24,424 | ||||||||||||
Income (loss) before taxes | 13,051 | (468 | ) | (27 | ) | 12,556 | ||||||||||
Capital expenditures | 17,482 | 22,355 | 1,159 | 40,996 | ||||||||||||
January 1, 2012 | ||||||||||||||||
Restaurant sales | $ | 208,115 | $ | 265,134 | $ | — | $ | 473,249 | ||||||||
Franchise revenue | 1,410 | 309 | — | 1,719 | ||||||||||||
Cost of sales | 69,466 | 83,245 | — | 152,711 | ||||||||||||
Restaurant wages and related expenses (1) | 49,025 | 80,058 | — | 129,083 | ||||||||||||
Restaurant rent expense | 5,945 | 10,896 | — | 16,841 | ||||||||||||
Other restaurant operating expenses | 25,827 | 35,571 | — | 61,398 | ||||||||||||
Advertising expense | 5,581 | 10,501 | — | 16,082 | ||||||||||||
General and administrative expense (2) | 18,355 | 19,104 | — | 37,459 | ||||||||||||
Depreciation and amortization | 9,121 | 10,416 | — | 19,537 | ||||||||||||
Pre-opening costs | 528 | 222 | — | 750 | ||||||||||||
Impairment and other lease charges | 2,457 | 287 | — | 2,744 |
Other expense (income) | — | 146 | — | 146 | ||||||||||||
Interest expense | 9,214 | 14,827 | — | 24,041 | ||||||||||||
Income before taxes | 14,005 | 170 | 1 | 14,176 | ||||||||||||
Capital expenditures | 10,241 | 12,523 | 101 | 22,865 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
December 29, 2013 | $ | 140,797 | $ | 169,367 | $ | 8,621 | $ | 318,785 | ||||||||
December 30, 2012 | 128,593 | 167,348 | 7,788 | 303,729 | ||||||||||||
January 1, 2012 | 156,093 | 206,807 | 7,266 | 370,166 |
|
|
|
Year Ended December 29, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenue | $ | 133,624 | $ | 140,880 | $ | 140,678 | $ | 136,155 | ||||||||
Income from operations | 11,499 | 12,947 | 12,095 | 10,965 | ||||||||||||
Net income (loss) | 4,799 | 4,969 | 5,042 | (5,553 | ) | (1) | ||||||||||
Basic and diluted net income (loss) per share | $ | 0.20 | $ | 0.21 | $ | 0.21 | $ | (0.22 | ) | |||||||
Year Ended December 30, 2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenue | $ | 126,142 | $ | 128,833 | $ | 128,173 | $ | 126,578 | ||||||||
Income from operations | 4,622 | (2)(3) | 12,850 | (3) | 10,911 | 8,597 | ||||||||||
Net income (loss) | (1,865 | ) | 3,921 | 3,649 | 2,562 | |||||||||||
Basic and diluted net income (loss) per share | $ | (0.08 | ) | $ | 0.17 | $ | 0.16 | $ | 0.11 |
|
Column B | Column C | Column D | Column E | ||||||||||||
Balance at | Charged to | Charged to | Balance | ||||||||||||
beginning | costs and | other | at end of | ||||||||||||
Description | of period | expenses | accounts | Deduction | period | ||||||||||
Year Ended December 29, 2013: | |||||||||||||||
Deferred income tax valuation allowance | $ | 819 | (303 | ) | — | — | 516 | ||||||||
Year Ended December 30, 2012: | |||||||||||||||
Deferred income tax valuation allowance | 674 | 145 | — | — | 819 | ||||||||||
Year Ended January 1, 2012: | |||||||||||||||
Deferred income tax valuation allowance | 549 | 125 | — | — | 674 |
|
Buildings and improvements | 5 | to | 30 years |
Equipment | 3 | to | 7 years |
Computer hardware and software | 3 | to | 7 years |
Assets subject to capital lease | Shorter of useful life or lease term |
• | 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 Facility. The fair value of outstanding credit facility borrowings, which is considered Level 2, is based on current LIBOR rates and at December 29, 2013, was approximately $71.0 million. |
|
|
|
|
|
|
|
Buildings and improvements | 5 | to | 30 years |
Equipment | 3 | to | 7 years |
Computer hardware and software | 3 | to | 7 years |
Assets subject to capital lease | Shorter of useful life or lease term |
|
December 29, 2013 | December 30, 2012 | ||||||
Land | $ | 15,277 | $ | 19,904 | |||
Owned buildings | 13,813 | 16,706 | |||||
Leasehold improvements | 130,623 | 113,679 | |||||
Equipment | 136,088 | 118,489 | |||||
Assets subject to capital leases | 1,647 | 1,151 | |||||
297,448 | 269,929 | ||||||
Less accumulated depreciation and amortization | (152,921 | ) | (143,413 | ) | |||
$ | 144,527 | $ | 126,516 |
|
Pollo Tropical | Taco Cabana | Total | |||||||||
Balance, December 29, 2013 and December 30, 2012 | $ | 56,307 | $ | 67,177 | $ | 123,484 |
|
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Pollo Tropical | $ | (116 | ) | $ | 6,035 | $ | 2,457 | ||||
Taco Cabana | 315 | 1,004 | 287 | ||||||||
$ | 199 | $ | 7,039 | $ | 2,744 |
|
December 29, 2013 | December 30, 2012 | ||||||
Accrued occupancy costs | $ | 9,973 | $ | 8,493 | |||
Accrued workers’ compensation and general liability claims | 729 | 1,270 | |||||
Deferred compensation | 593 | 812 | |||||
Other | 1,243 | 1,358 | |||||
$ | 12,538 | $ | 11,933 |
Year Ended | |||||||
December 29, 2013 | December 30, 2012 | ||||||
Balance, beginning of period | $ | 2,432 | $ | 2,246 | |||
Provisions for restaurant closures | — | 1,796 | |||||
Recoveries, net of additional lease charges | (197 | ) | (377 | ) | |||
Payments, net | (937 | ) | (1,496 | ) | |||
Other adjustments | 141 | 263 | |||||
Balance, end of period | $ | 1,439 | $ | 2,432 |
|
Capital | Operating | ||||||
2014 | $ | 236 | $ | 31,541 | |||
2015 | 224 | 31,177 | |||||
2016 | 220 | 30,798 | |||||
2017 | 220 | 29,813 | |||||
2018 | 220 | 28,795 | |||||
Thereafter | 1,963 | 212,652 | |||||
Total minimum lease payments (1) | 3,083 | $ | 364,776 | ||||
Less amount representing interest | (1,698 | ) | |||||
Total obligations under capital leases | 1,385 | ||||||
Less current portion | (61 | ) | |||||
Long-term debt under capital leases | $ | 1,324 |
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Minimum rent on real property, excluding rent included in pre-opening costs | $ | 26,571 | $ | 21,349 | $ | 16,632 | |||||
Additional rent based on percentage of sales | 278 | 246 | 209 | ||||||||
Restaurant rent expense | 26,849 | 21,595 | 16,841 | ||||||||
Rent included in pre-opening costs | 842 | 411 | 89 | ||||||||
Administrative and equipment rent | 1,004 | 781 | 819 | ||||||||
$ | 28,695 | $ | 22,787 | $ | 17,749 |
|
December 29, 2013 | December 30, 2012 | ||||||
Collateralized: | |||||||
Fiesta Restaurant Group 8.875% Senior Secured Second Lien Notes | $ | — | $ | 200,000 | |||
Revolving Credit Facility | 71,000 | — | |||||
Capital leases | 1,385 | 949 | |||||
72,385 | 200,949 | ||||||
Less: current portion of long-term debt | (61 | ) | (60 | ) | |||
$ | 72,324 | $ | 200,889 |
|
2014 | $ | 139 | |
2015 | 140 | ||
2016 | 141 | ||
2017 | 143 | ||
2018 | 144 | ||
Thereafter, through 2030 | 2,369 | ||
Total minimum lease payments | 3,076 | ||
Less: Interest implicit in obligations | (1,419 | ) | |
Total lease financing obligations | $ | 1,657 |
|
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Current: | |||||||||||
Federal | $ | 2,550 | $ | 4,197 | $ | 2,761 | |||||
Foreign | 375 | 365 | 286 | ||||||||
State | 1,048 | 757 | 1,632 | ||||||||
3,973 | 5,319 | 4,679 | |||||||||
Deferred (prepaid): | |||||||||||
Federal | 136 | (1,405 | ) | 155 | |||||||
State | (11 | ) | 230 | (324 | ) | ||||||
125 | (1,175 | ) | (169 | ) | |||||||
Valuation allowance | (303 | ) | 145 | 125 | |||||||
$ | 3,795 | $ | 4,289 | $ | 4,635 |
December 29, 2013 | December 30, 2012 | |||||||
Current deferred income tax assets (liabilities): | ||||||||
Inventory and other reserves | $ | (88 | ) | $ | (173 | ) | ||
Accrued vacation benefits | 1,392 | 1,446 | ||||||
Other accruals | 1,714 | 776 | ||||||
Current deferred income tax assets | 3,018 | 2,049 | ||||||
Long term deferred income tax assets (liabilities): | ||||||||
Deferred income on sale-leaseback of certain real estate | 13,048 | 13,126 | ||||||
Lease financing obligations | 126 | 258 | ||||||
Property and equipment depreciation | (3,423 | ) | (2,217 | ) | ||||
Amortization of other intangibles, net | (3,136 | ) | (3,031 | ) | ||||
Occupancy costs | 3,645 | 3,104 | ||||||
Tax credit carryforwards | 516 | 819 | ||||||
Other | 1,786 | 1,861 | ||||||
Long-term net deferred income tax assets | 12,562 | 13,920 | ||||||
Less: Valuation allowance | (516 | ) | (819 | ) | ||||
Total long-term deferred income tax assets | 12,046 | 13,101 | ||||||
Carrying value of net deferred income tax assets | $ | 15,064 | $ | 15,150 |
Year Ended | |||||||||||
December 29, 2013 | December 30, 2012 | January 1, 2012 | |||||||||
Statutory federal income tax provision | $ | 4,568 | $ | 4,395 | $ | 4,962 | |||||
State income taxes, net of federal benefit | 666 | 520 | 850 | ||||||||
Change in valuation allowance | (303 | ) | 145 | 125 | |||||||
Increase in deferred tax assets at Spin-off | — | (182 | ) | — | |||||||
Non-deductible expenses | 334 | 94 | 67 | ||||||||
Foreign taxes | 654 | 365 | 286 | ||||||||
Employment tax credits | (1,490 | ) | (202 | ) | (1,321 | ) | |||||
Foreign tax credits | (375 | ) | (365 | ) | (229 | ) | |||||
Miscellaneous | (259 | ) | (481 | ) | (105 | ) | |||||
$ | 3,795 | $ | 4,289 | $ | 4,635 |
|
Weighted | ||||||
Average | ||||||
Grant Date | ||||||
Shares | Price | |||||
Non-vested at December 30, 2012 | 766,196 | $ | 12.49 | |||
Granted | 161,546 | 21.35 | ||||
Vested | (256,223 | ) | 12.11 | |||
Forfeited | (44,208 | ) | 14.22 | |||
Non-vested at December 29, 2013 | 627,311 | $ | 14.81 |
|
Year Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
December 29, 2013: | ||||||||||||||||
Restaurant sales | $ | 257,837 | $ | 291,143 | $ | — | $ | 548,980 | ||||||||
Franchise revenue | 1,865 | 492 | — | 2,357 | ||||||||||||
Cost of sales | 85,532 | 90,591 | — | 176,123 | ||||||||||||
Restaurant wages and related expenses (1) | 57,893 | 85,499 | — | 143,392 | ||||||||||||
Restaurant rent expense | 10,110 | 16,739 | — | 26,849 | ||||||||||||
Other restaurant operating expenses | 30,790 | 38,231 | — | 69,021 | ||||||||||||
Advertising expense | 5,726 | 11,412 | — | 17,138 | ||||||||||||
General and administrative expense (2) | 24,966 | 23,555 | — | 48,521 | ||||||||||||
Depreciation and amortization | 9,248 | 11,127 | — | 20,375 | ||||||||||||
Pre-opening costs | 2,047 | 720 | — | 2,767 | ||||||||||||
Impairment and other lease charges | (116 | ) | 315 | — | 199 | |||||||||||
Other expense (income) | (497 | ) | (57 | ) | — | (554 | ) | |||||||||
Interest expense | 7,954 | 10,089 | — | 18,043 | ||||||||||||
Income (loss) before taxes (3) | 26,049 | 3,414 | (16,411 | ) | 13,052 | |||||||||||
Capital expenditures | 24,996 | 16,609 | 5,420 | 47,025 | ||||||||||||
December 30, 2012: | ||||||||||||||||
Restaurant sales | $ | 227,428 | $ | 279,923 | $ | — | $ | 507,351 | ||||||||
Franchise revenue | 1,915 | 460 | — | 2,375 | ||||||||||||
Cost of sales | 75,388 | 88,126 | — | 163,514 | ||||||||||||
Restaurant wages and related expenses (1) | 53,624 | 82,641 | — | 136,265 | ||||||||||||
Restaurant rent expense | 7,688 | 13,907 | — | 21,595 | ||||||||||||
Other restaurant operating expenses | 26,825 | 36,988 | — | 63,813 | ||||||||||||
Advertising expense | 5,723 | 11,068 | — | 16,791 | ||||||||||||
General and administrative expense (2) | 21,358 | 22,512 | — | 43,870 | ||||||||||||
Depreciation and amortization | 8,153 | 10,100 | 25 | 18,278 | ||||||||||||
Pre-opening costs | 1,090 | 583 | — | 1,673 | ||||||||||||
Impairment and other lease charges | 6,035 | 1,004 | — | 7,039 | ||||||||||||
Other expense (income) | (92 | ) | — | (92 | ) | |||||||||||
Interest expense | 10,501 | 13,923 | — | 24,424 | ||||||||||||
Income (loss) before taxes | 13,051 | (468 | ) | (27 | ) | 12,556 | ||||||||||
Capital expenditures | 17,482 | 22,355 | 1,159 | 40,996 | ||||||||||||
January 1, 2012 | ||||||||||||||||
Restaurant sales | $ | 208,115 | $ | 265,134 | $ | — | $ | 473,249 | ||||||||
Franchise revenue | 1,410 | 309 | — | 1,719 | ||||||||||||
Cost of sales | 69,466 | 83,245 | — | 152,711 | ||||||||||||
Restaurant wages and related expenses (1) | 49,025 | 80,058 | — | 129,083 | ||||||||||||
Restaurant rent expense | 5,945 | 10,896 | — | 16,841 | ||||||||||||
Other restaurant operating expenses | 25,827 | 35,571 | — | 61,398 | ||||||||||||
Advertising expense | 5,581 | 10,501 | — | 16,082 | ||||||||||||
General and administrative expense (2) | 18,355 | 19,104 | — | 37,459 | ||||||||||||
Depreciation and amortization | 9,121 | 10,416 | — | 19,537 | ||||||||||||
Pre-opening costs | 528 | 222 | — | 750 | ||||||||||||
Impairment and other lease charges | 2,457 | 287 | — | 2,744 |
Other expense (income) | — | 146 | — | 146 | ||||||||||||
Interest expense | 9,214 | 14,827 | — | 24,041 | ||||||||||||
Income before taxes | 14,005 | 170 | 1 | 14,176 | ||||||||||||
Capital expenditures | 10,241 | 12,523 | 101 | 22,865 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
December 29, 2013 | $ | 140,797 | $ | 169,367 | $ | 8,621 | $ | 318,785 | ||||||||
December 30, 2012 | 128,593 | 167,348 | 7,788 | 303,729 | ||||||||||||
January 1, 2012 | 156,093 | 206,807 | 7,266 | 370,166 |
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Year Ended December 29, 2013 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenue | $ | 133,624 | $ | 140,880 | $ | 140,678 | $ | 136,155 | ||||||||
Income from operations | 11,499 | 12,947 | 12,095 | 10,965 | ||||||||||||
Net income (loss) | 4,799 | 4,969 | 5,042 | (5,553 | ) | (1) | ||||||||||
Basic and diluted net income (loss) per share | $ | 0.20 | $ | 0.21 | $ | 0.21 | $ | (0.22 | ) | |||||||
Year Ended December 30, 2012 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Revenue | $ | 126,142 | $ | 128,833 | $ | 128,173 | $ | 126,578 | ||||||||
Income from operations | 4,622 | (2)(3) | 12,850 | (3) | 10,911 | 8,597 | ||||||||||
Net income (loss) | (1,865 | ) | 3,921 | 3,649 | 2,562 | |||||||||||
Basic and diluted net income (loss) per share | $ | (0.08 | ) | $ | 0.17 | $ | 0.16 | $ | 0.11 |
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