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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 our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 29, 2015, was approximately $70.0 million. |
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March 29, 2015 | December 28, 2014 | ||||||
Accrued workers' compensation and general liability claims | $ | 4,095 | $ | 3,996 | |||
Sales and property taxes | 1,710 | 1,933 | |||||
Accrued occupancy costs | 415 | 508 | |||||
Other | 2,249 | 1,873 | |||||
$ | 8,469 | $ | 8,310 |
March 29, 2015 | December 28, 2014 | ||||||
Accrued occupancy costs | $ | 12,775 | $ | 12,254 | |||
Deferred compensation | 1,410 | 1,102 | |||||
Accrued workers' compensation and general liability claims | 1,075 | 977 | |||||
Other | 1,381 | 1,610 | |||||
$ | 16,641 | $ | 15,943 |
Three Months Ended March 29, 2015 | Year Ended December 28, 2014 | ||||||
Balance, beginning of period | $ | 1,251 | $ | 1,439 | |||
Additional lease charges, net of recoveries | — | 5 | |||||
Payments, net | (70 | ) | (321 | ) | |||
Other adjustments | 31 | 128 | |||||
Balance, end of period | $ | 1,212 | $ | 1,251 |
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Non-Vested Shares | Restricted Stock Units | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||
Shares | Price | Units | Price | ||||||||||
Outstanding at December 28, 2014 | 424,497 | $ | 20.50 | 20,783 | $ | 45.04 | |||||||
Granted | 40,098 | 63.34 | 27,508 | 63.93 | |||||||||
Vested | (116,123 | ) | 18.14 | (116 | ) | 45.04 | |||||||
Forfeited | (92 | ) | 13.62 | (552 | ) | 48.92 | |||||||
Outstanding at March 29, 2015 | 348,380 | $ | 26.22 | 47,623 | $ | 55.91 |
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Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
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 | ||||||||||||
March 30, 2014: | ||||||||||||||||
Restaurant sales | $ | 71,356 | $ | 73,469 | $ | — | $ | 144,825 | ||||||||
Franchise revenue | 488 | 123 | — | 611 | ||||||||||||
Cost of sales | 23,229 | 22,300 | — | 45,529 | ||||||||||||
Restaurant wages and related expenses (1) | 15,265 | 21,241 | — | 36,506 | ||||||||||||
Restaurant rent expense | 2,917 | 4,287 | — | 7,204 | ||||||||||||
Other restaurant operating expenses | 8,377 | 9,508 | — | 17,885 | ||||||||||||
Advertising expense | 1,962 | 3,457 | — | 5,419 | ||||||||||||
General and administrative expense (2) | 6,240 | 5,911 | — | 12,151 | ||||||||||||
Depreciation and amortization | 2,577 | 2,768 | — | 5,345 | ||||||||||||
Pre-opening costs | 533 | 150 | — | 683 | ||||||||||||
Impairment and other lease charges | (39 | ) | 24 | — | (15 | ) | ||||||||||
Interest expense | 287 | 316 | — | 603 | ||||||||||||
Income before taxes | 10,496 | 3,636 | — | 14,132 | ||||||||||||
Capital expenditures | 9,821 | 4,649 | 1,759 | 16,229 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
March 29, 2015: | $ | 193,935 | $ | 170,170 | $ | 5,813 | $ | 369,918 | ||||||||
December 28, 2014 | 177,923 | 167,729 | 12,304 | 357,956 |
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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 our senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 29, 2015, was approximately $70.0 million. |
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March 29, 2015 | December 28, 2014 | ||||||
Accrued workers' compensation and general liability claims | $ | 4,095 | $ | 3,996 | |||
Sales and property taxes | 1,710 | 1,933 | |||||
Accrued occupancy costs | 415 | 508 | |||||
Other | 2,249 | 1,873 | |||||
$ | 8,469 | $ | 8,310 |
March 29, 2015 | December 28, 2014 | ||||||
Accrued workers' compensation and general liability claims | $ | 4,095 | $ | 3,996 | |||
Sales and property taxes | 1,710 | 1,933 | |||||
Accrued occupancy costs | 415 | 508 | |||||
Other | 2,249 | 1,873 | |||||
$ | 8,469 | $ | 8,310 |
Three Months Ended March 29, 2015 | Year Ended December 28, 2014 | ||||||
Balance, beginning of period | $ | 1,251 | $ | 1,439 | |||
Additional lease charges, net of recoveries | — | 5 | |||||
Payments, net | (70 | ) | (321 | ) | |||
Other adjustments | 31 | 128 | |||||
Balance, end of period | $ | 1,212 | $ | 1,251 |
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Non-Vested Shares | Restricted Stock Units | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Grant Date | Grant Date | ||||||||||||
Shares | Price | Units | Price | ||||||||||
Outstanding at December 28, 2014 | 424,497 | $ | 20.50 | 20,783 | $ | 45.04 | |||||||
Granted | 40,098 | 63.34 | 27,508 | 63.93 | |||||||||
Vested | (116,123 | ) | 18.14 | (116 | ) | 45.04 | |||||||
Forfeited | (92 | ) | 13.62 | (552 | ) | 48.92 | |||||||
Outstanding at March 29, 2015 | 348,380 | $ | 26.22 | 47,623 | $ | 55.91 |
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Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
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 | ||||||||||||
March 30, 2014: | ||||||||||||||||
Restaurant sales | $ | 71,356 | $ | 73,469 | $ | — | $ | 144,825 | ||||||||
Franchise revenue | 488 | 123 | — | 611 | ||||||||||||
Cost of sales | 23,229 | 22,300 | — | 45,529 | ||||||||||||
Restaurant wages and related expenses (1) | 15,265 | 21,241 | — | 36,506 | ||||||||||||
Restaurant rent expense | 2,917 | 4,287 | — | 7,204 | ||||||||||||
Other restaurant operating expenses | 8,377 | 9,508 | — | 17,885 | ||||||||||||
Advertising expense | 1,962 | 3,457 | — | 5,419 | ||||||||||||
General and administrative expense (2) | 6,240 | 5,911 | — | 12,151 | ||||||||||||
Depreciation and amortization | 2,577 | 2,768 | — | 5,345 | ||||||||||||
Pre-opening costs | 533 | 150 | — | 683 | ||||||||||||
Impairment and other lease charges | (39 | ) | 24 | — | (15 | ) | ||||||||||
Interest expense | 287 | 316 | — | 603 | ||||||||||||
Income before taxes | 10,496 | 3,636 | — | 14,132 | ||||||||||||
Capital expenditures | 9,821 | 4,649 | 1,759 | 16,229 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
March 29, 2015: | $ | 193,935 | $ | 170,170 | $ | 5,813 | $ | 369,918 | ||||||||
December 28, 2014 | 177,923 | 167,729 | 12,304 | 357,956 |
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