Chipotle 2005 Annual Report Download - page 30

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financial statements not included in this report. The data shown below are not necessarily indicative of
results to be expected for any future period (in thousands, except per share data).
For the years ended December 31,
2005 2004 2003 2002 2001
Statements of Operations:
Revenue
Restaurant sales ..................... $625,077 $468,579 $314,027 $203,892 $131,331
Franchise royalties and fees ............. 2,618 2,142 1,493 753 267
Total revenue ......................... 627,695 470,721 315,520 204,645 131,598
Food, beverage and packaging costs ........ 202,288 154,148 104,921 67,681 45,236
Labor costs .......................... 178,721 139,494 94,023 66,515 46,048
Occupancy costs ....................... 47,636 36,190 25,570 18,716 11,742
Other operating costs ................... 82,976 64,274 43,527 29,791 21,553
General and administrative expenses ........ 51,964 44,837 34,189 25,803 20,687
Depreciation and amortization ............ 28,026 21,802 15,090 11,260 8,730
Pre-opening costs ...................... 1,971 2,192 1,631 1,022 2,245
Loss on disposal of assets ................ 3,119 1,678 4,504 1,489 79
Total costs and expenses ................. 596,701 464,615 323,455 222,277 156,320
Income (loss) from operations ............ 30,994 6,106 (7,935) (17,632) (24,722)
Interest income ....................... 36 211 249 444 735
Interest expense ....................... (790) (191) (28) (101) (13)
Income (loss) before income taxes .......... 30,240 6,126 (7,714) (17,289) (24,000)
Benefit for income taxes(1) ............... 7,456————
Net income (loss) ...................... $ 37,696 $ 6,126 $ (7,714) $(17,289) $(24,000)
Earnings (loss) per common share(2)
Basic ............................. $ 1.43 $ 0.24 $ (0.34) $ (0.87) $ (1.49)
Diluted ........................... $ 1.43 $ 0.24 $ (0.34) $ (0.87) $ (1.49)
Shares used in computing earnings (loss) per
common share(2)
Basic ............................. 26,281 25,454 22,384 19,931 16,063
Diluted ........................... 26,374 25,520 22,384 19,931 16,063
As of December 31,
2005 2004 2003 2002 2001
Balance Sheet Data:
Total current assets ..................... $ 17,824 $ 10,332 $ 7,833 $ 20,221 $ 10,819
Total assets .......................... $392,495 $329,653 $249,014 $194,172 $146,403
Total current liabilities .................. $ 41,982 $ 38,663 $ 38,266 $ 20,806 $ 14,913
Total liabilities ........................ $ 83,141 $ 67,087 $ 57,506 $ 32,918 $ 22,706
Total shareholders’ equity ................ $309,354 $262,566 $191,508 $161,254 $123,697
(1) During the year ended December 31, 2005, we determined that it was more likely than not that we
would realize our deferred tax assets and we reversed our valuation allowance of $20.3 million,
resulting in a non-recurring tax benefit. The current tax provision consists of tax expense of
$12.8 million resulting in a net tax benefit of $7.5 million recognized in our results of operations.
(2) Earnings (loss) per common share and shares used in computing earnings (loss) per common share
reflect the effect of the reclassification of all outstanding shares of preferred stock and common
24