Chipotle 2005 Annual Report Download - page 67

Download and view the complete annual report

Please find page 67 of the 2005 Chipotle annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Chipotle Mexican Grill, Inc.
Notes to Financial Statements (Continued)
(in thousands, except per share data)
The earnings (loss) per share presented reflects the retroactive application of the Reclassification.
The quarterly results were impacted by the following unusual or infrequent events:
In the second quarter of 2005, the Company determined that it was more likely than not that it
would realize its deferred tax assets and reversed its valuation allowance of $20,343, resulting in a net
tax benefit of $16,739 in that quarter.
In the fourth quarter of 2004, the Company recorded charges of $4,000 to establish a reserve for
claims seeking reimbursement for purportedly fraudulent credit and debit card charges and for the cost
of replacing cards and monitoring expenses and fees, which reduced the Company’s operating income.
61