Chipotle 2006 Annual Report Download - page 61

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Chipotle Mexican Grill, Inc.
Notes to Consolidated Financial Statements—(Continued)
(dollar and share amounts in thousands, unless otherwise specified)
14. Quarterly Financial Data (Unaudited)
Summarized unaudited quarterly financial data:
2006
March 31 June 30 September 30 December 31
Revenue .......................................... $187,015 $204,936 $211,260 $219,719
Operating income ................................... $ 12,733 $ 15,870 $ 17,853 $ 15,496
Net income ........................................ $ 7,988 $ 10,792 $ 11,802 $ 10,841
Basic earnings per share .............................. $ 0.26 $ 0.33 $ 0.36 $ 0.33
Diluted earnings per share ............................ $ 0.26 $ 0.33 $ 0.36 $ 0.33
2005
March 31 June 30 September 30 December 31
Revenue .......................................... $133,416 $156,296 $164,670 $173,313
Operating income ................................... $ 4,439 $ 9,321 $ 9,499 $ 7,735
Net income ........................................ $ 2,626 $ 25,725 $ 5,083 $ 4,262
Basic earnings per share .............................. $ 0.10 $ 0.98 $ 0.19 $ 0.16
Diluted earnings per share ............................ $ 0.10 $ 0.98 $ 0.19 $ 0.16
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.
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