Cracker Barrel 2015 Annual Report Download - page 15

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e year-to-year percentage changefrom 2014 to 2015
resulted from the following:
2014 to 2015
(Decrease) as a Percentage
of Total Revenue
Maintenance (0.2%)
Utilities(0.2%)
Store managerconference expense (0.1%)
Lower maintenance expense as a percentage of total
revenuefor 2015 as compared to 2014 resulted primarily from
cost saving initiatives.
e decrease in utilities expense from 2014 to 2015
resulted primarily from milder winterweather andlower
natural gas prices.
In therstquarterof 2014, we held a manager conference
which was aended by our store operations management
team. e next conference will be held in the rstquarter
of 2016.
e year-to-year percentage changefrom 2013 to 2014
resulted primarily from the following:
2013 to 2014
Increase as a Percentage
of Total Revenue
Utilities0.1%
Advertising0.1%
Store managerconference expense 0.1%
Maintenance 0.1%
e increase in utilities expense from 2013 to 2014 resulted
primarily fromhigherheating costs due to unseasonably
cold weather experienced at manyof our store locations during
the wintermonths in 2014.
e increase in advertising expense from 2013 to 2014
resulted primarily from higher media spending.
In therstquarterof 2014, we held a manager conference
which was aended by our store operations management
team. e last such conference was held during the rst
quarterof 2012.
Higher maintenance expenses resultedprimarily from
increases in lighting replacement costs, snow removal,
kitchenequipment repairsandnationalinspection and
repair programs.
General and Administrative Expenses
e following table highlights general and administrative
expenses as a percentage of total revenue for the past three years:
2015 2014 2013
General and administrative expenses 5.2% 4.8% 5.4%
e year-to-year percentage changefrom 2014 to 2015
resulted from the following:
2014 to 2015
Increase (Decrease) as a
Percentage of Total Revenue
Incentive compensation expense 0.5%
Litigation accrual 0.1%
Proxy contest expenses in the prior year (0.2%)
Higherincentive compensation in 2015 as comparedto
2014 resulted primarily frombeer performance against
nancial objectives as comparedto the prior yearand the eect
of the increase in the price of our common stock in 2015.
In 2015, we recordeda total provision of approximately
$3,500 relatedto the liability associated with the disclosed
Fair Labor Standards Act (“FLSA”) litigation. SeeNote 15 to
our Consolidated FinancialStatements and “Item 3. Legal
Proceedings” of Part1 of this Annual Report on Form 10-K
for further information related to the FLSA litigation.
In 2014, we incurred $4,313 in costs related to a proxy
contest at our Annual Shareholders Meeting and a Special
Meeting of Shareholders.
e year-to-year percentage changefrom 2013 to 2014
resulted primarily from lower incentive compensation. Lower
incentive compensation resultedprimarily from lower
performance against nancial objectives as compared to the
prior year andthe eectof the decrease in the price of our
common stock in 2014.
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