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10-K
http://www.sec.gov/Archives/edgar/data/949373/000119312514073832/d629623d10k.htm[9/11/2014 10:05:27 AM]
Depreciation and amortization 16,627 17,769 19,259 19,707 18,203
Pre-opening costs 496 370 265 1,115 1,075
Restructuring expenses — 477 1,099 480 —
Strategic alternatives expenses — — — 3,677 —
Other operating (income) expenses, net (1) (93) (531) (395) 1,592 1,138
Impairment charges and other related costs 818 — — — —
Income from operations 24,917 27,571 24,518 24,228 27,864
Interest expense, net (2) 6,114 5,135 3,357 3,384 5,970
Write-off of debt issuance costs upon redemption of term loan — 929 — — —
Adjustment for Series Z Modification — 966 — — —
Income before income taxes 18,803 20,541 21,161 20,844 21,894
(Benefit) provision for income taxes (71,560) 9,918 7,958 8,103 7,329
Net income $ 90,363 $ 10,623 $ 13,203 $ 12,741 $ 14,565
Less: Additional redemption on temporary equity — (387) — — —
Add: Accretion of premium on Series Z preferred stock — 1,072 — — —
Net income available to common stockholders $ 90,363 $ 11,308 $ 13,203 $ 12,741 $ 14,565
Per share data:
Weighted average number of common shares outstanding—
Basic 16,175,391 16,532,420 16,629,098 16,935,018 17,373,396
Diluted 16,526,869 16,804,726 16,880,321 17,217,180 17,813,397
Net income available to common stockholders per share—
Basic $ 5.59 $ 0.68 $ 0.79 $ 0.75 $ 0.84
Diluted $ 5.47 $ 0.67 $ 0.78 $ 0.74 $ 0.82
Cash dividend declared per common share $ — $ 0.125 $ 0.375 $ 4.500 $ 0.505
Other Data:
Capital expenditures (3) $ 16,898 $ 16,597 $ 18,242 $ 24,046 $ 19,592
Percent change in system-wide comparable store sales (3) -2.4% +0.3% +0.4% +1.0% -0.3%
Percent change in company-owned restaurant comparable store sales
(3) -3.4% -0.4% 0.0% +0.9% -0.6%
(1) Other operating (income) expenses, net is normally comprised of acquisition costs and gains/losses on fixed asset dispositions. Other items that may be recorded in this line item
include: employee wage settlements, gains/losses on restaurant refranchisings, gains on insurance proceeds received or other non-routine operating items.
(2) Net interest expense can be comprised of interest paid or payable in cash, Series Z additional redemption amounts, and non-cash interest expense resulting from the amortization of
debt discounts, notes paid-in-kind, debt issuance costs and the amortization of warrants issued in connection with debt financings and interest income from our money market cash
accounts.
(3) Comparable store sales represent sales at restaurants open for six fiscal quarters that have not been closed during the current year. System-wide comparable store sales represent all
eligible stores that are company-owned, franchised or licensed. Company-owned restaurant comparable store sales only include company-owned restaurants. Comparable store sales
exclude sites that are temporarily closed.
24
Table of Contents
As of:
December 29,
2009
December 28,
2010
January 3,
2012
January 1,
2013
December 31,
2013
(in thousands, except “other data” as indicated)
Selected Balance Sheet Data:
Cash and cash equivalents $ 9,885 $ 11,768 $ 8,652 $ 17,432 $ 5,982
Property, plant and equipment, net 58,682 56,663 59,017 63,013 64,229
Total assets 213,258 205,067 204,732 213,613 198,254
Short-term debt and current portion of long-term debt 5,234 7,500 7,500 5,000 3,750
Mandatorily redeemable Series Z preferred stock, $.001 par
value, $1,000 per share liquidation value 32,194 — — — —
Senior notes and other long-term debt, net of discount 74,553 80,200 66,700 131,700 103,250
Total stockholders’ equity 64,323 77,386 87,813 27,507 38,959
Other Data:
Number of locations at end of period 683 733 773 816 852
Franchised and licensed 255 302 333 355 394
Company-owned and operated 428 431 440 461 458
25
Table of Contents
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
We have a 52/53-week fiscal year ending on the Tuesday closest to December 31. Fiscal years 2012 and 2013 ended on January 1, 2013 and
December 31, 2013, respectively, and each contained 52 weeks. Fiscal year 2011 ended on January 3, 2012 and contained 53 weeks. Comparable
store sales percentages presented for fiscal 2011 in this Item 7 are calculated excluding the 53 week.
Overview
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