Chipotle 2008 Annual Report Download - page 56

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impact to the Company as a result of these proceedings or claims will be material to the Company’s annual
consolidated financial statements. However, a significant increase in the number of these claims, or one or more
successful claims resulting in greater liabilities than the Company currently anticipates, could materially and
adversely affect the Company’s business, financial condition, results of operation or cash flows.
11. Quarterly Financial Data (Unaudited)
Summarized unaudited quarterly financial data:
2008
March 31 June 30 September 30 December 31
Revenue .......................................... $305,327 $340,754 $340,543 $345,344
Operating income ................................... $ 26,793 $ 38,314 $ 31,058 $ 27,874
Net income ........................................ $ 17,284 $ 24,468 $ 19,477 $ 16,973
Basic earnings per share .............................. $ 0.53 $ 0.74 $ 0.59 $ 0.52
Diluted earnings per share ............................ $ 0.52 $ 0.74 $ 0.59 $ 0.52
2007
March 31 June 30 September 30 December 31
Revenue .......................................... $236,095 $274,346 $286,431 $288,910
Operating income ................................... $ 18,649 $ 30,682 $ 31,396 $ 27,456
Net income ........................................ $ 12,440 $ 19,981 $ 20,604 $ 17,538
Basic earnings per share .............................. $ 0.38 $ 0.61 $ 0.63 $ 0.54
Diluted earnings per share ............................ $ 0.38 $ 0.60 $ 0.62 $ 0.53
12. Subsequent Events
In February 2009, the Company entered into an unsecured revolving credit facility with Bank of America,
N.A. with an initial principal amount of $25 million and an additional $25 million accordion feature. Borrowings
under the credit facility will bear interest at a rate set, at the Company’s option, at either (i) a rate equal to an
adjusted LIBOR rate plus a margin ranging from 0.75% to 2.0% depending on a lease-adjusted leverage ratio, or
(ii) a daily rate equal to (a) the highest of the federal funds rate plus 0.5%, the bank’s published prime rate, and
one-month LIBOR plus 1.0%, plus (b) a margin ranging from 0.0% to 1.0% depending on a lease-adjusted
leverage ratio. The facility includes a commitment fee on the unused balance ranging from 0.25% to 0.5%, based
on the lease-adjusted leverage ratio. Availability of borrowings under the facility requires that the Company be in
compliance with specified covenants including a maximum lease-adjusted leverage ratio and a minimum fixed
charge coverage ratio. The facility expires in February 2014, but can be terminated or decreased at the
Company’s option prior to expiration. The Company intends to use the credit facility, if at all, for letters of credit
issued in the normal course of business and normal short-term working capital needs.
54
Annual Report