El Pollo Loco 2015 Annual Report Download - page 59
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Table of Contents
Fiscal Year 2013 Compared to Fiscal Year 2012
Our operating results for the fiscal years ended December 25, 2013, and December 26, 2012, in absolute terms and expressed as a percentage of
total revenue, with the exception of cost of operations and company restaurant expenses, which are expressed as a percentage of company-
operated revenue, are compared below:
Company-Operated Restaurant Revenue
Company-operated restaurant revenue increased $19.4 million, or 7.1%, in fiscal 2013, primarily due to an increase in company-operated
comparable restaurant sales of $14.1 million, or 5.3%. The growth in company-operated comparable sales was primarily the result of an increase
in average check size of 2.7% and an increase in traffic of 2.6% compared to the prior year. Company-operated restaurant revenue was also
favorably impacted by $6.8 million of additional sales from restaurants not in the comparable restaurant base. This increase was partially offset
by $2.4 million of lost sales from the closure of certain restaurants in fiscal 2013.
Franchise Revenue
Franchise revenue increased $1.7 million, or 9.2%, in fiscal 2013, primarily due to higher franchised comparable restaurant sales of 8.8%, $0.2
million in higher franchise fees due to five new franchised restaurants that opened in fiscal 2013, and franchise agreement renewal fees. This
increase was partially offset by the negative impact of the closure of one franchised restaurant in fiscal 2013 and of three closures in fiscal 2012.
55
Fiscal Year
2013
2012
Increase / (Decrease)
($ ,000)
(%)
($ ,000)
(%)
($ ,000)
(%)
Statement of Operations Data:
Revenue
Company
-
operated restaurant revenue
$
294,327
93.5
$
274,928
93.6
$
19,399
7.1
Franchise revenue
20,400
6.5
18,682
6.4
1,718
9.2
Total revenue
314,727
100.0
293,610
100.0
21,117
7.2
Cost of operations
Food and paper costs
93,589
31.8
85,428
31.1
8,161
9.6
Labor and related expenses
75,669
25.7
73,406
26.7
2,263
3.1
Occupancy and other operating expenses
63,150
21.5
61,636
22.4
1,514
2.5
Company restaurant expenses
232,408
79.0
220,470
80.2
11,938
5.4
General and administrative expenses
25,506
8.1
24,451
8.3
1,055
4.3
Franchise expenses
3,841
1.2
3,647
1.2
194
5.3
Depreciation and amortization
10,213
3.2
9,530
3.2
683
7.2
Loss on disposal of assets
868
0.3
966
0.3
(98
)
(10.1
)
Asset impairment and close
-
store reserves
(101
)
(0.0
)
1,494
0.5
(1,595
)
(106.8
)
Total expenses
272,735
86.7
260,558
88.7
12,177
4.7
Gain on disposition of restaurants
400
0.1
—
—
400
—
Income from operations
42,392
13.5
33,052
11.3
9,340
28.3
Interest expense, net
36,334
11.5
38,890
13.3
(2,556
)
(6.6
)
Early extinguishment of debt
21,530
6.8
—
—
21,530
—
Loss before provision for income taxes
(15,472
)
(4.9
)
(5,838
)
(2.0
)
(9,634
)
165.0
Provision for income taxes
(1,401
)
(0.4
)
(2,027
)
(0.7
)
626
(30.9
)
Net loss
$
(16,873
)
(5.4
)
$
(7,865
)
(2.7
)
$
(9,008
)
114.5