El Pollo Loco 2015 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2015 El Pollo Loco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 123

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123

Table of Contents
EL POLLO LOCO HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
94
2014
2013
(Dollar amounts in thousands, except
share data)
Dec.
Sept.
June
Mar.
Dec.
Sept.
June
Mar.
Selected Financial Data
Total revenue ($)
89,973
86,557
86,904
81,427
76,238
79,767
81,727
76,995
Income from Operations ($)
11,311
13,621
12,842
11,510
9,676
10,651
12,181
9,884
(Benefit) provision for income taxes
(2,606
)
(61,389
)
570
417
(604
)
(130
)
1,971
164
Net income (loss) ($)
4,575
(2)(5)
25,849
(2)(4)
6,569
(2)
5,470
(2)
(18,141
)
(3)
918
410
(60
)
Per Share Data
(6)
:
Net income (loss) per share
Basic
0.12
0.76
0.23
0.19
(0.63
)
0.03
0.01
(0.00
)
Diluted
0.12
0.70
0.21
0.18
(0.63
)
0.03
0.01
(0.00
)
Weighted average shares used in computing net income
(loss) per share
Basic
37,149,379
34,221,829
28,715,485
28,712,622
28,712,622
28,712,622
28,712,622
28,712,622
Diluted
39,691,650
36,821,095
30,372,281
30,157,316
28,712,622
29,383,525
28,712,622
28,712,622
Selected Operating Data
Number of restaurants (at period end)
Company
-
operated
172
166
168
168
168
168
167
169
Franchised
243
239
233
233
233
231
231
229
System
-
wide
415
405
401
401
401
399
398
398
Average unit volume (AUV) (company
-
operated)
(1)
1,839
1,893
1,927
1,813
1,707
1,772
1,833
1,718
Comparable restaurant sales growth (%)
Company
-
operated
6.4
6.4
5.0
5.4
5.4
2.2
6.9
6.7
Franchised
8.6
9.1
5.9
8.3
7.7
5.4
11.7
10.5
System
-
wide
7.6
7.9
5.4
7.2
6.5
3.7
9.6
8.5
Restaurant contribution margin (%)
22.3
20.7
22.6
22.1
20.4
20.7
22.5
20.5
(1)
AUVs consist of average annualized sales of all company
-
owned restaurants over the fiscal quarter.
(2)
The 2013 Refinancing and repayment of the 2013 Second Lien Term Loan with a portion of the proceeds of our IPO resulted in lower interest rates on our indebtedness, which
has contributed to lower interest expense and higher net income in subsequent periods.
(3) In the 13 weeks ended December 25, 2013, we refinanced the 2011 Financing Agreements. This 2013 Refinancing resulted in a one-time charge to our consolidated statement
of operations of $21.5 million, reflecting call premiums on the retired debt obligations and expense related to unamortized deferred financing cost and unamortized discounts.
(4)
In the thirteen weeks ended September 24, 2014, we released our valuation allowance of approximately $65 million, and incurred a TRA charge of approximately $41 million.
(5)
In the fourteen weeks ended December 31, 2014, we refinanced the 2013 First Lien Credit Agreement with the 2014 Revolver, which resulted in lower interest rates on our
indebtedness, contributing to lower interest expense and higher net income. In connection with the 2014 Refinancing, the 2013 First Lien Term Loan was repaid in full,
resulting in a one-time charge to our consolidated statement of operations of $4.6 million, reflecting expenses related to the write-off of deferred financing costs and
unamortized discounts.
(6)
Due to the use of weighted average shares outstanding for each quarter of computing earnings per share, the sum of the quarterly per share amounts may not equal the per share
amount for the year.