El Pollo Loco 2016 Annual Report Download

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EL POLLO LOCO HOLDINGS, INC.
FORM 10-K
(Annual Report)
Filed 03/11/16 for the Period Ending 12/30/15
Address 3535 HARBOR BOULEVARD
SUITE 100
COSTA MESA, CA 92626
Telephone 7145995000
CIK 0001606366
Symbol LOCO
SIC Code 5812 - Eating Places
Fiscal Year 12/31
http://www.edgar-online.com
© Copyright 2016, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

Table of contents

  • Page 1
    EL POLLO LOCO HOLDINGS, INC. FORM 10-K (Annual Report) Filed 03/11/16 for the Period Ending 12/30/15 Address Telephone CIK Symbol SIC Code Fiscal Year 3535 HARBOR BOULEVARD SUITE 100 COSTA MESA, CA 92626 7145995000 0001606366 LOCO 5812 - Eating Places 12/31 http://www.edgar-online.com © ...

  • Page 2
    ... fiscal year ended December 30, 2015 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36556 EL POLLO LOCO HOLDINGS, INC. (Exact name of registrant as specified in its charter) State...

  • Page 3
    ... Market Risk Item 8. Financial Statements and Supplementary Data Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Item 9A. Controls and Procedures Item 9B. Other Information Item 10. Directors, Executive Officers and Corporate Governance Item 11. Executive...

  • Page 4
    ...greater Los Angeles area, ability to open new restaurants in new and existing markets, including difficulty in finding sites and in negotiating acceptable leases, delayed or cancelled future restaurant openings, restaurant closures, due to financial performance or otherwise, increases in chicken and...

  • Page 5
    ... of our emerging growth company eligibility under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), the impact of any security breaches of confidential guest information in connection with our electronic process of credit and debit card transactions. The impact of any failure of...

  • Page 6
    ... (our "day-part mix"), including at lunch and dinner. El Pollo Loco is Spanish for "The Crazy Chicken." We opened our first location on Alvarado Street in Los Angeles, California, in 1980, and have grown our restaurant system to 433 restaurants, comprised of 186 company-operated and 247 franchised...

  • Page 7
    ... menu of flavorful bone-in chicken meals and Mexican-inspired entrees. With menu items such as our Chicken Avocado Burrito, Chicken Tostada Salad, Pollo Bowl ® , and Chicken Avocado Stuffed Quesadilla, we believe that we offer our customers a healthier alternative to traditional food on-the-go...

  • Page 8
    ..."Under 500 Calorie" menu and other "better for you" products. Our marketing and operations teams collaborate to ensure that the items developed in our test kitchen can be executed to our high standards in our restaurants with the speed and value that our customers have come to expect. Increase Brand...

  • Page 9
    ... of reasons described in Item 1A, "Risk Factors," including competition for customers, sites, franchisees, employees, licenses, and financing. Over the long term, we plan to grow the number of El Pollo Loco restaurants by 8% to 10% annually. Our strategy for entering new markets is to lead with...

  • Page 10
    .... Restaurant Management and Operations Service We are extremely focused on customer service. We aim to provide fast, friendly service on a solid foundation of dedicated, driven team members and managers. Our cashiers are trained on the menu items that we offer, and offer customers thoughtful...

  • Page 11
    ... food. We provide each Grill Master with intensive grilling training, and place them in our open kitchens, where our customers can watch them create our signature products. Franchise Program Overview We use a franchising strategy to increase new restaurant growth in certain markets, leveraging...

  • Page 12
    ... owners. Currently, we hold a franchise business update for all franchisees each month, which includes multi-functional Company representat ion and executive attendance. Quarterly, we meet with our Franchise Leadership Team and Marketing Advisory Committee to share ideas and resolve issues. Annually...

  • Page 13
    ... on ambience, price, taste, quality, and freshness of menu items, as well as on the convenience of drive-thru service. We also believe that QSR competition is based primarily on quality, taste, speed of service, value, brand recognition, restaurant location, and customer service. In addition...

  • Page 14
    ... that we face, see Item 1A, "Risk Factors." Management Information Systems All of our company-operated and franchised restaurants use computerized point-of-sale and back-office systems, which we believe can scale to support our longterm growth plans. Our point-of-sale system provides a touch-screen...

  • Page 15
    ..., or increased food or energy costs could harm the restaurant industry in general and our locations in particular. Adverse changes in any of these factors could reduce consumer traffic or impose practical limits on pricing that could harm our business, financial condition, results of operations, and...

  • Page 16
    ... growth strategy, we also intend to open new restaurants in areas where we have existing restaurants. The operating results and comparable restaurant sales for our restaurants could be adversely affected due to increasing proximity among our restaurants and due to market saturation. Changes in food...

  • Page 17
    ... or more of our salsas, rather than pay the increased cost. Any such changes to our available menu could n egatively impact our restaurant traffic, business, and comparable restaurant sales during the shortage and thereafter. Our principal food product is chicken. In fiscal 2015, 2014, and 2013, the...

  • Page 18
    ... flow from operations to pay interest on our debt, which could reduce availability of our cash flow to fund working capital, capital expenditures, acquisitions, execution of our growth strategy, and other general corporate purposes; making us more vulnerable to adverse changes in general economic...

  • Page 19
    ... competitive Mexican-inspired quick-service and fast casual market in the United States. We expect competition in this market and in each of our other markets to continue to be intense, because consumer trends are favoring limited service restaurants that offer healthier menu items made with better...

  • Page 20
    ... to a new owner in July 2014. Both of the restaurants remained open during this process. We have limited control with respect to the operations of our franchisees, which could have a negative impact on our business. Franchisees are independent business operators. They are not our employees, and we...

  • Page 21
    ...used by our restaurants as trademarks or service marks with the PTO and El Pollo Loco ® in approximately 42 foreign countries. Our current brand campaign, Crazy You Can Taste™, has also been approved for registration with the PTO. In addition, the El Pollo Loco logo, website name and address, and...

  • Page 22
    ... the cost of operating our company-operated and franchised restaurants. If we or our franchisees face labor shortages or increased labor costs, because of increased competition for employees, higher employee-turnover rates, unionization of restaurant workers, or increases in federal, state, or local...

  • Page 23
    ... labor costs of our franchisees. Since January 1, 2016, the State of California (where most of our restaurants are located) has had a minimum wage of $10.00 per hour. From January 1, 2008, to June 30, 2014, it had been $8.00 per hour and from July 1 ,2014 to December 31, 2015, it had been $9.00 per...

  • Page 24
    ... PPACA amended the Federal Food, Drug, and Cosmetic Act to require that chain restaurants with 20 or more locations, operating under the same name and offering substantially the same menus, publish the total number of calories of standard menu items on menus and menu boards, along with a statement...

  • Page 25
    ... of contamination at any of our properties, our operating expenses would likely increase and our results of operations would be materially and adversely affected. See Item 1, "Business-Environmental Matters." We are required to pay our pre-IPO owners for certain tax benefits, which amounts...

  • Page 26
    ...a premium over the then-current market price of our common stock upon a change in control. In addition, this concentration of ownership may adversely affect the trading price of our common stock, because investors may perceive disadvantages in owning shares of a company with significant stockholders...

  • Page 27
    ... business and operating results. Although we have hired additional employees to comply with these requirements, we may need to hire more employees in the future, which will increase our costs and expenses. Our management team and other personnel devote a substantial amount of time to new compliance...

  • Page 28
    ... local conditions in the markets in which we operate. These broad market and industry factors may decrease the market price of our common stock, regardless of our actual operating performance. The stock market in general has from time to time experienced extreme price and volume fluctuations...

  • Page 29
    ...offering other equity securities, or debt, including senior or subordinated notes, debt securities convertible into equity, or shares of preferred stock. Opening new companyoperated restaurants in existing and new markets could require substantial additional capital in excess of cash from operations...

  • Page 30
    ...this annual report. The table below sets forth the locations (by state) for all restaurants in operation. California Nevada Arizona Texas Utah Total State Our restaurants are either free-standing facilities, typically with drive-thru capability, or in-line. A typical restaurant generally ranges...

  • Page 31
    ... required court approval. Daniel Turocy, et al. v. El Pollo Loco Holdings, Inc., et al. (Case No. 8:15-cv-01343) was filed in the United States District Court for the Central District of California on August 24, 2015, and Ron Huston, et al. v. El Pollo Loco Holdings, Inc., et al. (Case No. 8:15-cv...

  • Page 32
    ... under the symbol "LOCO" since July 25, 2014. Prior to that date, there was no established public trading market for our common stock. The following table sets forth, for the periods indicated, the high and low intraday sale prices for our common stock on the NASDAQ, as reported by the NASDAQ. Such...

  • Page 33
    ... 25, 2014, through December 30, 2015, for (i) our common stock, (ii) the NASDAQ Composite Total Return Index, and (iii) the Standard and Poor's Supercomposite Restaurants Index, assuming the investment of $100 at the beginning of the period (at the closing price on our first day of trading of $24.03...

  • Page 34
    ... this Annual Report. You should read these tables in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our audited consolidated financial statements and the notes thereto. Statement of Operations Data: Revenue Company-operated...

  • Page 35
    ...$ 64,587 (1) Net property consists of property owned, net of accumulated ...Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations-Liquidity and Capital Resources-Debt and Other Obligations"), and our capital lease obligations. 2015 2014 Fiscal Year...

  • Page 36
    ...fiscal 2015, we opened 14 new company-operated and five new franchised restaurants across Arizona, California, and Texas. Over the long term, we plan to grow the number of El Pollo Loco restaurants by 8% to 10% annually. To increase comparable restaurant sales, we plan to increase customer frequency...

  • Page 37
    ... restaurant openings is excluded. Comparable restaurant sales growth can be generated by an increase in the number of meals sold and/or by increases in the average check amount, resulting from a shift in menu mix and/or higher prices resulting from new products or price increases. Company-Operated...

  • Page 38
    ... lower during the start-up period of operation. The average start-up period after which our new restaurants' revenue and expenses normalize is approximately fourteen weeks. When we enter new markets, we may be exposed to start-up times and restaurant contribution margins that are longer and lower...

  • Page 39
    ... to goodwill of $650,000 and a net gain of $2.7 million. These six restaurants are now franchised. Includes : (1) Costs related to the sale, in the second quarter of 2015, of 5.4 million share of common stock in a block trade to various investors, by our largest shareholder, which was at that...

  • Page 40
    ...fiscal 2015, 2014, and 2013, comparable restaurant sales system-wide increased 2.2%, 7.0%, and 7.0%, respectively. Comparable restaurant sales growth reflects the change in year-over-year sales for the comparable restaurant base. A restaurant enters our comparable restaurant base the first full week...

  • Page 41
    ... included elsewhere in this report. Revenue Recognition We record revenue from company-operated restaurants as food and beverage products are delivered to customers and payment is tendered at the time of sale. We present sales net of sales-related taxes and promotional allowances. In the case...

  • Page 42
    ... economic penalty would typically result from our having to abandon a building or fixture with remaining economic value upon vacating a property. Franchise Operations We sublease a number of restaurant properties to our franchisees. As such, we remain principally liable for the underlying leases. If...

  • Page 43
    ... our stock options' fair values and the associated compensation costs for share-based awards, we utilize the Black-Scholes option pricing model, and we have developed estimates of various inputs including forfeiture rate, expected term, expected volatility, and risk-free interest rate. These...

  • Page 44
    ... card processing fees, restaurant supplies, repairs and maintenance, and other restaurant operating costs. 41 Risk-free interest rates Expected term Expected dividend yield Volatility 2015 - - - - 1.70% to 1.72% 5.75 years 0% 32.4% to 41.0% Fiscal Year 2014...

  • Page 45
    ..., stock compensation costs, legal and professional fees, and other related corporate costs. Also included are pre-opening costs, and expenses above the restaurant level, including salaries for field management, such as area and regional managers, and franchise field operational support. Franchise...

  • Page 46
    ... In fiscal 2015, company-operated restaurant revenue increased $9.5 million, or 3.0%, due to an increase in company-operated comparable restaurant sales of $3.1 million, or 1.0%. The growth in company-operated comparable restaurant sales was due primarily to an increase in average check size of...

  • Page 47
    ... restaurant revenue were 31.9% in fiscal 2015, compared to 31.8% in fiscal 2014. This increase in percentage was due to higher commodity costs, offset by increases in average check size, due to menu price increases in the third and fourth quarter of 2014 and the first and fourth quarters of 2015...

  • Page 48
    ...quarter of 2015, LLC, our largest shareholder, which was at that time our majority shareholder, sold 5.4 million shares of common stock in a block trade...us to pay to our pre-IPO stockholders 85% of the savings in cash that we realize in our taxes as a result of utilizing our net operating losses and ...

  • Page 49
    ... 5.8%. The growth in company-operated comparable restaurant sales was due primarily to an increase in average check size of 3.3% and an increase in traffic of 2.5% compared to the prior year. Company-operated restaurant revenue was also favorably impacted by $8.8 million of additional sales from new...

  • Page 50
    ... contributions in the Los Angeles market in the second and part of the third quarter of 2014, (iii) a $1.0 million increase in occupancy costs, due primarily to increased rent, as a result of new restaurants opened in 2014 and 2013, and (iv) a $0.9 million increase in operating expense, resulting...

  • Page 51
    ...lease obligations, and working capital and general corporate needs. Our working capital requirements are not significant, since our customers pay for their purchases in cash or by payment card (credit or debit) at the time of sale. Thus, we are able to sell many of our inventory items before we have...

  • Page 52
    ... as cash dividends, except that it may, inter alia, (i) pay up to $1 million per year to repurchase or redeem qualified equity interests of Holdings held by past or present officers, directors, or employees (or their estates) of the Company upon death, disability, or termination of employment, (ii...

  • Page 53
    ... the consideration of th e exercise price of those stock options, (b) pay up to $2.5 million per year pursuant to stock option plans, employment agreements, or incentive plans, (c) make up to $5 million in other restricted payments per year, and (d) make other restricted payments, provided that such...

  • Page 54
    ... a substantial number of hourly employees who are paid wage rates at or based on the applicable federal, state, or state minimum wage, and increases in the minimum wage will increase our labor costs. Since January 1, 2016, the State of California (where most of our restaurants are located) has had...

  • Page 55
    ... cost increases to our customers, our results of operations may be adversely affected. At this time, we do not use financial instruments to hedge our commodity risk. See Item 1A, "Risk Factors-Risks Related to Our Business and Industry-Changes in food and supply costs, especially for chicken, could...

  • Page 56
    ITEM 8. FINANCIAL STATEMEN TS AND SUPPLEMENTARY DATA EL POLLO LOCO HOLDINGS, INC. AND SUBSIDIARIES INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS Audited Consolidated Financial Statements Report of Independent Registered Public Accounting Firm Consolidated Balance Sheets-December 30, 2015 and ...

  • Page 57
    REPORT OF INDEPENDENT REGIST ERED PUBLIC ACCOUNTING FIRM Board of Directors and Stockholders El Pollo Loco Holdings, Inc. Costa Mesa, California We have audited the accompanying consolidated balance sheets of El Pollo Loco Holdings, Inc. ("Company") as of December 30, 2015 and December 31, 2014, and...

  • Page 58
    EL POLLO LOCO HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS Assets Current assets: Cash and cash equivalents Restricted cash Accounts and other receivables, net Inventories Prepaid expenses and other current assets Income tax receivable Deferred tax assets Total current assets Property and equipment ...

  • Page 59
    EL POLLO LOCO HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS For the Years Ended (Amounts in thousands, except share data) December 30, 2015 December 31, 2014 December 25, 2013 Revenue Company-operated restaurant revenue Franchise revenue Total revenue Cost of operations Food and paper ...

  • Page 60
    EL POLLO LOCO HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY Balance , December 26, 2012 Stock based compensation Net loss Balance , December 25, 2013 Stock based compensation Issuance of common stock for initial public offering, net of offering costs of $10,914 ...

  • Page 61
    EL POLLO LOCO HOLDINGS, INC. CONSOLIDATED STATE MENTS OF CASH FLOWS (Amounts in thousands) December 30, 2015 December 31, 2014 December 25, 2013 For the Years Ended Cash flows from operating activities Net income (loss) Adjustments to reconcile changes in net income (loss) to net cash provided ...

  • Page 62
    ...California but also in Arizona, Nevada, Texas, and Utah, specialize in flame-grilled chicken in a wide variety of contemporary Mexican-influenced entrees, including specialty chicken burritos, chicken quesadillas, chicken tortilla soup, Pollo Bowls and Pollo Salads. At December 30, 2015, the Company...

  • Page 63
    ... to December 30, 2015, the Company and a franchisee each completed one new store opening. The Company evaluated subsequent events that have occurred after December 30, 2015, and determined that there were no other events or transactions occurring during this reporting period that require recognition...

  • Page 64
    ... the excess of cost over fair value of net identified assets acquired in business combinations accounted for under the purchase method. Goodwill resulted from the Acquisition and from the acquisition of certain franchise locations. Upon the sale of a restaurant, we decrement goodwill. The amount of...

  • Page 65
    ... estimate of fair value are generally consistent with the past performance of the Company's reporting unit and are also consistent with the projections and assumptions that are used in current operating plans. These assumptions are subject to c hange as a result of changing economic and competitive...

  • Page 66
    EL POLLO LOCO HOLDINGS, INC. Restaurant and Franchise Revenue Revenues from the operation of company-operated restaurants are recognized as food and beverage products are delivered to customers and payment is tendered at the time of sale. The Company presents sales net of sales-related taxes and ...

  • Page 67
    ... As of December 30, 2015, the Company had accrued expenses and current liabilities of $7.6 million and other noncurrent liabilities of $33.9 million relating to expected TRA payments included on the consolidated balance sheet. Fair Value Measurements Fair value is the price that would be received to...

  • Page 68
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) As of December 30, 2015 and December 31, 2014, the Company had no assets and liabilities measured at fair value on a recurring basis, except for one interest rate cap at December 30, 2015 and two interest rate ...

  • Page 69
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) value that is required to be disclosed for financial instruments measured at amortized cost. T hese changes become effective for the Company's fiscal year beginning December_28, 2017 and interim periods within ...

  • Page 70
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) after that exercise. LLC may only exercise the Initial Option if EPL first determines to begi n development of company-operated restaurants in the Territory or support the development of the Territory. We have no ...

  • Page 71
    ...December 30, 2015 is as follows (in thousands): For the Years Ending December 28, 2016 December 27, 2017 December 26, 2018 December 25, 2019 December 30, 2020 Thereafter Total Less: imputed interest (11.0% to 14.8%) Present value of capital lease obligations Less: current maturities Noncurrent...

  • Page 72
    ...gross operating profit or net revenues. Total rental income included in franchise revenue in the accompanying consolidated statements of operations for leased property was $424,000, $401,000 and $377,000 for fiscal 2015, 2014, and 2013, respectively. Minimum future rental income for company-operated...

  • Page 73
    EL POLLO LOCO HOLDINGS, INC. ...General Electric Capital Corporation as issuing bank, swing line lender, and a lender, and GE Capital Bank as a lender. First Lien Credit Agreement Loans under the 2013 First Lien Credit Agreement bore interest at an Alternate Base Rate or LIBOR, at EPL's option, plus...

  • Page 74
    EL POLLO LOCO HOLDINGS... with the Company's IPO, the 2013 ...was executed ...-annually in January and July of each year...2015. The second interest rate cap is for a notional amount of $120 million, with a cap rate of 3.00% based on 1 month USD LIBOR, terminating on December 1, 2016. The fair value...

  • Page 75
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 8. OTHER ACCRUED EXPENSES AND CURRENT LIABILITIES Other accrued expenses and current liabilities consist of the following (in thousands): Accrued sales and property taxes Income tax receivable agreement payable...

  • Page 76
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company has evaluated the ...

  • Page 77
    .... Recently enacted tax laws may also affect the tax provision on the Company's consolidated financial statements. The state of California passed a new law which mandates the use of a single sales factor apportionment formula for tax year beginning on or after January 1, 2013. As a result, our...

  • Page 78
    .... Range of Exercise Prices Weighted-Average Remaining Contractual Life (in Years) WeightedAverage Exercise Price Number Exercisable Weighted-Average Exercise Price Options are accounted for as follows: Employee Options The Company expenses the estimated fair value of employee stock options...

  • Page 79
    ...grants: expected volatility of 32.4% to 41.0%, expected life of 5.75 years, risk-free interest rate of 1.70% to 1.72%, and expected dividends of 0%. The weighted-average estimated fair value of employee stock options granted during the year ended December 25, 2013 was $1.40 per share using the Black...

  • Page 80
    ... required court approval. Daniel Turocy, et al. v. El Pollo Loco Holdings, Inc., et al. (Case No. 8:15-cv-01343) was filed in the United States District Court for the Central District of California on August 24, 2015, and Ron Huston, et al. v. El Pollo Loco Holdings, Inc., et al. (Case No. 8:15-cv...

  • Page 81
    ... levels, possible annual adjustments for cost-of-living changes, and incentive bonuses that are payable under certain business conditions. Indemnification Agreements The Company has entered into indemnification agreements with each of its current directors and executive officers. These agreements...

  • Page 82
    ... the Company's IPO. 16. STOCK SPLIT, AUTHORIZATION OF ADDITIONAL SHARES, AND INITIAL PUBLIC OFFERING On July 14, 2014, Holdings amended its certificate of incorporation to increase the number of shares that Holdings is authorized to issue to 200 million shares of common stock, par value $0.01...

  • Page 83
    EL POLLO LOCO HOLDINGS, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 17. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) The following table sets forth a summary of our unaudited quarterly operating results for each of the last eight quarters in the period ended December 30, 2015. We ...

  • Page 84
    ... be disclosed in Exchange Act reports is recorded, processed, summarized, and reported within the required time periods, and that such information is accumulated and communicated to our management, including, as appropriate, to our Chief Executive Officer and Chief Financial Officer, so as to permit...

  • Page 85
    PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Incorporated by reference from our definitive proxy statement to be filed not later than 120 days after the end of our 2015 fiscal year. ITEM 11. EXECUTIVE COMPENSATION Incorporated by reference from our definitive ...

  • Page 86
    ... STATEMENT SCHEDULES The following documents are filed as a part of this report: (1) Financial Statements: Consolidated financial statements filed as part of this report are listed under Item 8. Financial Statements and Supplementary Data. (2) Financial Statement Schedules: None. (3) Exhibits: The...

  • Page 87
    ...registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EL POLLO LOCO HOLDINGS, INC. By: /s/ Stephen J. Sather Stephen J. Sather President and Chief Executive Officer Date: March 11, 2016 SIGNATURES AND POWER OF ATTORNEY We...

  • Page 88
    ... 26, 2007, by and between El Pollo Loco Holdings, Inc. (formerly Chicken Acquisition Corp.) and Trimaran Pollo Partners, L.L.C. Operating Agreement of Trimaran Pollo Partners, L.L.C., dated as of March 8, 2006 Liability Company Operating Agreement of Trimaran Pollo Partners, L.L.C., dated as of...

  • Page 89
    ... Form of Indemnification Agreement between El Pollo Loco S-1/A N/A 10.26 07/22/14 10.24* Holdings, Inc. and each of its directors and executive officers Pollo Loco, Inc., as borrower, El Pollo Loco Holdings, Inc., and EPL Intermediate, Inc...

  • Page 90
    Number 32.1 Certification of Chief Executive Officer and Chief Financial XBRL Instance Document XBRL Taxonomy Extension Schema Document Description Officer ... is a management contract or a compensatory plan or arrangement. Furnished herewith. Pursuant to Item 601(b)(32)(ii...

  • Page 91
    ...Independent Registered Public Accounting Firm El Pollo Loco Holdings, Inc. Costa Mesa, California Exhibit 23.1 We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-197001) of El Pollo Loco Holdings, Inc. of our report dated March 11, 2016, relating...

  • Page 92
    ... Sather, certify that: 1. I have reviewed this annual report on Form 10-K of El Pollo Loco Holdings, Inc.; Exhibit 31.1 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 93
    ...Roberts, certify that: 1. I have reviewed this annual report on Form 10-K of El Pollo Loco Holdings, Inc.; Exhibit 31.2 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

  • Page 94
    ... information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer. Date: March 11, 2016 /s/ Stephen J. Sather Stephen J. Sather President and Chief Executive Officer /s/ Laurance Roberts Laurance Roberts...