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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bravo Brio Restaurant Grp., Inc. (delisted) | NASDAQ:BBRG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.05 | 4.00 | 16.00 | 0 | 01:00:00 |
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Ohio
|
|
34-1566328
|
(State or other jurisdiction incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
777 Goodale Boulevard, Suite 100, Columbus, Ohio
|
|
43212
|
(Address of principal executive office)
|
|
(Zip Code)
|
|
Large accelerated filer
|
|
¨
|
|
Accelerated filer
|
x
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
|
|
|
|
|
|
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
|
Emerging Growth Company
|
|
¨
|
||
|
|
|
|
|
|
|
|
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
|
|
¨
|
|
|
|
|
|
|
June 25,
2017 |
|
December 25,
2016 |
||||
|
(Unaudited)
|
|
|||||
Assets
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
365
|
|
|
$
|
444
|
|
Accounts receivable
|
5,564
|
|
|
9,587
|
|
||
Tenant improvement allowance receivable
|
—
|
|
|
799
|
|
||
Inventories
|
2,760
|
|
|
3,114
|
|
||
Prepaid expenses and other current assets
|
2,751
|
|
|
3,339
|
|
||
Total current assets
|
11,440
|
|
|
17,283
|
|
||
Property and equipment — net
|
139,800
|
|
|
145,120
|
|
||
Other assets — net
|
4,045
|
|
|
4,359
|
|
||
Total assets
|
$
|
155,285
|
|
|
$
|
166,762
|
|
Liabilities and shareholders' deficiency in assets
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Trade and construction payables
|
$
|
14,232
|
|
|
$
|
15,514
|
|
Accrued expenses
|
28,861
|
|
|
27,351
|
|
||
Current portion of long-term debt
|
7,000
|
|
|
4,000
|
|
||
Deferred lease incentives
|
7,269
|
|
|
7,334
|
|
||
Deferred gift card revenue
|
12,933
|
|
|
18,618
|
|
||
Total current liabilities
|
70,295
|
|
|
72,817
|
|
||
Deferred lease incentives
|
49,262
|
|
|
54,459
|
|
||
Long-term debt
|
31,700
|
|
|
37,500
|
|
||
Other long-term liabilities
|
22,558
|
|
|
23,516
|
|
||
Commitments and contingencies (Note 6)
|
|
|
|
||||
Shareholders’ deficiency in assets
|
|
|
|
||||
Common shares, no par value per share— authorized 100,000,000 shares; 21,171,355 shares issued at June 25, 2017 and 21,069,454 shares issued at December 25, 2016
|
203,065
|
|
|
202,561
|
|
||
Preferred shares, no par value per share— authorized 5,000,000 shares; issued and outstanding, 0 shares at June 25, 2017 and December 25, 2016
|
—
|
|
|
—
|
|
||
Treasury shares, 5,977,860 shares at June 25, 2017 and December 25, 2016
|
(81,019
|
)
|
|
(81,019
|
)
|
||
Retained deficit
|
(140,576
|
)
|
|
(143,072
|
)
|
||
Total shareholders’ deficiency in assets
|
(18,530
|
)
|
|
(21,530
|
)
|
||
Total liabilities and shareholders’ deficiency in assets
|
$
|
155,285
|
|
|
$
|
166,762
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
June 25,
2017 |
|
June 26,
2016 |
|
June 25,
2017 |
|
June 26,
2016 |
||||||||
Revenues
|
$
|
103,041
|
|
|
$
|
105,213
|
|
|
$
|
209,760
|
|
|
$
|
214,013
|
|
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
26,277
|
|
|
27,235
|
|
|
54,488
|
|
|
55,242
|
|
||||
Labor
|
38,467
|
|
|
39,751
|
|
|
77,537
|
|
|
79,016
|
|
||||
Operating
|
16,700
|
|
|
17,612
|
|
|
33,785
|
|
|
35,194
|
|
||||
Occupancy
|
7,307
|
|
|
7,477
|
|
|
15,756
|
|
|
15,586
|
|
||||
General and administrative expenses
|
6,375
|
|
|
6,574
|
|
|
14,046
|
|
|
13,245
|
|
||||
Restaurant preopening costs
|
121
|
|
|
73
|
|
|
150
|
|
|
514
|
|
||||
Impairment
|
—
|
|
|
1,249
|
|
|
—
|
|
|
1,249
|
|
||||
Depreciation and amortization
|
5,143
|
|
|
5,547
|
|
|
10,257
|
|
|
11,080
|
|
||||
Total costs and expenses
|
100,390
|
|
|
105,518
|
|
|
206,019
|
|
|
211,126
|
|
||||
Income (loss) from operations
|
2,651
|
|
|
(305
|
)
|
|
3,741
|
|
|
2,887
|
|
||||
Interest expense, net
|
529
|
|
|
344
|
|
|
1,040
|
|
|
692
|
|
||||
Income (loss) before income taxes
|
2,122
|
|
|
(649
|
)
|
|
2,701
|
|
|
2,195
|
|
||||
Income tax expense
|
176
|
|
|
5
|
|
|
205
|
|
|
601
|
|
||||
Net income (loss)
|
$
|
1,946
|
|
|
$
|
(654
|
)
|
|
$
|
2,496
|
|
|
$
|
1,594
|
|
Net income (loss) per basic share
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
Net income (loss) per diluted share
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.16
|
|
|
$
|
0.10
|
|
Weighted average shares outstanding-basic
|
15,174
|
|
|
14,597
|
|
|
15,144
|
|
|
14,681
|
|
||||
Weighted average shares outstanding-diluted
|
15,221
|
|
|
14,597
|
|
|
15,175
|
|
|
15,331
|
|
|
Common Shares
|
|
Retained
|
|
Treasury Stock
|
|
Shareholders’
|
||||||||||||||
|
Shares
|
|
Amount
|
|
Deficit
|
|
Shares
|
|
Amount
|
|
Deficiency in Assets
|
||||||||||
Balance — December 25, 2016
|
21,069,454
|
|
|
$
|
202,561
|
|
|
$
|
(143,072
|
)
|
|
(5,977,860
|
)
|
|
$
|
(81,019
|
)
|
|
$
|
(21,530
|
)
|
Net income
|
—
|
|
|
—
|
|
|
2,496
|
|
|
—
|
|
|
—
|
|
|
2,496
|
|
||||
Share-based compensation costs
|
—
|
|
|
528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
528
|
|
||||
Proceeds from the exercise of stock options
|
13,228
|
|
|
19
|
|
|
—
|
|
|
|
|
|
|
|
|
19
|
|
||||
Issuance of shares of restricted stock
|
98,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Shares withheld for employee taxes
|
(9,450
|
)
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
||||
Balance — June 25, 2017
|
21,171,355
|
|
|
$
|
203,065
|
|
|
$
|
(140,576
|
)
|
|
(5,977,860
|
)
|
|
$
|
(81,019
|
)
|
|
$
|
(18,530
|
)
|
|
Twenty-Six Weeks Ended
|
||||||
|
June 25,
2017 |
|
June 26,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
2,496
|
|
|
$
|
1,594
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
10,335
|
|
|
11,121
|
|
||
Loss on disposals of property and equipment
|
236
|
|
|
287
|
|
||
Impairment of assets
|
—
|
|
|
1,249
|
|
||
Amortization of deferred lease incentives
|
(4,123
|
)
|
|
(4,166
|
)
|
||
Share-based compensation costs
|
528
|
|
|
570
|
|
||
Deferred income taxes
|
—
|
|
|
368
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts and tenant improvement allowance receivables
|
4,822
|
|
|
3,838
|
|
||
Inventories
|
354
|
|
|
29
|
|
||
Prepaid expenses and other current assets
|
588
|
|
|
607
|
|
||
Trade and construction payables
|
(1,781
|
)
|
|
(828
|
)
|
||
Deferred lease incentives
|
(1,139
|
)
|
|
907
|
|
||
Deferred gift card revenue
|
(5,685
|
)
|
|
(2,222
|
)
|
||
Other accrued expenses
|
1,510
|
|
|
(1,580
|
)
|
||
Other — net
|
(737
|
)
|
|
(47
|
)
|
||
Net cash provided by operating activities
|
7,404
|
|
|
11,727
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property and equipment
|
(4,659
|
)
|
|
(7,693
|
)
|
||
Net cash used in investing activities
|
(4,659
|
)
|
|
(7,693
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from long-term debt
|
332,100
|
|
|
318,400
|
|
||
Payments on long-term debt
|
(334,900
|
)
|
|
(319,000
|
)
|
||
Proceeds from the exercise of stock options
|
19
|
|
|
122
|
|
||
Shares withheld for employee taxes
|
(43
|
)
|
|
(161
|
)
|
||
Repurchase of treasury shares
|
—
|
|
|
(3,461
|
)
|
||
Net cash used in financing activities
|
(2,824
|
)
|
|
(4,100
|
)
|
||
Net decrease in cash and cash equivalents
|
(79
|
)
|
|
(66
|
)
|
||
Cash and cash equivalents — beginning of period
|
444
|
|
|
447
|
|
||
Cash and cash equivalents — end of period
|
$
|
365
|
|
|
$
|
381
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid
|
1,032
|
|
|
603
|
|
||
Income taxes (received) paid
|
(466
|
)
|
|
368
|
|
||
Property financed by trade and construction payables
|
1,116
|
|
|
889
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
NET INCOME PER SHARE
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
June 25,
2017 |
|
June 26,
2016 |
|
June 25,
2017 |
|
June 26,
2016 |
||||||||
Net income (loss)
|
$
|
1,946
|
|
|
$
|
(654
|
)
|
|
$
|
2,496
|
|
|
$
|
1,594
|
|
Weighted average common shares outstanding
|
15,174
|
|
|
14,597
|
|
|
15,144
|
|
|
14,681
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
20
|
|
|
—
|
|
|
21
|
|
|
622
|
|
||||
Restricted stock
|
27
|
|
|
—
|
|
|
10
|
|
|
28
|
|
||||
Weighted average common and potentially issuable common shares outstanding—diluted
|
15,221
|
|
|
14,597
|
|
|
15,175
|
|
|
15,331
|
|
||||
Basic net income (loss) per common share
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.16
|
|
|
$
|
0.11
|
|
Diluted net income (loss) per common share
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.16
|
|
|
$
|
0.10
|
|
3.
|
LONG-TERM DEBT
|
|
June 25,
2017 |
|
December 25,
2016 |
||||
Term loan
|
$
|
32,000
|
|
|
$
|
34,000
|
|
Revolving credit facility
|
6,700
|
|
|
7,500
|
|
||
Total
|
38,700
|
|
|
41,500
|
|
||
Less current maturities
|
7,000
|
|
|
4,000
|
|
||
Long-term debt
|
$
|
31,700
|
|
|
$
|
37,500
|
|
4.
|
STOCK BASED COMPENSATION
|
|
Number
of Shares
|
|
Weighted Average
Exercise Price
|
|||
Outstanding at December 25, 2016
|
56,691
|
|
|
$
|
1.45
|
|
Exercised
|
(13,228
|
)
|
|
$
|
1.45
|
|
Granted
|
—
|
|
|
$
|
—
|
|
Forfeited
|
(23,509
|
)
|
|
$
|
1.45
|
|
Outstanding at June 25, 2017
|
19,954
|
|
|
$
|
1.45
|
|
Exercisable at June 25, 2017
|
19,954
|
|
|
$
|
1.45
|
|
|
Number of
Shares
|
|
Weighted-
Average Grant
Date Fair Value
|
|||
Outstanding at December 25, 2016
|
320,570
|
|
|
$
|
9.20
|
|
Granted
|
228,500
|
|
|
$
|
4.75
|
|
Vested
|
(98,123
|
)
|
|
$
|
10.96
|
|
Forfeited
|
(12,225
|
)
|
|
$
|
10.23
|
|
Outstanding at June 25, 2017
|
438,722
|
|
|
$
|
6.46
|
|
5.
|
INCOME TAXES
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Thirteen Weeks Ended
|
|||||||||||||||||||||||
|
June 25, 2017
|
|
% of
Revenues
|
|
June 26, 2016
|
|
% of
Revenues
|
|
Change
|
|
% Change
|
|||||||||||||
|
(dollars in thousands)
|
|||||||||||||||||||||||
Revenues
|
$
|
103,041
|
|
|
100.0
|
%
|
|
$
|
105,213
|
|
|
100
|
%
|
|
$
|
(2,172
|
)
|
|
(2.1
|
)%
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Cost of sales
|
26,277
|
|
|
25.5
|
%
|
|
27,235
|
|
|
25.9
|
%
|
|
(958
|
)
|
|
(3.5
|
)%
|
|||||||
Labor
|
38,467
|
|
|
37.3
|
%
|
|
39,751
|
|
|
37.8
|
%
|
|
(1,284
|
)
|
|
(3.2
|
)%
|
|||||||
Operating
|
16,700
|
|
|
16.2
|
%
|
|
17,612
|
|
|
16.7
|
%
|
|
(912
|
)
|
|
(5.2
|
)%
|
|||||||
Occupancy
|
7,307
|
|
|
7.1
|
%
|
|
7,477
|
|
|
7.1
|
%
|
|
(170
|
)
|
|
(2.3
|
)%
|
|||||||
General and administrative expenses
|
6,375
|
|
|
6.2
|
%
|
|
6,574
|
|
|
6.2
|
%
|
|
(199
|
)
|
|
(3.0
|
)%
|
|||||||
Restaurant preopening costs
|
121
|
|
|
0.1
|
%
|
|
73
|
|
|
0.1
|
%
|
|
48
|
|
|
65.8
|
%
|
|||||||
Impairment
|
—
|
|
0.02
|
|
—
|
%
|
—
|
|
1,249
|
|
|
1.2
|
%
|
0.01
|
|
(1,249
|
)
|
—
|
|
-
|
|
|||
Depreciation and amortization
|
5,143
|
|
|
5.0
|
%
|
|
5,547
|
|
|
5.3
|
%
|
|
(404
|
)
|
|
(7.3
|
)%
|
|||||||
Total costs and expenses
|
100,390
|
|
|
97.4
|
%
|
|
105,518
|
|
|
100.3
|
%
|
|
(5,128
|
)
|
|
(4.9
|
)%
|
|||||||
Income (loss) from operations
|
2,651
|
|
|
2.6
|
%
|
|
(305
|
)
|
|
(0.3
|
)%
|
|
2,956
|
|
|
-
|
|
|||||||
Interest expense, net
|
529
|
|
|
0.5
|
%
|
|
344
|
|
|
0.3
|
%
|
|
185
|
|
|
53.8
|
%
|
|||||||
Income (loss) before income taxes
|
2,122
|
|
|
2.1
|
%
|
|
(649
|
)
|
|
(0.6
|
)%
|
|
2,771
|
|
|
-
|
|
|||||||
Income tax expense
|
176
|
|
|
0.2
|
%
|
|
5
|
|
|
—
|
%
|
|
171
|
|
|
-
|
|
|||||||
Net income (loss)
|
$
|
1,946
|
|
|
1.9
|
%
|
|
$
|
(654
|
)
|
|
(0.6
|
)%
|
|
$
|
2,600
|
|
|
-
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Certain percentage amounts may not sum due to rounding. Percentages over 100% are not shown.
|
|
Thirteen Weeks Ended
|
||||||
|
June 25,
2017 |
|
June 26,
2016 |
||||
|
|
|
|
||||
Net income (loss)
|
$
|
1,946
|
|
|
$
|
(654
|
)
|
Impact from:
|
|
|
|
||||
Asset impairment charges (1)
|
—
|
|
|
1,249
|
|
||
Reserve for uncertain tax positions (2)
|
—
|
|
|
265
|
|
||
Tax expense from excess tax deficiency for option exercises (3)
|
—
|
|
|
134
|
|
||
Income tax expense (4)
|
—
|
|
|
(125
|
)
|
||
Adjusted net income
|
$
|
1,946
|
|
|
$
|
869
|
|
|
Basic
|
|
Diluted
|
||||||||||||
|
June 25,
2017 |
|
June 26,
2016 |
|
June 25,
2017 |
|
June 26,
2016 |
||||||||
Net income(loss) per share
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.13
|
|
|
$
|
(0.04
|
)
|
Impact from:
|
|
|
|
|
|
|
|
||||||||
Asset impairment charges (1)
|
—
|
|
|
0.08
|
|
|
—
|
|
|
0.08
|
|
||||
Reserve for uncertain tax positions (2)
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
||||
Tax expense from excess tax deficiency for option exercises (3)
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
||||
Income tax expense (4)
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
(0.01
|
)
|
||||
Adjusted net income per share
|
$
|
0.13
|
|
|
$
|
0.06
|
|
|
$
|
0.13
|
|
|
$
|
0.06
|
|
Weighted average shares outstanding (5)
|
15,174
|
|
|
14,597
|
|
|
15,221
|
|
|
15,227
|
|
1)
|
Reflects non-cash asset impairment charges for the thirteen weeks ended
June 26, 2016
for one restaurant.
|
2)
|
During the thirteen weeks ended
June 26, 2016
, the Company determined that settlement of the Internal Revenue Service audit of the Company's fiscal year ended December 26, 2010 was more likely than not and recorded a reserve for an uncertain tax position.
|
3)
|
Reflects the excess tax deficiency associated with the exercise of stock options during the period.
|
4)
|
Reflects the adjustments for income taxes, at our estimated annual effective tax rate, related to impairment charges.
|
5)
|
Diluted weighted average shares outstanding includes all potentially issuable common shares, except in a loss position, in which case diluted weighted average shares outstanding is equal to basic weighted average shares outstanding.
|
|
Twenty-Six Weeks Ended
|
|||||||||||||||||||
|
June 25,
2017 |
|
% of
Revenues
|
|
June 26,
2016 |
|
% of
Revenues
|
|
Change
|
|
% Change
|
|||||||||
|
(dollars in thousands)
|
|||||||||||||||||||
Revenues
|
$
|
209,760
|
|
|
100
|
%
|
|
$
|
214,013
|
|
|
100
|
%
|
|
$
|
(4,253
|
)
|
|
(2.0
|
)%
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of sales
|
54,488
|
|
|
26.0
|
%
|
|
55,242
|
|
|
25.8
|
%
|
|
(754
|
)
|
|
(1.4
|
)%
|
|||
Labor
|
77,537
|
|
|
37.0
|
%
|
|
79,016
|
|
|
36.9
|
%
|
|
(1,479
|
)
|
|
(1.9
|
)%
|
|||
Operating
|
33,785
|
|
|
16.1
|
%
|
|
35,194
|
|
|
16.4
|
%
|
|
(1,409
|
)
|
|
(4.0
|
)%
|
|||
Occupancy
|
15,756
|
|
|
7.5
|
%
|
|
15,586
|
|
|
7.3
|
%
|
|
170
|
|
|
1.1
|
%
|
|||
General and administrative expenses
|
14,046
|
|
|
6.7
|
%
|
|
13,245
|
|
|
6.2
|
%
|
|
801
|
|
|
6.0
|
%
|
|||
Restaurant preopening costs
|
150
|
|
|
0.1
|
%
|
|
514
|
|
|
0.2
|
%
|
|
(364
|
)
|
|
(70.8
|
)%
|
|||
Impairment
|
—
|
|
|
—
|
%
|
|
1,249
|
|
|
0.6
|
%
|
|
(1,249
|
)
|
|
-
|
|
|||
Depreciation and amortization
|
10,257
|
|
|
4.9
|
%
|
|
11,080
|
|
|
5.2
|
%
|
|
(823
|
)
|
|
(7.4
|
)%
|
|||
Total costs and expenses
|
206,019
|
|
|
98.2
|
%
|
|
211,126
|
|
|
98.7
|
%
|
|
(5,107
|
)
|
|
(2.4
|
)%
|
|||
Income from operations
|
3,741
|
|
|
1.8
|
%
|
|
2,887
|
|
|
1.3
|
%
|
|
854
|
|
|
29.6
|
%
|
|||
Interest expense, net
|
1,040
|
|
|
0.5
|
%
|
|
692
|
|
|
0.3
|
%
|
|
348
|
|
|
50.3
|
%
|
|||
Income before income taxes
|
2,701
|
|
|
1.3
|
%
|
|
2,195
|
|
|
1.0
|
%
|
|
506
|
|
|
23.1
|
%
|
|||
Income tax expense
|
205
|
|
|
0.1
|
%
|
|
601
|
|
|
0.3
|
%
|
|
(396
|
)
|
|
(65.9
|
)%
|
|||
Net income
|
$
|
2,496
|
|
|
1.2
|
%
|
|
$
|
1,594
|
|
|
0.7
|
%
|
|
$
|
902
|
|
|
56.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Certain percentage amounts may not sum due to rounding. Percentages over 100% are not shown.
|
|
Twenty-Six Weeks Ended
|
||||||
|
June 25,
2017 |
|
June 26,
2016 |
||||
Net income
|
$
|
2,496
|
|
|
$
|
1,594
|
|
Impact from:
|
|
|
|
||||
Litigation settlements and expenses, net (1)
|
1,560
|
|
|
—
|
|
||
Asset impairment charges (2)
|
—
|
|
|
1,249
|
|
||
Reserve for uncertain tax positions (3)
|
—
|
|
|
265
|
|
||
Tax expense from excess tax deficiency for option exercises (4)
|
—
|
|
|
134
|
|
||
Income tax expense (5)
|
(78
|
)
|
|
(125
|
)
|
||
Adjusted net income
|
$
|
3,978
|
|
|
$
|
3,117
|
|
|
Basic
|
|
Diluted
|
||||||||||||
|
June 25,
2017 |
|
June 26,
2016 |
|
June 25,
2017 |
|
June 26,
2016 |
||||||||
Net income per share
|
$
|
0.16
|
|
|
$
|
0.11
|
|
|
$
|
0.16
|
|
|
$
|
0.10
|
|
Impact from:
|
|
|
|
|
|
|
|
||||||||
Litigation settlements and expenses, net (1)
|
0.10
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
||||
Asset impairment charges (2)
|
—
|
|
|
0.08
|
|
|
—
|
|
|
0.08
|
|
||||
Reserve for uncertain tax positions (3)
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
||||
Tax expense from excess tax deficiency for option exercises (4)
|
—
|
|
|
0.01
|
|
|
—
|
|
|
0.01
|
|
||||
Income tax expense (5)
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.01
|
)
|
Adjusted net income per share
|
$
|
0.25
|
|
|
$
|
0.21
|
|
|
$
|
0.25
|
|
|
$
|
0.20
|
|
Weighted average shares outstanding
|
15,144
|
|
|
14,681
|
|
|
15,175
|
|
|
15,331
|
|
1)
|
See Note
6
to our unaudited consolidated financial statements in Part 1, Item 1 of this report for information regarding litigation settlements and expenses recorded during the
twenty-six weeks ended
June 26, 2016
.
|
2)
|
Reflects non-cash asset impairment charges for the
twenty-six weeks ended
June 26, 2016
for one restaurant.
|
3)
|
During the
twenty-six weeks ended
June 26, 2016
, the Company determined that settlement of the Internal Revenue Service audit of the Company's fiscal year ended December 26, 2010 was more likely than not and recorded a reserve for an uncertain tax position.
|
4)
|
Reflects the excess tax deficiency associated with the exercise of stock options during the period.
|
5)
|
Reflects the adjustments for income taxes, at our estimated annual effective tax rate, related to accrued liability for current litigation and impairment charges.
|
|
Twenty-Six Weeks Ended
|
||||||
|
June 25,
2017 |
|
June 26,
2016 |
||||
Net cash provided by operating activities
|
$
|
7,404
|
|
|
$
|
11,727
|
|
Net cash used in investing activities
|
(4,659
|
)
|
|
(7,693
|
)
|
||
Net cash used in financing activities
|
(2,824
|
)
|
|
(4,100
|
)
|
||
Net decrease in cash and cash equivalents
|
(79
|
)
|
|
(66
|
)
|
||
Cash and cash equivalents at beginning of period
|
444
|
|
|
447
|
|
||
Cash and cash equivalents at end of period
|
$
|
365
|
|
|
$
|
381
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
|
Description
|
|
|
|
10.1*
|
|
Waiver and Second Amendment to the Credit Agreement, dated as of August 1, 2017, by and among Bravo Brio Restaurant Group, Inc., as borrower, the domestic subsidiaries of the borrower, as guarantors, the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent, Bank of America, N.A., as syndication agent, KeyBank National Association as documentation agent, and Wells Fargo Securities, LLC, Keybanc Capital Markets, Inc. and Merril Lynch, Pierce, Fenner & Smith, Inc., as co-lead arrangers and joint book managers.
|
|
|
|
10.2*
|
|
Amendment to the Employment Agreement, dated as of August 2, 2017, by and between Bravo Brio Restaurant Group, Inc. and Brian T. O'Malley.
|
|
|
|
10.3*
|
|
Amendment to the Employment Agreement, dated as of August 2, 2017, by and between Bravo Brio Restaurant Group, Inc. and James J. O'Connor.
|
|
|
|
10.4*
|
|
Employment Agreement, dated as of August 3, 2017, by and between Bravo Brio Restaurant Group, Inc. and Khanh P Collins.
|
|
|
|
11
|
|
Computation of Per Share Earnings (included in the Condensed Notes to Unaudited Consolidated Financial Statements contained in this Report).
|
|
|
|
31(a)*
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31(b)*
|
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32(a)*
|
|
Certification of Chief Executive Officer and the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
*
|
Filed herewith
|
Bravo Brio Restaurant Group, Inc.
|
||
|
|
|
By:
|
|
/s/ Brian T. O'Malley
|
|
|
Brian T. O'Malley
|
|
|
President, Chief Executive Officer and Director
|
|
|
(Principal Executive Officer)
|
|
|
|
By:
|
|
/s/ James J. O’Connor
|
|
|
James J. O’Connor
|
|
|
Executive Vice President,
|
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
|
(Principal Financial Officer)
|
1 Year Bravo Brio Restaurant Grp., Inc. (delisted) Chart |
1 Month Bravo Brio Restaurant Grp., Inc. (delisted) Chart |
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