We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fiesta Restaurant Group Inc | NASDAQ:FRGI | 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% | 8.50 | 8.48 | 8.51 | 0 | 01:00:00 |
ý
|
ANNUAL 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
|
Delaware
|
|
90-0712224
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
14800 Landmark Boulevard, Suite 500
Dallas, TX
|
|
75254
|
(Address of principal executive office)
|
|
(Zip Code)
|
Title of each class:
|
Name on each exchange on which registered:
|
Common Stock, par value $.01 per share
|
The NASDAQ Global Select Market
|
Large accelerated filer
|
ý
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
(Do not check if smaller reporting company)
|
|
|
|
|
Page
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
•
|
such financial information does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
|
•
|
such financial information does not reflect interest expense or the cash used to repay outstanding borrowings under our senior credit facility;
|
•
|
although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and such financial information does not reflect the cash required to fund such replacements; and
|
•
|
such financial information does not reflect the effect of earnings or charges resulting from matters that our management does not consider to be indicative of our ongoing operations. However, some of these charges (such as impairment and other lease charges, other income and expense and stock-based compensation expense) have recurred and may recur.
|
•
|
Increases in food and other commodity costs;
|
•
|
Risks associated with the expansion of our business, including increasing construction costs;
|
•
|
Risks associated with food borne illness or other food safety issues, including negative publicity through traditional and social media;
|
•
|
Our ability to manage our growth and successfully implement our business strategy;
|
•
|
Labor and employment benefit costs, including the impact of increases in federal and state minimum wages, increases in exempt status salary levels and healthcare costs imposed by the Affordable Care Act;
|
•
|
Cyber security breaches;
|
•
|
General economic conditions, particularly in the retail sector;
|
•
|
Competitive conditions;
|
•
|
Weather conditions;
|
•
|
Significant disruptions in service or supply by any of our suppliers or distributors;
|
•
|
Increases in employee injury and general liability claims;
|
•
|
Changes in consumer perception of dietary health and food safety;
|
•
|
Regulatory factors;
|
•
|
Fuel prices;
|
•
|
The outcome of pending or future legal claims or proceedings;
|
•
|
Environmental conditions and regulations;
|
•
|
Our borrowing costs;
|
•
|
The availability and terms of necessary or desirable financing or refinancing and other related risks and uncertainties;
|
•
|
The risk of an act of terrorism or escalation of any insurrection or armed conflict involving the United States or any other national or international calamity;
|
•
|
Factors that affect the restaurant industry generally, including product recalls, liability if our products cause injury, ingredient disclosure and labeling laws and regulations; and
|
•
|
Other factors discussed under Item 1A—“Risk Factors” and elsewhere herein.
|
|
|
Pollo Tropical
|
|
Taco Cabana
|
Interior costs and signage
|
|
$0.6 million to $0.9 million
|
|
$0.5 million to $0.6 million
|
Exterior costs
|
|
$0.7 million to $1.4 million
|
|
$1.2 million to $1.3 million
|
Land
|
|
$0.9 million to $1.4 million
|
|
N/A
|
•
|
Focus on consistency of operations and food quality
: We believe the quality, consistency and accuracy of our operations result in an enjoyable guest experience, which drives guest frequency. We will continue to refine our menu offerings, supply chain and food preparation processes to ensure high quality, freshness and consistency of our food which we believe are critical components to the continued success of our brands.
|
•
|
New product innovation
: Across both brands, our menus are centered on fresh, high quality food offerings that we believe have both broad appeal and provide everyday value. Pollo Tropical and Taco Cabana each have separate teams of product research and development professionals that enables us to continually refine our menu offerings and develop new products. Maintaining a strong product pipeline is critical to keeping our offerings compelling, and we intend to introduce innovative new items and enhancements to existing menu favorites throughout the year to drive further guest traffic and maximize guest frequency. Also, the addition of portable menu items, such as wraps, sandwiches, bowls and salads, as well as home meal replacement and family meals will continue to be a key focus for both brands as we look to capture more meal occasions for people on the go.
|
•
|
Focus on effective advertising to highlight our everyday value proposition
: Pollo Tropical and Taco Cabana utilize an integrated, multi-level marketing approach that includes periodic chain-wide promotions, direct mail, outdoor
|
•
|
Grow our off premise sales:
While both Pollo Tropical and Taco Cabana offer family meals and catering, we believe both brands have significant opportunities to grow their off premise sales. We redesigned the Pollo Tropical on-line catering order site in
2016
to improve the on-line catering order experience and expect to complete a redesign of the Taco Cabana on-line catering order site in
2017
. In addition to launching a redesigned website with enhanced on-line ordering capabilities and a smart phone app, we are also offering delivery in certain markets and plan to increase our delivery capabilities in
2017
.
|
•
|
Continue our brand elevation and reimage program
: We believe that our elevated brand position continues to resonate with guests by enhancing the quality of the guest experience at our restaurants by aligning our image and service with our high quality food offerings. We continue to implement restaurant enhancement initiatives to elevate the dining experience at our Pollo Tropical and Taco Cabana restaurants in select markets. We believe these enhancements improve our brands’ positioning in the fast-casual segment while appealing to a broader demographic. Our restaurant enhancements create an updated, contemporary look that we believe is more relevant to today’s consumers and include changes to both the interior and exterior of our restaurants with the addition of new tables and chairs, upgraded salsa bars and the addition of photos and murals to create a more inviting feel and highlight our fresh ingredients. Our Pollo Tropical and Taco Cabana elevated formats also feature limited table service, Wi-Fi and new menu items, as well as hand-held menus and real plates and silverware in certain locations. Additionally, we plan to continue our restaurant reimaging efforts as we refresh and upgrade our entire system. As of
January 1, 2017
, we have reimaged
30
Pollo Tropical restaurants, and plan to continue to reimage additional Pollo Tropical restaurants, which we believe will further differentiate our Pollo Tropical brand with a more Caribbean inspired look, help us maintain a quality restaurant environment, and further drive incremental sales and profitability.
|
•
|
product quality and taste;
|
•
|
brand differentiation and recognition;
|
•
|
convenience of location;
|
•
|
speed of service;
|
•
|
menu variety;
|
•
|
value perception;
|
•
|
ambiance;
|
•
|
cleanliness; and
|
•
|
hospitality
|
|
|
Year ended
|
||||||||
|
|
January 1, 2017
|
January 3, 2016
|
December 28, 2014
|
||||||
Pollo Tropical:
|
|
|
|
|
||||||
Average annual sales per company-owned restaurant (in thousands)
(1)
|
|
$
|
2,354
|
|
$
|
2,585
|
|
$
|
2,720
|
|
Average sales transaction
|
|
$
|
10.94
|
|
$
|
10.76
|
|
$
|
10.26
|
|
Drive-through sales as a percentage of total sales
|
|
46.3
|
%
|
45.7
|
%
|
45.3
|
%
|
|||
Day-part sales percentages:
|
|
|
|
|
||||||
Lunch
|
|
47.1
|
%
|
46.8
|
%
|
46.5
|
%
|
|||
Dinner and late night
|
|
52.9
|
%
|
53.2
|
%
|
53.5
|
%
|
|||
Taco Cabana:
|
|
|
|
|
||||||
Average annual sales per company-owned restaurant (in thousands)
(1)
|
|
$
|
1,894
|
|
$
|
1,920
|
|
$
|
1,831
|
|
Average sales transaction
|
|
$
|
9.27
|
|
$
|
9.16
|
|
$
|
8.75
|
|
Drive-through sales as a percentage of total sales
|
|
55.7
|
%
|
54.7
|
%
|
53.9
|
%
|
|||
Day-part sales percentages:
|
|
|
|
|
||||||
Breakfast
|
|
22.3
|
%
|
20.8
|
%
|
19.8
|
%
|
|||
Lunch
|
|
22.0
|
%
|
22.4
|
%
|
22.5
|
%
|
|||
Dinner
|
|
24.9
|
%
|
25.4
|
%
|
25.8
|
%
|
|||
Late night (9pm to midnight)
|
|
11.8
|
%
|
12.1
|
%
|
12.4
|
%
|
|||
Afternoon (2pm to 5pm)
|
|
12.6
|
%
|
12.7
|
%
|
12.5
|
%
|
|||
Overnight (midnight to 6am)
|
|
6.4
|
%
|
6.6
|
%
|
7.0
|
%
|
ITEM 1A.
|
RISK FACTORS
|
•
|
changes in local, regional or national economic conditions;
|
•
|
changes in demographic trends;
|
•
|
changes in consumer tastes;
|
•
|
changes in traffic patterns;
|
•
|
increases in fuel prices and utility costs;
|
•
|
consumer concerns about health, diet and nutrition;
|
•
|
instances of food-borne or localized illnesses or other food safety issues;
|
•
|
increases in the number of, and particular locations of, competing restaurants;
|
•
|
changes in discretionary consumer spending;
|
•
|
inflation;
|
•
|
availability of key commodities such as beef, chicken, eggs and produce;
|
•
|
increases in the cost of key commodities, such as beef, chicken, eggs and produce as well as the cost of paper goods and packaging;
|
•
|
increased labor costs, including escalating wages due to competition for employees, unemployment insurance, minimum wage and overtime requirements;
|
•
|
increases in the cost of providing healthcare and related benefits to employees, including the impact of the Affordable Care Act;
|
•
|
costs related to remaining competitive and current with regard to new technologies in our restaurants such as, loyalty programs, gift cards, on-line ordering and credit card security;
|
•
|
the availability of hourly-paid employees and experienced restaurant managers; and
|
•
|
regional weather conditions.
|
•
|
developed restaurants that do not achieve desired revenue or cash flow levels or other operating and performance targets once opened;
|
•
|
the inability to recruit and retain managers and other employees necessary to staff each new restaurant;
|
•
|
incurring substantial unrecoverable costs in the event a development project is abandoned prior to completion or a new restaurant is closed due to poor financial performance;
|
•
|
changes in general economic and business conditions;
|
•
|
the inability to fund development;
|
•
|
increasing development costs or development costs that exceed budgeted amounts;
|
•
|
delays in completion of construction;
|
•
|
the inability to obtain all necessary zoning and construction permits;
|
•
|
the inability to identify, or the unavailability of, suitable sites on acceptable leasing or purchase terms; and
|
•
|
changes in governmental rules and regulations or enforcement thereof.
|
•
|
health care;
|
•
|
employer/employee relationships, including minimum wage requirements, overtime, working and safety conditions, family leave mandates, immigration and citizenship or work authorization or related requirements;
|
•
|
federal and state laws that prohibit discrimination and laws regulating design and operation of, and access to, facilities, such as the Americans With Disabilities Act of 1990;
|
•
|
requirements relating to labeling of caloric and other nutritional information on menu boards, advertising and food packaging;
|
•
|
the preparation and sale of food;
|
•
|
liquor licenses which allow us to serve alcoholic beverages at our Taco Cabana restaurants;
|
•
|
zoning; and
|
•
|
federal and state regulations governing the operations of franchises, including rules promulgated by the Federal Trade Commission.
|
•
|
make it more difficult for us to satisfy our obligations with respect to our debt;
|
•
|
increase our vulnerability to general adverse economic and industry conditions;
|
•
|
require us to dedicate a portion of our cash flow from operations to payments on our indebtedness and related interest, including indebtedness we may incur in the future, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes;
|
•
|
limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;
|
•
|
increase our cost of borrowing;
|
•
|
place us at a competitive disadvantage compared to our competitors that may have less debt; and
|
•
|
limit our ability to obtain additional financing for working capital, capital expenditures, acquisitions, debt service requirements or general corporate purposes.
|
•
|
incur additional debt;
|
•
|
pay dividends and make other distributions on, redeem or repurchase, capital stock;
|
•
|
make investments or other restricted payments;
|
•
|
enter into transactions with affiliates;
|
•
|
sell all, or substantially all, of our assets;
|
•
|
create liens on assets to secure debt; or
|
•
|
effect a consolidation or merger.
|
•
|
price and volume fluctuations in the overall stock market from time to time;
|
•
|
significant volatility in the market price and trading volume of our company as well as companies generally or restaurant companies;
|
•
|
actual or anticipated variations in the earnings or operating results of our company or our competitors;
|
•
|
actual or anticipated changes in financial estimates by us or by any securities analysts who might cover our stock or the stock of other companies in our industry;
|
•
|
market conditions or trends in our industry and the economy as a whole;
|
•
|
announcements by us or our competitors of significant acquisitions, strategic partnerships or divestitures and our ability to complete any such transaction;
|
•
|
announcements of investigations or regulatory scrutiny of our operations or lawsuits filed against us;
|
•
|
capital commitments;
|
•
|
changes in accounting principles;
|
•
|
additions or departures of key personnel; and
|
•
|
sales of our common stock, including sales of large blocks of our common stock or sales by our directors and officers.
|
•
|
Responding to proxy contests and related actions by activist stockholders such as JCP can be costly and time-consuming, disrupt our operations, and divert the attention of our management and employees away from their regular duties and the pursuit of our business strategies, which could materially and adversely affect our business, operating results and financial condition.
|
•
|
Perceived uncertainties as to our future direction as a result of potential changes to the composition of the Board of Directors may lead to the perception of a change in the direction of our business, instability or lack of continuity. This may affect our relationship with current or potential suppliers, vendors, and other third parties, and make it more difficult to attract and retain management employees and executives which could adversely affect our business, operating results and financial condition.
|
•
|
Proxy contests and related actions by activist stockholders such as JCP could cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.
|
•
|
require that special meetings of our stockholders be called only by our board of directors or certain of our officers, thus prohibiting our stockholders from calling special meetings;
|
•
|
deny holders of our common stock cumulative voting rights in the election of directors, meaning that stockholders owning a majority of our outstanding common stock will be able to elect all of our directors;
|
•
|
authorize the issuance of "blank check" preferred stock that our board could issue to dilute the voting and economic rights of our common stock and to discourage a takeover attempt;
|
•
|
provide the approval of our board of directors or a supermajority of stockholders is necessary to make, alter or repeal our amended and restated bylaws and that approval of a supermajority of stockholders is necessary to amend, alter or change certain provisions of our restated certificate of incorporation;
|
•
|
establish advance notice requirements for stockholder nominations for election to our board or for proposing matters that can be acted upon by stockholders at stockholder meetings;
|
•
|
divided our board into three classes of directors, with each class serving a staggered 3-year term, which generally increases the difficulty of replacing a majority of the directors;
|
•
|
provide that directors only may be removed for cause by a majority of the board and/or by a supermajority of our stockholders; and
|
•
|
require that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of stockholders and may not be effected by any consent in writing.
|
|
Owned
|
Leased (1)
|
Total (2)
|
|||
Restaurants:
|
|
|
|
|||
Pollo Tropical
|
11
|
|
166
|
|
177
|
|
Taco Cabana
|
9
|
|
157
|
|
166
|
|
Total operating restaurants
|
20
|
|
323
|
|
343
|
|
(1)
|
Includes twelve restaurants located in in-line or storefront locations.
|
(2)
|
Excludes restaurants operated by our Pollo Tropical and Taco Cabana franchisees. In addition, as of
January 1, 2017
, we had
six
restaurants under development,
six
properties subleased to third parties and
seven
properties available for sublease.
|
ITEM 5.
|
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
|
Common Stock Price
|
|||||
|
High
|
Low
|
||||
Year Ended January 1, 2017
|
|
|
||||
First Quarter
|
$
|
38.42
|
|
$
|
31.38
|
|
Second Quarter
|
$
|
35.70
|
|
$
|
21.01
|
|
Third Quarter
|
$
|
26.48
|
|
$
|
21.93
|
|
Fourth Quarter
|
$
|
30.50
|
|
$
|
23.74
|
|
|
|
|
||||
Year Ended January 3, 2016
|
|
|
||||
First Quarter
|
$
|
66.99
|
|
$
|
55.32
|
|
Second Quarter
|
$
|
62.32
|
|
$
|
46.45
|
|
Third Quarter
|
$
|
58.47
|
|
$
|
46.35
|
|
Fourth Quarter
|
$
|
45.71
|
|
$
|
32.01
|
|
Total Cumulative Shareholder Returns
|
|||||||||||||||||||||||||||||||||
|
5/8/2012
|
06/30/2012
|
12/31/2012
|
06/30/2013
|
12/31/2013
|
06/30/2014
|
12/31/2014
|
6/30/2015
|
1/3/2016
|
6/30/2016
|
1/1/2017
|
||||||||||||||||||||||
Fiesta Restaurant Group, Inc.
|
$
|
100.00
|
|
$
|
115.04
|
|
$
|
133.22
|
|
$
|
298.75
|
|
$
|
454.26
|
|
$
|
403.57
|
|
$
|
528.70
|
|
$
|
434.78
|
|
$
|
292.17
|
|
$
|
189.65
|
|
$
|
259.57
|
|
NASDAQ Composite
|
$
|
100.00
|
|
$
|
96.66
|
|
$
|
99.81
|
|
$
|
113.79
|
|
$
|
141.87
|
|
$
|
150.29
|
|
$
|
161.78
|
|
$
|
170.84
|
|
$
|
171.75
|
|
$
|
166.99
|
|
$
|
185.66
|
|
S&P Small Cap 600 Restaurants
|
$
|
100.00
|
|
$
|
101.27
|
|
$
|
111.87
|
|
$
|
145.62
|
|
$
|
168.52
|
|
$
|
167.71
|
|
$
|
185.65
|
|
$
|
191.84
|
|
$
|
170.87
|
|
$
|
166.36
|
|
$
|
183.14
|
|
(Dollars in thousands, except share and per share data)
|
Year ended
|
||||||||||||||||||
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
December 29, 2013
|
|
December 30, 2012
|
|||||||||||
Statement of operations data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Restaurant sales
|
$
|
708,956
|
|
|
$
|
684,584
|
|
|
$
|
608,540
|
|
|
$
|
548,980
|
|
|
$
|
507,351
|
|
Franchise royalty revenues and fees
|
2,814
|
|
|
2,808
|
|
|
2,603
|
|
|
2,357
|
|
|
2,375
|
|
|||||
Total revenues
|
711,770
|
|
|
687,392
|
|
|
611,143
|
|
|
551,337
|
|
|
509,726
|
|
|||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of sales
|
214,609
|
|
|
217,328
|
|
|
192,250
|
|
|
176,123
|
|
|
163,514
|
|
|||||
Restaurant wages and related expenses (including stock-based compensation expense of $142, $156, $71, $2 and $11, respectively)
|
185,305
|
|
|
174,222
|
|
|
155,140
|
|
|
143,392
|
|
|
136,265
|
|
|||||
Restaurant rent expense
|
37,493
|
|
|
33,103
|
|
|
29,645
|
|
|
26,849
|
|
|
21,595
|
|
|||||
Other restaurant operating expenses
|
96,457
|
|
|
87,285
|
|
|
78,921
|
|
|
69,021
|
|
|
63,813
|
|
|||||
Advertising expense
|
26,800
|
|
|
21,617
|
|
|
19,493
|
|
|
17,138
|
|
|
16,791
|
|
|||||
General and administrative (including stock-based compensation expense of $3,141, $4,137, $3,426, $2,296 and $2,025, respectively)
|
56,084
|
|
|
54,521
|
|
|
49,414
|
|
|
48,521
|
|
|
43,870
|
|
|||||
Depreciation and amortization
|
36,776
|
|
|
30,575
|
|
|
23,047
|
|
|
20,375
|
|
|
18,278
|
|
|||||
Pre-opening costs
|
5,511
|
|
|
4,567
|
|
|
4,061
|
|
|
2,767
|
|
|
1,673
|
|
|||||
Impairment and other lease charges
|
25,644
|
|
|
2,382
|
|
|
363
|
|
|
199
|
|
|
7,039
|
|
|||||
Other (income) expense, net
(1)
|
(128
|
)
|
|
(679
|
)
|
|
(558
|
)
|
|
(554
|
)
|
|
(92
|
)
|
|||||
Total operating expenses
|
684,551
|
|
|
624,921
|
|
|
551,776
|
|
|
503,831
|
|
|
472,746
|
|
|||||
Income from operations
|
27,219
|
|
|
62,471
|
|
|
59,367
|
|
|
47,506
|
|
|
36,980
|
|
|||||
Interest expense
|
2,171
|
|
|
1,889
|
|
|
2,228
|
|
|
18,043
|
|
|
24,424
|
|
|||||
Loss on extinguishment of debt
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
16,411
|
|
|
—
|
|
|||||
Income before income taxes
|
25,048
|
|
|
60,582
|
|
|
57,139
|
|
|
13,052
|
|
|
12,556
|
|
|||||
Provision for income taxes
|
8,336
|
|
|
22,046
|
|
|
20,963
|
|
|
3,795
|
|
|
4,289
|
|
|||||
Net income
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
|
$
|
9,257
|
|
|
$
|
8,267
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Per share data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net income per share
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
Diluted net income per share
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic weighted average shares outstanding
|
26,682,227
|
|
|
26,515,029
|
|
|
26,293,714
|
|
|
23,271,431
|
|
|
22,890,018
|
|
|||||
Diluted weighted average shares outstanding
|
26,689,179
|
|
|
26,522,196
|
|
|
26,296,049
|
|
|
23,271,431
|
|
|
22,890,018
|
|
|||||
Other financial data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cash provided from operating activities
|
$
|
80,679
|
|
|
$
|
81,352
|
|
|
$
|
64,106
|
|
|
$
|
36,176
|
|
|
$
|
37,975
|
|
Net cash used for investing activities
|
(81,160
|
)
|
|
(87,671
|
)
|
|
(66,658
|
)
|
|
(34,067
|
)
|
|
(32,718
|
)
|
|||||
Net cash (used for) provided from financing activities
|
(604
|
)
|
|
6,513
|
|
|
(3,339
|
)
|
|
(6,664
|
)
|
|
(3,394
|
)
|
|||||
Total capital expenditures
|
(82,365
|
)
|
|
(87,570
|
)
|
|
(74,079
|
)
|
|
(47,025
|
)
|
|
(40,996
|
)
|
|
Year ended
|
||||||||||||||||||
(Dollars in thousands)
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
December 29, 2013
|
|
December 30, 2012
|
||||||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
441,565
|
|
|
$
|
415,645
|
|
|
$
|
357,956
|
|
|
$
|
318,785
|
|
|
$
|
303,729
|
|
Working capital
|
(19,827
|
)
|
|
(15,067
|
)
|
|
(14,243
|
)
|
|
(8,180
|
)
|
|
(12,370
|
)
|
|||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
8.875% Senior Secured Second Lien Notes
(2)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
200,000
|
|
Revolving credit facility
|
69,900
|
|
|
71,000
|
|
|
66,000
|
|
|
71,000
|
|
|
—
|
|
|||||
Lease financing obligations
|
1,664
|
|
|
1,663
|
|
|
1,660
|
|
|
1,657
|
|
|
3,029
|
|
|||||
Capital leases
|
1,612
|
|
|
1,681
|
|
|
1,325
|
|
|
1,385
|
|
|
949
|
|
|||||
Total long-term debt
|
$
|
73,176
|
|
|
$
|
74,344
|
|
|
$
|
68,985
|
|
|
$
|
74,042
|
|
|
$
|
203,978
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
$
|
264,175
|
|
|
$
|
243,982
|
|
|
$
|
199,587
|
|
|
$
|
158,306
|
|
|
$
|
10,504
|
|
Operating statistics:
|
|
|
|
|
|
|
|
|
|
||||||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
||||||||||
Restaurant-Level Adjusted EBITDA
(3)
|
$
|
148,434
|
|
|
$
|
151,185
|
|
|
$
|
133,162
|
|
|
$
|
116,459
|
|
|
$
|
105,384
|
|
Restaurant-Level Adjusted EBITDA margin
(3)
|
20.9
|
%
|
|
22.1
|
%
|
|
21.9
|
%
|
|
21.2
|
%
|
|
20.8
|
%
|
|||||
Adjusted EBITDA
(3)
|
92,794
|
|
|
99,042
|
|
|
85,716
|
|
|
69,824
|
|
|
64,241
|
|
|||||
Adjusted EBITDA margin
(3)
|
13.0
|
%
|
|
14.4
|
%
|
|
14.0
|
%
|
|
12.7
|
%
|
|
12.6
|
%
|
|||||
Total company-owned restaurants (at end of period)
|
343
|
|
|
317
|
|
|
291
|
|
|
267
|
|
|
251
|
|
|||||
Pollo Tropical:
|
|
|
|
|
|
|
|
|
|
||||||||||
Company-owned restaurants (at end of period)
|
177
|
|
|
155
|
|
|
124
|
|
|
102
|
|
|
91
|
|
|||||
Average number of company-owned restaurants
|
169.8
|
|
|
138.5
|
|
|
112.3
|
|
|
96.7
|
|
|
89.6
|
|
|||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Restaurant sales
|
$
|
399,736
|
|
|
$
|
364,544
|
|
|
$
|
305,404
|
|
|
$
|
257,837
|
|
|
$
|
227,428
|
|
Franchise royalty revenues and fees
|
2,062
|
|
|
2,197
|
|
|
2,072
|
|
|
1,865
|
|
|
1,915
|
|
|||||
Total revenues
|
401,798
|
|
|
366,741
|
|
|
307,476
|
|
|
259,702
|
|
|
229,343
|
|
|||||
Average annual sales per company-owned restaurant
(4)
|
2,354
|
|
|
2,585
|
|
|
2,720
|
|
|
2,666
|
|
|
2,538
|
|
|||||
Restaurant-Level Adjusted EBITDA
(3)
|
90,294
|
|
|
90,374
|
|
|
78,960
|
|
|
67,785
|
|
|
58,184
|
|
|||||
Restaurant-Level Adjusted EBITDA margin
(3)
|
22.6
|
%
|
|
24.8
|
%
|
|
25.9
|
%
|
|
26.3
|
%
|
|
25.6
|
%
|
|||||
Adjusted EBITDA
(3)
|
55,535
|
|
|
59,335
|
|
|
52,721
|
|
|
43,738
|
|
|
38,592
|
|
|||||
Adjusted EBITDA margin
(3)
|
13.8
|
%
|
|
16.2
|
%
|
|
17.1
|
%
|
|
16.8
|
%
|
|
16.8
|
%
|
|||||
Change in comparable company-owned restaurant sales
(5)
|
(1.6
|
)%
|
|
3.8
|
%
|
|
6.6
|
%
|
|
5.9
|
%
|
|
8.1
|
%
|
|
Year ended
|
||||||||||||||||||
(Dollars in thousands)
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
December 29, 2013
|
|
December 30, 2012
|
||||||||||
Taco Cabana:
|
|
|
|
|
|
|
|
|
|
||||||||||
Company-owned restaurants (at end of period)
|
166
|
|
|
162
|
|
|
167
|
|
|
165
|
|
|
160
|
|
|||||
Average number of company-owned restaurants
|
163.3
|
|
|
163.9
|
|
|
165.6
|
|
|
163.3
|
|
|
158.3
|
|
|||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Restaurant sales
|
$
|
309,220
|
|
|
$
|
320,040
|
|
|
$
|
303,136
|
|
|
$
|
291,143
|
|
|
$
|
279,923
|
|
Franchise royalty revenues and fees
|
752
|
|
|
611
|
|
|
531
|
|
|
492
|
|
|
460
|
|
|||||
Total revenues
|
309,972
|
|
|
320,651
|
|
|
303,667
|
|
|
291,635
|
|
|
280,383
|
|
|||||
Average annual sales per company-owned restaurant
(5)
|
1,894
|
|
|
1,920
|
|
|
1,831
|
|
|
1,783
|
|
|
1,768
|
|
|||||
Restaurant-Level Adjusted EBITDA
(3)
|
58,140
|
|
|
60,811
|
|
|
54,202
|
|
|
48,674
|
|
|
47,200
|
|
|||||
Restaurant-Level Adjusted EBITDA margin
(3)
|
18.8
|
%
|
|
19.0
|
%
|
|
17.9
|
%
|
|
16.7
|
%
|
|
16.9
|
%
|
|||||
Adjusted EBITDA
(3)
|
38,081
|
|
|
39,707
|
|
|
32,995
|
|
|
26,086
|
|
|
25,649
|
|
|||||
Adjusted EBITDA margin
(3)
|
12.3
|
%
|
|
12.4
|
%
|
|
10.9
|
%
|
|
8.9
|
%
|
|
9.1
|
%
|
|||||
Change in comparable company-owned restaurant sales
(5)
|
(2.5
|
)%
|
|
4.4
|
%
|
|
3.3
|
%
|
|
0.5
|
%
|
|
4.7
|
%
|
(1)
|
Other (income) expense, net for the year ended
January 1, 2017
, includes additional proceeds related to a location that closed in
2015
as a result of an eminent domain proceeding, partially offset by costs for the removal of signs and equipment related to the closure of
10
Pollo Tropical restaurants in the fourth quarter of
2016
. Other income for the year ended
January 3, 2016
consisted primarily of a previously deferred gain of $0.4 million from a sale-leaseback transaction that was recognized upon termination of the lease as a result of an eminent domain proceeding and expected business interruption proceeds of $0.3 million related to a Pollo Tropical that was temporarily closed due to a fire. Other income for the year ended
December 28, 2014
consisted primarily of a gain of $0.6 million from a condemnation award resulting from an eminent domain proceeding related to a location that closed in
2014
. Other income for the year ended
December 29, 2013
resulted primarily from a gain of $0.5 million from the sale of a non-operating Pollo Tropical restaurant property. Other income for the year ended
December 30, 2012
also resulted from a gain of $0.1 million from the sale of a non-operating Pollo Tropical restaurant property.
|
(2)
|
In the year ended
December 29, 2013
, we completed a tender offer and consent solicitation for all of our outstanding $200.0 million 8.875% Senior Secured Second Lien Notes due
2016
("Notes") and called for redemption and redeemed all of our Notes that were not validly tendered and accepted for payment in the tender offer. We recognized a loss on extinguishment of debt of $16.4 million in the fourth quarter of
2013
related to the repurchase and redemption of the Notes. The loss on extinguishment of debt includes the write-off of $3.9 million in deferred financing costs related to the Notes and $12.5 million of debt redemption premiums, consent payments, additional interest and other fees related to the redemption of the Notes.
|
(3)
|
Adjusted EBITDA is defined as earnings before interest, loss on extinguishment of debt, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Adjusted EBITDA for each of our Pollo Tropical and Taco Cabana segments includes an allocation of general and administrative expenses associated with administrative support for executive management, information systems and certain accounting, legal, supply chain, human resources, development and other administrative functions. Adjusted EBITDA margin is derived by dividing Adjusted EBITDA by total revenues.
|
|
Year ended
|
||||||||||||||||||
(Dollars in thousands)
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
December 29, 2013
|
|
December 30, 2012
|
||||||||||
Net income
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
|
$
|
9,257
|
|
|
$
|
8,267
|
|
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
36,776
|
|
|
30,575
|
|
|
23,047
|
|
|
20,375
|
|
|
18,278
|
|
|||||
Impairment and other lease charges
|
25,644
|
|
|
2,382
|
|
|
363
|
|
|
199
|
|
|
7,039
|
|
|||||
Interest expense
|
2,171
|
|
|
1,889
|
|
|
2,228
|
|
|
18,043
|
|
|
24,424
|
|
|||||
Loss on extinguishment of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
16,411
|
|
|
—
|
|
|||||
Provision for income taxes
|
8,336
|
|
|
22,046
|
|
|
20,963
|
|
|
3,795
|
|
|
4,289
|
|
|||||
Stock-based compensation expense
|
3,283
|
|
|
4,293
|
|
|
3,497
|
|
|
2,298
|
|
|
2,036
|
|
|||||
Other (income) expense, net
|
(128
|
)
|
|
(679
|
)
|
|
(558
|
)
|
|
(554
|
)
|
|
(92
|
)
|
|||||
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pollo Tropical
|
$
|
55,535
|
|
|
$
|
59,335
|
|
|
$
|
52,721
|
|
|
$
|
43,738
|
|
|
$
|
38,592
|
|
Taco Cabana
|
38,081
|
|
|
39,707
|
|
|
32,995
|
|
|
26,086
|
|
|
25,649
|
|
|||||
Fiesta
|
(822
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consolidated
|
92,794
|
|
|
99,042
|
|
|
85,716
|
|
|
69,824
|
|
|
64,241
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-opening costs
|
5,511
|
|
|
4,567
|
|
|
4,061
|
|
|
2,767
|
|
|
1,673
|
|
|||||
General and administrative (excluding
stock-based compensation expense of
$3,141, $4,137, $3,426, $2,296 and $2,025, respectively)
|
52,943
|
|
|
50,384
|
|
|
45,988
|
|
|
46,225
|
|
|
41,845
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Franchise royalty revenue and fees
|
2,814
|
|
|
2,808
|
|
|
2,603
|
|
|
2,357
|
|
|
2,375
|
|
|||||
Restaurant-Level Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pollo Tropical
|
$
|
90,294
|
|
|
$
|
90,374
|
|
|
$
|
78,960
|
|
|
$
|
67,785
|
|
|
$
|
58,184
|
|
Taco Cabana
|
58,140
|
|
|
60,811
|
|
|
54,202
|
|
|
48,674
|
|
|
47,200
|
|
|||||
Consolidated
|
148,434
|
|
|
151,185
|
|
|
133,162
|
|
|
116,459
|
|
|
105,384
|
|
(4)
|
Average annual sales per company-owned restaurant are derived by dividing restaurant sales for the applicable segment by the average number of company-owned and operated restaurants. For comparative purposes, the calculation of average annual sales per company-owned restaurant is based on a 52-week fiscal year. Restaurant sales data for the extra week in the fiscal year ended
January 3, 2016
have been excluded for purposes of calculating average annual sales per company-owned restaurant.
|
(5)
|
Restaurants are included in comparable restaurant sales after they have been open for 18 months. For comparative purposes, the calculation of the changes in comparable restaurant sales is based on a 52-week fiscal year. Restaurant sales for the extra week in the fiscal year ended
January 3, 2016
have been excluded for purposes of calculating the change in comparable company-owned restaurant sales.
|
•
|
Net income
decreased
$21.8 million
to
$16.7 million
in
2016
, or
$0.62
per diluted share, compared to net income of
$38.5 million
, or
$1.44
per diluted share in
2015
, due primarily to impairment and other lease charges, new restaurant performance, lower comparable restaurant sales and the extra week in our 2015 fiscal year.
|
•
|
Total revenues
increased
3.5%
in
2016
to
$711.8 million
from
$687.4 million
in
2015
, driven primarily by a net increase in the number of company-owned restaurants, partially offset by a decrease in comparable restaurant sales of
1.6%
for our Pollo Tropical restaurants and
2.5%
for our Taco Cabana restaurants and the extra week in our 2015 fiscal year. The
|
•
|
During
2016
, we opened
32
new company-owned Pollo Tropical restaurants and
four
new company-owned Taco Cabana restaurants and permanently closed ten company-owned Pollo Tropical restaurants.
|
|
Year Ended
|
|||||||||||||||||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
|||||||||
|
Pollo Tropical
|
|
Taco Cabana
|
|
Consolidated
|
|||||||||||||||||||||
Restaurant sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Pollo Tropical
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56.38
|
%
|
|
53.25
|
%
|
|
50.19
|
%
|
|||
Taco Cabana
|
|
|
|
|
|
|
|
|
|
|
|
|
43.62
|
%
|
|
46.75
|
%
|
|
49.81
|
%
|
||||||
Consolidated restaurant sales
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
||||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of sales
|
31.7
|
%
|
|
33.4
|
%
|
|
32.9
|
%
|
|
28.5
|
%
|
|
29.9
|
%
|
|
30.3
|
%
|
|
30.3
|
%
|
|
31.7
|
%
|
|
31.6
|
%
|
Restaurant wages and related expenses
|
23.5
|
%
|
|
22.4
|
%
|
|
22.1
|
%
|
|
29.5
|
%
|
|
28.9
|
%
|
|
28.9
|
%
|
|
26.1
|
%
|
|
25.4
|
%
|
|
25.5
|
%
|
Restaurant rent expense
|
5.0
|
%
|
|
4.4
|
%
|
|
4.1
|
%
|
|
5.7
|
%
|
|
5.3
|
%
|
|
5.7
|
%
|
|
5.3
|
%
|
|
4.8
|
%
|
|
4.9
|
%
|
Other restaurant operating expenses
|
13.6
|
%
|
|
12.4
|
%
|
|
12.6
|
%
|
|
13.7
|
%
|
|
13.1
|
%
|
|
13.4
|
%
|
|
13.6
|
%
|
|
12.8
|
%
|
|
13.0
|
%
|
Advertising expense
|
3.7
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
3.9
|
%
|
|
3.8
|
%
|
|
3.9
|
%
|
|
3.8
|
%
|
|
3.2
|
%
|
|
3.2
|
%
|
Pre-opening costs
|
1.2
|
%
|
|
1.2
|
%
|
|
1.1
|
%
|
|
0.2
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
0.8
|
%
|
|
0.7
|
%
|
|
0.7
|
%
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||
|
Owned
|
|
Franchised
|
|
Total
|
|
Owned
|
|
Franchised
|
|
Total
|
|
Owned
|
|
Franchised
|
|
Total
|
|||||||||
Pollo Tropical:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Beginning of year
|
155
|
|
|
35
|
|
|
190
|
|
|
124
|
|
|
37
|
|
|
161
|
|
|
102
|
|
|
39
|
|
|
141
|
|
New
|
32
|
|
|
4
|
|
|
36
|
|
|
32
|
|
|
1
|
|
|
33
|
|
|
22
|
|
|
5
|
|
|
27
|
|
Closed
|
(10
|
)
|
|
(4
|
)
|
|
(14
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
End of year
|
177
|
|
|
35
|
|
|
212
|
|
|
155
|
|
|
35
|
|
|
190
|
|
|
124
|
|
|
37
|
|
|
161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Taco Cabana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning of year
|
162
|
|
|
6
|
|
|
168
|
|
|
167
|
|
|
7
|
|
|
174
|
|
|
165
|
|
|
7
|
|
|
172
|
|
New
|
4
|
|
|
1
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
4
|
|
Closed
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(1
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
End of year
|
166
|
|
|
7
|
|
|
173
|
|
|
162
|
|
|
6
|
|
|
168
|
|
|
167
|
|
|
7
|
|
|
174
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||||
Pollo Tropical:
|
|
|
|
||||
(Decrease) increase in comparable restaurant sales
|
$
|
(5.2
|
)
|
|
$
|
10.7
|
|
Incremental sales related to new restaurants, net of closed restaurants
|
46.9
|
|
|
41.9
|
|
||
Additional week in 2015
|
(6.5
|
)
|
|
6.5
|
|
||
Total increase
|
$
|
35.2
|
|
|
$
|
59.1
|
|
|
|
|
|
||||
Taco Cabana:
|
|
|
|
||||
(Decrease) increase in comparable restaurant sales
|
$
|
(7.7
|
)
|
|
$
|
12.9
|
|
Incremental sales related to new restaurants, net of closed restaurants
|
2.2
|
|
|
(1.3
|
)
|
||
Additional week in 2015
|
(5.3
|
)
|
|
5.3
|
|
||
Total (decrease) increase
|
$
|
(10.8
|
)
|
|
$
|
16.9
|
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
Pollo Tropical:
|
|
|
|
||
Cost of sales:
|
|
|
|
||
(Lower) higher commodity costs
|
(0.8
|
)%
|
|
1.7
|
%
|
Sales mix
|
(0.9
|
)%
|
|
(0.2
|
)%
|
Menu price increases
|
(0.5
|
)%
|
|
(1.4
|
)%
|
Operating inefficiencies
|
0.3
|
%
|
|
0.4
|
%
|
Other
|
0.2
|
%
|
|
—
|
%
|
Net (decrease) increase in cost of sales as a percentage of restaurant sales
|
(1.7
|
)%
|
|
0.5
|
%
|
|
|
|
|
||
Restaurant wages and related expenses:
|
|
|
|
||
Impact of lower sales volumes and higher labor costs for new restaurants
|
0.8
|
%
|
|
1.0
|
%
|
Impact of lower (higher) sales volumes and higher labor costs for comparable
restaurants
|
0.5
|
%
|
|
(0.6
|
)%
|
Higher workers compensation costs
|
0.1
|
%
|
|
0.2
|
%
|
Lower incentive bonus costs
|
(0.2
|
)%
|
|
(0.2
|
)%
|
Lower medical benefit costs
|
(0.1
|
)%
|
|
(0.1
|
)%
|
Net increase in restaurant wages and related expenses as a
|
1.1
|
%
|
|
0.3
|
%
|
percentage of restaurant sales
|
|
|
|
||
|
|
|
|
||
Other operating expenses:
(1)
|
|
|
|
||
Higher (lower) repairs and maintenance costs
|
0.4
|
%
|
|
(0.2
|
)%
|
Higher real estate taxes generally related to new restaurants
|
0.3
|
%
|
|
0.1
|
%
|
Other
|
0.5
|
%
|
|
(0.1
|
)%
|
Net increase (decrease) in other restaurant operating expenses as a
|
1.2
|
%
|
|
(0.2
|
)%
|
percentage of restaurant sales
|
|
|
|
||
|
|
|
|
||
Advertising expense:
|
|
|
|
||
Increase in advertising
|
1.1
|
%
|
|
0.1
|
%
|
Net increase in advertising expense as a percentage of restaurant sales
|
1.1
|
%
|
|
0.1
|
%
|
|
|
|
|
||
Pre-opening costs:
|
|
|
|
||
Increase in number and timing of restaurants openings
|
—
|
%
|
|
0.1
|
%
|
Net increase in pre-opening costs as a percentage of restaurant sales
|
—
|
%
|
|
0.1
|
%
|
|
2016 vs. 2015
|
|
2015 vs. 2014
|
||
Taco Cabana:
|
|
|
|
||
Cost of sales:
|
|
|
|
||
(Lower) higher commodity costs
|
(1.1
|
)%
|
|
0.7
|
%
|
Menu price increases
|
(0.7
|
)%
|
|
(1.0
|
)%
|
Menu board changes
|
—
|
%
|
|
(0.4
|
)%
|
Higher promotions and discounts
|
0.2
|
%
|
|
0.3
|
%
|
Higher operating inefficiencies
|
0.2
|
%
|
|
—
|
%
|
Net decrease in cost of sales as a percentage of restaurant sales
|
(1.4
|
)%
|
|
(0.4
|
)%
|
|
|
|
|
||
Restaurant wages and related expenses:
|
|
|
|
||
Impact of lower sales volumes and higher labor costs
|
1.1
|
%
|
|
—
|
%
|
(Lower) higher medical benefit costs
|
(0.2
|
)%
|
|
0.2
|
%
|
Lower incentive bonus costs
|
(0.2
|
)%
|
|
—
|
%
|
Other
|
(0.1
|
)%
|
|
(0.2
|
)%
|
Net increase in restaurant wages and related expenses as a percentage of
|
0.6
|
%
|
|
—
|
%
|
restaurant sales
|
|
|
|
||
|
|
|
|
||
Other operating expenses:
|
|
|
|
||
Lower utility costs
|
(0.3
|
)%
|
|
(0.1
|
)%
|
Higher (lower) repairs and maintenance costs
|
0.3
|
%
|
|
(0.1
|
)%
|
Higher (lower) insurance costs
|
0.2
|
%
|
|
(0.1
|
)%
|
Other
|
0.4
|
%
|
|
—
|
%
|
Net increase (decrease) in other restaurant operating expenses as a
|
0.6
|
%
|
|
(0.3
|
)%
|
percentage of restaurant sales
|
|
|
|
||
|
|
|
|
||
Advertising expense:
|
|
|
|
||
Impact of higher sales volumes
|
0.1
|
%
|
|
(0.1
|
)%
|
Net increase (decrease) in advertising expense as a percentage of
|
0.1
|
%
|
|
(0.1
|
)%
|
restaurant sales
|
|
|
|
||
|
|
|
|
||
Pre-opening costs:
|
|
|
|
||
Increase (decrease) in number of restaurants opened
|
0.1
|
%
|
|
(0.1
|
)%
|
Net increase (decrease) in pre-opening costs as a percentage of
|
0.1
|
%
|
|
(0.1
|
)%
|
restaurant sales
|
|
|
|
•
|
restaurant operations are primarily conducted on a cash basis;
|
•
|
rapid turnover results in a limited investment in inventories; and
|
•
|
cash from sales is usually received before related liabilities for food, supplies and payroll become due.
|
|
Pollo
Tropical
|
|
Taco
Cabana
|
|
Other
|
|
Consolidated
|
||||||||
Year ended January 1, 2017:
|
|
|
|
|
|
|
|
||||||||
New restaurant development
|
$
|
58,325
|
|
|
$
|
7,791
|
|
|
$
|
—
|
|
|
$
|
66,116
|
|
Restaurant remodeling
|
2,755
|
|
|
—
|
|
|
—
|
|
|
2,755
|
|
||||
Other restaurant capital expenditures
(1)
|
2,823
|
|
|
4,302
|
|
|
—
|
|
|
7,125
|
|
||||
Corporate and restaurant information systems
|
1,886
|
|
|
1,113
|
|
|
3,370
|
|
|
6,369
|
|
||||
Total capital expenditures
|
$
|
65,789
|
|
|
$
|
13,206
|
|
|
$
|
3,370
|
|
|
$
|
82,365
|
|
Number of new restaurant openings
|
32
|
|
|
4
|
|
|
|
|
36
|
|
|||||
Year ended January 3, 2016:
|
|
|
|
|
|
|
|
||||||||
New restaurant development
|
$
|
65,992
|
|
|
$
|
4,849
|
|
|
$
|
—
|
|
|
$
|
70,841
|
|
Restaurant remodeling
|
2,757
|
|
|
2,045
|
|
|
—
|
|
|
4,802
|
|
||||
Other restaurant capital expenditures
(1)
|
3,299
|
|
|
4,415
|
|
|
—
|
|
|
7,714
|
|
||||
Corporate and restaurant information systems
|
1,081
|
|
|
985
|
|
|
2,147
|
|
|
4,213
|
|
||||
Total capital expenditures
|
$
|
73,129
|
|
|
$
|
12,294
|
|
|
$
|
2,147
|
|
|
$
|
87,570
|
|
Number of new restaurant openings
|
32
|
|
|
2
|
|
|
|
|
34
|
|
|||||
Year ended December 28, 2014:
|
|
|
|
|
|
|
|
||||||||
New restaurant development
|
$
|
49,142
|
|
|
$
|
7,960
|
|
|
$
|
—
|
|
|
$
|
57,102
|
|
Restaurant remodeling
|
—
|
|
|
7,588
|
|
|
—
|
|
|
7,588
|
|
||||
Other restaurant capital expenditures
(1)
|
2,973
|
|
|
2,002
|
|
|
—
|
|
|
4,975
|
|
||||
Corporate and restaurant information systems
|
240
|
|
|
419
|
|
|
3,755
|
|
|
4,414
|
|
||||
Total capital expenditures
|
$
|
52,355
|
|
|
$
|
17,969
|
|
|
$
|
3,755
|
|
|
$
|
74,079
|
|
Number of new restaurant openings
|
22
|
|
|
4
|
|
|
|
|
26
|
|
(1)
|
Excludes restaurant repair and maintenance expenses included in other restaurant operating expenses in our consolidated financial statements. For the years ended
January 1, 2017
,
January 3, 2016
and
December 28, 2014
, total restaurant repair and maintenance expenses were approximately $18.9 million, $15.9 million and $15.0 million, respectively.
|
|
Payments due by period
|
||||||||||||||||||
Contractual Obligations
|
Total
|
|
Less than
1 Year
|
|
1 - 3
Years
|
|
3 - 5
Years
|
|
More than
5 Years
|
||||||||||
Credit facility debt obligations, including interest
(1)
|
$
|
73,545
|
|
|
$
|
1,877
|
|
|
$
|
71,668
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Capital lease obligations, including interest
(2)
|
2,973
|
|
|
282
|
|
|
564
|
|
|
587
|
|
|
1,540
|
|
|||||
Operating lease obligations
(3)
|
545,050
|
|
|
43,026
|
|
|
85,164
|
|
|
78,776
|
|
|
338,084
|
|
|||||
Lease financing obligations, including interest
(4)
|
2,656
|
|
|
143
|
|
|
290
|
|
|
296
|
|
|
1,927
|
|
|||||
Purchase obligations
(5)
|
14,340
|
|
|
2,390
|
|
|
4,780
|
|
|
4,780
|
|
|
2,390
|
|
|||||
Total contractual obligations
|
$
|
638,564
|
|
|
$
|
47,718
|
|
|
$
|
162,466
|
|
|
$
|
84,439
|
|
|
$
|
343,941
|
|
(1)
|
Our credit facility debt obligations at
January 1, 2017
totaled $69.9 million. Total interest payments on the obligations of $3.1 million for all years presented are included at a weighted average interest rate of 2.29%. Total credit facility fees of $0.5 million for all years presented are included based on
January 1, 2017
rates and balances. Actual interest and fee payments will vary based on our outstanding credit facility balances and the rates in effect during those years. Refer to Note 7 of our consolidated financial statements included in this Annual Report on Form 10-K for details of our debt.
|
(2)
|
Includes total interest of $
1.4 million
for all years presented.
|
(3)
|
Represents the aggregate minimum lease payments under operating leases. Many of our leases also require contingent rent based on a percentage of sales in addition to the minimum base rent and require expenses incidental to the use of the property, all of which have been excluded from this table.
|
(4)
|
Includes total interest of
$1.0 million
for all years presented.
|
(5)
|
Represents a contractual obligation for the master subscription agreement for a new ERP system through April 27, 2024.
|
•
|
such financial information does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments to purchase capital equipment;
|
•
|
such financial information does not reflect interest expense or the cash requirements necessary to service payments on our debt;
|
•
|
although depreciation and amortization are non-cash charges, the assets that we currently depreciate and amortize will likely have to be replaced in the future, and such financial information does not reflect the cash required to fund such replacements; and
|
•
|
such financial information does not reflect the effect of earning or charges resulting from matters that our management does not consider to be indicative of our ongoing operations. However, some of these charges (such as impairment and other lease charges, other income and expense and stock-based compensation expense) have recurred and may recur.
|
|
Year ended
|
||||||||||
(Dollars in thousands)
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Net income
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
Add:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
36,776
|
|
|
30,575
|
|
|
23,047
|
|
|||
Impairment and other lease charges
|
25,644
|
|
|
2,382
|
|
|
363
|
|
|||
Interest expense
|
2,171
|
|
|
1,889
|
|
|
2,228
|
|
|||
Provision for income taxes
|
8,336
|
|
|
22,046
|
|
|
20,963
|
|
|||
Stock-based compensation expense
|
3,283
|
|
|
4,293
|
|
|
3,497
|
|
|||
Other (income) expense, net
|
(128
|
)
|
|
(679
|
)
|
|
(558
|
)
|
|||
Adjusted EBITDA:
|
|
|
|
|
|
||||||
Pollo Tropical
|
$
|
55,535
|
|
|
$
|
59,335
|
|
|
$
|
52,721
|
|
Taco Cabana
|
38,081
|
|
|
39,707
|
|
|
32,995
|
|
|||
Fiesta
|
(822
|
)
|
|
—
|
|
|
—
|
|
|||
Consolidated
|
$
|
92,794
|
|
|
$
|
99,042
|
|
|
$
|
85,716
|
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT 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 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
ITEM 11.
|
EXECUTIVE COMPENSATION
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
ITEM 15.
|
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|
Schedule
|
Description
|
Page
|
II
|
Exhibit
No.
|
|
Description
|
|
|
|
||
3.1
|
|
|
Amended and Restated Certificate of Incorporation of Fiesta Restaurant Group, Inc. (“Fiesta”) (incorporated by reference to Exhibit 3.1 to Amendment No. 3 to Fiesta's Form 10, File No. 001-35373, filed on April 5, 2012)
|
|
|
|
|
3.2
|
|
|
Amended and Restated Bylaws of Fiesta (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to Fiesta's Form 10, File No. 001-35373, filed on January 26, 2012)
|
|
|
|
|
4.1
|
|
|
Form of Stock Certificate for Common Stock (incorporated by reference to Exhibit 4.4 to Amendment No.2 to Fiesta's Form 10, File No. 001-35373, filed on March 14, 2012)
|
|
|
|
|
10.1
|
|
|
Form of Separation and Distribution Agreement among Fiesta, Carrols Restaurant Group and Carrols' (incorporated by reference to Exhibit 10.1 to Amendment No. 3 to Fiesta's Form 10, File No. 001-35373, filed on April 5, 2012)
|
|
|
|
|
10.2
|
|
|
Form of Tax Matters Agreement between Fiesta, Carrols and Carrols Restaurant Group (incorporated by reference to Exhibit 10.2 to Amendment No. 3 to Fiesta's Form 10, File No. 001-35373, filed on April 5, 2012)
|
|
|
|
|
10.3
|
|
|
Form of Employee Matters Agreement between Fiesta, Carrols and Carrols Restaurant Group (incorporated by reference to Exhibit 10.3 to Amendment No. 3 to Fiesta's Form 10, File No. 001-35373, filed on April 5, 2012)
|
|
|
|
|
10.4
|
|
|
Form of Transition Services Agreement among Fiesta, Carrols Restaurant Group and Carrols (incorporated by reference to Exhibit 10.4 to Amendment No. 3 to Fiesta's Form 10, File No. 001-35373, filed on April 5, 2012)
|
|
|
|
|
10.5
|
|
|
Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to Fiesta's Current Report on Form 8-K filed on May 8, 2012)+
|
|
|
|
10.6
|
|
|
Executive Employment Agreement, dated as of February 20, 2014, between Fiesta Restaurant Group and Timothy P. Taft (incorporated by reference to Exhibit 10.1 of Fiesta's Current Report on Form 8-K filed on February 25, 2014)+
|
|
|
|
|
10.7
|
|
|
Agreement dated as of November 4, 2016 between Fiesta Restaurant Group, Inc. and Danny K. Meisenheimer (incorporated by reference to Exhibit 10.1 of Fiesta's Quarterly Report on Form 10-Q for the period ended October 2, 2016)+
|
|
|
|
|
10.8
|
|
|
Agreement dated as of November 4, 2016 between Fiesta Restaurant Group, Inc. and Lynn Schweinfurth (incorporated by reference to Exhibit 10.2 of Fiesta's Quarterly Report on Form 10-Q for the period ended October 2, 2016)+
|
|
|
|
|
10.9
|
|
|
Agreement dated as of November 4, 2016 between Fiesta Restaurant Group, Inc. and Joseph A. Zirkman (incorporated by reference to Exhibit 10.3 of Fiesta's Quarterly Report on Form 10-Q for the period ended October 2, 2016)+
|
|
|
|
|
10.10
|
|
|
Agreement dated as of September 27, 2016 between Fiesta Restaurant Group, Inc. and Timothy P. Taft (incorporated by reference to Exhibit 10.4 of Fiesta's Quarterly Report on Form 10-Q for the period ended October 2, 2016)+
|
|
|
|
|
10.11
|
|
|
Executive Employment Agreement, dated as of February 24, 2017, between Fiesta Restaurant Group and Richard Stockinger (incorporated by reference to Exhibit 10.1 of Fiesta's Current Report on Form 8-K filed on February 27, 2017)+
|
|
|
|
|
10.12
|
|
|
Fiesta Restaurant Group, Inc. and Subsidiaries Deferred Compensation Plan (incorporated by reference to Exhibit 10.10 of Fiesta's Amendment No. 1 to Registration Statement on Form 10 filed on January 26, 2012)+
|
|
|
|
|
10.13
|
|
|
Offer letter between Fiesta Restaurant Group, Inc. and Lynn S. Schweinfurth (incorporated by reference to Exhibit 10.1 of Fiesta's Quarterly Report on Form 10-Q for the period ended July 1, 2012)+
|
|
|
|
|
10.14
|
|
|
Credit Agreement, dated as of December 11, 2013, between Fiesta Restaurant Group, Inc., the guarantors named therein, the lenders named therein and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 of Fiesta's Current Report on Form 8-K filed on December 12, 2013)
|
|
|
|
|
10.15
|
|
|
Security Agreement, dated as of December 11, 2013, between Fiesta Restaurant Group, Inc., the guarantors named therein and Wells Fargo Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.2 of Fiesta's Current Report on Form 8-K filed on December 12, 2013)
|
|
|
|
|
10.16
|
|
|
Amendment to Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan+ (incorporated by reference to Exhibit 10.11 of Fiesta's Annual Report on Form 10-K filed on February 19, 2015)
|
|
|
|
|
21.1
|
|
|
Subsidiaries of Fiesta #
|
|
|
|
|
23.1
|
|
|
Consent of Deloitte & Touche LLP #
|
|
|
||
31.1
|
|
|
Chief Executive Officer’s Certificate Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Fiesta Restaurant Group, Inc. #
|
|
|
||
31.2
|
|
|
Chief Financial Officer’s Certificate Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Fiesta Restaurant Group, Inc.#
|
|
|
||
32.1
|
|
|
Chief Executive Officer’s Certificate Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Fiesta Restaurant Group, Inc.#
|
|
|
||
32.2
|
|
|
Chief Financial Officer’s Certificate Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Fiesta Restaurant Group, Inc.#
|
|
|
||
101.INS
|
|
|
XBRL Instance Document
|
|
|
||
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
||
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
||
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
||
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
||
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
#
|
Filed herewith.
|
+
|
Compensatory plan or arrangement
|
ITEM 16.
|
FORM 10-K SUMMARY
|
|
January 1, 2017
|
|
January 3, 2016
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
4,196
|
|
|
$
|
5,281
|
|
Trade receivables
|
8,771
|
|
|
9,217
|
|
||
Inventories
|
2,865
|
|
|
2,910
|
|
||
Prepaid rent
|
3,575
|
|
|
3,163
|
|
||
Income tax receivable
|
3,304
|
|
|
7,448
|
|
||
Prepaid expenses and other current assets
|
4,231
|
|
|
3,219
|
|
||
Total current assets
|
26,942
|
|
|
31,238
|
|
||
Property and equipment, net
|
270,920
|
|
|
248,992
|
|
||
Goodwill
|
123,484
|
|
|
123,484
|
|
||
Deferred income taxes
|
14,377
|
|
|
8,497
|
|
||
Other assets
|
5,842
|
|
|
3,434
|
|
||
Total assets
|
$
|
441,565
|
|
|
$
|
415,645
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
89
|
|
|
$
|
69
|
|
Accounts payable
|
16,165
|
|
|
12,405
|
|
||
Accrued payroll, related taxes and benefits
|
12,275
|
|
|
15,614
|
|
||
Accrued real estate taxes
|
6,924
|
|
|
6,121
|
|
||
Other liabilities
|
11,316
|
|
|
12,096
|
|
||
Total current liabilities
|
46,769
|
|
|
46,305
|
|
||
Long-term debt, net of current portion
|
71,423
|
|
|
72,612
|
|
||
Lease financing obligations
|
1,664
|
|
|
1,663
|
|
||
Deferred income—sale-leaseback of real estate
|
27,165
|
|
|
30,086
|
|
||
Other liabilities
|
30,369
|
|
|
20,997
|
|
||
Total liabilities
|
177,390
|
|
|
171,663
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock, par value $.01; authorized 100,000,000 shares, issued 26,884,992 and 26,829,220 shares, respectively, and outstanding 26,755,640 and 26,571,602 shares, respectively.
|
267
|
|
|
266
|
|
||
Additional paid-in capital
|
163,204
|
|
|
159,724
|
|
||
Retained earnings
|
100,704
|
|
|
83,992
|
|
||
Total stockholders' equity
|
264,175
|
|
|
243,982
|
|
||
Total liabilities and stockholders' equity
|
$
|
441,565
|
|
|
$
|
415,645
|
|
|
Years Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Restaurant sales
|
$
|
708,956
|
|
|
$
|
684,584
|
|
|
$
|
608,540
|
|
Franchise royalty revenues and fees
|
2,814
|
|
|
2,808
|
|
|
2,603
|
|
|||
Total revenues
|
711,770
|
|
|
687,392
|
|
|
611,143
|
|
|||
Costs and expenses:
|
|
|
|
|
|
||||||
Cost of sales
|
214,609
|
|
|
217,328
|
|
|
192,250
|
|
|||
Restaurant wages and related expenses (including stock-based compensation expense of $142, $156 and $71, respectively)
|
185,305
|
|
|
174,222
|
|
|
155,140
|
|
|||
Restaurant rent expense
|
37,493
|
|
|
33,103
|
|
|
29,645
|
|
|||
Other restaurant operating expenses
|
96,457
|
|
|
87,285
|
|
|
78,921
|
|
|||
Advertising expense
|
26,800
|
|
|
21,617
|
|
|
19,493
|
|
|||
General and administrative (including stock-based compensation expense of $3,141, $4,137 and $3,426, respectively)
|
56,084
|
|
|
54,521
|
|
|
49,414
|
|
|||
Depreciation and amortization
|
36,776
|
|
|
30,575
|
|
|
23,047
|
|
|||
Pre-opening costs
|
5,511
|
|
|
4,567
|
|
|
4,061
|
|
|||
Impairment and other lease charges
|
25,644
|
|
|
2,382
|
|
|
363
|
|
|||
Other (income) expense, net
|
(128
|
)
|
|
(679
|
)
|
|
(558
|
)
|
|||
Total operating expenses
|
684,551
|
|
|
624,921
|
|
|
551,776
|
|
|||
Income from operations
|
27,219
|
|
|
62,471
|
|
|
59,367
|
|
|||
Interest expense
|
2,171
|
|
|
1,889
|
|
|
2,228
|
|
|||
Income before income taxes
|
25,048
|
|
|
60,582
|
|
|
57,139
|
|
|||
Provision for income taxes
|
8,336
|
|
|
22,046
|
|
|
20,963
|
|
|||
Net income
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
Basic net income per share
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
Diluted net income per share
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
Basic weighted average common shares outstanding
|
26,682,227
|
|
|
26,515,029
|
|
|
26,293,714
|
|
|||
Diluted weighted average common shares outstanding
|
26,689,179
|
|
|
26,522,196
|
|
|
26,296,049
|
|
|
Number of
Common Stock Shares |
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Retained
Earnings |
|
Total
Stockholders' Equity |
|||||||||
Balance at December 29, 2013
|
26,082,800
|
|
|
$
|
261
|
|
|
$
|
148,765
|
|
|
$
|
9,280
|
|
|
$
|
158,306
|
|
Additional transfers from Carrols
|
—
|
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
(127
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,497
|
|
|
—
|
|
|
3,497
|
|
||||
Vesting of restricted shares
|
275,648
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Tax benefit from stock-based compensation
|
|
|
|
|
1,765
|
|
|
|
|
1,765
|
|
|||||||
Share issuance costs
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
36,176
|
|
|
36,176
|
|
||||
Balance at December 28, 2014
|
26,358,448
|
|
|
264
|
|
|
153,867
|
|
|
45,456
|
|
|
199,587
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
4,293
|
|
|
—
|
|
|
4,293
|
|
||||
Vesting of restricted shares
|
213,154
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
Tax benefit from stock-based compensation
|
|
|
|
|
1,566
|
|
|
|
|
1,566
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
38,536
|
|
|
38,536
|
|
||||
Balance at January 3, 2016
|
26,571,602
|
|
|
266
|
|
|
159,724
|
|
|
83,992
|
|
|
243,982
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,283
|
|
|
—
|
|
|
3,283
|
|
||||
Vesting of restricted shares
|
184,038
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Tax benefit from stock-based compensation
|
|
|
|
|
198
|
|
|
|
|
198
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
16,712
|
|
|
16,712
|
|
||||
Balance at January 1, 2017
|
26,755,640
|
|
|
$
|
267
|
|
|
$
|
163,204
|
|
|
$
|
100,704
|
|
|
$
|
264,175
|
|
|
Year Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
||||||
Loss (gain) on disposals of property and equipment
|
779
|
|
|
(170
|
)
|
|
(369
|
)
|
|||
Stock-based compensation
|
3,283
|
|
|
4,293
|
|
|
3,497
|
|
|||
Impairment and other lease charges
|
25,644
|
|
|
2,382
|
|
|
363
|
|
|||
Depreciation and amortization
|
36,776
|
|
|
30,575
|
|
|
23,047
|
|
|||
Amortization of deferred financing costs
|
309
|
|
|
315
|
|
|
309
|
|
|||
Amortization of deferred gains from sale-leaseback transactions
|
(3,583
|
)
|
|
(3,618
|
)
|
|
(3,671
|
)
|
|||
Deferred income taxes
|
(5,880
|
)
|
|
5,483
|
|
|
957
|
|
|||
Other
|
1
|
|
|
4
|
|
|
4
|
|
|||
Changes in other operating assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable
|
446
|
|
|
(2,877
|
)
|
|
(329
|
)
|
|||
Other assets - long term
|
(2,796
|
)
|
|
(48
|
)
|
|
4
|
|
|||
Accounts payable
|
3,330
|
|
|
283
|
|
|
(529
|
)
|
|||
Accrued payroll, related taxes and benefits
|
(3,339
|
)
|
|
(243
|
)
|
|
1,561
|
|
|||
Accrued real estate taxes
|
803
|
|
|
1,077
|
|
|
539
|
|
|||
Other liabilities - current
|
(780
|
)
|
|
3,325
|
|
|
(113
|
)
|
|||
Other liabilities - long term
|
6,498
|
|
|
4,752
|
|
|
3,441
|
|
|||
Income tax receivable/payable
|
4,144
|
|
|
(2,474
|
)
|
|
(477
|
)
|
|||
Other
|
(1,668
|
)
|
|
(243
|
)
|
|
(304
|
)
|
|||
Net cash provided from operating activities
|
80,679
|
|
|
81,352
|
|
|
64,106
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Capital expenditures:
|
|
|
|
|
|
||||||
New restaurant development
|
(66,116
|
)
|
|
(70,841
|
)
|
|
(57,102
|
)
|
|||
Restaurant remodeling
|
(2,755
|
)
|
|
(4,802
|
)
|
|
(7,588
|
)
|
|||
Other restaurant capital expenditures
|
(7,125
|
)
|
|
(7,714
|
)
|
|
(4,975
|
)
|
|||
Corporate and restaurant information systems
|
(6,369
|
)
|
|
(4,213
|
)
|
|
(4,414
|
)
|
|||
Total capital expenditures
|
(82,365
|
)
|
|
(87,570
|
)
|
|
(74,079
|
)
|
|||
Properties purchased for sale-leaseback
|
(2,663
|
)
|
|
(250
|
)
|
|
—
|
|
|||
Proceeds from disposals of other properties
|
226
|
|
|
149
|
|
|
1,729
|
|
|||
Proceeds from sale-leaseback transactions
|
3,642
|
|
|
—
|
|
|
5,692
|
|
|||
Net cash used in investing activities
|
(81,160
|
)
|
|
(87,671
|
)
|
|
(66,658
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of stock, net of issuance costs
|
—
|
|
|
—
|
|
|
(30
|
)
|
|||
Excess tax benefit from vesting of restricted shares
|
566
|
|
|
1,566
|
|
|
1,765
|
|
|||
Borrowings on revolving credit facility
|
18,400
|
|
|
28,500
|
|
|
25,000
|
|
|||
Repayments on revolving credit facility
|
(19,500
|
)
|
|
(23,500
|
)
|
|
(30,000
|
)
|
|||
Principal payments on capital leases
|
(70
|
)
|
|
(53
|
)
|
|
(61
|
)
|
|||
Other financing costs
|
—
|
|
|
—
|
|
|
(13
|
)
|
|||
Net cash (used in) provided from financing activities
|
(604
|
)
|
|
6,513
|
|
|
(3,339
|
)
|
|||
Net (decrease) increase in cash
|
(1,085
|
)
|
|
194
|
|
|
(5,891
|
)
|
|||
Cash, beginning of year
|
5,281
|
|
|
5,087
|
|
|
10,978
|
|
|||
Cash, end of year
|
$
|
4,196
|
|
|
$
|
5,281
|
|
|
$
|
5,087
|
|
|
|
|
|
|
|
||||||
Supplemental disclosures:
|
|
|
|
|
|
||||||
Interest paid on long-term debt (including capitalized interest of $255 in 2016 and $335 in 2015)
|
$
|
1,867
|
|
|
$
|
1,748
|
|
|
$
|
1,971
|
|
Interest paid on lease financing obligations
|
$
|
141
|
|
|
$
|
140
|
|
|
$
|
139
|
|
Accruals for capital expenditures
|
$
|
5,288
|
|
|
$
|
4,858
|
|
|
$
|
2,889
|
|
Income tax payments, net
|
$
|
9,873
|
|
|
$
|
17,472
|
|
|
$
|
18,718
|
|
Capital lease obligations incurred
|
$
|
—
|
|
|
$
|
410
|
|
|
$
|
—
|
|
Non-cash transfers of income tax assets and liabilities from Carrols
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(127
|
)
|
Buildings and improvements
|
5
|
to
|
30 years
|
Equipment
|
3
|
to
|
7 years
|
Computer hardware and software
|
3
|
to
|
7 years
|
Assets subject to capital lease
|
Shorter of useful life or lease term
|
•
|
Current Assets and Liabilities.
The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments.
|
•
|
Revolving Credit Borrowings.
The fair value of outstanding revolving credit borrowings under our senior credit facility, which is considered Level 2, is based on current LIBOR rates. At
January 1, 2017
and
January 3, 2016
, the fair value and carrying value of the Company's senior credit facility were approximately
$69.9 million
and
$71.0 million
, respectively.
|
|
January 1, 2017
|
|
January 3, 2016
|
||||
Land
|
$
|
23,395
|
|
|
$
|
23,363
|
|
Owned buildings
|
22,008
|
|
|
20,101
|
|
||
Leasehold improvements
(1)
|
249,507
|
|
|
206,293
|
|
||
Equipment
|
220,397
|
|
|
194,181
|
|
||
Assets subject to capital leases
|
2,057
|
|
|
2,057
|
|
||
|
517,364
|
|
|
445,995
|
|
||
Less accumulated depreciation and amortization
|
(246,444
|
)
|
|
(197,003
|
)
|
||
|
$
|
270,920
|
|
|
$
|
248,992
|
|
|
Pollo
Tropical
|
|
Taco
Cabana
|
|
Total
|
||||||
Balance, January 1, 2017 and January 3, 2016
|
$
|
56,307
|
|
|
$
|
67,177
|
|
|
$
|
123,484
|
|
|
Year Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Pollo Tropical
|
$
|
24,419
|
|
|
$
|
510
|
|
|
$
|
254
|
|
Taco Cabana
|
1,225
|
|
|
1,872
|
|
|
109
|
|
|||
|
$
|
25,644
|
|
|
$
|
2,382
|
|
|
$
|
363
|
|
|
January 1, 2017
|
|
January 3, 2016
|
||||
Accrued workers' compensation and general liability claims
|
$
|
4,838
|
|
|
$
|
5,540
|
|
Sales and property taxes
|
1,844
|
|
|
3,031
|
|
||
Accrued occupancy costs
|
2,161
|
|
|
980
|
|
||
Other
|
2,473
|
|
|
2,545
|
|
||
|
$
|
11,316
|
|
|
$
|
12,096
|
|
|
January 1, 2017
|
|
January 3, 2016
|
||||
Accrued occupancy costs
|
$
|
20,172
|
|
|
$
|
15,349
|
|
Deferred compensation
|
2,027
|
|
|
1,665
|
|
||
Accrued workers’ compensation and general liability claims
|
4,030
|
|
|
697
|
|
||
Other
|
4,140
|
|
|
3,286
|
|
||
|
$
|
30,369
|
|
|
$
|
20,997
|
|
|
Year Ended
|
||||||
|
January 1, 2017
|
|
January 3, 2016
|
||||
Balance, beginning of period
|
$
|
1,832
|
|
|
$
|
1,251
|
|
Provisions for restaurant closures
|
3,093
|
|
|
554
|
|
||
Additional lease charges, net of (recoveries)
|
(237
|
)
|
|
258
|
|
||
Payments, net
|
(806
|
)
|
|
(358
|
)
|
||
Other adjustments
|
1,030
|
|
|
127
|
|
||
Balance, end of period
|
$
|
4,912
|
|
|
$
|
1,832
|
|
|
Capital
|
|
Operating
|
||||
2017
|
$
|
282
|
|
|
$
|
43,026
|
|
2018
|
282
|
|
|
42,784
|
|
||
2019
|
282
|
|
|
42,380
|
|
||
2020
|
286
|
|
|
40,852
|
|
||
2021
|
301
|
|
|
37,924
|
|
||
Thereafter
|
1,540
|
|
|
338,084
|
|
||
Total minimum lease payments
(1)
|
2,973
|
|
|
$
|
545,050
|
|
|
Less amount representing interest
|
(1,361
|
)
|
|
|
|||
Total obligations under capital leases
|
1,612
|
|
|
|
|||
Less current portion
|
(89
|
)
|
|
|
|||
Long-term debt under capital leases
|
$
|
1,523
|
|
|
|
|
Year Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Minimum rent on real property, excluding rent included in pre-opening costs
|
$
|
37,180
|
|
|
$
|
32,716
|
|
|
$
|
29,309
|
|
Additional rent based on percentage of sales
|
313
|
|
|
387
|
|
|
336
|
|
|||
Restaurant rent expense
|
37,493
|
|
|
33,103
|
|
|
29,645
|
|
|||
Rent included in pre-opening costs
|
2,066
|
|
|
1,736
|
|
|
1,421
|
|
|||
Administrative and equipment rent
|
1,119
|
|
|
1,026
|
|
|
1,042
|
|
|||
|
$
|
40,678
|
|
|
$
|
35,865
|
|
|
$
|
32,108
|
|
|
January 1,
2017 |
|
January 3,
2016 |
||||
Revolving credit facility
|
$
|
69,900
|
|
|
$
|
71,000
|
|
Capital leases
|
1,612
|
|
|
1,681
|
|
||
|
71,512
|
|
|
72,681
|
|
||
Less: current portion of long-term debt
|
(89
|
)
|
|
(69
|
)
|
||
|
$
|
71,423
|
|
|
$
|
72,612
|
|
2017
|
$
|
143
|
|
2018
|
144
|
|
|
2019
|
146
|
|
|
2020
|
147
|
|
|
2021
|
149
|
|
|
Thereafter, through 2023
|
1,927
|
|
|
Total minimum lease payments
|
2,656
|
|
|
Less: Interest implicit in obligations
|
(992
|
)
|
|
Total lease financing obligations
|
$
|
1,664
|
|
|
Year Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
11,979
|
|
|
$
|
14,086
|
|
|
$
|
17,335
|
|
Foreign
|
372
|
|
|
396
|
|
|
380
|
|
|||
State
|
1,865
|
|
|
2,081
|
|
|
2,291
|
|
|||
|
14,216
|
|
|
16,563
|
|
|
20,006
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(4,908
|
)
|
|
5,318
|
|
|
417
|
|
|||
State
|
(792
|
)
|
|
139
|
|
|
46
|
|
|||
|
(5,700
|
)
|
|
5,457
|
|
|
463
|
|
|||
Valuation allowance
|
(180
|
)
|
|
26
|
|
|
494
|
|
|||
|
$
|
8,336
|
|
|
$
|
22,046
|
|
|
$
|
20,963
|
|
|
|
January 1, 2017
|
|
January 3, 2016
|
||||
Deferred income tax assets:
|
|
|
|
|
||||
Accrued vacation benefits
|
|
1,640
|
|
|
1,494
|
|
||
Incentive compensation
|
|
986
|
|
|
1,571
|
|
||
Other accruals
|
|
3,924
|
|
|
3,188
|
|
||
Deferred income on sale-leaseback of real estate
|
|
9,861
|
|
|
10,929
|
|
||
Lease financing obligations
|
|
162
|
|
|
133
|
|
||
Occupancy costs
|
|
8,036
|
|
|
5,840
|
|
||
Tax credit carryforwards
|
|
1,148
|
|
|
1,036
|
|
||
Other
|
|
1,738
|
|
|
1,618
|
|
||
Gross deferred income tax assets
|
|
27,495
|
|
|
25,809
|
|
||
Deferred income tax liabilities:
|
|
|
|
|
||||
Property and equipment depreciation
|
|
(8,311
|
)
|
|
(12,176
|
)
|
||
Amortization of other intangibles, net
|
|
(3,250
|
)
|
|
(3,211
|
)
|
||
Other
|
|
(701
|
)
|
|
(889
|
)
|
||
Gross deferred income tax liabilities
|
|
(12,262
|
)
|
|
(16,276
|
)
|
||
Less: Valuation allowance
|
|
(856
|
)
|
|
(1,036
|
)
|
||
Net deferred income tax assets
|
|
$
|
14,377
|
|
|
$
|
8,497
|
|
|
Year Ended
|
||||||||||
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Statutory federal income tax provision
|
$
|
8,767
|
|
|
$
|
21,204
|
|
|
$
|
19,999
|
|
State income taxes, net of federal benefit
|
689
|
|
|
1,435
|
|
|
1,453
|
|
|||
Change in valuation allowance
|
(180
|
)
|
|
26
|
|
|
494
|
|
|||
Non-deductible expenses
|
(3
|
)
|
|
260
|
|
|
293
|
|
|||
Foreign taxes
|
372
|
|
|
396
|
|
|
380
|
|
|||
Employment tax credits
|
(905
|
)
|
|
(889
|
)
|
|
(1,174
|
)
|
|||
Foreign tax credits
|
(372
|
)
|
|
(396
|
)
|
|
(380
|
)
|
|||
Other
|
(32
|
)
|
|
10
|
|
|
(102
|
)
|
|||
|
$
|
8,336
|
|
|
$
|
22,046
|
|
|
$
|
20,963
|
|
|
Non-Vested Shares
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted Average Grant Date
Price
|
|
Units
|
|
Weighted Average Grant Date
Price
|
||||||
Outstanding at January 3, 2016
|
257,618
|
|
|
$
|
30.69
|
|
|
42,840
|
|
|
$
|
56.46
|
|
Granted
|
97,859
|
|
|
34.98
|
|
|
39,453
|
|
|
35.25
|
|
||
Vested/Released
|
(183,369
|
)
|
|
24.83
|
|
|
(669
|
)
|
|
51.27
|
|
||
Forfeited
|
(42,756
|
)
|
|
40.57
|
|
|
(30,179
|
)
|
|
45.67
|
|
||
Outstanding at January 1, 2017
|
129,352
|
|
|
$
|
37.94
|
|
|
51,445
|
|
|
$
|
46.59
|
|
Year Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
January 1, 2017:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
399,736
|
|
|
$
|
309,220
|
|
|
|
|
|
$
|
708,956
|
|
|
Franchise revenue
|
|
2,062
|
|
|
752
|
|
|
|
|
|
2,814
|
|
||||
Cost of sales
|
|
126,539
|
|
|
88,070
|
|
|
|
|
|
214,609
|
|
||||
Restaurant wages and related expenses
(1)
|
|
93,958
|
|
|
91,347
|
|
|
|
|
|
185,305
|
|
||||
Restaurant rent expense
|
|
19,998
|
|
|
17,495
|
|
|
|
|
|
37,493
|
|
||||
Other restaurant operating expenses
|
|
54,198
|
|
|
42,259
|
|
|
|
|
|
96,457
|
|
||||
Advertising expense
|
|
14,819
|
|
|
11,981
|
|
|
|
|
|
26,800
|
|
Year Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
General and administrative expense
(2)
|
|
33,776
|
|
|
21,486
|
|
|
822
|
|
|
56,084
|
|
||||
Depreciation and amortization
|
|
23,587
|
|
|
13,189
|
|
|
|
|
|
36,776
|
|
||||
Pre-opening costs
|
|
4,837
|
|
|
674
|
|
|
|
|
|
5,511
|
|
||||
Impairment and other lease charges
|
|
24,419
|
|
|
1,225
|
|
|
|
|
|
25,644
|
|
||||
Interest expense
|
|
930
|
|
|
1,241
|
|
|
|
|
|
2,171
|
|
||||
Income (loss) before taxes
|
|
4,639
|
|
|
21,231
|
|
|
(822
|
)
|
|
25,048
|
|
||||
Capital expenditures
|
|
65,789
|
|
|
13,206
|
|
|
3,370
|
|
|
82,365
|
|
||||
January 3, 2016:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
364,544
|
|
|
$
|
320,040
|
|
|
|
|
|
$
|
684,584
|
|
|
Franchise revenue
|
|
2,197
|
|
|
611
|
|
|
|
|
|
2,808
|
|
||||
Cost of sales
|
|
121,689
|
|
|
95,639
|
|
|
|
|
|
217,328
|
|
||||
Restaurant wages and related expenses
(1)
|
|
81,647
|
|
|
92,575
|
|
|
|
|
|
174,222
|
|
||||
Restaurant rent expense
|
|
16,003
|
|
|
17,100
|
|
|
|
|
|
33,103
|
|
||||
Other restaurant operating expenses
|
|
45,376
|
|
|
41,909
|
|
|
|
|
|
87,285
|
|
||||
Advertising expense
|
|
9,527
|
|
|
12,090
|
|
|
|
|
|
21,617
|
|
||||
General and administrative expense
(2)
|
|
31,142
|
|
|
23,379
|
|
|
|
|
|
54,521
|
|
||||
Depreciation and amortization
|
|
18,000
|
|
|
12,575
|
|
|
|
|
|
30,575
|
|
||||
Pre-opening costs
|
|
4,310
|
|
|
257
|
|
|
|
|
|
4,567
|
|
||||
Impairment and other lease charges
|
|
510
|
|
|
1,872
|
|
|
|
|
|
2,382
|
|
||||
Interest expense
|
|
806
|
|
|
1,083
|
|
|
|
|
|
1,889
|
|
||||
Income before taxes
|
|
38,021
|
|
|
22,561
|
|
|
|
|
|
60,582
|
|
||||
Capital expenditures
|
|
73,129
|
|
|
12,294
|
|
|
2,147
|
|
|
87,570
|
|
||||
December 28, 2014:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
305,404
|
|
|
$
|
303,136
|
|
|
|
|
|
$
|
608,540
|
|
|
Franchise revenue
|
|
2,072
|
|
|
531
|
|
|
|
|
|
2,603
|
|
||||
Cost of sales
|
|
100,468
|
|
|
91,782
|
|
|
|
|
|
192,250
|
|
||||
Restaurant wages and related expenses
(1)
|
|
67,487
|
|
|
87,653
|
|
|
|
|
|
155,140
|
|
||||
Restaurant rent expense
|
|
12,473
|
|
|
17,172
|
|
|
|
|
|
29,645
|
|
||||
Other restaurant operating expenses
|
|
38,331
|
|
|
40,590
|
|
|
|
|
|
78,921
|
|
||||
Advertising expense
|
|
7,714
|
|
|
11,779
|
|
|
|
|
|
19,493
|
|
||||
General and administrative expense
(2)
|
|
26,672
|
|
|
22,742
|
|
|
|
|
|
49,414
|
|
||||
Depreciation and amortization
|
|
11,596
|
|
|
11,451
|
|
|
|
|
|
23,047
|
|
||||
Pre-opening costs
|
|
3,385
|
|
|
676
|
|
|
|
|
|
4,061
|
|
||||
Impairment and other lease charges
|
|
254
|
|
|
109
|
|
|
|
|
|
363
|
|
||||
Interest expense
|
|
1,035
|
|
|
1,193
|
|
|
|
|
|
2,228
|
|
||||
Income before taxes
|
|
38,061
|
|
|
19,078
|
|
|
|
|
|
57,139
|
|
||||
Capital expenditures
|
|
52,355
|
|
|
17,969
|
|
|
3,755
|
|
|
74,079
|
|
||||
Identifiable Assets:
|
|
|
|
|
|
|
|
|
||||||||
January 1, 2017
|
|
$
|
263,868
|
|
|
$
|
165,195
|
|
|
$
|
12,502
|
|
|
$
|
441,565
|
|
January 3, 2016
|
|
237,065
|
|
|
165,549
|
|
|
13,031
|
|
|
415,645
|
|
||||
December 28, 2014
|
|
177,923
|
|
|
167,729
|
|
|
12,304
|
|
|
357,956
|
|
|
|
Year Ended
|
||||||||||
|
|
January 1, 2017
|
|
January 3, 2016
|
|
December 28, 2014
|
||||||
Basic and diluted net income per share:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
16,712
|
|
|
$
|
38,536
|
|
|
$
|
36,176
|
|
Less: income allocated to participating securities
|
|
135
|
|
|
441
|
|
|
647
|
|
|||
Net income available to common stockholders
|
|
$
|
16,577
|
|
|
$
|
38,095
|
|
|
$
|
35,529
|
|
|
|
|
|
|
|
|
||||||
Weighted average common shares, basic
|
|
26,682,227
|
|
|
26,515,029
|
|
|
26,293,714
|
|
|||
Restricted stock units
|
|
6,952
|
|
|
7,167
|
|
|
2,335
|
|
|||
Weighted average common shares, diluted
|
|
26,689,179
|
|
|
26,522,196
|
|
|
26,296,049
|
|
|||
|
|
|
|
|
|
|
||||||
Basic net income per common share
|
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
Diluted net income per common share
|
|
$
|
0.62
|
|
|
$
|
1.44
|
|
|
$
|
1.35
|
|
|
Year Ended January 1, 2017
|
|
||||||||||||||||
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
||||||||||
Revenue
|
$
|
176,677
|
|
|
$
|
181,532
|
|
|
$
|
182,256
|
|
|
$
|
171,305
|
|
|
||
Income (loss) from operations
|
16,141
|
|
|
14,576
|
|
|
(6,737
|
)
|
(1
|
)
|
3,239
|
|
(1
|
)
|
||||
Net income (loss)
|
9,895
|
|
|
8,916
|
|
|
(4,531
|
)
|
(1
|
)
|
2,432
|
|
(1
|
)
|
||||
Basic net income (loss) per share
|
$
|
0.37
|
|
|
$
|
0.33
|
|
|
$
|
(0.17
|
)
|
|
$
|
0.09
|
|
|
||
Diluted net income (loss) per share
|
$
|
0.37
|
|
|
$
|
0.33
|
|
|
$
|
(0.17
|
)
|
|
$
|
0.09
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||
|
Year Ended January 3, 2016
|
|
||||||||||||||||
|
First Quarter
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
||||||||||
Revenue
|
$
|
163,875
|
|
|
$
|
171,900
|
|
|
$
|
172,105
|
|
|
$
|
179,512
|
|
|
||
Income from operations
|
17,458
|
|
|
18,646
|
|
|
13,009
|
|
|
13,358
|
|
|
||||||
Net income
|
10,501
|
|
|
11,249
|
|
|
7,945
|
|
|
8,841
|
|
|
||||||
Basic net income per share
|
$
|
0.39
|
|
|
$
|
0.42
|
|
|
$
|
0.30
|
|
|
$
|
0.33
|
|
|
||
Diluted net income per share
|
$
|
0.39
|
|
|
$
|
0.42
|
|
|
$
|
0.30
|
|
|
$
|
0.33
|
|
|
|
|
Column B
|
|
Column C
|
|
Column D
|
|
Column E
|
|||||||||||
Description
|
|
Balance at
beginning of period
|
|
Charged to
costs and
expenses
|
Charged to
other
accounts
|
|
Deduction
|
|
Balance
at end of
period
|
||||||||||
Year Ended January 1, 2017:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred income tax valuation allowance
|
|
$
|
1,036
|
|
|
$
|
(180
|
)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
856
|
|
Year Ended January 3, 2016:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred income tax valuation allowance
|
|
1,010
|
|
|
26
|
|
—
|
|
|
—
|
|
|
1,036
|
|
|||||
Year Ended December 28, 2014:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred income tax valuation allowance
|
|
516
|
|
|
494
|
|
—
|
|
|
—
|
|
|
1,010
|
|
|
|
FIESTA RESTAURANT GROUP, INC.
|
|
|
|
Date:
|
February 27, 2017
|
/
S
/ DANNY K. MEISENHEIMER
|
|
|
(Signature)
|
|
|
Danny K. Meisenheimer
Interim Chief Executive Officer
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ JACK A. SMITH
|
|
Director and Chairman of the Board of Directors
|
|
February 27, 2017
|
Jack A. Smith
|
|
|
|
|
/s/ DANNY K. MEISENHEIMER
|
|
Interim Chief Executive Officer
|
|
February 27, 2017
|
Danny K. Meisenheimer
|
|
|
|
|
/s/ LYNN S. SCHWEINFURTH
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
|
February 27, 2017
|
Lynn S. Schweinfurth
|
|
|
|
|
/s/ CHERI L. KINDER
|
|
Vice President, Corporate Controller
|
|
February 27, 2017
|
Cheri L. Kinder
|
|
|
|
|
/s/ BRIAN P. FRIEDMAN
|
|
Director
|
|
February 27, 2017
|
Brian P. Friedman
|
|
|
|
|
/s/ NICHOLAS DARAVIRAS
|
|
Director
|
|
February 27, 2017
|
Nicholas Daraviras
|
|
|
|
|
/s/ STACEY RAUCH
|
|
Director
|
|
February 27, 2017
|
Stacey Rauch
|
|
|
|
|
/s/ BARRY J. ALPERIN
|
|
Director
|
|
February 27, 2017
|
Barry J. Alperin
|
|
|
|
|
/s/ STEPHEN P. ELKER
|
|
Director
|
|
February 27, 2017
|
Stephen P. Elker
|
|
|
|
|
1 Year Fiesta Restaurant Chart |
1 Month Fiesta Restaurant Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions