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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 |
☒
|
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
|
DE
|
90-0712224
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
14800 Landmark Boulevard, Suite 500
|
75254
|
|
Dallas
|
TX
|
(Zip Code)
|
(Address of principal executive office)
|
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
|
FRGI
|
|
NASDAQ Global Select Market
|
Large Accelerated Filer
|
☐
|
Accelerated Filer
|
☒
|
|
|
|
|
Non-accelerated Filer
|
☐
|
Smaller Reporting Company
|
☐
|
|
|
|
|
|
|
Emerging Growth Company
|
☐
|
|
|
Page
|
PART I FINANCIAL INFORMATION
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2
|
||
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|
|
Item 3
|
||
|
|
|
Item 4
|
||
|
|
|
|
||
|
|
|
Item 1
|
||
|
|
|
Item 1A
|
||
|
|
|
Item 2
|
||
|
|
|
Item 3
|
||
|
|
|
Item 4
|
||
|
|
|
Item 5
|
||
|
|
|
Item 6
|
|
September 27, 2020
|
|
December 29, 2019
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
17,997
|
|
|
$
|
13,413
|
|
Accounts receivable
|
8,457
|
|
|
7,933
|
|
||
Inventories
|
3,281
|
|
|
3,394
|
|
||
Prepaid rent
|
115
|
|
|
117
|
|
||
Income tax receivable
|
11,121
|
|
|
3,821
|
|
||
Prepaid expenses and other current assets
|
13,287
|
|
|
10,605
|
|
||
Total current assets
|
54,258
|
|
|
39,283
|
|
||
Property and equipment, net
|
174,551
|
|
|
211,944
|
|
||
Operating lease right-of-use assets
|
258,913
|
|
|
251,272
|
|
||
Goodwill
|
56,307
|
|
|
56,307
|
|
||
Other assets
|
7,739
|
|
|
9,835
|
|
||
Total assets
|
$
|
551,768
|
|
|
$
|
568,641
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
262
|
|
|
$
|
212
|
|
Accounts payable
|
28,950
|
|
|
14,776
|
|
||
Accrued payroll, related taxes and benefits
|
9,599
|
|
|
9,866
|
|
||
Accrued real estate taxes
|
7,959
|
|
|
6,497
|
|
||
Other current liabilities
|
34,174
|
|
|
32,269
|
|
||
Total current liabilities
|
80,944
|
|
|
63,620
|
|
||
Long-term debt, net of current portion
|
41,586
|
|
|
76,823
|
|
||
Operating lease liabilities
|
265,356
|
|
|
256,798
|
|
||
Deferred tax liabilities
|
5,311
|
|
|
4,759
|
|
||
Other non-current liabilities
|
12,646
|
|
|
8,405
|
|
||
Total liabilities
|
405,843
|
|
|
410,405
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 20,000,000 shares authorized, no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 100,000,000 shares authorized, 27,914,555 and 27,461,697 shares issued, respectively, and 25,291,941 and 25,612,597 shares outstanding, respectively
|
273
|
|
|
271
|
|
||
Additional paid-in capital
|
175,614
|
|
|
173,132
|
|
||
Retained earnings (accumulated deficit)
|
(9,183
|
)
|
|
1,884
|
|
||
Treasury stock, at cost; 1,993,495 and 1,493,495 shares, respectively
|
(20,779
|
)
|
|
(17,051
|
)
|
||
Total stockholders' equity
|
145,925
|
|
|
158,236
|
|
||
Total liabilities and stockholders' equity
|
$
|
551,768
|
|
|
$
|
568,641
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
$
|
136,819
|
|
|
$
|
163,589
|
|
|
$
|
404,452
|
|
|
$
|
499,483
|
|
Franchise royalty revenues and fees
|
513
|
|
|
659
|
|
|
1,447
|
|
|
1,998
|
|
||||
Total revenues
|
137,332
|
|
|
164,248
|
|
|
405,899
|
|
|
501,481
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of sales
|
41,752
|
|
|
52,056
|
|
|
125,835
|
|
|
156,324
|
|
||||
Restaurant wages and related expenses (including stock-based compensation expense of $47, $102, $152 and $145, respectively)
|
35,545
|
|
|
44,459
|
|
|
109,787
|
|
|
135,261
|
|
||||
Restaurant rent expense
|
11,174
|
|
|
11,970
|
|
|
33,792
|
|
|
35,613
|
|
||||
Other restaurant operating expenses
|
21,138
|
|
|
24,153
|
|
|
61,638
|
|
|
68,429
|
|
||||
Advertising expense
|
2,033
|
|
|
6,385
|
|
|
9,959
|
|
|
17,789
|
|
||||
General and administrative (including stock-based compensation expense of $597, $509, $2,332 and $1,993, respectively)
|
11,855
|
|
|
13,820
|
|
|
38,527
|
|
|
42,387
|
|
||||
Depreciation and amortization
|
9,432
|
|
|
10,165
|
|
|
28,427
|
|
|
29,520
|
|
||||
Pre-opening costs
|
—
|
|
|
77
|
|
|
69
|
|
|
863
|
|
||||
Impairment and other lease charges
|
2,404
|
|
|
3,254
|
|
|
8,922
|
|
|
4,667
|
|
||||
Goodwill impairment
|
—
|
|
|
21,424
|
|
|
—
|
|
|
67,909
|
|
||||
Closed restaurant rent expense, net of sublease income
|
1,481
|
|
|
726
|
|
|
4,943
|
|
|
3,485
|
|
||||
Other expense (income), net
|
(1,304
|
)
|
|
64
|
|
|
388
|
|
|
920
|
|
||||
Total operating expenses
|
135,510
|
|
|
188,553
|
|
|
422,287
|
|
|
563,167
|
|
||||
Income (loss) from operations
|
1,822
|
|
|
(24,305
|
)
|
|
(16,388
|
)
|
|
(61,686
|
)
|
||||
Interest expense
|
1,172
|
|
|
823
|
|
|
3,370
|
|
|
3,024
|
|
||||
Loss on extinguishment of debt
|
212
|
|
|
—
|
|
|
212
|
|
|
—
|
|
||||
Income (loss) before income taxes
|
438
|
|
|
(25,128
|
)
|
|
(19,970
|
)
|
|
(64,710
|
)
|
||||
Benefit from income taxes
|
(4,155
|
)
|
|
(2,946
|
)
|
|
(8,903
|
)
|
|
(1,377
|
)
|
||||
Net income (loss)
|
$
|
4,593
|
|
|
$
|
(22,182
|
)
|
|
$
|
(11,067
|
)
|
|
$
|
(63,333
|
)
|
Earnings (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.18
|
|
|
$
|
(0.84
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(2.37
|
)
|
Diluted
|
0.18
|
|
|
(0.84
|
)
|
|
(0.44
|
)
|
|
(2.37
|
)
|
||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
25,290,357
|
|
|
26,548,116
|
|
|
25,359,004
|
|
|
26,734,822
|
|
||||
Diluted
|
25,291,719
|
|
|
26,548,116
|
|
|
25,359,004
|
|
|
26,734,822
|
|
|
Common Stock
|
|
Additional
Paid-In Capital |
|
Retained
Earnings (Accumulated Deficit) |
|
Treasury
Stock |
|
Total
Stockholders' Equity |
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at December 30, 2018
|
26,858,988
|
|
|
$
|
270
|
|
|
$
|
170,290
|
|
|
$
|
72,268
|
|
|
$
|
(2,769
|
)
|
|
$
|
240,059
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
792
|
|
|
—
|
|
|
—
|
|
|
792
|
|
|||||
Vesting of restricted shares
|
68,286
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Cumulative effect of adopting a new accounting standard
|
—
|
|
|
—
|
|
|
—
|
|
|
14,002
|
|
|
—
|
|
|
14,002
|
|
|||||
Purchase of treasury stock
|
(158,269
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,199
|
)
|
|
(2,199
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,289
|
|
|
—
|
|
|
2,289
|
|
|||||
Balance at March 31, 2019
|
26,769,005
|
|
|
270
|
|
|
171,081
|
|
|
88,559
|
|
|
(4,968
|
)
|
|
254,942
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
735
|
|
|
—
|
|
|
—
|
|
|
735
|
|
|||||
Vesting of restricted shares
|
57,547
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(43,440
|
)
|
|
—
|
|
|
(43,440
|
)
|
|||||
Balance at June 30, 2019
|
26,826,552
|
|
|
271
|
|
|
171,815
|
|
|
45,119
|
|
|
(4,968
|
)
|
|
212,237
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
611
|
|
|
—
|
|
|
—
|
|
|
611
|
|
|||||
Vesting of restricted shares
|
6,277
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase of treasury stock
|
(906,268
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,158
|
)
|
|
(9,158
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,182
|
)
|
|
—
|
|
|
(22,182
|
)
|
|||||
Balance at September 29, 2019
|
25,926,561
|
|
|
$
|
271
|
|
|
$
|
172,426
|
|
|
$
|
22,937
|
|
|
$
|
(14,126
|
)
|
|
$
|
181,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 29, 2019
|
25,612,597
|
|
|
$
|
271
|
|
|
$
|
173,132
|
|
|
$
|
1,884
|
|
|
$
|
(17,051
|
)
|
|
$
|
158,236
|
|
Stock-based compensation
|
—
|
|
|
—
|
|
|
812
|
|
|
—
|
|
|
—
|
|
|
812
|
|
|||||
Vesting of restricted shares
|
73,998
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase of treasury stock
|
(500,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,728
|
)
|
|
(3,728
|
)
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,317
|
)
|
|
—
|
|
|
(7,317
|
)
|
|||||
Balance at March 29, 2020
|
25,186,595
|
|
|
271
|
|
|
173,944
|
|
|
(5,433
|
)
|
|
(20,779
|
)
|
|
148,003
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,028
|
|
|
—
|
|
|
—
|
|
|
1,028
|
|
|||||
Vesting of restricted shares
|
101,661
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,343
|
)
|
|
—
|
|
|
(8,343
|
)
|
|||||
Balance at June 28, 2020
|
25,288,256
|
|
|
273
|
|
|
174,970
|
|
|
(13,776
|
)
|
|
(20,779
|
)
|
|
140,688
|
|
|||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
644
|
|
|
—
|
|
|
—
|
|
|
644
|
|
|||||
Vesting of restricted shares
|
3,685
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,593
|
|
|
—
|
|
|
4,593
|
|
|||||
Balance at September 27, 2020
|
25,291,941
|
|
|
$
|
273
|
|
|
$
|
175,614
|
|
|
$
|
(9,183
|
)
|
|
$
|
(20,779
|
)
|
|
$
|
145,925
|
|
|
Nine Months Ended
|
||||||
|
September 27, 2020
|
|
September 29, 2019
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(11,067
|
)
|
|
$
|
(63,333
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Gain on disposals of property and equipment
|
(1,047
|
)
|
|
(6
|
)
|
||
Stock-based compensation
|
2,484
|
|
|
2,138
|
|
||
Impairment and other lease charges
|
8,922
|
|
|
4,667
|
|
||
Goodwill impairment
|
—
|
|
|
67,909
|
|
||
Loss on extinguishment of debt
|
212
|
|
|
—
|
|
||
Depreciation and amortization
|
28,427
|
|
|
29,520
|
|
||
Amortization of deferred financing costs
|
261
|
|
|
203
|
|
||
Deferred income taxes
|
552
|
|
|
(2,112
|
)
|
||
Changes in other operating assets and liabilities
|
18,230
|
|
|
11,988
|
|
||
Net cash provided by operating activities
|
46,974
|
|
|
50,974
|
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures:
|
|
|
|
||||
New restaurant development
|
(1,846
|
)
|
|
(10,681
|
)
|
||
Restaurant remodeling
|
(1,087
|
)
|
|
(368
|
)
|
||
Other restaurant capital expenditures
|
(5,847
|
)
|
|
(15,845
|
)
|
||
Corporate and restaurant information systems
|
(3,136
|
)
|
|
(7,179
|
)
|
||
Total capital expenditures
|
(11,916
|
)
|
|
(34,073
|
)
|
||
Proceeds from disposals of properties
|
2,864
|
|
|
1,774
|
|
||
Proceeds from insurance recoveries
|
—
|
|
|
42
|
|
||
Proceeds from sale-leaseback transactions
|
6,284
|
|
|
—
|
|
||
Net cash used in investing activities
|
(2,768
|
)
|
|
(32,257
|
)
|
||
Financing activities:
|
|
|
|
||||
Borrowings on revolving credit facility
|
154,143
|
|
|
21,000
|
|
||
Repayments on revolving credit facility
|
(189,225
|
)
|
|
(30,000
|
)
|
||
Borrowings of unsecured debt
|
15,000
|
|
|
—
|
|
||
Repayments of unsecured debt
|
(15,000
|
)
|
|
—
|
|
||
Principal payments on finance leases
|
(166
|
)
|
|
(109
|
)
|
||
Financing costs associated with debt amendment
|
(646
|
)
|
|
—
|
|
||
Payments to purchase treasury stock
|
(3,728
|
)
|
|
(11,357
|
)
|
||
Net cash used in financing activities
|
(39,622
|
)
|
|
(20,466
|
)
|
||
Net change in cash
|
4,584
|
|
|
(1,749
|
)
|
||
Cash, beginning of period
|
13,413
|
|
|
5,258
|
|
||
Cash, end of period
|
$
|
17,997
|
|
|
$
|
3,509
|
|
•
|
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 Company's senior credit facility was amended on July 10, 2020. The fair value of outstanding revolving credit borrowings under the Company's senior secured revolving credit facility (the "senior credit facility") and the amended senior secured revolving credit facility (the "amended senior credit facility"), which is considered Level 2, is based on current LIBOR rates. The fair value of the amended senior credit facility and senior credit facility was approximately $39.9 million at September 27, 2020 and $75.0 million at December 29, 2019, respectively. The carrying value of the amended senior credit facility and senior credit facility was $39.9 million at September 27, 2020 and $75.0 million at December 29, 2019, respectively.
|
|
September 27, 2020
|
|
December 29, 2019
|
||||
Prepaid contract expenses
|
$
|
3,591
|
|
|
$
|
4,410
|
|
Assets held for sale(1)
|
7,098
|
|
|
4,110
|
|
||
Other
|
2,598
|
|
|
2,085
|
|
||
|
$
|
13,287
|
|
|
$
|
10,605
|
|
(1)
|
As of September 27, 2020, two closed Pollo Tropical restaurant properties and one operating and two closed Taco Cabana restaurant properties owned by the Company were classified as held for sale. As of December 29, 2019, one closed Pollo Tropical restaurant property and two closed Taco Cabana restaurant properties owned by the Company were classified as held for sale.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||||
Pollo Tropical
|
$
|
2,395
|
|
|
$
|
165
|
|
|
$
|
8,023
|
|
|
$
|
(162
|
)
|
Taco Cabana
|
9
|
|
|
3,089
|
|
|
899
|
|
|
4,829
|
|
||||
|
$
|
2,404
|
|
|
$
|
3,254
|
|
|
$
|
8,922
|
|
|
$
|
4,667
|
|
|
September 27, 2020
|
|
December 29, 2019
|
||||
Operating lease liabilities
|
$
|
23,932
|
|
|
$
|
22,338
|
|
Accrued workers' compensation and general liability claims
|
4,457
|
|
|
4,354
|
|
||
Sales and property taxes
|
1,807
|
|
|
1,889
|
|
||
Accrued occupancy costs(1)
|
365
|
|
|
891
|
|
||
Other
|
3,613
|
|
|
2,797
|
|
||
|
$
|
34,174
|
|
|
$
|
32,269
|
|
(1)
|
Accrued occupancy costs primarily consisted of obligations pertaining to closed restaurant locations.
|
|
September 27, 2020
|
|
December 29, 2019
|
||||
Accrued workers' compensation and general liability claims
|
$
|
7,348
|
|
|
$
|
7,348
|
|
Accrued payroll taxes(1)
|
3,719
|
|
|
—
|
|
||
Deferred compensation
|
457
|
|
|
424
|
|
||
Accrued occupancy costs(2)
|
78
|
|
|
78
|
|
||
Other
|
1,044
|
|
|
555
|
|
||
|
$
|
12,646
|
|
|
$
|
8,405
|
|
(1)
|
Includes employer Social Security payroll tax deferred as a result of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act")
|
(2)
|
Accrued occupancy costs primarily consisted of obligations pertaining to closed restaurant locations.
|
|
Nine Months Ended September 27, 2020
|
|
Year Ended December 29, 2019
|
||||
Balance, beginning of period
|
$
|
752
|
|
|
$
|
8,819
|
|
Payments, net
|
(248
|
)
|
|
(1,405
|
)
|
||
Other adjustments(1)
|
(178
|
)
|
|
(6,662
|
)
|
||
Balance, end of period
|
$
|
326
|
|
|
$
|
752
|
|
(1)
|
As a result of adopting ASC 842 on December 31, 2018, the portion of the closed restaurant reserve related to operating lease rental payments totaling $6.0 million was reclassified and included as a component of the related ROU assets during the twelve months ended December 29, 2019. The portion of the closed restaurant reserve related to variable ancillary lease costs was not reclassified and was not included as a reduction to ROU assets.
|
|
September 27, 2020
|
|
December 29, 2019
|
||||
Revolving credit facility
|
$
|
39,918
|
|
|
$
|
75,000
|
|
Finance/capital leases
|
1,930
|
|
|
2,035
|
|
||
|
41,848
|
|
|
77,035
|
|
||
Less: current portion of long-term debt
|
(262
|
)
|
|
(212
|
)
|
||
|
$
|
41,586
|
|
|
$
|
76,823
|
|
1)
|
the Alternate Base Rate plus the Applicable Rate of 4.00% with a minimum Alternate Base Rate of 2.00%, or
|
2)
|
the Adjusted LIBOR Rate plus the Applicable Rate of 5.00% with a minimum Adjusted LIBOR Rate of 1.00%.
|
1)
|
the Alternate Base Rate plus the applicable margin of 0.75% to 1.50% based on the Company's Adjusted Leverage Ratio, or
|
2)
|
the LIBOR Rate plus the applicable margin of 1.75% to 2.50% based on the Company's Adjusted Leverage Ratio.
|
|
Non-Vested Shares
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted
Average Grant Date Fair Value |
|
Units
|
|
Weighted
Average Grant Date Fair Value |
||||||
Outstanding at December 29, 2019
|
355,605
|
|
|
$
|
15.47
|
|
|
176,362
|
|
|
$
|
9.42
|
|
Granted
|
501,706
|
|
|
8.27
|
|
|
—
|
|
|
—
|
|
||
Vested and released
|
(178,597
|
)
|
|
15.20
|
|
|
(747
|
)
|
|
32.44
|
|
||
Forfeited
|
(49,595
|
)
|
|
11.83
|
|
|
(25,030
|
)
|
|
8.33
|
|
||
Outstanding at September 27, 2020
|
629,119
|
|
|
$
|
10.13
|
|
|
150,585
|
|
|
$
|
9.49
|
|
|
|
2019
|
||
Grant date stock price
|
|
$
|
14.66
|
|
Fair value at grant date
|
|
$
|
1.76
|
|
Risk free interest rate
|
|
2.53
|
%
|
|
Expected term (in years)
|
|
2
|
|
|
Dividend yield
|
|
—
|
%
|
|
Expected volatility
|
|
43.18
|
%
|
Three Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
September 27, 2020:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
77,604
|
|
|
$
|
59,215
|
|
|
$
|
—
|
|
|
$
|
136,819
|
|
Franchise revenue
|
|
336
|
|
|
177
|
|
|
—
|
|
|
513
|
|
||||
Cost of sales
|
|
24,614
|
|
|
17,138
|
|
|
—
|
|
|
41,752
|
|
||||
Restaurant wages and related expenses(1)
|
|
18,051
|
|
|
17,494
|
|
|
—
|
|
|
35,545
|
|
||||
Restaurant rent expense
|
|
5,585
|
|
|
5,589
|
|
|
—
|
|
|
11,174
|
|
||||
Other restaurant operating expenses
|
|
12,125
|
|
|
9,013
|
|
|
—
|
|
|
21,138
|
|
||||
Advertising expense
|
|
815
|
|
|
1,218
|
|
|
—
|
|
|
2,033
|
|
||||
General and administrative expense(2)
|
|
6,604
|
|
|
5,251
|
|
|
—
|
|
|
11,855
|
|
||||
Adjusted EBITDA
|
|
10,621
|
|
|
4,172
|
|
|
—
|
|
|
14,793
|
|
||||
Depreciation and amortization
|
|
5,171
|
|
|
4,261
|
|
|
—
|
|
|
9,432
|
|
||||
Capital expenditures
|
|
1,457
|
|
|
1,112
|
|
|
644
|
|
|
3,213
|
|
||||
September 29, 2019:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
88,309
|
|
|
$
|
75,280
|
|
|
|
|
|
$
|
163,589
|
|
|
Franchise revenue
|
|
432
|
|
|
227
|
|
|
—
|
|
|
659
|
|
||||
Cost of sales
|
|
28,239
|
|
|
23,817
|
|
|
—
|
|
|
52,056
|
|
||||
Restaurant wages and related expenses(1)
|
|
20,944
|
|
|
23,515
|
|
|
—
|
|
|
44,459
|
|
||||
Restaurant rent expense
|
|
5,477
|
|
|
6,493
|
|
|
—
|
|
|
11,970
|
|
||||
Other restaurant operating expenses
|
|
12,807
|
|
|
11,346
|
|
|
—
|
|
|
24,153
|
|
||||
Advertising expense
|
|
3,130
|
|
|
3,255
|
|
|
—
|
|
|
6,385
|
|
||||
General and administrative expense(2)
|
|
7,521
|
|
|
6,299
|
|
|
—
|
|
|
13,820
|
|
||||
Adjusted EBITDA
|
|
10,980
|
|
|
1,174
|
|
|
—
|
|
|
12,154
|
|
||||
Depreciation and amortization
|
|
5,529
|
|
|
4,636
|
|
|
—
|
|
|
10,165
|
|
||||
Capital expenditures
|
|
6,402
|
|
|
5,015
|
|
|
985
|
|
|
12,402
|
|
Nine Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
September 27, 2020:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
226,617
|
|
|
$
|
177,835
|
|
|
$
|
—
|
|
|
$
|
404,452
|
|
Franchise revenue
|
|
886
|
|
|
561
|
|
|
—
|
|
|
1,447
|
|
||||
Cost of sales
|
|
72,666
|
|
|
53,169
|
|
|
—
|
|
|
125,835
|
|
||||
Restaurant wages and related expenses(1)
|
|
54,196
|
|
|
55,591
|
|
|
—
|
|
|
109,787
|
|
||||
Restaurant rent expense
|
|
16,885
|
|
|
16,907
|
|
|
—
|
|
|
33,792
|
|
||||
Other restaurant operating expenses
|
|
35,225
|
|
|
26,413
|
|
|
—
|
|
|
61,638
|
|
||||
Advertising expense
|
|
5,497
|
|
|
4,462
|
|
|
—
|
|
|
9,959
|
|
||||
General and administrative expense(2)
|
|
20,630
|
|
|
17,897
|
|
|
—
|
|
|
38,527
|
|
||||
Adjusted EBITDA
|
|
24,394
|
|
|
5,937
|
|
|
—
|
|
|
30,331
|
|
||||
Depreciation and amortization
|
|
15,682
|
|
|
12,745
|
|
|
—
|
|
|
28,427
|
|
||||
Capital expenditures
|
|
5,501
|
|
|
4,772
|
|
|
1,643
|
|
|
11,916
|
|
||||
September 29, 2019:
|
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
|
$
|
271,955
|
|
|
$
|
227,528
|
|
|
$
|
—
|
|
|
$
|
499,483
|
|
Franchise revenue
|
|
1,325
|
|
|
673
|
|
|
—
|
|
|
1,998
|
|
||||
Cost of sales
|
|
85,855
|
|
|
70,469
|
|
|
—
|
|
|
156,324
|
|
||||
Restaurant wages and related expenses(1)
|
|
63,387
|
|
|
71,874
|
|
|
—
|
|
|
135,261
|
|
||||
Restaurant rent expense
|
|
16,393
|
|
|
19,220
|
|
|
—
|
|
|
35,613
|
|
||||
Other restaurant operating expenses
|
|
36,665
|
|
|
31,764
|
|
|
—
|
|
|
68,429
|
|
||||
Advertising expense
|
|
9,351
|
|
|
8,438
|
|
|
—
|
|
|
17,789
|
|
||||
General and administrative expense(2)
|
|
23,568
|
|
|
18,819
|
|
|
—
|
|
|
42,387
|
|
||||
Adjusted EBITDA
|
|
39,943
|
|
|
8,189
|
|
|
—
|
|
|
48,132
|
|
||||
Depreciation and amortization
|
|
16,118
|
|
|
13,402
|
|
|
—
|
|
|
29,520
|
|
||||
Capital expenditures
|
|
18,195
|
|
|
14,982
|
|
|
896
|
|
|
34,073
|
|
||||
Identifiable Assets:
|
|
|
|
|
|
|
|
|
||||||||
September 27, 2020
|
|
$
|
319,714
|
|
|
$
|
189,266
|
|
|
$
|
42,788
|
|
|
$
|
551,768
|
|
December 29, 2019
|
|
340,012
|
|
|
195,883
|
|
|
32,746
|
|
|
568,641
|
|
Three Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
September 27, 2020:
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
|
|
|
|
|
|
$
|
4,593
|
|
||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
(4,155
|
)
|
|||||||
Income (loss) before taxes
|
|
$
|
3,035
|
|
|
$
|
(2,385
|
)
|
|
$
|
(212
|
)
|
|
$
|
438
|
|
Add:
|
|
|
|
|
|
|
|
|
||||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
5,171
|
|
|
4,261
|
|
|
—
|
|
|
9,432
|
|
||||
Impairment and other lease charges
|
|
2,395
|
|
|
9
|
|
|
—
|
|
|
2,404
|
|
||||
Interest expense
|
|
593
|
|
|
579
|
|
|
—
|
|
|
1,172
|
|
||||
Closed restaurant rent expense, net of sublease income
|
|
356
|
|
|
1,125
|
|
|
—
|
|
|
1,481
|
|
||||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
212
|
|
|
212
|
|
||||
Other expense (income), net
|
|
(1,404
|
)
|
|
100
|
|
|
—
|
|
|
(1,304
|
)
|
||||
Stock-based compensation expense in restaurant wages
|
|
15
|
|
|
32
|
|
|
—
|
|
|
47
|
|
||||
Total non-general and administrative expense adjustments
|
|
7,126
|
|
|
6,106
|
|
|
212
|
|
|
13,444
|
|
||||
General and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
|
307
|
|
|
290
|
|
|
—
|
|
|
597
|
|
||||
Restructuring costs and retention bonuses
|
|
99
|
|
|
117
|
|
|
—
|
|
|
216
|
|
||||
Digital and brand repositioning costs
|
|
54
|
|
|
44
|
|
|
—
|
|
|
98
|
|
||||
Total general and administrative expense adjustments
|
|
460
|
|
|
451
|
|
|
—
|
|
|
911
|
|
||||
Adjusted EBITDA
|
|
$
|
10,621
|
|
|
$
|
4,172
|
|
|
$
|
—
|
|
|
$
|
14,793
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 29, 2019:
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
|
|
|
|
|
|
$
|
(22,182
|
)
|
||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
(2,946
|
)
|
|||||||
Income (loss) before taxes
|
|
$
|
3,857
|
|
|
$
|
(28,985
|
)
|
|
$
|
—
|
|
|
$
|
(25,128
|
)
|
Add:
|
|
|
|
|
|
|
|
|
||||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
5,529
|
|
|
4,636
|
|
|
—
|
|
|
10,165
|
|
||||
Impairment and other lease charges
|
|
165
|
|
|
3,089
|
|
|
—
|
|
|
3,254
|
|
||||
Goodwill impairment
|
|
—
|
|
|
21,424
|
|
|
—
|
|
|
21,424
|
|
||||
Interest expense
|
|
398
|
|
|
425
|
|
|
—
|
|
|
823
|
|
||||
Closed restaurant rent expense, net of sublease income
|
|
601
|
|
|
125
|
|
|
—
|
|
|
726
|
|
||||
Other expense (income), net
|
|
5
|
|
|
59
|
|
|
—
|
|
|
64
|
|
||||
Stock-based compensation expense in restaurant wages
|
|
39
|
|
|
63
|
|
|
—
|
|
|
102
|
|
||||
Total non-general and administrative expense adjustments
|
|
6,737
|
|
|
29,821
|
|
|
—
|
|
|
36,558
|
|
||||
General and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
|
268
|
|
|
241
|
|
|
—
|
|
|
509
|
|
||||
Digital and brand repositioning costs
|
|
118
|
|
|
97
|
|
|
—
|
|
|
215
|
|
||||
Total general and administrative expense adjustments
|
|
386
|
|
|
338
|
|
|
—
|
|
|
724
|
|
||||
Adjusted EBITDA
|
|
$
|
10,980
|
|
|
$
|
1,174
|
|
|
$
|
—
|
|
|
$
|
12,154
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
|
Other
|
|
Consolidated
|
||||||||
September 27, 2020:
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
|
|
|
|
|
|
$
|
(11,067
|
)
|
||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
(8,903
|
)
|
|||||||
Loss before taxes
|
|
$
|
(3,978
|
)
|
|
$
|
(15,780
|
)
|
|
$
|
(212
|
)
|
|
$
|
(19,970
|
)
|
Add:
|
|
|
|
|
|
|
|
|
||||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
15,682
|
|
|
12,745
|
|
|
—
|
|
|
28,427
|
|
||||
Impairment and other lease charges
|
|
8,023
|
|
|
899
|
|
|
—
|
|
|
8,922
|
|
||||
Interest expense
|
|
1,701
|
|
|
1,669
|
|
|
—
|
|
|
3,370
|
|
||||
Closed restaurant rent expense, net of sublease income
|
|
1,629
|
|
|
3,314
|
|
|
—
|
|
|
4,943
|
|
||||
Loss on extinguishment of debt
|
|
—
|
|
|
—
|
|
|
212
|
|
|
212
|
|
||||
Other expense (income), net
|
|
(653
|
)
|
|
1,041
|
|
|
—
|
|
|
388
|
|
||||
Stock-based compensation expense in restaurant wages
|
|
53
|
|
|
99
|
|
|
—
|
|
|
152
|
|
||||
Total non-general and administrative expense adjustments
|
|
26,435
|
|
|
19,767
|
|
|
212
|
|
|
46,414
|
|
||||
General and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
|
1,140
|
|
|
1,192
|
|
|
—
|
|
|
2,332
|
|
||||
Restructuring costs and retention bonuses
|
|
551
|
|
|
556
|
|
|
—
|
|
|
1,107
|
|
||||
Digital and brand repositioning costs
|
|
246
|
|
|
202
|
|
|
—
|
|
|
448
|
|
||||
Total general and administrative expense adjustments
|
|
1,937
|
|
|
1,950
|
|
|
—
|
|
|
3,887
|
|
||||
Adjusted EBITDA
|
|
$
|
24,394
|
|
|
$
|
5,937
|
|
|
$
|
—
|
|
|
$
|
30,331
|
|
|
|
|
|
|
|
|
|
|
||||||||
September 29, 2019:
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
|
|
|
|
|
|
$
|
(63,333
|
)
|
||||||
Benefit from income taxes
|
|
|
|
|
|
|
|
(1,377
|
)
|
|||||||
Income (loss) before taxes
|
|
$
|
16,731
|
|
|
$
|
(81,441
|
)
|
|
$
|
—
|
|
|
$
|
(64,710
|
)
|
Add:
|
|
|
|
|
|
|
|
|
||||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
16,118
|
|
|
13,402
|
|
|
—
|
|
|
29,520
|
|
||||
Impairment and other lease charges
|
|
(162
|
)
|
|
4,829
|
|
|
—
|
|
|
4,667
|
|
||||
Goodwill impairment
|
|
—
|
|
|
67,909
|
|
|
—
|
|
|
67,909
|
|
||||
Interest expense
|
|
1,534
|
|
|
1,490
|
|
|
—
|
|
|
3,024
|
|
||||
Closed restaurant rent expense, net of sublease income
|
|
2,784
|
|
|
701
|
|
|
—
|
|
|
3,485
|
|
||||
Other expense (income), net
|
|
749
|
|
|
171
|
|
|
—
|
|
|
920
|
|
||||
Stock-based compensation expense in restaurant wages
|
|
48
|
|
|
97
|
|
|
—
|
|
|
145
|
|
||||
Total non-general and administrative expense adjustments
|
|
21,071
|
|
|
88,599
|
|
|
—
|
|
|
109,670
|
|
||||
General and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
|
1,196
|
|
|
797
|
|
|
—
|
|
|
1,993
|
|
||||
Restructuring costs and retention bonuses
|
|
827
|
|
|
137
|
|
|
—
|
|
|
964
|
|
||||
Digital and brand repositioning costs
|
|
118
|
|
|
97
|
|
|
—
|
|
|
215
|
|
||||
Total general and administrative expense adjustments
|
|
2,141
|
|
|
1,031
|
|
|
—
|
|
|
3,172
|
|
||||
Adjusted EBITDA
|
|
$
|
39,943
|
|
|
$
|
8,189
|
|
|
$
|
—
|
|
|
$
|
48,132
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||||
Basic and diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
4,593
|
|
|
$
|
(22,182
|
)
|
|
$
|
(11,067
|
)
|
|
$
|
(63,333
|
)
|
Less: income allocated to participating securities
|
112
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net income (loss) available to common shareholders
|
$
|
4,481
|
|
|
$
|
(22,182
|
)
|
|
$
|
(11,067
|
)
|
|
$
|
(63,333
|
)
|
Weighted average common shares—basic
|
25,290,357
|
|
|
26,548,116
|
|
|
25,359,004
|
|
|
26,734,822
|
|
||||
Restricted stock units
|
1,362
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average common shares—diluted
|
25,291,719
|
|
|
26,548,116
|
|
|
25,359,004
|
|
|
26,734,822
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss per common share—basic
|
$
|
0.18
|
|
|
$
|
(0.84
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(2.37
|
)
|
Loss per common share—diluted
|
0.18
|
|
|
(0.84
|
)
|
|
(0.44
|
)
|
|
(2.37
|
)
|
|
Nine Months Ended
|
||||||
|
September 27, 2020
|
|
September 29, 2019
|
||||
Supplemental cash flow disclosures of non-cash investing and financing activities:
|
|
|
|
||||
Accruals for capital expenditures
|
$
|
1,826
|
|
|
$
|
3,198
|
|
Right-of-use assets obtained in exchange for lease liabilities:
|
|
|
|
||||
Operating lease ROU assets
|
28,798
|
|
|
8,618
|
|
||
Finance lease ROU assets
|
33
|
|
|
495
|
|
||
Right-of-use assets and lease liabilities reduced for terminated leases:
|
|
|
|
||||
Operating lease ROU assets
|
2,387
|
|
|
4,058
|
|
||
Operating lease liabilities
|
2,843
|
|
|
4,787
|
|
||
Operating lease right-of-use assets obtained and lease liabilities incurred as a result of adoption of ASC 842:
|
|
|
|
||||
Operating lease ROU assets
|
—
|
|
|
267,743
|
|
||
Operating lease liabilities
|
—
|
|
|
291,373
|
|
||
Accruals for financing costs associated with debt amendment
|
154
|
|
|
—
|
|
||
Supplemental cash flow disclosures:
|
|
|
|
||||
Interest paid on long-term debt
|
$
|
3,095
|
|
|
$
|
3,558
|
|
Income tax payments (refunds), net
|
(2,155
|
)
|
|
(15,620
|
)
|
•
|
We have adjusted our operating model to better meet our customers' needs during the COVID-19 crisis. We have also adjusted staffing models to match shifting traffic and channel patterns of our guests and to improve efficiency.
|
•
|
We are maximizing off-premise sales opportunities. We significantly increased the number of delivery service providers that offer our brands during the first quarter of 2020, modified our menus, and worked with a third party to enhance our online ordering and mobile apps including curbside pickup features. We also launched curbside pickup for both brands in July 2020.
|
•
|
We have significantly reduced our capital expenditure budget and 2020 capital expenditures will not exceed $22.0 million.
|
•
|
In early April 2020, approximately 170 employees were terminated or furloughed, approximately 60 of which were support personnel. The majority of the furloughed support personnel were terminated in the third quarter of 2020 resulting in a total of approximately 55 eliminated support personnel positions representing annualized general and administrative savings of approximately $4.1 million. The remaining employees were restaurant employees. However, a portion of the restaurant employees were recalled during the second and third quarters and additional restaurant employees may be recalled in the future based on business needs. Additionally, the salaries for all vice-presidents and executives were reduced by 10% to 35% for the second quarter of 2020.
|
•
|
We sold two restaurant properties and completed two sale-leaseback transactions in the third quarter of 2020. We have completed two sales and three sale-leaseback transactions in the fourth quarter through November 2, 2020 and currently have offers or contracts in place for the sale or sale-leaseback of our seven remaining owned properties, although there can be no assurance that any such sales or sale-leaseback transactions will be consummated. Net proceeds from these sales have been and will be used to reduce the outstanding revolving credit borrowings and availability under our amended senior credit facility (as defined below).
|
•
|
We recognized net income of $4.6 million, or $0.18 per diluted share, in the third quarter of 2020 compared to a net loss of $(22.2) million, or $(0.84) per diluted share, in the third quarter of 2019, due primarily to a $21.4 million goodwill impairment charge for the Taco Cabana reporting unit in the third quarter of 2019, and an income tax benefit related to reducing our deferred tax asset valuation allowance and reclassifying certain assets as qualified improvement property and other changes to depreciation methods for certain assets in conjunction with filing our 2019 federal income tax return, and lower advertising expense in the third quarter of 2020, partially offset by the impact of declines in comparable restaurant sales at both brands in 2020 and additional costs related to the COVID-19 pandemic. In addition, gains from the sale-leaseback and sale of property, lower general and administrative expenses, as well as favorable operating and labor efficiencies at both brands, positively contributed to the increase in net income in the third quarter of 2020. This increase was partially offset by higher delivery fee expense and closed restaurant rent expense, net of sublease income in the third quarter of 2020.
|
•
|
Total revenues decreased 16.4% in the third quarter of 2020 to $137.3 million compared to $164.2 million in the third quarter of 2019, driven by a decrease in comparable restaurant sales at both brands (including as a result of the impact of COVID-19), and the impact of closing 19 underperforming Taco Cabana restaurants in the first quarter of 2020. Comparable restaurant sales decreased 11.1% for our Pollo Tropical restaurants resulting from a decrease in comparable restaurant transactions of 22.1% and an increase in the net impact of product/channel mix and pricing of 11.0%. Comparable restaurant sales decreased 14.2% for our Taco Cabana restaurants resulting from a decrease in comparable restaurant transactions of 23.8% and an increase in the net impact of product/channel mix and pricing of 9.6%.
|
•
|
Consolidated Adjusted EBITDA increased $2.6 million in the third quarter of 2020 to $14.8 million compared to $12.2 million in the third quarter of 2019, driven primarily by lower advertising expenses, lower cost of sales and labor costs as a percentage of restaurant sales, lower general and administrative expenses and the impact of the closure of unprofitable restaurants in the first quarter of 2020, partially offset by the impact of lower restaurant sales and higher delivery fee expense and additional costs related to the COVID-19 pandemic. Consolidated Adjusted EBITDA is a non-GAAP financial measure of performance. For a discussion of our use of Consolidated Adjusted EBITDA and a reconciliation from net income to Consolidated Adjusted EBITDA, see "Management's Use of Non-GAAP Financial Measures."
|
|
Pollo Tropical
|
|
Taco Cabana
|
||||||||||||||
|
Owned
|
|
Franchised
|
|
Total
|
|
Owned
|
|
Franchised
|
|
Total
|
||||||
December 29, 2019
|
142
|
|
|
32
|
|
|
174
|
|
|
164
|
|
|
8
|
|
|
172
|
|
New
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Closed
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
March 29, 2020
|
141
|
|
|
33
|
|
|
174
|
|
|
146
|
|
|
8
|
|
|
154
|
|
New
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Closed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
June 28, 2020
|
141
|
|
|
33
|
|
|
174
|
|
|
146
|
|
|
7
|
|
|
153
|
|
New
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Closed
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
September 27, 2020
|
138
|
|
|
33
|
|
|
171
|
|
|
145
|
|
|
7
|
|
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
December 30, 2018
|
139
|
|
|
30
|
|
|
169
|
|
|
162
|
|
|
8
|
|
|
170
|
|
New
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|
2
|
|
Closed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
March 31, 2019
|
139
|
|
|
31
|
|
|
170
|
|
|
164
|
|
|
8
|
|
|
172
|
|
New
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Closed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
June 30, 2019
|
140
|
|
|
31
|
|
|
171
|
|
|
165
|
|
|
8
|
|
|
173
|
|
New
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Closed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
September 29, 2019
|
141
|
|
|
31
|
|
|
172
|
|
|
165
|
|
|
8
|
|
|
173
|
|
|
Three Months Ended
|
||||||||||||||||
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||
|
Pollo Tropical
|
|
Taco Cabana
|
|
Consolidated
|
||||||||||||
Restaurant sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pollo Tropical
|
|
|
|
|
|
|
|
|
56.7
|
%
|
|
54.0
|
%
|
||||
Taco Cabana
|
|
|
|
|
|
|
|
|
43.3
|
%
|
|
46.0
|
%
|
||||
Consolidated restaurant sales
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
31.7
|
%
|
|
32.0
|
%
|
|
28.9
|
%
|
|
31.6
|
%
|
|
30.5
|
%
|
|
31.8
|
%
|
Restaurant wages and related expenses
|
23.3
|
%
|
|
23.7
|
%
|
|
29.5
|
%
|
|
31.2
|
%
|
|
26.0
|
%
|
|
27.2
|
%
|
Restaurant rent expense
|
7.2
|
%
|
|
6.2
|
%
|
|
9.4
|
%
|
|
8.6
|
%
|
|
8.2
|
%
|
|
7.3
|
%
|
Other restaurant operating expenses
|
15.6
|
%
|
|
14.5
|
%
|
|
15.2
|
%
|
|
15.1
|
%
|
|
15.4
|
%
|
|
14.8
|
%
|
Advertising expense
|
1.1
|
%
|
|
3.5
|
%
|
|
2.1
|
%
|
|
4.3
|
%
|
|
1.5
|
%
|
|
3.9
|
%
|
Pre-opening costs
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Pollo Tropical:
|
|
||
Decrease in comparable restaurant sales
|
$
|
(9.5
|
)
|
Decrease in sales related to closed restaurants, net of new restaurants
|
(1.2
|
)
|
|
Total decrease
|
$
|
(10.7
|
)
|
|
|
||
Taco Cabana:
|
|
||
Decrease in comparable restaurant sales
|
$
|
(9.6
|
)
|
Decrease in sales related to closed restaurants, net of new restaurants
|
(6.5
|
)
|
|
Total decrease
|
$
|
(16.1
|
)
|
(1)
|
Primarily due to improved controllable operating profit margins and changes to the bonus program structure.
|
(2)
|
Primarily includes quarantine pay.
|
Taco Cabana:
|
|
|
Cost of sales:
|
|
|
Lower commodity costs
|
(1.8
|
)%
|
Operating efficiency
|
(1.5
|
)%
|
Lower liquor tax(1)
|
(0.7
|
)%
|
Lower promotions and discounts
|
(0.6
|
)%
|
Menu price increases
|
(0.4
|
)%
|
Sales mix
|
1.7
|
%
|
Lower rebates and discounts
|
0.5
|
%
|
Other
|
0.1
|
%
|
Net decrease in cost of sales as a percentage of restaurant sales
|
(2.7
|
)%
|
|
|
|
Restaurant wages and related expenses:
|
|
|
Lower labor costs due to labor efficiencies
|
(2.0
|
)%
|
Lower payroll taxes
|
(0.2
|
)%
|
Higher incentive bonus(2)
|
0.6
|
%
|
Other
|
(0.1
|
)%
|
Net decrease in restaurant wages and related costs as a percentage of restaurant sales
|
(1.7
|
)%
|
|
|
|
Other operating expenses:
|
|
|
Higher delivery fee expense due to increased delivery channel sales
|
0.9
|
%
|
Higher insurance costs and impact of lower sales
|
0.2
|
%
|
Lower operating supplies
|
(0.4
|
)%
|
Lower repair and maintenance costs
|
(0.3
|
)%
|
Lower utilities costs
|
(0.2
|
)%
|
Lower restaurant entertainment costs
|
(0.2
|
)%
|
Other
|
0.1
|
%
|
Net increase in other restaurant operating expenses as a percentage of restaurant sales
|
0.1
|
%
|
|
|
|
Advertising expense:
|
|
|
Reduced advertising
|
(2.2
|
)%
|
Net decrease in advertising expense as a percentage of restaurant sales
|
(2.2
|
)%
|
|
|
|
Pre-opening costs:
|
|
|
Net change in pre-opening costs as a percentage of restaurant sales
|
—
|
%
|
(1)
|
Includes the impact of one-time liquor tax refunds and a shift to off-premises alcohol sales.
|
(2)
|
Primarily due to improved controllable operating profit margins and changes to the bonus program structure.
|
|
Nine Months Ended
|
||||||||||||||||
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||
|
Pollo Tropical
|
|
Taco Cabana
|
|
Consolidated
|
||||||||||||
Restaurant sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pollo Tropical
|
|
|
|
|
|
|
|
|
56.0
|
%
|
|
54.5
|
%
|
||||
Taco Cabana
|
|
|
|
|
|
|
|
|
44.0
|
%
|
|
45.5
|
%
|
||||
Consolidated restaurant sales
|
|
|
|
|
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of sales
|
32.1
|
%
|
|
31.6
|
%
|
|
29.9
|
%
|
|
31.0
|
%
|
|
31.1
|
%
|
|
31.3
|
%
|
Restaurant wages and related expenses
|
23.9
|
%
|
|
23.3
|
%
|
|
31.3
|
%
|
|
31.6
|
%
|
|
27.1
|
%
|
|
27.1
|
%
|
Restaurant rent expense
|
7.5
|
%
|
|
6.0
|
%
|
|
9.5
|
%
|
|
8.4
|
%
|
|
8.4
|
%
|
|
7.1
|
%
|
Other restaurant operating expenses
|
15.5
|
%
|
|
13.5
|
%
|
|
14.9
|
%
|
|
14.0
|
%
|
|
15.2
|
%
|
|
13.7
|
%
|
Advertising expense
|
2.4
|
%
|
|
3.4
|
%
|
|
2.5
|
%
|
|
3.7
|
%
|
|
2.5
|
%
|
|
3.6
|
%
|
Pre-opening costs
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
0.2
|
%
|
|
—
|
%
|
|
0.2
|
%
|
Pollo Tropical:
|
|
||
Decrease in comparable restaurant sales
|
$
|
(44.6
|
)
|
Decrease in sales related to closed restaurants, net of new restaurants
|
(0.7
|
)
|
|
Total decrease
|
$
|
(45.3
|
)
|
|
|
||
Taco Cabana:
|
|
||
Decrease in comparable restaurant sales
|
$
|
(32.3
|
)
|
Decrease in sales related to closed restaurants, net of new restaurants
|
(17.4
|
)
|
|
Total decrease
|
$
|
(49.7
|
)
|
Pollo Tropical:
|
|
|
Cost of sales:
|
|
|
Higher commodity costs
|
0.7
|
%
|
Sales mix
|
0.4
|
%
|
Lower rebates and discounts
|
0.2
|
%
|
Higher packaging costs
|
0.1
|
%
|
Operating efficiency
|
(0.9
|
)%
|
Menu price increases
|
(0.1
|
)%
|
Other
|
0.1
|
%
|
Net increase in cost of sales as a percentage of restaurant sales
|
0.5
|
%
|
|
|
|
Restaurant wages and related expenses:
|
|
|
Higher labor costs due to COVID-19(1)
|
0.6
|
%
|
Lower labor costs due to labor efficiencies
|
(0.2
|
)%
|
Other
|
0.2
|
%
|
Net increase in restaurant wages and related costs as a percentage of restaurant sales
|
0.6
|
%
|
|
|
|
Other operating expenses:
|
|
|
Higher delivery fee expense due to increased delivery channel sales
|
1.4
|
%
|
Higher insurance costs
|
0.2
|
%
|
Impact of lower sales on utilities cost
|
0.2
|
%
|
Higher linen and uniform expense including COVID-19 masks and the impact of lower sales
|
0.1
|
%
|
Lower repair and maintenance costs
|
(0.2
|
)%
|
Other(2)
|
0.3
|
%
|
Net increase in other restaurant operating expenses as a percentage of restaurant sales
|
2.0
|
%
|
|
|
|
Advertising expense:
|
|
|
Reduced advertising
|
(1.0
|
)%
|
Net decrease in advertising expense as a percentage of restaurant sales
|
(1.0
|
)%
|
|
|
|
Pre-opening costs:
|
|
|
Decrease in the number of restaurant openings
|
(0.1
|
)%
|
Net decrease in pre-opening costs as a percentage of restaurant sales
|
(0.1
|
)%
|
(1)
|
Primarily includes the impact of COVID-19 related special incentive pay and quarantine, which is partially offset (0.1%) by lower incentive bonus resulting from the special incentive pay.
|
(2)
|
Includes the impact of lower sales on sanitation costs and operating supplies.
|
Taco Cabana:
|
|
|
Cost of sales:
|
|
|
Lower commodity costs
|
(1.5
|
)%
|
Operating efficiency
|
(0.8
|
)%
|
Lower promotions and discounts
|
(0.2
|
)%
|
Menu price increases
|
(0.1
|
)%
|
Sales mix
|
1.3
|
%
|
Lower rebates and discounts
|
0.3
|
%
|
Other
|
(0.1
|
)%
|
Net decrease in cost of sales as a percentage of restaurant sales
|
(1.1
|
)%
|
|
|
|
Restaurant wages and related expenses:
|
|
|
Lower labor costs due to labor efficiencies
|
(1.1
|
)%
|
Higher labor costs due to COVID-19(1)
|
0.9
|
%
|
Other
|
(0.1
|
)%
|
Net decrease in restaurant wages and related costs as a percentage of restaurant sales
|
(0.3
|
)%
|
|
|
|
Other operating expenses:
|
|
|
Higher delivery fee expense due to increased delivery channel sales
|
0.8
|
%
|
Higher linen and uniform expense including COVID-19 masks and the impact of lower sales
|
0.1
|
%
|
Lower repairs and maintenance
|
(0.2
|
)%
|
Other
|
0.2
|
%
|
Net increase in other restaurant operating expenses as a percentage of restaurant sales
|
0.9
|
%
|
|
|
|
Advertising expense:
|
|
|
Reduced advertising
|
(1.2
|
)%
|
Net decrease in advertising expense as a percentage of restaurant sales
|
(1.2
|
)%
|
|
|
|
Pre-opening costs:
|
|
|
Decrease in the number of restaurant openings
|
(0.2
|
)%
|
Net decrease in pre-opening costs as a percentage of restaurant sales
|
(0.2
|
)%
|
(1)
|
Primarily includes the impact of COVID-19 related special incentive pay and quarantine pay, which is partially offset (0.1%) by lower incentive bonus resulting from the special incentive pay.
|
•
|
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
|
||||||||
Nine Months Ended September 27, 2020:
|
|
|
|
|
|
|
|
||||||||
New restaurant development
|
$
|
992
|
|
|
$
|
854
|
|
|
$
|
—
|
|
|
$
|
1,846
|
|
Restaurant remodeling
|
357
|
|
|
730
|
|
|
—
|
|
|
1,087
|
|
||||
Other restaurant capital expenditures(1)
|
3,226
|
|
|
2,621
|
|
|
—
|
|
|
5,847
|
|
||||
Corporate and restaurant information systems
|
926
|
|
|
567
|
|
|
1,643
|
|
|
3,136
|
|
||||
Total capital expenditures
|
$
|
5,501
|
|
|
$
|
4,772
|
|
|
$
|
1,643
|
|
|
$
|
11,916
|
|
Number of new restaurant openings
|
—
|
|
|
1
|
|
|
|
|
1
|
|
|||||
Nine Months Ended September 29, 2019:
|
|
|
|
|
|
|
|
||||||||
New restaurant development
|
$
|
6,822
|
|
|
$
|
3,859
|
|
|
$
|
—
|
|
|
$
|
10,681
|
|
Restaurant remodeling
|
182
|
|
|
186
|
|
|
—
|
|
|
368
|
|
||||
Other restaurant capital expenditures(1)
|
8,626
|
|
|
7,219
|
|
|
—
|
|
|
15,845
|
|
||||
Corporate and restaurant information systems
|
2,565
|
|
|
3,718
|
|
|
896
|
|
|
7,179
|
|
||||
Total capital expenditures
|
$
|
18,195
|
|
|
$
|
14,982
|
|
|
$
|
896
|
|
|
$
|
34,073
|
|
Number of new restaurant openings
|
2
|
|
|
3
|
|
|
|
|
5
|
|
(1)
|
Excludes restaurant repair and maintenance expenses included in other restaurant operating expenses in our unaudited condensed consolidated financial statements. For the nine months ended September 27, 2020 and September 29, 2019, total restaurant repair and maintenance expenses were approximately $12.8 million and $16.8 million, respectively.
|
1)
|
the Alternate Base Rate plus the applicable margin of 0.75% to 1.50% based on our Adjusted Leverage Ratio, or
|
2)
|
the LIBOR Rate plus the applicable margin of 1.75% to 2.50% based on our Adjusted Leverage Ratio.
|
•
|
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 earnings or charges resulting from matters that our management does not consider to be indicative of our ongoing operations. However, some of these charges and gains (such as impairment and other lease charges, closed restaurant rent expense, net of sublease income, other income and expense and stock-based compensation expense) have recurred and may recur.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 27, 2020
|
|
September 29, 2019
|
|
September 27, 2020
|
|
September 29, 2019
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
4,593
|
|
|
$
|
(22,182
|
)
|
|
$
|
(11,067
|
)
|
|
$
|
(63,333
|
)
|
Benefit from income taxes
|
|
(4,155
|
)
|
|
(2,946
|
)
|
|
(8,903
|
)
|
|
(1,377
|
)
|
||||
Income (loss) before income taxes
|
|
438
|
|
|
(25,128
|
)
|
|
(19,970
|
)
|
|
(64,710
|
)
|
||||
Add:
|
|
|
|
|
|
|
|
|
||||||||
Non-general and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
9,432
|
|
|
10,165
|
|
|
28,427
|
|
|
29,520
|
|
||||
Impairment and other lease charges
|
|
2,404
|
|
|
3,254
|
|
|
8,922
|
|
|
4,667
|
|
||||
Goodwill impairment
|
|
—
|
|
|
21,424
|
|
|
—
|
|
|
67,909
|
|
||||
Interest expense
|
|
1,172
|
|
|
823
|
|
|
3,370
|
|
|
3,024
|
|
||||
Closed restaurant rent expense, net of sublease income
|
|
1,481
|
|
|
726
|
|
|
4,943
|
|
|
3,485
|
|
||||
Loss on extinguishment of debt
|
|
212
|
|
|
—
|
|
|
212
|
|
|
—
|
|
||||
Other expense (income), net
|
|
(1,304
|
)
|
|
64
|
|
|
388
|
|
|
920
|
|
||||
Stock-based compensation expense in restaurant wages
|
|
47
|
|
|
102
|
|
|
152
|
|
|
145
|
|
||||
Total non-general and administrative expense adjustments
|
|
13,444
|
|
|
36,558
|
|
|
46,414
|
|
|
109,670
|
|
||||
General and administrative expense adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation expense
|
|
597
|
|
|
509
|
|
|
2,332
|
|
|
1,993
|
|
||||
Restructuring costs and retention bonuses(1)
|
|
216
|
|
|
—
|
|
|
1,107
|
|
|
964
|
|
||||
Digital and brand repositioning costs(2)
|
|
98
|
|
|
215
|
|
|
448
|
|
|
215
|
|
||||
Total general and administrative expense adjustments
|
|
911
|
|
|
724
|
|
|
3,887
|
|
|
3,172
|
|
||||
Consolidated Adjusted EBITDA
|
|
$
|
14,793
|
|
|
$
|
12,154
|
|
|
$
|
30,331
|
|
|
$
|
48,132
|
|
Total revenues
|
|
$
|
137,332
|
|
|
$
|
164,248
|
|
|
$
|
405,899
|
|
|
$
|
501,481
|
|
Adjusted EBITDA as a percentage of total revenues
|
|
10.8
|
%
|
|
7.4
|
%
|
|
7.5
|
%
|
|
9.6
|
%
|
(1)
|
Restructuring costs and retention bonuses for the three and nine months ended September 27, 2020 include severance costs related to terminations in response to the COVID-19 pandemic. Restructuring costs and retention bonuses for the three and nine months ended September 29, 2019 primarily include severance costs related to eliminated positions.
|
(2)
|
Digital and brand repositioning costs for the three and nine months ended September 27, 2020 and September 29, 2019 include consulting costs related to repositioning the digital experience for our customers.
|
Three Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
||||
September 27, 2020:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
10,621
|
|
|
$
|
4,172
|
|
Restaurant-level adjustments:
|
|
|
|
|
||||
Add: Pre-opening costs
|
|
—
|
|
|
—
|
|
||
Add: Other general and administrative expense(1)
|
|
6,145
|
|
|
4,799
|
|
||
Less: Franchise royalty revenue and fees
|
|
336
|
|
|
177
|
|
||
Restaurant-level Adjusted EBITDA
|
|
$
|
16,430
|
|
|
$
|
8,794
|
|
Restaurant sales
|
|
$
|
77,604
|
|
|
$
|
59,215
|
|
Restaurant-level Adjusted EBITDA as a percentage of restaurant sales
|
|
21.2
|
%
|
|
14.9
|
%
|
||
|
|
|
|
|
||||
September 29, 2019:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
10,980
|
|
|
$
|
1,174
|
|
Restaurant-level adjustments:
|
|
|
|
|
||||
Add: Pre-opening costs
|
|
68
|
|
|
9
|
|
||
Add: Other general and administrative expense(1)
|
|
7,135
|
|
|
5,961
|
|
||
Less: Franchise royalty revenue and fees
|
|
432
|
|
|
227
|
|
||
Restaurant-level Adjusted EBITDA
|
|
$
|
17,751
|
|
|
$
|
6,917
|
|
Restaurant sales
|
|
$
|
88,309
|
|
|
$
|
75,280
|
|
Restaurant-level Adjusted EBITDA as a percentage of restaurant sales
|
|
20.1
|
%
|
|
9.2
|
%
|
||
|
|
|
|
|
||||
Nine Months Ended
|
|
Pollo Tropical
|
|
Taco Cabana
|
||||
September 27, 2020:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
24,394
|
|
|
$
|
5,937
|
|
Restaurant-level adjustments:
|
|
|
|
|
||||
Add: Pre-opening costs
|
|
—
|
|
|
69
|
|
||
Add: Other general and administrative expense(1)
|
|
18,694
|
|
|
15,946
|
|
||
Less: Franchise royalty revenue and fees
|
|
886
|
|
|
561
|
|
||
Restaurant-level Adjusted EBITDA
|
|
$
|
42,202
|
|
|
$
|
21,391
|
|
Restaurant sales
|
|
$
|
226,617
|
|
|
$
|
177,835
|
|
Restaurant-level Adjusted EBITDA as a percentage of restaurant sales
|
|
18.6
|
%
|
|
12.0
|
%
|
||
|
|
|
|
|
||||
September 29, 2019:
|
|
|
|
|
||||
Adjusted EBITDA
|
|
$
|
39,943
|
|
|
$
|
8,189
|
|
Restaurant-level adjustments:
|
|
|
|
|
||||
Add: Pre-opening costs
|
|
307
|
|
|
556
|
|
||
Add: Other general and administrative expense(1)
|
|
21,427
|
|
|
17,788
|
|
||
Less: Franchise royalty revenue and fees
|
|
1,325
|
|
|
673
|
|
||
Restaurant-level Adjusted EBITDA
|
|
$
|
60,352
|
|
|
$
|
25,860
|
|
Restaurant sales
|
|
$
|
271,955
|
|
|
$
|
227,528
|
|
Restaurant-level Adjusted EBITDA as a percentage of restaurant sales
|
|
22.2
|
%
|
|
11.4
|
%
|
|
|
|
Exhibit
No.
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.INS
|
|
XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
104
|
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
|
|
|
|
|
FIESTA RESTAURANT GROUP, INC.
|
|
|
Date: November 4, 2020
|
/s/ RICHARD C. STOCKINGER
|
|
(Signature)
|
|
Richard C. Stockinger
Chief Executive Officer
|
|
|
Date: November 4, 2020
|
/s/ DIRK MONTGOMERY
|
|
(Signature)
|
|
Dirk Montgomery
Senior Vice President, Chief Financial Officer and Treasurer |
|
|
Date: November 4, 2020
|
/s/ CHERI KINDER
|
|
(Signature)
|
|
Cheri Kinder
Vice President, Corporate Controller and Chief Accounting Officer |
1 Year Fiesta Restaurant Chart |
1 Month Fiesta Restaurant Chart |
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