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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Red Robin Gourmet Burgers Inc | NASDAQ:RRGB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.36 | 4.77% | 7.91 | 7.25 | 7.91 | 7.88 | 7.45 | 7.55 | 298,201 | 01:00:00 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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84-1573084
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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6312 S. Fiddler’s Green Circle, Suite 200 N
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Greenwood Village, CO
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80111
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Class
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Outstanding at August 9, 2016
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Common Stock, $0.001 par value per share
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13,287,567
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Page
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(Unaudited)
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||||
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July 10, 2016
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December 27, 2015
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||||
Assets:
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||||
Current assets:
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||||
Cash and cash equivalents
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$
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25,942
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$
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22,705
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Accounts receivable, net
|
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15,630
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27,760
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Inventories
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28,674
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28,223
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Prepaid expenses and other current assets
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17,684
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18,052
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Total current assets
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87,930
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96,740
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Property and equipment, net
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673,063
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603,686
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Goodwill
|
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97,118
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81,957
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Intangible assets, net
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43,897
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39,573
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Other assets, net
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24,516
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18,023
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Total assets
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$
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926,524
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$
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839,979
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Liabilities and stockholders
’
equity:
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||||
Current liabilities:
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||||
Trade accounts payable
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$
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19,408
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$
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23,392
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Construction related payables
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26,211
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28,692
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Accrued payroll and payroll-related liabilities
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37,363
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47,587
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Unearned revenue
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33,480
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48,392
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Accrued liabilities and other
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37,870
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29,610
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Total current liabilities
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154,332
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177,673
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Deferred rent
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69,973
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66,470
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Long-term debt
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293,375
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202,875
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Long-term portion of capital lease obligations
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11,092
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7,441
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Other non-current liabilities
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16,845
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11,209
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Total liabilities
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545,617
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465,668
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Stockholders
’
equity:
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Common stock, $0.001 par value: 45,000 shares authorized; 17,851 and 17,851 shares issued; 13,292 and 13,628 shares outstanding
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18
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18
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Preferred stock, $0.001 par value: 3,000 shares authorized; no shares issued and outstanding
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—
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—
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Treasury stock 4,559 and 4,223 shares, at cost
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(185,228
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)
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(167,339
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)
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Paid-in capital
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207,565
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205,995
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Accumulated other comprehensive loss, net of tax
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(4,241
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)
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(5,379
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)
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Retained earnings
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362,793
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341,016
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Total stockholders
’
equity
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380,907
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374,311
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Total liabilities and stockholders
’
equity
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$
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926,524
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$
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839,979
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Twelve Weeks Ended
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Twenty-eight Weeks Ended
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||||||||||||
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July 10, 2016
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July 12, 2015
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July 10, 2016
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July 12, 2015
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Revenues:
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Restaurant revenue
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$
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302,117
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$
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288,704
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$
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698,887
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$
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677,213
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Franchise royalties, fees, and other revenues
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3,432
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4,275
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8,788
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10,667
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||||
Total revenues
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305,549
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292,979
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707,675
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687,880
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Costs and expenses:
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Restaurant operating costs (excluding depreciation and amortization shown separately below):
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||||||||
Cost of sales
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70,831
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71,665
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163,156
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169,615
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Labor
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102,847
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93,513
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235,831
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217,869
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Other operating
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40,275
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35,356
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89,983
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81,940
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Occupancy
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24,905
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23,210
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57,403
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53,357
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Depreciation and amortization
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19,159
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17,260
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43,110
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40,263
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||||
Selling, general, and administrative expenses
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31,019
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34,126
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78,307
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82,187
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Pre-opening and acquisition costs
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2,238
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1,369
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4,610
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2,324
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Asset impairment
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3,860
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—
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4,685
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—
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Total costs and expenses
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295,134
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276,499
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677,085
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647,555
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Income from operations
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10,415
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16,480
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30,590
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40,325
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|
||||
Other expense:
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||||||||
Interest expense, net and other
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1,486
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904
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3,124
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1,964
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||||
Income before income taxes
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8,929
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15,576
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27,466
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38,361
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|
||||
Provision for income taxes
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1,377
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4,410
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5,689
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10,630
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|
||||
Net income
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$
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7,552
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|
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$
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11,166
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$
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21,777
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$
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27,731
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Earnings per share:
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||||||||
Basic
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$
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0.56
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$
|
0.79
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|
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$
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1.60
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|
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$
|
1.96
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Diluted
|
|
$
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0.55
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$
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0.78
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$
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1.59
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$
|
1.94
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Weighted average shares outstanding:
|
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||||||||
Basic
|
|
13,511
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|
|
14,142
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|
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13,582
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|
|
14,134
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|
||||
Diluted
|
|
13,644
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|
|
14,311
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|
|
13,724
|
|
|
14,322
|
|
|
|
Twelve Weeks Ended
|
Twenty-eight Weeks Ended
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||||||||||||
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July 10, 2016
|
|
July 12, 2015
|
July 10, 2016
|
|
July 12, 2015
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||||||||
Net income
|
|
$
|
7,552
|
|
|
$
|
11,166
|
|
$
|
21,777
|
|
|
$
|
27,731
|
|
Changes in derivative instrument:
|
|
|
|
|
|
|
|
||||||||
Net change in fair value of interest rate swap
|
|
—
|
|
|
—
|
|
—
|
|
|
(3
|
)
|
||||
Net loss reclassified into interest expense
|
|
—
|
|
|
13
|
|
—
|
|
|
36
|
|
||||
Tax expense
|
|
—
|
|
|
(5
|
)
|
—
|
|
|
(13
|
)
|
||||
Net change in derivative instrument
|
|
$
|
—
|
|
|
$
|
8
|
|
$
|
—
|
|
|
$
|
20
|
|
Foreign currency translation adjustment
|
|
$
|
(342
|
)
|
|
(694
|
)
|
$
|
1,138
|
|
|
(1,811
|
)
|
||
Other comprehensive income (loss), net of tax
|
|
$
|
(342
|
)
|
|
$
|
(686
|
)
|
$
|
1,138
|
|
|
$
|
(1,791
|
)
|
Total comprehensive income
|
|
$
|
7,210
|
|
|
$
|
10,480
|
|
$
|
22,915
|
|
|
$
|
25,940
|
|
|
|
Twenty-eight Weeks Ended
|
||||||
|
|
July 10, 2016
|
|
July 12, 2015
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
21,777
|
|
|
$
|
27,731
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
43,110
|
|
|
40,263
|
|
||
Asset impairment
|
|
4,685
|
|
|
—
|
|
||
Stock-based compensation expense
|
|
3,079
|
|
|
2,849
|
|
||
Other, net
|
|
(1,619
|
)
|
|
(3,949
|
)
|
||
Changes in operating assets and liabilities, net of business acquisition:
|
|
|
|
|
||||
Accounts receivable and other current assets
|
|
11,923
|
|
|
9,285
|
|
||
Trade accounts payable and accrued liabilities
|
|
(3,240
|
)
|
|
(344
|
)
|
||
Unearned revenue
|
|
(13,206
|
)
|
|
(10,051
|
)
|
||
Other operating assets and liabilities, net
|
|
546
|
|
|
1,564
|
|
||
Net cash provided by operating activities
|
|
67,055
|
|
|
67,348
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, equipment, and intangible assets
|
|
(96,175
|
)
|
|
(64,507
|
)
|
||
Deposit on equipment purchase
|
|
—
|
|
|
(5,479
|
)
|
||
Acquisition of franchise restaurants, net of cash acquired
|
|
(39,977
|
)
|
|
—
|
|
||
Proceeds from sales of real estate and property, plant, and equipment
|
|
1,944
|
|
|
—
|
|
||
Other investing activities
|
|
—
|
|
|
3
|
|
||
Net cash used in investing activities
|
|
(134,208
|
)
|
|
(69,983
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Borrowings of long-term debt
|
|
211,500
|
|
|
248,500
|
|
||
Payments of long-term debt and capital leases
|
|
(121,299
|
)
|
|
(251,327
|
)
|
||
Purchase of treasury stock
|
|
(20,000
|
)
|
|
—
|
|
||
Debt issuance costs
|
|
(1,058
|
)
|
|
—
|
|
||
Tax benefit from exercise of stock options
|
|
61
|
|
|
1,840
|
|
||
Proceeds from exercise of stock options and employee stock purchase plan
|
|
1,005
|
|
|
3,987
|
|
||
Net cash provided by financing activities
|
|
70,209
|
|
|
3,000
|
|
||
Effect of exchange rate changes on cash
|
|
181
|
|
|
(158
|
)
|
||
Net change in cash and cash equivalents
|
|
3,237
|
|
|
207
|
|
||
Cash and cash equivalents, beginning of period
|
|
22,705
|
|
|
22,408
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
25,942
|
|
|
$
|
22,615
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information
|
|
|
|
|
||||
Income taxes paid
|
|
$
|
2,231
|
|
|
$
|
4,094
|
|
Interest paid, net of amounts capitalized
|
|
$
|
3,057
|
|
|
$
|
2,342
|
|
Change in construction related payables
|
|
$
|
(2,481
|
)
|
|
$
|
9,009
|
|
Balance, December 27, 2015
|
|
$
|
81,957
|
|
Acquisition
|
|
14,355
|
|
|
Translation adjustment
|
|
$
|
806
|
|
Balance, July 10, 2016
|
|
$
|
97,118
|
|
|
|
July 10, 2016
|
|
December 27, 2015
|
||||||||||||||||||||
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise rights
|
|
$
|
56,157
|
|
|
$
|
(25,674
|
)
|
|
$
|
30,483
|
|
|
$
|
50,878
|
|
|
$
|
(23,904
|
)
|
|
$
|
26,974
|
|
Favorable leases
|
|
13,931
|
|
|
(7,067
|
)
|
|
6,864
|
|
|
12,991
|
|
|
(6,643
|
)
|
|
6,348
|
|
||||||
Liquor licenses
|
|
10,203
|
|
|
(9,812
|
)
|
|
391
|
|
|
10,168
|
|
|
(9,751
|
)
|
|
417
|
|
||||||
|
|
$
|
80,291
|
|
|
$
|
(42,553
|
)
|
|
$
|
37,738
|
|
|
$
|
74,037
|
|
|
$
|
(40,298
|
)
|
|
$
|
33,739
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liquor licenses and other
|
|
$
|
6,159
|
|
|
$
|
—
|
|
|
$
|
6,159
|
|
|
$
|
5,834
|
|
|
$
|
—
|
|
|
$
|
5,834
|
|
Intangible assets, net
|
|
$
|
86,450
|
|
|
$
|
(42,553
|
)
|
|
$
|
43,897
|
|
|
$
|
79,871
|
|
|
$
|
(40,298
|
)
|
|
$
|
39,573
|
|
Remainder of 2016
|
|
$
|
2,108
|
|
2017
|
|
4,510
|
|
|
2018
|
|
4,297
|
|
|
2019
|
|
4,249
|
|
|
2020
|
|
3,724
|
|
|
Thereafter
|
|
18,850
|
|
|
|
|
$
|
37,738
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||
|
July 10, 2016
|
|
July 12, 2015
|
|
July 10, 2016
|
|
July 12, 2015
|
||||||||
Risk-free interest rate
|
1.1
|
%
|
|
1.6
|
%
|
|
1.2
|
%
|
|
1.4
|
%
|
||||
Expected years until exercise
|
4.3
|
|
|
4.8
|
|
|
4.7
|
|
|
4.8
|
|
||||
Expected stock volatility
|
37.2
|
%
|
|
39.4
|
%
|
|
39.2
|
%
|
|
40.6
|
%
|
||||
Dividend yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Weighted average Black-Scholes fair value per share at date of grant
|
$
|
19.56
|
|
|
$
|
30.86
|
|
|
$
|
21.81
|
|
|
$
|
29.71
|
|
|
Stock Options
|
|
Restricted Stock Units
|
||
Outstanding, December 27, 2015
|
395
|
|
|
75
|
|
Granted
|
132
|
|
|
55
|
|
Forfeited/expired
|
(15
|
)
|
|
(5
|
)
|
Exercised/vested
|
(7
|
)
|
|
(36
|
)
|
Outstanding, July 10, 2016
|
505
|
|
|
89
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||
|
July 10, 2016
|
|
July 12, 2015
|
|
July 10, 2016
|
|
July 12, 2015
|
||||||||
Net income
|
$
|
7,552
|
|
|
$
|
11,166
|
|
|
$
|
21,777
|
|
|
$
|
27,731
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
13,511
|
|
|
14,142
|
|
|
13,582
|
|
|
14,134
|
|
||||
Dilutive effect of stock options and awards
|
133
|
|
|
169
|
|
|
142
|
|
|
188
|
|
||||
Diluted weighted average shares outstanding
|
13,644
|
|
|
14,311
|
|
|
13,724
|
|
|
14,322
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.56
|
|
|
$
|
0.79
|
|
|
$
|
1.60
|
|
|
$
|
1.96
|
|
Diluted
|
$
|
0.55
|
|
|
$
|
0.78
|
|
|
$
|
1.59
|
|
|
$
|
1.94
|
|
|
|
Fair Value at Acquisition Date
|
|
Property and equipment
|
|
18,762
|
|
Intangible assets
|
|
6,540
|
|
Deferred tax assets
|
|
2,950
|
|
Deferred tax liabilities
|
|
(2,791
|
)
|
Goodwill
|
|
14,355
|
|
Other assets and liabilities, net
|
|
197
|
|
Total purchase price
|
|
40,013
|
|
|
July 10, 2016
|
|
December 27, 2015
|
||||
Revolving credit facility and other long-term debt
|
$
|
293,375
|
|
|
$
|
202,875
|
|
Capital lease obligations
|
11,733
|
|
|
7,972
|
|
||
Total debt
|
305,108
|
|
|
210,847
|
|
||
Less: Current portion
|
(641
|
)
|
|
(531
|
)
|
||
Long-term debt
|
$
|
304,467
|
|
|
$
|
210,316
|
|
|
|
July 10, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments in rabbi trust
|
|
$
|
8,699
|
|
|
$
|
8,699
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets measured at fair value
|
|
$
|
8,699
|
|
|
$
|
8,699
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
December 27, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investments in rabbi trust
|
|
$
|
6,863
|
|
|
$
|
6,863
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total assets measured at fair value
|
|
$
|
6,863
|
|
|
$
|
6,863
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
July 10, 2016
|
|
December 27, 2015
|
||||||||||||
|
|
Carrying Value
|
|
Estimated Fair Value
|
|
Carrying Value
|
|
Estimated Fair Value
|
||||||||
Credit facility
|
|
$
|
292,500
|
|
|
$
|
292,330
|
|
|
$
|
202,000
|
|
|
$
|
201,829
|
|
Capital lease obligations
|
|
11,733
|
|
|
13,951
|
|
|
7,972
|
|
|
9,177
|
|
||||
Total
|
|
$
|
304,233
|
|
|
$
|
306,281
|
|
|
$
|
209,972
|
|
|
$
|
211,006
|
|
•
|
Financial performance.
|
◦
|
Restaurant revenues increased
$13.4 million
or
4.6%
to
$302.1 million
for the twelve weeks ended
July 10, 2016
, as compared to the twelve weeks ended
July 12, 2015
, primarily due to a
$23.7 million
increase in revenue from newly opened and acquired restaurants, offset by a
$9.0 million
or
3.2%
decrease in comparable restaurant revenue,
$0.8 million
from closed restaurants, and a
$0.5 million
unfavorable foreign exchange impact related to our Canadian restaurants. For the twenty-eight weeks ended
July 10, 2016
, restaurant revenues increased
$21.7 million
or
3.2%
to
$698.9 million
as compared to the twenty-eight weeks ended
July 12, 2015
, primarily due to a
$42.5 million
increase in revenue from newly opened and acquired restaurants, offset by a
$18.0 million
or
2.7%
decrease in comparable restaurant revenue, a
$1.7 million
unfavorable foreign exchange impact related to our Canadian restaurants, and
$1.1 million
from closed restaurants. We expect total revenues to grow around 5.0% in 2016, driven by increased operating weeks associated with locations opened and acquired in 2015 and 2016, partially offset by lower comparable restaurant revenue of almost 2.0%.
|
◦
|
Restaurant operating costs, as a percentage of restaurant revenue, increased
160
basis points to
79.1%
for the twelve weeks ended
July 10, 2016
, as compared to
77.5%
for the twelve weeks ended
July 12, 2015
. For the twenty-eight weeks ended
July 10, 2016
, restaurant operating costs increased 100 basis points to
78.2%
as compared to
77.2%
for the twenty-eight weeks ended
July 12, 2015
. These increases were primarily due to higher labor costs, other restaurant operating costs, and occupancy, as a percentage of restaurant revenue, and were partially offset by a reduction in food and beverage costs.
|
◦
|
Net income decreased to
$7.6 million
for the twelve weeks ended
July 10, 2016
from
$11.2 million
for the twelve weeks ended
July 12, 2015
. Diluted earnings per share was
$0.55
for the twelve weeks ended
July 10, 2016
, as compared to
$0.78
for the twelve weeks ended
July 12, 2015
. For the twenty-eight weeks ended
July 10, 2016
, net income decreased to
$21.8 million
from
$27.7 million
for the twenty-eight weeks ended
July 12, 2015
. Diluted earnings per share decreased to
$1.59
for the twenty-eight weeks ended
July 10, 2016
, as compared to
$1.94
for the twenty-eight weeks ended
July 12, 2015
. Excluding the impact of
$0.20
per diluted share related to the impairment of six restaurants, net income per diluted share for the twelve weeks ended
July 10, 2016
was $0.75. Excluding the impact of
$0.24
per diluted share related to the impairment of seven restaurants and
$0.20
per diluted share related to litigation contingencies, net income per diluted share for the twenty-eight weeks ended
July 10, 2016
was $2.03.
|
•
|
Marketing.
Our Red Robin Royalty™ loyalty program operates in all of our U.S. and Canadian Company-owned Red Robin restaurants and has been rolled out to most of our franchised restaurants. We engage our guests through Red Robin Royalty with offers designed to increase frequency of visits as a key part of our overall marketing strategy. We also inform enrolled guests early about new menu items to generate awareness and trial of
|
•
|
Brand Transformation Initiative.
In 2012, we began investing in our brand transformation program to enhance our service, food presentation, atmosphere, and other guest experiences. Key elements of the restaurant remodel associated with our brand transformation include greater separation of the bar and family dining area and refreshed exteriors including signage. We completed
30
restaurant remodels during the twelve weeks ended
July 10, 2016
towards our goal of completing
70
remodels in 2016. We expect to substantially complete our brand transformation initiative for Company-owned restaurants by the end of 2016.
|
•
|
Restaurant Development.
During the twelve weeks ended
July 10, 2016
, we opened
seven
Red Robin restaurants, including one Red Robin restaurant in Canada, and relocated one restaurant. We plan to open 14 Red Robin restaurants and one Red Robin Burger Works, and relocate one Red Robin restaurant during the remainder of 2016.
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||
|
|
July 10, 2016
|
|
July 12, 2015
|
|
July 10, 2016
|
|
July 12, 2015
|
||||
Company-owned:
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
454
|
|
|
418
|
|
|
439
|
|
|
415
|
|
Opened during the period
|
|
7
|
|
|
4
|
|
|
10
|
|
|
8
|
|
Acquired from franchisees
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
Closed during the period
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
End of period
|
|
460
|
|
|
422
|
|
|
460
|
|
|
422
|
|
Franchised:
|
|
|
|
|
|
|
|
|
||||
Beginning of period
|
|
86
|
|
|
99
|
|
|
99
|
|
|
99
|
|
Opened during the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Sold or closed during the period
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
End of period
|
|
86
|
|
|
99
|
|
|
86
|
|
|
99
|
|
Total number of restaurants
|
|
546
|
|
|
521
|
|
|
546
|
|
|
521
|
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||
|
|
July 10, 2016
|
|
July 12, 2015
|
|
July 10, 2016
|
|
July 12, 2015
|
||||
Revenues:
|
|
|
|
|
|
|
|
|
||||
Restaurant revenue
|
|
98.9
|
%
|
|
98.5
|
%
|
|
98.8
|
%
|
|
98.4
|
%
|
Franchise royalties, fees, and other revenues
|
|
1.1
|
|
|
1.5
|
|
|
1.2
|
|
|
1.6
|
|
Total revenues
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
|
|
|
|
|
|
|
|
|
||||
Cost of sales
|
|
23.4
|
|
|
24.8
|
|
|
23.3
|
|
|
25.0
|
|
Labor
|
|
34.0
|
|
|
32.4
|
|
|
33.7
|
|
|
32.2
|
|
Other operating
|
|
13.4
|
|
|
12.3
|
|
|
13.0
|
|
|
12.1
|
|
Occupancy
|
|
8.3
|
|
|
8.0
|
|
|
8.2
|
|
|
7.9
|
|
Total restaurant operating costs
|
|
79.1
|
|
|
77.5
|
|
|
78.2
|
|
|
77.2
|
|
Depreciation and amortization
|
|
6.3
|
|
|
5.9
|
|
|
6.1
|
|
|
5.9
|
|
Selling, general, and administrative
|
|
10.1
|
|
|
11.7
|
|
|
11.1
|
|
|
11.9
|
|
Pre-opening and acquisition costs
|
|
0.7
|
|
|
0.5
|
|
|
0.7
|
|
|
0.3
|
|
Asset impairment
|
|
1.3
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
Income from operations
|
|
3.4
|
|
|
5.6
|
|
|
4.3
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net and other
|
|
0.5
|
|
|
0.3
|
|
|
0.4
|
|
|
0.3
|
|
Income before income taxes
|
|
2.9
|
|
|
5.3
|
|
|
3.9
|
|
|
5.6
|
|
Provision for income taxes
|
|
0.4
|
|
|
1.5
|
|
|
0.8
|
|
|
1.6
|
|
Net income
|
|
2.5
|
%
|
|
3.8
|
%
|
|
3.1
|
%
|
|
4.0
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(Revenues in thousands)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Restaurant revenue
|
|
$
|
302,117
|
|
|
$
|
288,704
|
|
|
4.6
|
%
|
|
$
|
698,887
|
|
|
$
|
677,213
|
|
|
3.2
|
%
|
Franchise royalties, fees, and other revenue
|
|
3,432
|
|
|
4,275
|
|
|
(19.7
|
)%
|
|
8,788
|
|
|
10,667
|
|
|
(17.6
|
)%
|
||||
Total revenues
|
|
$
|
305,549
|
|
|
$
|
292,979
|
|
|
4.3
|
%
|
|
$
|
707,675
|
|
|
$
|
687,880
|
|
|
2.9
|
%
|
Average weekly sales volumes in Company-owned restaurants
(1)(2)
|
|
$
|
55,912
|
|
|
$
|
58,208
|
|
|
(3.9
|
)%
|
|
$
|
56,497
|
|
|
$
|
58,677
|
|
|
(3.7
|
)%
|
Total operating weeks
|
|
5,504
|
|
|
5,036
|
|
|
9.3
|
%
|
|
12,592
|
|
|
11,696
|
|
|
7.7
|
%
|
||||
Restaurant revenue per square foot
|
|
$
|
106
|
|
|
$
|
109
|
|
|
(2.8
|
)%
|
|
$
|
249
|
|
|
$
|
255
|
|
|
(2.4
|
)%
|
(1)
|
Excludes Red Robin Burger Works.
|
(2)
|
Calculated using constant currency rates. Using historical currency rates, the average weekly sales per unit in for twelve and twenty-eight weeks ended
July 12, 2015
for Company-owned restaurants was $58,321 and $58,829.
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Cost of sales
|
|
$
|
70,831
|
|
|
$
|
71,665
|
|
|
(1.2
|
)%
|
|
$
|
163,156
|
|
|
$
|
169,615
|
|
|
(3.8
|
)%
|
As a percent of restaurant revenue
|
|
23.4
|
%
|
|
24.8
|
%
|
|
(1.4
|
)%
|
|
23.3
|
%
|
|
25.0
|
%
|
|
(1.7
|
)%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Labor
|
|
$
|
102,847
|
|
|
$
|
93,513
|
|
|
10.0
|
%
|
|
$
|
235,831
|
|
|
$
|
217,869
|
|
|
8.2
|
%
|
As a percent of restaurant revenue
|
|
34.0
|
%
|
|
32.4
|
%
|
|
1.6
|
%
|
|
33.7
|
%
|
|
32.2
|
%
|
|
1.5
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Other operating
|
|
$
|
40,275
|
|
|
$
|
35,356
|
|
|
13.9
|
%
|
|
$
|
89,983
|
|
|
$
|
81,940
|
|
|
9.8
|
%
|
As a percent of restaurant revenue
|
|
13.4
|
%
|
|
12.3
|
%
|
|
1.1
|
%
|
|
13.0
|
%
|
|
12.1
|
%
|
|
0.9
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Occupancy
|
|
$
|
24,905
|
|
|
$
|
23,210
|
|
|
7.3
|
%
|
|
$
|
57,403
|
|
|
$
|
53,357
|
|
|
7.6
|
%
|
As a percent of restaurant revenue
|
|
8.3
|
%
|
|
8.0
|
%
|
|
0.3
|
%
|
|
8.2
|
%
|
|
7.9
|
%
|
|
0.3
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Depreciation and amortization
|
|
$
|
19,159
|
|
|
$
|
17,260
|
|
|
11.0
|
%
|
|
$
|
43,110
|
|
|
$
|
40,263
|
|
|
7.1
|
%
|
As a percent of total revenues
|
|
6.3
|
%
|
|
5.9
|
%
|
|
0.4
|
%
|
|
6.1
|
%
|
|
5.9
|
%
|
|
0.2
|
%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Selling, general, and administrative
|
|
$
|
31,019
|
|
|
$
|
34,126
|
|
|
(9.1
|
)%
|
|
$
|
78,307
|
|
|
$
|
82,187
|
|
|
(4.7
|
)%
|
As a percent of total revenues
|
|
10.1
|
%
|
|
11.7
|
%
|
|
(1.6
|
)%
|
|
11.1
|
%
|
|
11.9
|
%
|
|
(0.8
|
)%
|
|
|
Twelve Weeks Ended
|
|
Twenty-eight Weeks Ended
|
||||||||||||||||||
(In thousands, except percentages)
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
|
July 10, 2016
|
|
July 12, 2015
|
|
Percent Change
|
||||||||||
Pre-opening and acquisition costs
|
|
$
|
2,238
|
|
|
$
|
1,369
|
|
|
63.5
|
%
|
|
$
|
4,610
|
|
|
$
|
2,324
|
|
|
98.4
|
%
|
As a percent of total revenues
|
|
0.7
|
%
|
|
0.5
|
%
|
|
0.2
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
0.4
|
%
|
|
|
Twenty-eight Weeks Ended
|
||||||
|
|
July 10, 2016
|
|
July 12, 2015
|
||||
Net cash provided by operating activities
|
|
$
|
67,055
|
|
|
$
|
67,348
|
|
Net cash used in investing activities
|
|
(134,208
|
)
|
|
(69,983
|
)
|
||
Net cash provided by financing activities
|
|
70,209
|
|
|
3,000
|
|
||
Effect of exchange rate changes on cash
|
|
181
|
|
|
(158
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
3,237
|
|
|
$
|
207
|
|
|
Twenty-eight Weeks Ended July 10, 2016
|
||
New restaurants
|
$
|
41,213
|
|
Restaurant remodels
|
40,940
|
|
|
Investment in technology infrastructure and other
|
8,454
|
|
|
Restaurant maintenance capital
|
5,568
|
|
|
Purchase of franchised restaurants
|
39,977
|
|
|
Total capital expenditures
|
$
|
136,152
|
|
Period
(1)
|
|
Total Number of Shares (or Units) Purchases
|
|
Average Price Paid per Share (or Unit)
|
|
Total Number of Shares (or Units) Purchased as Part of Publicly announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plan (in thousands)
|
||||||
5/20/16-6/12/16
|
|
158,378
|
|
|
$
|
50.05
|
|
|
158,378
|
|
|
$
|
92,074
|
|
6/13/16-7/10/16
|
|
230,535
|
|
|
$
|
52.37
|
|
|
388,913
|
|
|
$
|
80,000
|
|
Pursuant to Publicly Announced Plans or Programs
(2)
|
|
388,913
|
|
|
|
|
|
|
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Credit Agreement, dated June 30, 2016. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on July 5, 2016.
|
|
|
|
10.2
|
|
Security Agreement, dated June 30, 2016. Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on July 5, 2016.
|
|
|
|
10.3
|
|
First Amendment to Employment Agreement between Red Robin Gourmet Burgers, Inc. and Stephen E. Carley, dated August 8, 2016. Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 8, 2016.
|
|
|
|
10.4
|
|
Amended & Restated Employment Agreement by and between Red Robin Gourmet Burgers, Inc. and Denny M. Post, dated August 8, 2016. Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on August 8, 2016.
|
|
|
|
31.1
|
|
Rule 13a-14(a) Certification of Chief Executive Officer
|
|
|
|
31.2
|
|
Rule 13a-14(a) Certification of Chief Accounting Officer and Interim Chief Financial Officer
|
|
|
|
32.1
|
|
Section 1350 Certifications of Chief Executive Officer and Chief Accounting Officer and Interim Chief Financial Officer
|
|
|
|
101
|
|
The following financial information from the Quarterly Report on Form 10-Q of Red Robin Gourmet Burgers, Inc. for the quarter ended July 10, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets at July 10, 2016 and December 27, 2015; (ii) Condensed Consolidated Statements of Operations for the twelve and twenty-eight weeks ended July 10, 2016 and July 12, 2015; (iii) Condensed Consolidated Statements of Comprehensive Income for the twelve and twenty-eight weeks ended July 10, 2016 and July 12, 2015; (iv) Condensed Consolidated Statements of Cash Flows for the twenty-eight weeks ended July 10, 2016 and July 12, 2015; and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.
|
|
|
RED ROBIN GOURMET BURGERS, INC.
(Registrant)
|
||
August 10, 2016
|
|
By:
|
|
/s/ Terry D. Harryman
|
(Date)
|
|
|
|
Terry D. Harryman
(Chief Accounting Officer and Interim Chief Financial Officer)
|
1 Year Red Robin Gourmet Burgers Chart |
1 Month Red Robin Gourmet Burgers Chart |
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