Returns to Positive System-Wide
Comparable Restaurant Sales
Bojangles’, Inc. (Bojangles’) (NASDAQ: BOJA) today announced
financial results for the 13-week third fiscal quarter ended
September 30, 2018. Bojangles’ also provided an update on its
restaurant portfolio optimization program.
Highlights for the
Third Fiscal Quarter
2018 Compared to the
Third Fiscal Quarter
2017*
- System-wide comparable restaurant sales increased 0.4%, while
company-operated comparable restaurant sales increased 0.1% and
franchised comparable restaurant sales increased 0.7%;
- Total revenues increased to $138.7 million from $136.0 million
in the prior year fiscal quarter;
- Five system-wide restaurants were opened, consisting of one
company-operated restaurant and four franchised restaurants;
- Net loss was $2.7 million (reflecting after-tax charges of $9.8
million related to our restaurant portfolio optimization program)
as compared to net income of $6.9 million in the prior year fiscal
quarter;
- Diluted Net Loss per Share was $0.07 (reflecting after-tax
charges of $0.27 per share related to our restaurant portfolio
optimization program) as compared to Diluted Net Income per Share
of $0.18 in the prior year fiscal quarter;
- Adjusted Net Income** increased to $8.1 million as compared to
$6.5 million in the prior year fiscal quarter;
- Adjusted Diluted Net Income per Share** increased to $0.21 as
compared to $0.17 in the prior year fiscal quarter; and
- Adjusted EBITDA** increased to $16.5 million as compared to
$16.1 million in the prior year fiscal quarter.
* Certain amounts for the third fiscal quarter
of 2017 have been restated to reflect the adoption of the new
revenue recognition standard. See “Adoption of New Accounting
Standard” for further details. ** Descriptions of Adjusted Net
Income, Adjusted Diluted Net Income per Share, Adjusted EBITDA and
other non-GAAP financial measures are provided in this release
under “Use and Definition of Non-GAAP Measures,” and
reconciliations to GAAP figures are provided in the tables at the
end of this release.
“We are pleased the Bojangles’® system returned
to positive comparable restaurant sales during the third fiscal
quarter despite the negative impact associated with Hurricane
Florence in September,” said Bojangles’ Interim President and CEO
Randy Kibler.
“We believe our back to basics strategy of
operating ‘well-run restaurants’ is elevating customer perceptions
of Bojangles’. We are enhancing customers’ total brand experience
through staffing and training initiatives, improving speed of
service at the drive-thru, promoting high-quality signature menu
items with value messaging, and building out our technological
capabilities to support the use of our new mobile app and delivery
test,” concluded Mr. Kibler.
Third Fiscal Quarter 2018 Financial
Review
System-wide comparable restaurant sales
increased 0.4%, consisting of a 0.1% increase in company-operated
comparable restaurant sales and an increase of 0.7% in franchised
comparable restaurant sales. The comparable restaurant sales
increase at company-operated restaurants was composed of increases
in price and mix that were partially offset by a decrease in
transactions.
Total revenues increased 1.9% to $138.7 million
in the third fiscal quarter of 2018 from $136.0 million in the
prior year fiscal quarter. The increase was due to a net additional
10 system-wide restaurants at September 30, 2018 compared to
September 24, 2017 and an increase in system-wide comparable
restaurant sales.
Company-operated restaurant revenues increased
1.4% to $128.0 million in the third fiscal quarter of 2018 from
$126.2 million in the prior year fiscal quarter. Franchise royalty
revenues increased 2.2% to $7.2 million in the third fiscal quarter
of 2018 from $7.0 million in the prior year fiscal quarter.
Operating loss was $2.6 million in the third
fiscal quarter of 2018 (reflecting pre-tax charges of $13.0 million
related to our restaurant portfolio optimization program) as
compared to Operating income of $10.6 million in the prior year
fiscal quarter.
Company-operated restaurant contribution, a
non-GAAP measure, increased 3.3% to $18.2 million in the third
fiscal quarter of 2018 as compared to $17.6 million in the prior
year fiscal quarter. As a percentage of company-operated restaurant
revenues, company-operated restaurant contribution margin, a
non-GAAP measure, increased to 14.2% in the third fiscal quarter of
2018 from 13.9% in the prior year fiscal quarter.
General and administrative expenses were $11.2
million in the third fiscal quarter of 2018 as compared to $9.8
million in the prior year fiscal quarter. The increase was due
primarily to $1.0 million of professional and consulting fees
associated with exploring strategic alternatives, $0.2 million of
executive and officer separation expenses, as well as inflationary
increases in wages. These were partially offset by $0.3 million of
expense recorded during the third fiscal quarter 2017 in connection
with the identification and due diligence of potential new
locations for company-operated restaurants that we ultimately
decided not to pursue. As a percentage of total revenues, general
and administrative expenses were 8.1% in the third fiscal quarter
of 2018 as compared to 7.2% in the prior year fiscal quarter.
Impairment expenses were $0.7 million in the
third fiscal quarter of 2018 as compared to $0.1 million in the
prior year fiscal quarter. The increase was due to more restaurants
being impaired in the third fiscal quarter of 2018 versus the third
fiscal quarter of 2017.
Restaurant closures and refranchising costs and
related asset write-downs were $13.0 million in the third fiscal
quarter of 2018 and primarily reflect $11.8 million in charges
incurred related to ten company-operated restaurants that were
closed in the third fiscal quarter of 2018 and $0.9 million of
additional impairments to write-down assets to their estimated fair
value related to our planned refranchising of 25 to 30
company-operated restaurants in fiscal year 2019.
Net Loss was $2.7 million (reflecting after-tax
charges of $9.8 million related to our restaurant portfolio
optimization program) in the third fiscal quarter of 2018 as
compared to Net Income of $6.9 million in the prior year fiscal
quarter. Diluted Net Loss per Share was $0.07 (reflecting after-tax
charges of $0.27 per share related to our restaurant portfolio
optimization program) in the third fiscal quarter of 2018 as
compared to Diluted Net Income per Share of $0.18 in the prior year
fiscal quarter.
Adjusted Net Income, a non-GAAP measure,
increased 23.3% to $8.1 million in the third fiscal quarter of 2018
as compared to $6.5 million in the prior year fiscal quarter.
Adjusted Diluted Net Income per Share increased 23.5% to $0.21 in
the third fiscal quarter of 2018 as compared to $0.17 in the prior
year fiscal quarter.
Adjusted EBITDA, a non-GAAP measure, increased
2.1% to $16.5 million in the third fiscal quarter of 2018 as
compared to $16.1 million in the prior year fiscal quarter.
Restaurant Portfolio Optimization
Program
Bojangles’ continued executing its restaurant
portfolio optimization program during the third fiscal quarter of
2018 and intends to make further progress over the coming year. The
program includes identifying company-operated restaurants that may
be refranchised and underperforming company-operated restaurants
that would be closed.
- Bojangles’ closed 10 underperforming company-operated
restaurants during the third fiscal quarter of 2018. As a result,
we recorded a provision for closed stores of $11.8 million, net of
amounts previously accrued, on the cease use date representing an
estimate of the remaining obligations pursuant to non-cancelable
leases, net of estimated sublease income.
- Bojangles’ refranchised two company-operated restaurants during
the second fiscal quarter of 2018 and anticipates refranchising
approximately 25 to 30 company-operated restaurants in Tennessee
and Georgia to one of its largest franchisees. In connection with
the expected refranchising of these 25 to 30 company-operated
restaurants, we recorded an additional impairment charge of $0.9
million during the third fiscal quarter of 2018 related to the
write-down of the assets to their estimated fair value. In
addition, we expect to incur a pre-tax charge of $4.0 million to
$5.0 million related to anticipated losses on operating leases
associated with this potential refranchising transaction. The
transaction, which remains subject to final negotiation and
execution of a definitive sale and purchase agreement, due
diligence and customary closing conditions, is expected to close in
fiscal year 2019. Should this potential refranchising transaction
fail to close, we will reassess our options under the restaurant
portfolio optimization program.
Adoption of New Accounting Standard
In May 2014, the Financial Accounting Standards
Board issued new guidance for revenue recognition related to
contracts with customers, which supersedes nearly all existing
revenue recognition guidance. We adopted this new guidance in
fiscal year 2018 using the full retrospective transition method,
which resulted in restating each prior reporting period presented
in the year of adoption, including the third fiscal quarter of
2017. The adoption did not have a material impact on
Company-operated restaurant revenues or Franchise royalty revenues.
The new guidance requires Bojangles’ to recognize initial and
renewal franchisee fees on a straight-line basis over the life of
the franchise agreement, which impacts Other franchise revenues. In
addition, funds contributed by franchisees to the advertising funds
actively managed by Bojangles’, as well as the associated
advertising fund expenditures, are reported on a gross basis, and
the advertising fund revenues and expenses may be reported in
different periods. See tables at the end of this release for
details related to the impact of the adoption of the new revenue
recognition standard on our previously reported results.
Agreement to be Acquired
On November 6, 2018, Bojangles’ announced
that the Company has entered into a definitive agreement to be
acquired by Durational Capital Management LP and The Jordan
Company, L.P. Under the terms of the agreement, Durational Capital
Management LP and The Jordan Company, L.P. will acquire the Company
in an all cash transaction. Bojangles’ stockholders will receive
$16.10 per share. The acquisition, which has been unanimously
approved by Bojangles’ Board of Directors, is subject to
stockholder approval and other customary closing conditions. The
transaction is expected to be completed in the first quarter of
fiscal year 2019.
In light of the pending transaction, Bojangles’
has withdrawn its fiscal year 2018 guidance and will not host a
conference call to discuss its third fiscal quarter earnings
results.
About Bojangles’, Inc.
Bojangles’, Inc. is a highly differentiated and
growing restaurant operator and franchisor dedicated to serving
customers high-quality, craveable food made from our Southern
recipes, including breakfast served All Day, Every Day. Founded in
1977 in Charlotte, N.C., Bojangles’ serves menu items such as
made-from-scratch biscuit breakfast sandwiches, delicious
hand-breaded bone-in chicken, flavorful fixin’s (sides) and
Legendary Iced Tea®. At September 30, 2018, Bojangles’ had 759
system-wide restaurants, of which 316 were company-operated and 443
were franchised restaurants, primarily located in the Southeastern
United States. For more information, visit www.bojangles.com or
follow Bojangles’ on Facebook, Instagram and Twitter.
Use and Definition of Non-GAAP
Measures
We utilize certain non-GAAP measures when
assessing the operational strength and the performance of our
business. We believe these non-GAAP measures assist our board of
directors, management and investors in comparing our operating
performance, on a consistent basis from period to period, by
isolating the effects of certain items that vary from period to
period without any correlation to core operating performance or
that vary significantly among similar companies. Bojangles’
cautions that non-GAAP measures should be considered in addition
to, but not as a substitute for, reported GAAP results.
Company-operated restaurant contribution
represents our operating income excluding the impact of franchise
royalty revenues, franchise marketing and co-op advertising fund
contribution revenues and associated costs, properties and
equipment rental revenues, other franchise revenues, general and
administrative expenses, costs associated with properties and
equipment rentals, depreciation and amortization, impairment,
restaurant closures and refranchising costs and related asset
write-downs and loss (gain) on disposal of property and equipment
and other, as identified by the reconciliation table below.
Company-operated restaurant contribution margin is defined as
company-operated restaurant contribution as a percentage of
company-operated restaurant revenues. Company-operated restaurant
contribution and company-operated restaurant contribution margin
are supplemental measures of operating performance of our
company-operated restaurants and our calculations thereof may not
be comparable to those reported by other companies.
Company-operated restaurant contribution and company-operated
restaurant contribution margin have limitations as analytical tools
and should not be considered in isolation or as substitutes for
analysis of our results as reported under GAAP. Included with the
reconciliations to GAAP figures provided in the tables at the end
of this release is a reconciliation of our operating income to our
company-operated restaurant contribution.
Adjusted Net Income represents company net
income before items that we do not consider representative of our
ongoing operating performance as identified in the reconciliation
table below. Adjusted Diluted Net Income per Share represents
company diluted net income per share before items that we do not
consider representative of our ongoing operating performance as
identified in the reconciliation table below.
EBITDA represents company net income before
interest expense (net of interest income), provision for income
taxes and depreciation and amortization. Adjusted EBITDA represents
company net income before interest expense (net of interest
income), provision for income taxes, depreciation and amortization,
items that we do not consider representative of our ongoing
operating performance and certain non-cash items, as identified in
the reconciliation table below.
Adjusted Net Income, Adjusted Diluted Net Income
per Share, EBITDA and Adjusted EBITDA are supplemental measures of
our performance that are neither required by, nor presented in
accordance with, GAAP. Adjusted Net Income, Adjusted Diluted Net
Income per Share, EBITDA and Adjusted EBITDA are not measurements
of our financial performance under GAAP and should not be
considered as alternatives to net income, operating income or any
other performance measures derived in accordance with GAAP or as
alternatives to cash flow from operating activities as a measure of
our liquidity. Adjusted Net Income, Adjusted Diluted Net Income per
Share, EBITDA and Adjusted EBITDA have limitations as analytical
tools, and should not be considered in isolation, or as substitutes
for analysis of our results as reported under GAAP. In addition, in
evaluating Adjusted Net Income, Adjusted Diluted Net Income per
Share, EBITDA and Adjusted EBITDA, you should be aware that in the
future we will incur expenses or charges such as those added back
to calculate Adjusted Net Income, Adjusted Diluted Net Income per
Share, EBITDA and Adjusted EBITDA.
Forward-Looking Statements
This release contains forward-looking
statements. All statements other than statements of historical or
current facts included in this release are forward-looking
statements. Forward-looking statements discuss our current
expectations, projections and guidance relating to our financial
condition, results of operations, plans, objectives, future
performance and business. These statements may be preceded by,
followed by or include the words “aim,” “anticipate,” “believe,”
“estimate,” “expect,” “forecast,” “intend,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “may,” “could,”
“would,” “will,” “should,” “can,” “can have,” “likely,” the
negatives thereof and other words and terms of similar meaning.
Forward-looking statements are inherently
subject to risks, uncertainties and assumptions; they are not
guarantees of performance. Actual results may differ materially
from these expectations due to risks relating to, among other
risks, our vulnerability to changes in consumer preferences and
economic conditions; our ability to open restaurants in new and
existing markets and expand our franchise system; our ability to
successfully effect our restaurant portfolio optimization program
on a timely basis; our ability to generate comparable restaurant
sales growth; financial or other difficulties, which could cause
our restaurants and our franchisees’ restaurants to close; our
ability to generate increased sales or profits from new menu items,
advertising campaigns, changes in discounting strategy, technology
initiatives or restaurant designs and remodels; cancellation of or
delay in anticipated future restaurant openings; our reliance on,
limited degree of control over and potential responsibility for,
our franchisees; increases in the cost of chicken, pork, dairy,
wheat, corn and other products; our ability to compete successfully
with other quick-service and fast-casual restaurants; our
vulnerability to conditions in the Southeastern United States;
negative publicity, whether or not valid; concerns about food
safety and quality and about food-borne illnesses, including
adverse public perception due to the occurrence of avian flu, swine
flu or other food-borne illnesses, such as salmonella, E. coli, or
others; changes in employment and labor laws; labor shortages and
increases in labor costs; the impact of litigation, including wage
and hour class action lawsuits; and our dependence upon frequent
and timely deliveries of restaurant food and other supplies. In
addition, actual results may vary materially from those expressed
or implied by forward-looking statements based on a number of
factors related to the pending acquisition of the Company,
including, without limitation (1) risks related to the consummation
of the merger, including the risks that (a) the merger may not be
consummated within the anticipated time period, or at all, (b) the
parties may fail to obtain stockholder approval of the merger
agreement, (c) the parties may fail to secure the termination or
expiration of any waiting period applicable under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
(d) other conditions to the consummation of the merger under the
merger agreement may not be satisfied, and (e) the significant
limitations on remedies contained in the merger agreement may limit
or entirely prevent Bojangles’ from specifically enforcing
obligations of Walker Parent, Inc., an investment vehicle of
Durational Capital Management LP and The Jordan Company, L.P.
(Parent) under the merger agreement or recovering damages for any
breach by Parent; (2) the effects that any termination of the
merger agreement may have on Bojangles’ or its business, including
the risks that (a) Bojangles’ stock price may decline significantly
if the merger is not completed, (b) the merger agreement may be
terminated in circumstances requiring Bojangles’ to pay Parent a
termination fee, or (c) the circumstances of the termination,
including the possible imposition of a 12-month tail period during
which the termination fee could be payable upon certain subsequent
transactions, may have a chilling effect on alternatives to the
merger; (3) the effects that the announcement or pendency of the
merger may have on Bojangles’ and its business, including the risks
that as a result (a) Bojangles’ business, operating results or
stock price may suffer, (b) Bojangles’ current plans and operations
may be disrupted, (c) Bojangles’ ability to retain or recruit key
employees may be adversely affected, (d) Bojangles’ business
relationships (including, customers, franchisees and suppliers) may
be adversely affected, or (e) Bojangles’ management’s or employees’
attention may be diverted from other important matters; (4) the
effect of limitations that the merger agreement places on
Bojangles’ ability to operate its business, return capital to
stockholders or engage in alternative transactions; (5) the nature,
cost and outcome of pending and future litigation and other legal
proceedings, including any such proceedings related to the merger
and instituted against Bojangles’ and others; and (6) the risk that
the merger and related transactions may involve unexpected costs,
liabilities or delays. For further details and discussion of these
and other risks and uncertainties, see our Annual Report on Form
10-K for the fiscal year ended December 31, 2017, which was filed
with the SEC on March 8, 2018, and which is available at
www.sec.gov. You should not place undue reliance on these
statements. We have based these forward-looking statements on our
current expectations and projections about future events. Although
we believe that our assumptions made in connection with the
forward-looking statements are reasonable, we cannot assure you
that the assumptions and expectations will prove to be correct.
All forward-looking statements are expressly
qualified in their entirety by the foregoing cautionary statements.
In addition, all forward-looking statements speak only as of the
date of this earnings release. We undertake no obligation to update
or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise other than as
required under the federal securities laws.
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Condensed Consolidated Balance
Sheets |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
September
30, 2018 |
|
December
31, 2017
(a) |
|
Current
assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
16,020 |
|
|
14,052 |
|
|
|
Accounts
and vendor receivables, net |
|
4,081 |
|
|
5,863 |
|
|
|
Accounts
receivable, related parties, net |
|
543 |
|
|
553 |
|
|
|
Inventories, net |
|
2,841 |
|
|
3,619 |
|
|
|
Other
current assets |
|
12,588 |
|
|
2,408 |
|
|
|
|
|
|
|
Total
current assets |
|
36,073 |
|
|
26,495 |
|
|
|
Property
and equipment, net |
|
38,164 |
|
|
49,423 |
|
|
|
Goodwill |
|
|
|
161,140 |
|
|
161,140 |
|
|
|
Brand |
|
|
|
|
290,500 |
|
|
290,500 |
|
|
|
Franchise
rights, net |
|
20,284 |
|
|
23,146 |
|
|
|
Favorable
leases, net |
|
429 |
|
|
688 |
|
|
|
Other
noncurrent assets |
|
4,292 |
|
|
4,076 |
|
|
|
|
|
|
|
Total
assets |
$ |
550,882 |
|
|
555,468 |
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
12,130 |
|
|
12,956 |
|
|
|
Accrued
expenses |
|
24,922 |
|
|
17,797 |
|
|
|
Current
maturities of capital lease obligations |
|
8,472 |
|
|
8,502 |
|
|
|
Other
current liabilities |
|
4,047 |
|
|
934 |
|
|
|
|
|
|
|
Total
current liabilities |
|
49,571 |
|
|
40,189 |
|
|
|
Long-term
debt, less current maturities and deferred debt issuance costs,
net |
|
97,842 |
|
|
123,376 |
|
|
|
Deferred
income taxes |
|
64,430 |
|
|
70,210 |
|
|
|
Capital
lease obligations, less current maturities |
|
18,619 |
|
|
22,434 |
|
|
|
Noncurrent
closed store obligation |
|
11,316 |
|
|
125 |
|
|
|
Other
noncurrent liabilities |
|
17,504 |
|
|
17,107 |
|
|
|
|
|
|
|
Total
liabilities |
|
259,282 |
|
|
273,441 |
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred
stock |
|
— |
|
|
— |
|
|
|
Common
stock |
|
379 |
|
|
370 |
|
|
|
Treasury
stock |
|
(4,859 |
) |
|
(2,000 |
) |
|
|
Additional
paid-in capital |
|
136,830 |
|
|
128,895 |
|
|
|
Retained
earnings |
|
158,625 |
|
|
154,306 |
|
|
|
Accumulated
other comprehensive income |
|
625 |
|
|
456 |
|
|
|
|
|
|
|
Total
stockholders’ equity |
|
291,600 |
|
|
282,027 |
|
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
550,882 |
|
|
555,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Condensed Consolidated Statements of
Operations |
|
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated restaurant revenues |
$ |
127,958 |
|
|
126,207 |
|
|
385,066 |
|
|
378,048 |
|
|
|
Franchise
royalty revenues |
|
7,174 |
|
|
7,018 |
|
|
21,177 |
|
|
20,509 |
|
|
|
Franchise
marketing and co-op advertising contribution revenues |
|
2,830 |
|
|
2,725 |
|
|
8,285 |
|
|
7,982 |
|
|
|
Properties
and equipment rental revenues |
|
611 |
|
|
— |
|
|
1,697 |
|
|
— |
|
|
|
Other
franchise revenues |
|
94 |
|
|
92 |
|
|
437 |
|
|
217 |
|
|
|
|
|
|
|
Total
revenues |
|
138,667 |
|
|
136,042 |
|
|
416,662 |
|
|
406,756 |
|
|
Restaurant
operating expenses: |
|
|
|
|
|
|
|
|
|
|
Company-operated restaurant food and supplies costs |
|
40,381 |
|
|
40,525 |
|
|
121,086 |
|
|
119,208 |
|
|
|
Company-operated restaurant labor costs |
|
38,094 |
|
|
37,081 |
|
|
114,088 |
|
|
110,365 |
|
|
|
Company-operated restaurant operating costs |
|
31,314 |
|
|
31,009 |
|
|
94,196 |
|
|
90,441 |
|
|
|
Company-operated restaurant depreciation and amortization |
|
2,589 |
|
|
3,501 |
|
|
9,518 |
|
|
10,082 |
|
|
|
Franchise
marketing and co-op advertising costs |
|
2,830 |
|
|
2,725 |
|
|
8,285 |
|
|
7,982 |
|
|
|
Costs
associated with properties and equipment rentals |
|
428 |
|
|
— |
|
|
1,144 |
|
|
— |
|
|
|
|
|
|
|
Total
restaurant operating expenses |
|
115,636 |
|
|
114,841 |
|
|
348,317 |
|
|
338,078 |
|
|
|
|
|
|
|
Operating
income before other operating expenses |
|
23,031 |
|
|
21,201 |
|
|
68,345 |
|
|
68,678 |
|
|
Other
operating expenses: |
|
|
|
|
|
|
|
|
|
|
General and
administrative |
|
11,202 |
|
|
9,814 |
|
|
32,705 |
|
|
28,584 |
|
|
|
Depreciation and amortization |
|
616 |
|
|
747 |
|
|
1,946 |
|
|
2,225 |
|
|
|
Impairment |
|
|
734 |
|
|
126 |
|
|
6,419 |
|
|
1,123 |
|
|
|
Restaurant
closures and refranchising costs and related asset write-downs |
|
12,996 |
|
|
— |
|
|
16,342 |
|
|
— |
|
|
|
Loss (gain)
on disposal of property and equipment and other |
|
47 |
|
|
(135 |
) |
|
(46 |
) |
|
(238 |
) |
|
|
|
|
|
|
Total other
operating expenses |
|
25,595 |
|
|
10,552 |
|
|
57,366 |
|
|
31,694 |
|
|
|
|
|
|
|
Operating
(loss) income |
|
(2,564 |
) |
|
10,649 |
|
|
10,979 |
|
|
36,984 |
|
|
Amortization of deferred debt issuance costs |
|
(162 |
) |
|
(147 |
) |
|
(466 |
) |
|
(440 |
) |
|
Interest
income |
|
|
— |
|
|
2 |
|
|
2 |
|
|
15 |
|
|
Interest
expense |
|
|
(1,354 |
) |
|
(1,495 |
) |
|
(4,584 |
) |
|
(4,776 |
) |
|
|
|
|
|
|
(Loss)
income before income taxes |
|
(4,080 |
) |
|
9,009 |
|
|
5,931 |
|
|
31,783 |
|
|
Income tax
benefit (expense) |
|
1,368 |
|
|
(2,120 |
) |
|
(1,514 |
) |
|
(8,918 |
) |
|
|
|
|
|
|
Net (loss)
income |
$ |
(2,712 |
) |
|
6,889 |
|
|
4,417 |
|
|
22,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
0.19 |
|
|
0.12 |
|
|
0.62 |
|
|
|
|
|
|
|
Diluted |
$ |
(0.07 |
) |
|
0.18 |
|
|
0.12 |
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing net (loss) income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
36,897 |
|
|
37,012 |
|
|
36,795 |
|
|
36,760 |
|
|
|
|
|
|
|
Diluted |
|
36,897 |
|
|
38,475 |
|
|
38,221 |
|
|
38,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Condensed Consolidated Statements of
Cash Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Cash flows
from operating activities: |
|
|
|
|
|
|
Net
income |
|
$ |
4,417 |
|
|
22,865 |
|
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Deferred
income tax benefit |
|
(5,803 |
) |
|
(1,289 |
) |
|
|
|
|
Depreciation and amortization |
|
11,464 |
|
|
12,307 |
|
|
|
|
|
Amortization of deferred debt issuance costs |
|
466 |
|
|
440 |
|
|
|
|
|
Impairment |
|
6,419 |
|
|
1,123 |
|
|
|
|
|
Gain on
disposal of property and equipment and other |
|
(46 |
) |
|
(238 |
) |
|
|
|
|
Provision
for doubtful accounts |
|
529 |
|
|
3 |
|
|
|
|
|
(Benefit)
provision for inventory spoilage |
|
(25 |
) |
|
18 |
|
|
|
|
|
Asset
write-downs, net of gains, related to refranchising |
|
4,240 |
|
|
— |
|
|
|
|
|
Provision
for closed and refranchised stores |
|
11,770 |
|
|
— |
|
|
|
|
|
Stock-based
compensation |
|
1,899 |
|
|
1,185 |
|
|
|
|
|
Changes in
operating assets and liabilities |
|
6,416 |
|
|
404 |
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
41,746 |
|
|
36,818 |
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
Purchases
of property and equipment |
|
(5,812 |
) |
|
(7,476 |
) |
|
|
Proceeds
from disposition of property and equipment |
|
41 |
|
|
148 |
|
|
|
Proceeds
from capital lease subleases |
|
116 |
|
|
— |
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
(5,655 |
) |
|
(7,328 |
) |
|
Cash flows
from financing activities: |
|
|
|
|
|
|
Principal
payments on long-term debt |
|
(26,000 |
) |
|
(22,357 |
) |
|
|
Stock
option exercises |
|
1,256 |
|
|
2,343 |
|
|
|
Vesting of
restricted stock units |
|
(225 |
) |
|
(103 |
) |
|
|
Purchases
of treasury stock |
|
(2,859 |
) |
|
— |
|
|
|
Principal
payments on capital lease obligations |
|
(6,295 |
) |
|
(5,549 |
) |
|
|
|
|
|
|
Net cash
used in financing activities |
|
(34,123 |
) |
|
(25,666 |
) |
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
1,968 |
|
|
3,824 |
|
|
Cash and
cash equivalents balance, beginning of fiscal period |
|
14,052 |
|
|
13,898 |
|
|
Cash and
cash equivalents balance, end of fiscal period |
$ |
16,020 |
|
|
17,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Net (Loss) Income
to Adjusted Net Income |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Net
(loss) income |
$ |
(2,712 |
) |
|
6,889 |
|
|
4,417 |
|
|
22,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
professional, transaction and other costs (b) |
|
1,010 |
|
|
— |
|
|
1,263 |
|
|
3 |
|
|
Payroll
taxes associated with stock option exercises (c) |
|
62 |
|
|
24 |
|
|
92 |
|
|
122 |
|
|
Executive
and officer separation expenses (d) |
|
164 |
|
|
— |
|
|
1,198 |
|
|
551 |
|
|
Modification of equity awards in connection with executive
separation (e) |
|
— |
|
|
— |
|
|
551 |
|
|
— |
|
|
Restaurant
closures and refranchising costs and related asset write-downs
(f) |
|
12,996 |
|
|
— |
|
|
16,342 |
|
|
— |
|
|
Adjustments
to deferred tax assets associated with executive compensation
(g) |
|
— |
|
|
— |
|
|
779 |
|
|
— |
|
|
State
income tax rate change (h) |
|
— |
|
|
(367 |
) |
|
— |
|
|
(367 |
) |
|
Tax impact
of adjustments (i) |
|
(3,461 |
) |
|
(9 |
) |
|
(4,729 |
) |
|
(253 |
) |
|
Total adjustments |
|
10,771 |
|
|
(352 |
) |
|
15,496 |
|
|
56 |
|
|
Adjusted Net Income |
$ |
8,059 |
|
|
6,537 |
|
|
19,913 |
|
|
22,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Diluted Net (Loss)
Income Per Share to Adjusted Diluted Net Income Per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Diluted net (loss) income per share |
$ |
(0.07 |
) |
|
0.18 |
|
|
0.12 |
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
professional, transaction and other costs (b) |
|
0.03 |
|
|
— |
|
|
0.03 |
|
|
— |
|
|
Payroll
taxes associated with stock option exercises (c) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Executive
and officer separation expenses (d) |
|
— |
|
|
— |
|
|
0.03 |
|
|
0.02 |
|
|
Modification of equity awards in connection with executive
separation (e) |
|
— |
|
|
— |
|
|
0.01 |
|
|
— |
|
|
Restaurant
closures and refranchising costs and related asset write-downs
(f) |
|
0.34 |
|
|
— |
|
|
0.43 |
|
|
— |
|
|
Adjustments
to deferred tax assets associated with executive compensation
(g) |
|
— |
|
|
— |
|
|
0.02 |
|
|
— |
|
|
State
income tax rate change (h) |
|
— |
|
|
(0.01 |
) |
|
— |
|
|
(0.01 |
) |
|
Tax impact
of adjustments (i) |
|
(0.09 |
) |
|
— |
|
|
(0.12 |
) |
|
(0.01 |
) |
|
Total adjustments |
|
0.28 |
|
|
(0.01 |
) |
|
0.40 |
|
|
— |
|
|
Adjusted Diluted Net Income per Share |
$ |
0.21 |
|
|
0.17 |
|
|
0.52 |
|
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
|
(b) |
Includes costs associated with
third-party consultants for special projects, exploring strategic
alternative and public offering expenses. We could incur similar
expenses in future periods if we commence additional public
offerings, financing transactions or other special
projects. |
|
(c) |
Represents payroll taxes associated with
stock option exercises related to stock options that were
outstanding prior to our initial public offering. We expect to
incur similar expenses in future periods when stock options that
were outstanding prior to our initial public offering are
exercised. |
|
(d) |
Represents severance and legal fees
associated with former executives and officers departing the
Company. |
|
(e) |
Represents net non-cash, stock-based
compensation recorded in connection with the modification of
certain equity awards associated with a former executive departing
the Company. |
|
(f) |
Primarily represents closed store
reserves, the accretion of the present value of our rent
obligations and ongoing maintenance and utilities costs related to
company-operated restaurants we have previously closed, as well as
impairment related to the write-down of assets associated with
company-operated restaurants we expect to refranchise and the gain
on the refranchise of company-operated restaurants. We expect to
continue to incur similar expenses in future periods as we record
the accretion of the present value of our rent obligations and
ongoing maintenance and utilities costs related to closed
company-operated restaurants, and could incur additional costs in
future periods if we identify other company-operated restaurants
that will be closed or refranchised. |
|
(g) |
In connection with a former executive
departing the Company and the associated modification of equity
awards, certain compensation costs related to the executive are no
longer expected to be deductible for income tax purposes.
Accordingly, we recorded adjustments to previously recorded
deferred tax assets. We could record similar adjustments in future
periods if any of the compensation costs are ultimately deductible
for income tax purposes. |
|
(h) |
As a result of the enacted reductions to
the North Carolina corporate income tax rate during the thirteen
weeks ended September 24, 2017, we adjusted our deferred income
taxes by applying the lower rate, which resulted in a corresponding
decrease to income tax expense. |
|
(i) |
Represents the income tax expense
associated with the adjustments in (b) through (h) that are
deductible for income tax purposes. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Net (Loss) Income
to EBITDA and Adjusted EBITDA |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Net
(loss) income |
$ |
(2,712 |
) |
|
6,889 |
|
4,417 |
|
22,865 |
|
Income
taxes |
|
|
|
(1,368 |
) |
|
2,120 |
|
1,514 |
|
8,918 |
|
Interest
expense, net |
|
1,354 |
|
|
1,493 |
|
4,582 |
|
4,761 |
|
Depreciation and amortization (b) |
|
3,367 |
|
|
4,395 |
|
11,930 |
|
12,747 |
|
EBITDA |
|
|
|
|
|
641 |
|
|
14,897 |
|
22,443 |
|
49,291 |
|
Non-cash
rent (c) |
|
|
287 |
|
|
321 |
|
997 |
|
1,090 |
|
Stock-based
compensation (d) |
|
501 |
|
|
505 |
|
1,899 |
|
1,185 |
|
Payroll
taxes associated with stock option exercises (e) |
|
62 |
|
|
24 |
|
92 |
|
122 |
|
Preopening
expenses (f) |
|
49 |
|
|
302 |
|
285 |
|
1,026 |
|
Certain
professional, transaction and other costs (g) |
|
1,010 |
|
|
— |
|
1,263 |
|
3
|
|
Executive
and officer separation expenses (h) |
|
164 |
|
|
— |
|
1,198 |
|
551 |
|
Impairment
and dispositions (i) |
|
782 |
|
|
99 |
|
6,414 |
|
1,033 |
|
Restaurant
closures and refranchising costs and related asset write-downs
(j) |
|
12,996 |
|
|
— |
|
16,342 |
|
— |
|
Adjusted EBITDA |
$ |
16,492 |
|
|
16,148 |
|
50,933 |
|
54,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
(b) |
Includes amortization of deferred debt
issuance costs. |
|
(c) |
Includes deferred rent, which represents
the extent to which our rent expense has been above or below our
cash rent payments and amortization of favorable (unfavorable)
leases. We expect to continue to incur similar expenses in future
periods as we record rent expense in accordance with GAAP and
continue to amortize favorable (unfavorable) leases. |
|
(d) |
Represents non-cash, stock-based
compensation. We expect to incur similar expenses in future periods
as we record stock-based compensation related to existing grants
(and any potential future grants) in accordance with
GAAP. |
|
(e) |
Represents payroll taxes associated with
stock option exercises related to stock options that were
outstanding prior to our initial public offering. We expect to
incur similar expenses in future periods when stock options that
were outstanding prior to our initial public offering are
exercised. |
|
(f) |
Includes expenses directly associated
with the opening of company-operated restaurants and incurred prior
to the opening of a company-operated restaurant. We expect to
continue to incur similar expenses as we open company-operated
restaurants. |
|
(g) |
Includes costs associated with
third-party consultants for special projects, exploring strategic
alternatives and public offering expenses. We could incur similar
expenses in future periods if we commence additional public
offerings, financing transactions or other special projects. |
|
(h) |
Represents severance and legal fees
associated with former executives and officers departing the
Company. |
|
(i) |
Includes net gain on disposal of property
and equipment and other, impairment and cash proceeds on disposals
from disposition of property and equipment. We could continue to
record impairment expense in future periods if performance of
company-operated restaurants is not sufficient to recover the
carrying amount of the related long-lived assets. We may incur
future (gains) losses and receive cash proceeds on disposal of
property and equipment associated with retirement, replacement or
write-off of fixed assets. |
|
(j) |
Primarily represents closed store
reserves, the accretion of the present value of our rent
obligations and ongoing maintenance and utilities costs related to
company-operated restaurants we have previously closed, as well as
impairment related to the write-down of assets associated with
company-operated restaurants we expect to refranchise and the gain
on the refranchise of company-operated restaurants. We expect to
continue to incur similar expenses in future periods as we record
the accretion of the present value of our rent obligations and
ongoing maintenance and utilities costs related to closed
company-operated restaurants, and could incur additional costs in
future periods if we identify other company-operated restaurants
that will be closed or refranchised. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Operating (Loss)
Income to Company-Operated Restaurant Contribution |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
Thirty-Nine Weeks Ended |
|
|
|
|
|
|
|
|
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
September
30, 2018 |
|
September
24, 2017
(a) |
|
Operating
(loss) income |
$ |
(2,564 |
) |
|
10,649 |
|
|
10,979 |
|
|
36,984 |
|
|
Less: |
|
Franchise
royalty revenues |
|
(7,174 |
) |
|
(7,018 |
) |
|
(21,177 |
) |
|
(20,509 |
) |
|
|
|
|
Franchise
marketing and co-op advertising contribution revenues |
|
(2,830 |
) |
|
(2,725 |
) |
|
(8,285 |
) |
|
(7,982 |
) |
|
|
|
|
Properties
and equipment rental revenues |
|
(611 |
) |
|
— |
|
|
(1,697 |
) |
|
— |
|
|
|
|
|
Other
franchise revenues |
|
(94 |
) |
|
(92 |
) |
|
(437 |
) |
|
(217 |
) |
|
Plus: |
|
General and
administrative |
|
11,202 |
|
|
9,814 |
|
|
32,705 |
|
|
28,584 |
|
|
|
|
|
Franchise
marketing and co-op advertising costs |
|
2,830 |
|
|
2,725 |
|
|
8,285 |
|
|
7,982 |
|
|
|
|
|
Costs
associated with properties and equipment rentals |
|
428 |
|
|
— |
|
|
1,144 |
|
|
— |
|
|
|
|
|
Depreciation and amortization |
|
3,205 |
|
|
4,248 |
|
|
11,464 |
|
|
12,307 |
|
|
|
|
|
Impairment |
|
734 |
|
|
126 |
|
|
6,419 |
|
|
1,123 |
|
|
|
|
|
Restaurant
closures and refranchising costs and related asset write-downs |
|
12,996 |
|
|
— |
|
|
16,342 |
|
|
— |
|
|
|
|
|
Loss (gain)
on disposal of property and equipment and other |
|
47 |
|
|
(135 |
) |
|
(46 |
) |
|
(238 |
) |
|
Company-operated restaurant contribution |
$ |
18,169 |
|
|
17,592 |
|
|
55,696 |
|
|
58,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-operated restaurant revenues |
$ |
127,958 |
|
|
126,207 |
|
|
385,066 |
|
|
378,048 |
|
|
Company-operated restaurant contribution
margin |
|
14.2 |
% |
|
13.9 |
% |
|
14.5 |
% |
|
15.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Adjusted to reflect the retrospective
adoption of Accounting Standards No. 2014-09, Revenue from
Contracts with Customers. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
Unaudited Impact of Adoption of New Revenue
Recognition Standard on Previously Reported Results |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended September 24,
2017 |
|
Thirty-Nine Weeks Ended September 24,
2017 |
|
|
|
|
|
|
|
|
As
Reported |
|
Adjustments |
|
As
Adjusted |
|
As
Reported |
|
Adjustments |
|
As
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
marketing and co-op advertising contribution revenues |
$ |
— |
|
|
2,725 |
|
|
2,725 |
|
|
— |
|
|
7,982 |
|
|
7,982 |
|
Other
franchise revenues |
|
200 |
|
|
(108 |
) |
|
92 |
|
|
738 |
|
|
(521 |
) |
|
217 |
|
Franchise
marketing and co-op advertising costs |
|
— |
|
|
2,725 |
|
|
2,725 |
|
|
— |
|
|
7,982 |
|
|
7,982 |
|
Income tax
benefit (expense) |
|
(2,160 |
) |
|
40 |
|
|
(2,120 |
) |
|
(9,114 |
) |
|
196 |
|
|
(8,918 |
) |
Net
income |
|
|
|
|
6,957 |
|
|
(68 |
) |
|
6,889 |
|
|
23,190 |
|
|
(325 |
) |
|
22,865 |
|
Net income
per diluted share |
|
0.18 |
|
|
- |
|
|
0.18 |
|
|
0.60 |
|
|
(0.01 |
) |
|
0.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported |
|
Adjustments |
|
As
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
current liabilities |
|
|
|
|
|
|
$ |
651 |
|
|
283 |
|
|
934 |
|
Deferred
income taxes |
|
|
|
|
|
|
|
71,190 |
|
|
(980 |
) |
|
70,210 |
|
Other
noncurrent liabilities |
|
|
|
|
|
|
|
13,333 |
|
|
3,774 |
|
|
17,107 |
|
Retained
earnings |
|
|
|
|
|
|
|
157,383 |
|
|
(3,077 |
) |
|
154,306 |
|
For Investor Relations Inquiries:Raphael Gross of
ICR203.682.8253
For Media Inquiries:Brian Little of Bojangles’
Restaurants, Inc.704.519.2118
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