Bojangles', Inc. (Bojangles') (NASDAQ:BOJA) today announced
financial results for the third fiscal quarter 2015, which was a
13-week period ending on September 27, 2015. Bojangles' also raised
its annual guidance for the fiscal year 2015, which is a 52-week
period ending on December 27, 2015.
Financial Highlights for the Third Fiscal Quarter 2015
Compared to the Third Fiscal Quarter 2014
- System-wide comparable restaurant sales increased 4.1%;
- Total revenues increased 12.7% to $124.3 million from $110.3
million;
- 18 system-wide restaurants were opened -- seven
company-operated restaurants and 11 franchised restaurants;
- Net Income increased to $8.9 million from $7.0 million;
- Pro Forma Net Income* increased 49.2% to $8.5 million from $5.7
million;
- Pro Forma Diluted Net Income per Share* increased 53.3% to
$0.23 compared to $0.15; and
- Adjusted EBITDA* increased 20.0% to $20.5 million from $17.1
million.
* Pro Forma Net Income, Pro Forma Diluted Net Income per Share
and Adjusted EBITDA are non-GAAP measures. Please see "Use and
Definition of Non-GAAP Measures" and the reconciliation tables
accompanying this release.
"We continue to be pleased with the financial results of our
iconic Bojangles'® brand. The 4.1% increase in system-wide
comparable restaurant sales during the third fiscal quarter 2015
was on top of a 5.3% increase in the prior year fiscal quarter and
has enabled us to extend our track record of comparable restaurant
sales growth to 22 consecutive quarters. Total revenues rose 12.7%
while Adjusted EBITDA and Pro Forma Net Income expanded at even
higher rates of 20.0% and 49.2%, respectively. We are once again
very pleased to be raising our annual outlook for revenues and
profitability," said Bojangles' President and CEO Clifton
Rutledge.
"We are actively and diligently working on a number of important
initiatives that will strengthen Bojangles' and prepare us for an
even brighter future. These include investing in our people so we
can better uphold our commitment to Bo-Size Service and build-out
our menu development capabilities, enhancing our technological
infrastructure, improving our supply chain through a new
partnership, and expanding our footprint through greater scale in
adjacent areas within the Southeast and infilling our core North
and South Carolina markets. The Bojangles' system is expected to
grow approximately 8% in net unit count this year, demonstrating
the considerable and untapped demand for our high-quality,
craveable food and Legendary Iced Tea®," he concluded.
Third Fiscal Quarter 2015 Financial Review
System-wide comparable restaurant sales increased 4.1%,
consisting of both company-operated and franchised comparable
restaurant sales growth of 4.1%. Comparable restaurant sales growth
at company-operated restaurants was composed of increases in price
and mix.
Total revenues increased 12.7% to $124.3 million in the third
fiscal quarter of 2015 from $110.3 million in the prior year
quarter. The increase was primarily due to an additional net 46
system-wide restaurants at September 27, 2015 compared to September
28, 2014, and comparable restaurant sales growth at our
company-operated and franchised restaurants.
Company restaurant revenues increased 12.8% to $117.5 million in
the third fiscal quarter of 2015 from $104.2 million in the prior
year quarter. Franchise royalty revenues increased 10.7% to $6.4
million in the third fiscal quarter of 2015 from $5.8 million in
the prior year quarter.
Restaurant contribution, a non-GAAP measure, increased 17.5% to
$21.9 million in the third fiscal quarter of 2015 from $18.7
million in the prior year quarter. As a percentage of company
restaurant revenues, restaurant contribution margin, a non-GAAP
measure, increased to 18.7% in the third fiscal quarter of 2015
from 17.9% in the prior year quarter.
General and administrative expenses increased $2.1 million to
$10.1 million in the third fiscal quarter of 2015 from $7.9 million
in the prior year quarter. The increase was due primarily to
additional positions added to support an increased number of
restaurants in our system, additional costs as a result of
operating as a public company, $0.2 million in legal and other
expenses incurred in connection with the transition to a new
distributor and a $0.5 million accrual pursuant to an employment
agreement.
Adjusted EBITDA increased 20.0% to $20.5 million in the third
fiscal quarter of 2015 from $17.1 million in the prior year
quarter.
Net Income was $8.9 million in the third fiscal quarter of 2015
compared to $7.0 million in the prior year quarter.
Pro Forma Net Income was $8.5 million in the third fiscal
quarter of 2015 compared to $5.7 million in the prior year
quarter. Pro Forma Diluted Net Income per Share was $0.23 in
the third fiscal quarter of 2015 compared to $0.15 in the prior
year quarter.
Fiscal Year 2015 Guidance
Bojangles' raised its annual guidance for 52-week period ending
on December 27, 2015 to the following:
- Total revenues of $486.0 million to $488.0 million (previously
$483.5 million to $487.5 million);
- System-wide comparable restaurant sales growth of low to
mid-single digits;
- The opening of 62 to 64 system-wide restaurants (previously 59
to 63 system-wide restaurants);
- 28 to 29 company-operated restaurants which includes two
restaurants we will re-open that a franchisee previously
closed;
- 34 to 35 franchised restaurants;
- Net increase of 48 to 50 system-wide restaurants (previously 49
to 53 system-wide restaurants);
- 27 to 28 net increase of company-operated restaurants which
includes the addition of one restaurant refranchised to the
company;
- 21 to 22 net increase of franchised restaurants which includes
the reduction of one restaurant refranchised to the company;
- Restaurant contribution margin of 17.7% to 18.0% (previously
17.3% to 17.7%);
- General and administrative expenses between $42.8 million and
$43.3 million (previously $41.5 million and $42.5 million),
inclusive of costs associated with our initial public offering and
other non-recurring expenses. This range also includes
approximately $0.2 million in the third fiscal quarter of 2015 and
$0.5 million expected in the fourth fiscal quarter of 2015 related
to our change in third party distributors;
- Pro Forma Diluted Net Income per Share of $0.79 to $0.81
(previously $0.75 to $0.78); and
- Adjusted EBITDA of $76.0 million to $77.5 million (previously
$74.0 million to $76.0 million).
Conference Call and Webcast Today
We will host a conference call and webcast to discuss the third
fiscal quarter 2015 results and fiscal year 2015 guidance today at
5:15 p.m. Eastern Time. The conference call dial-in numbers
are 1-877-705-6003 for domestic toll-free calls and 1-201-493-6725
for international. A telephone replay will be available
through December 4, 2015 and may be accessed by dialing
1-877-870-5176 for domestic toll-free calls and 1-858-384-5517 for
international. The conference ID is 13620534.
The conference call will also be webcast live and later archived
on the Investor Relations section of our website at
www.bojangles.com.
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. Founded in 1977 in Charlotte, NC, Bojangles' serves
menu items such as delicious, famous chicken, made-from-scratch
buttermilk biscuits, flavorful fixin's and Legendary Iced
Tea®. At September 27, 2015, Bojangles' had 657 system-wide
restaurants, of which 274 were company-operated and 383 were
franchised restaurants, primarily located in the Southeastern
United States. For more information, visit www.bojangles.com
or follow Bojangles' on Facebook 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.
Bojangles' cautions that non-GAAP measures should be
considered in addition to, but not as a substitute for, reported
GAAP results.
Comparable restaurant sales reflects the change in
year-over-year sales for the comparable restaurant base (as
applicable, system-wide, franchised or company-operated
restaurants). A restaurant enters our comparable restaurant
base the first full day of the month after being open for 15 months
using a mid-month convention.
Restaurant contribution is defined as company restaurant
revenues less food and supplies costs, restaurant labor costs and
operating costs. Restaurant contribution margin is defined as
restaurant contribution as a percentage of company restaurant
revenues. Restaurant contribution and 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. Restaurant
contribution and 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.
Pro Forma Net Income represents company net income before items
that we do not consider representative of our ongoing operating
performance, as well as an estimate of recurring incremental legal,
accounting, insurance and other operating and compliance costs we
expect to incur as a public company for those periods where they
had not yet been incurred, both as identified in the reconciliation
table below. Pro Forma 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
well as an estimate of recurring incremental legal, accounting,
insurance and other operating and compliance costs we expect to
incur as a public company for those periods where they had not yet
been incurred, both 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.
Pro Forma Net Income, Pro Forma 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. Pro Forma Net Income, Pro Forma 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. In addition, in evaluating Pro Forma Net
Income, Pro Forma 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 Pro Forma
Net Income, Pro Forma 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 fact 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 our vulnerability to changes
in consumer preferences and economic conditions; our ability to
open new restaurants and expand our franchise system; 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 and restaurant
designs and remodels; cancellation or delay in anticipated future
restaurant openings; our reliance on, limited degree of control
over and potential liability for, our franchisees; increases in the
cost of chicken, pork, 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; and our dependence
upon frequent and timely deliveries of restaurant food and other
supplies. For further details and discussion of these and other
risks and uncertainties, see our registration statement on Form S-1
(commission file number 333-203268), which was declared effective
by the Securities and Exchange Commission on May 7, 2015, and our
periodic reports, including our quarterly reports on Form 10-Q,
filed with the Securities and Exchange Commission and 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 obligations 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 |
December 28,
2014 |
September 27,
2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 13,201 |
15,050 |
Accounts and vendor receivables, net |
4,285 |
3,676 |
Accounts receivable, related parties,
net |
736 |
432 |
Inventories, net |
2,743 |
2,683 |
Other current assets |
2,669 |
4,225 |
Total current assets |
23,634 |
26,066 |
Property and equipment, net |
42,478 |
52,092 |
Goodwill |
161,140 |
161,140 |
Brand |
290,500 |
290,500 |
Franchise rights, net |
26,438 |
25,615 |
Favorable leases, net |
1,908 |
1,494 |
Deferred debt issuance costs, net |
2,726 |
2,658 |
Other noncurrent assets |
3,819 |
3,010 |
Total assets |
$ 552,643 |
562,575 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 15,639 |
14,536 |
Accrued expenses |
18,479 |
22,700 |
Current maturities of long-term debt |
— |
— |
Current maturities of capital lease
obligations |
4,365 |
5,319 |
Other current liabilities |
1,655 |
6,411 |
Total current liabilities |
40,138 |
48,966 |
Long-term debt, less current
maturities |
228,249 |
209,194 |
Deferred income taxes |
116,589 |
113,083 |
Capital lease obligations, less current
maturities |
20,144 |
21,819 |
Other noncurrent liabilities |
9,771 |
11,406 |
Total liabilities |
414,891 |
404,468 |
Stockholders' equity: |
|
|
Preferred stock |
172,691 |
— |
Common stock |
— |
360 |
Additional paid-in capital |
(56,220) |
118,339 |
Retained earnings |
21,135 |
39,817 |
Accumulated other comprehensive income
(loss) |
146 |
(409) |
Total stockholders' equity |
137,752 |
158,107 |
Total liabilities and stockholders'
equity |
$ 552,643 |
562,575 |
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited Condensed
Consolidated Statements of Operations |
(in thousands, except
per share amounts) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
September 28,
2014 |
September 27,
2015 |
Revenues: |
|
|
|
|
Company restaurant revenues |
$ 104,192 |
117,536 |
295,589 |
339,914 |
Franchise royalty revenues |
5,813 |
6,436 |
16,687 |
18,740 |
Other franchise revenues |
300 |
287 |
748 |
768 |
Total revenues |
110,305 |
124,259 |
313,024 |
359,422 |
Company restaurant operating expenses: |
|
|
|
|
Food and supplies costs |
33,026 |
37,223 |
96,586 |
110,508 |
Restaurant labor costs |
29,151 |
32,429 |
82,625 |
94,075 |
Operating costs |
23,336 |
25,936 |
65,568 |
74,120 |
Depreciation and amortization |
2,452 |
2,990 |
7,145 |
8,378 |
Total Company restaurant operating
expenses |
87,965 |
98,578 |
251,924 |
287,081 |
Operating income before other operating
expenses |
22,340 |
25,681 |
61,100 |
72,341 |
Other operating expenses: |
|
|
|
|
General and administrative |
7,921 |
10,064 |
22,773 |
32,694 |
Depreciation and amortization |
597 |
725 |
1,723 |
2,075 |
Impairment |
— |
193 |
— |
208 |
Loss on disposal of property and
equipment |
33 |
220 |
30 |
232 |
Total other operating expenses |
8,551 |
11,202 |
24,526 |
35,209 |
Operating income |
13,789 |
14,479 |
36,574 |
37,132 |
Amortization of deferred debt issuance
costs |
(187) |
(208) |
(548) |
(622) |
Interest income |
— |
— |
1 |
6 |
Interest expense |
(2,430) |
(2,001) |
(6,844) |
(6,394) |
Income before income taxes |
11,172 |
12,270 |
29,183 |
30,122 |
Income taxes |
4,186 |
3,360 |
10,974 |
11,440 |
Net income |
$ 6,986 |
8,910 |
18,209 |
18,682 |
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ -- |
0.25 |
— |
0.99 |
Diluted |
$ 0.19 |
0.24 |
0.49 |
0.50 |
|
|
|
|
|
Weighted average shares used in computing net
income per share: |
|
|
|
|
Basic |
— |
35,951 |
— |
18,830 |
Diluted |
37,325 |
37,526 |
37,267 |
37,471 |
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(in
thousands) |
|
|
|
|
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
Cash flows from operating activities: |
|
|
Net income |
$ 18,209 |
18,682 |
Adjustments to reconcile net income to
net cash provided by operating activities: |
|
|
Deferred income tax benefit |
(44) |
(3,356) |
Depreciation and amortization |
8,868 |
10,453 |
Amortization of deferred debt issuance
costs |
548 |
622 |
Impairment |
— |
208 |
Loss on disposal of property and
equipment |
30 |
232 |
Provision for doubtful accounts |
33 |
53 |
(Benefit) provision for inventory
spoilage |
(8) |
9 |
Provision (benefit) for closed
stores |
101 |
(50) |
Stock-based compensation |
1,084 |
1,711 |
Excess tax benefit from stock-based
compensation |
(49) |
(421) |
Changes in operating assets and
liabilities |
535 |
4,945 |
Net cash provided by operating
activities |
29,307 |
33,088 |
Cash flows from investing activities: |
|
|
Purchases of franchisee's assets |
(3,187) |
(186) |
Purchases of property and equipment |
(4,964) |
(8,591) |
Proceeds from disposition of property and
equipment |
3 |
36 |
Net cash used in investing
activities |
(8,148) |
(8,741) |
Cash flows from financing activities: |
|
|
Proceeds from borrowings on long-term
debt |
50,000 |
— |
Principal payments on long-term debt |
(13,468) |
(19,055) |
Debt issuance costs |
(720) |
(555) |
Distribution to stockholders |
(50,000) |
— |
Stock option settlement |
(172) |
— |
Stock option exercise |
— |
96 |
Excess tax benefit from stock-based
compensation |
49 |
421 |
Principal payments on
capital lease obligations |
(2,974) |
(3,405) |
Net cash used in financing
activities |
(17,285) |
(22,498) |
Net increase in cash and cash
equivalents |
3,874 |
1,849 |
Cash and cash equivalents balance, beginning
of period |
8,456 |
13,201 |
Cash and cash equivalents balance, end of
period |
$ 12,330 |
15,050 |
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited
Reconciliation of Net Income to EBITDA and Adjusted
EBITDA |
(in
thousands) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
September 28,
2014 |
September 27,
2015 |
Net income |
$ 6,986 |
8,910 |
18,209 |
18,682 |
Income taxes |
4,186 |
3,360 |
10,974 |
11,440 |
Interest expense, net |
2,430 |
2,001 |
6,843 |
6,388 |
Depreciation and amortization (a) |
3,236 |
3,923 |
9,416 |
11,075 |
EBITDA |
16,838 |
18,194 |
45,442 |
47,585 |
Non-cash rent (b) |
374 |
389 |
1,142 |
1,168 |
Stock-based compensation (c) |
342 |
309 |
1,084 |
1,728 |
Preopening expenses (d) |
642 |
326 |
985 |
1,064 |
Sponsor and board member fees and expenses
(e) |
244 |
— |
762 |
166 |
Certain professional, transaction and other
costs (f) |
100 |
160 |
571 |
5,041 |
Employee contract expense (g) |
— |
507 |
— |
507 |
Distributor transition costs (h) |
— |
217 |
— |
217 |
Impairment and dispositions (i) |
33 |
421 |
33 |
476 |
Gain from termination of a vendor contract
(j) |
(1,476) |
— |
(1,476) |
— |
Adjusted EBITDA |
$ 17,097 |
20,523 |
48,543 |
57,952 |
|
(a) Includes amortization of deferred debt
issuance costs. |
(b) Includes deferred rent, which represents
the extent to which our rent expense has been above or below our
cash rent payments, amortization of favorable (unfavorable) leases
and closed store reserves for rent net of cash payments. |
(c) Includes non-cash, stock-based
compensation, as well as employer payroll taxes associated with
stock option exercises related to stock options that were
outstanding prior to our initial public offering. |
(d) Includes expenses directly associated
with the opening of new company-operated restaurants and incurred
prior to the opening of a new company-operated restaurant. |
(e) Includes reimbursement of expenses to our
sponsor prior to our initial public offering, compensation and
expense reimbursement to members of our board prior to our initial
public offering and certain non-recurring executive search firm
fees incurred on behalf of our board. |
(f) Includes certain professional fees and
transaction costs related to financing transactions, acquisitions
and initial public offering expenses, third-party consultants for
one-time projects and certain executive relocation costs. |
(g) Represents a payment liability pursuant
to an employment agreement. |
(h) Includes legal and other expenses
incurred in connection with the transition to our new
distributor. |
(i) Includes loss on disposal of property and
equipment, impairment and cash proceeds on disposals from
disposition of property and equipment. |
(j) Represents the elimination of a gain from
the termination of a contract with a beverage vendor. |
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited
Reconciliation of Net Income to Pro Forma Net Income |
(in
thousands) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
September 28,
2014 |
September 27,
2015 |
Net income |
$ 6,986 |
8,910 |
18,209 |
18,682 |
|
|
|
|
|
Certain professional and transaction costs
(a) |
20 |
160 |
206 |
5,041 |
Incremental public company costs (b) |
(600) |
(104) |
(1,800) |
(898) |
Stock-based compensation (c) |
— |
— |
— |
724 |
Employee contract expense (d) |
— |
507 |
— |
507 |
Distributor transition costs (e) |
— |
217 |
— |
217 |
Gain from termination of a vendor contract
(f) |
(1,476) |
— |
(1,476) |
— |
State income tax rate change (g) |
— |
(903) |
— |
(903) |
Tax impact of adjustments |
760 |
(296) |
1,192 |
(469) |
Total adjustments |
(1,296) |
(419) |
(1,878) |
4,219 |
Pro Forma Net Income |
$ 5,690 |
8,491 |
16,331 |
22,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited
Reconciliation of Diluted Net Income Per Share to Pro Forma Diluted
Net Income Per Share |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
September 28,
2014 |
September 27,
2015 |
Diluted net income per
share |
$ 0.19 |
0.24 |
0.49 |
0.50 |
|
|
|
|
|
Certain professional and transaction costs
(a) |
— |
— |
0.01 |
0.13 |
Incremental public company costs (b) |
(0.02) |
— |
(0.05) |
(0.02) |
Stock-based compensation (c) |
— |
— |
— |
0.02 |
Employee contract expense (d) |
— |
0.01 |
— |
0.01 |
Distributor transition costs (e) |
— |
0.01 |
— |
0.01 |
Gain from termination of a vendor contract
(f) |
(0.04) |
— |
(0.04) |
— |
State income tax rate change (g) |
— |
(0.02) |
— |
(0.02) |
Tax impact of adjustments |
0.02 |
(0.01) |
0.03 |
(0.02) |
Total adjustments |
(0.04) |
(0.01) |
(0.05) |
0.11 |
Pro Forma Diluted Net Income per
Share |
$ 0.15 |
0.23 |
0.44 |
0.61 |
|
(a) Includes certain
professional fees and transaction costs related to financing
transactions, acquisitions and initial public offering expenses and
third-party consultants for one-time projects. |
(b) Reflects an estimate of
recurring incremental legal, accounting, insurance and other
operating and compliance costs we expect to incur as a public
company in addition to actual amounts incurred. By its nature, this
adjustment involves risks and uncertainties, and the actual costs
incurred could be different than this adjustment. |
(c) Includes non-cash,
stock-based compensation related to the vesting of certain
performance based stock option awards, as well as employer payroll
taxes associated with stock option exercises related to stock
options that were outstanding prior to our initial public
offering. |
(d) Represents a payment
liability pursuant to an employment agreement. |
(e) Includes legal and other
expenses incurred in connection with the transition to our new
distributor. |
(f) Represents the elimination
of a gain from the termination of a contract with a beverage
vendor. |
(g) As a result of the recently
enacted reduction to the North Carolina corporate income tax rate,
we adjusted our deferred income taxes by applying the lower rate,
which resulted in a corresponding decrease to income tax
expense. |
|
|
BOJANGLES', INC. AND
SUBSIDIARIES |
Unaudited
Reconciliation of Company Restaurant Revenues to Restaurant
Contribution |
(in
thousands) |
|
|
|
|
|
|
Thirteen Weeks
Ended |
Thirty-Nine Weeks
Ended |
|
September 28,
2014 |
September 27,
2015 |
September 28,
2014 |
September 27,
2015 |
Company restaurant revenues |
$ 104,192 |
117,536 |
295,589 |
339,914 |
Food and supplies costs |
(33,026) |
(37,223) |
(96,586) |
(110,508) |
Restaurant labor costs |
(29,151) |
(32,429) |
(82,625) |
(94,075) |
Operating costs |
(23,336) |
(25,936) |
(65,568) |
(74,120) |
Restaurant contribution |
$ 18,679 |
21,948 |
50,810 |
61,211 |
Restaurant contribution
margin |
17.9% |
18.7% |
17.2% |
18.0% |
CONTACT: For Investor Relations Inquiries:
Raphael Gross of ICR
203.682.8253
For Media Inquiries:
Doug Poppen
704.940.8685
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