Bojangles’, Inc. (Bojangles’) (NASDAQ:BOJA) today announced
financial results for the 13-week first fiscal quarter ended March
27, 2016. Bojangles’® also raised its guidance for the
fiscal year 2016, which is a 52-week period ending on December 25,
2016.
Financial Highlights for First Fiscal
Quarter 2016
- System-wide comparable restaurant sales increased 2.0%;
- Total revenues increased 11.3% to $127.7 million from $114.6
million;
- Nine system-wide restaurants were opened – seven
company-operated restaurants and two franchised restaurants;
- Net Income increased to $7.8 million from $3.4 million;
- Pro Forma Net Income* increased 36.0% to $7.9 million from $5.8
million;
- Pro Forma Diluted Net Income per Share* increased 31.3% to
$0.21 from $0.16; and
- Adjusted EBITDA* increased 11.8% to $18.9 million from $16.9
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.
“Bojangles’ solid first fiscal quarter 2016
performance is a reflection of company and franchise teams working
hard every day to provide customers with a consistent, high-quality
restaurant experience. For the thirteen-week period,
system-wide comparable restaurant sales grew 2.0% despite
significant competitive discounting and promotional activity, and
increased 9.9% and 11.6%, respectively, on a two- and three-year
stacked basis. We have now generated system-wide comparable
restaurant sales growth for 24 consecutive quarters,” said
Bojangles’ President and CEO Clifton Rutledge.
“Our iconic brand certainly resonates across all
generations through its diverse, fast-casual quality menu with QSR
speed, convenience and value. This year, we are leveraging
our core menu’s popularity by developing extendable platforms and
limited time offers that will raise the bar on quality and
uniqueness even further. We will also connect several of our
menu favorites to national calendar occasions that should go a long
way toward sharing the Bojangles’ experience with more and more new
customers in adjacent as well as core markets,” he continued.
“Bojangles’ is a growing force in the
fast-casual and QSR space and our track record of generating
consistently strong results is, in part, a testament to our
development strategy. We intend to expand our system by
approximately 8% in net unit count during fiscal year 2016 by
infilling our core North and South Carolina markets and developing
in adjacent states within the Southeast. In executing our
growth strategy, we will stay focused on ensuring operational
excellence and providing an outstanding experience for all our
customers,” he concluded.
First Fiscal Quarter 2016 Financial
ReviewSystem-wide comparable restaurant sales increased
2.0%, consisting of company-operated and franchised comparable
restaurant sales growth of 2.7% and 1.6%, respectively.
Comparable restaurant sales growth at company-operated
restaurants was due to increases in price and transactions.
Total revenues increased 11.3% to $127.7 million
in the first fiscal quarter of 2016 from $114.6 million in the
prior year fiscal quarter. The increase was primarily due to
an additional net 36 system-wide restaurants at March 27, 2016
compared to March 29, 2015, and comparable restaurant sales growth
at our company-operated and franchised restaurants.
Company restaurant revenues increased 12.1% to
$121.4 million in the first fiscal quarter of 2016 from $108.3
million in the prior year fiscal quarter. Franchise royalty
revenues increased 4.0% to $6.2 million in the first fiscal quarter
of 2016 from $5.9 million in the prior year fiscal quarter.
Restaurant contribution, a non-GAAP measure,
increased 21.3% to $21.1 million in the first fiscal quarter of
2016 from $17.4 million in the prior year fiscal quarter. As
a percentage of company restaurant revenues, restaurant
contribution margin, a non-GAAP measure, increased to 17.4% in the
first fiscal quarter of 2016 from 16.1% in the prior year fiscal
quarter.
General and administrative expenses decreased
12.8% to $9.5 million in the first fiscal quarter of 2016 from
$10.9 million in the prior year fiscal quarter. The decline
was primarily due to expenses incurred in the first fiscal quarter
2015 related to public offering expenses, partially offset by
additional positions to support a growing restaurant system,
additional costs as a result of operating as a public company, and
expenses incurred in connection with the transition to a new
distributor.
Adjusted EBITDA increased 11.8% to $18.9 million
in the first fiscal quarter of 2016 from $16.9 million in the prior
year fiscal quarter.
Net Income was $7.8 million in the first fiscal
quarter of 2016 compared to $3.4 million in the prior year fiscal
quarter.
Pro Forma Net Income increased 36.0% to $7.9
million in the first fiscal quarter of 2016 compared to $5.8
million in the prior year fiscal quarter. Pro Forma Diluted
Net Income per Share increased 31.3% to $0.21 in the first fiscal
quarter of 2016 compared to $0.16 in the prior year fiscal
quarter.
Fiscal Year 2016 Guidance
Bojangles’ raised its annual guidance for the
52-week period ending on December 25, 2016:
- Total revenues of $535.0 million to $543.0 million (previously
$533.0 million to $543.0 million);
- System-wide comparable restaurant sales growth of low-single
digits;
- The opening of 60 to 65 system-wide restaurants;
- 28 to 29 company-operated restaurants;
- 32 to 36 franchised restaurants;
- Net increase of 53 to 58 system-wide restaurants;
- 26 to 27 net increase of company-operated restaurants;
- 27 to 31 net increase of franchised restaurants;
- Restaurant contribution margin of 17.7% to 18.1% (previously
17.6% to 18.1%);
- General and administrative expenses between $40.0 million and
$41.5 million;
- Pro Forma Diluted Net Income per Share of $0.89 to $0.93
(previously $0.86 to $0.90); and
- Adjusted EBITDA of $84.5 million to $86.5 million (previously
$83.5 million to $86.5 million).
Conference Call and Webcast
TodayBojangles’ will host a conference call and webcast to
discuss the first fiscal quarter 2016 results and fiscal year 2016
guidance today at 5:00 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 Sunday, June 5, 2016 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
13634668.
The conference call will also be webcast live
and later archived on the Investors 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, N.C., Bojangles'
serves menu items such as delicious, famous chicken,
made-from-scratch buttermilk biscuits, flavorful fixin's and
Legendary Iced Tea®. At March 27, 2016, Bojangles' had
671 system-wide restaurants, of which 288 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
MeasuresWe 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, as identified by the reconciliation
table below. 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 StatementsThis
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 restaurants in new and existing
markets 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, changes in discounting
strategy and restaurant designs and remodels; cancellation 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; changes in employment and labor laws; labor
shortages and increases in labor costs; 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 annual report on Form 10-K
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 |
|
March
27, 2016 |
|
December 27,2015 |
|
Current
assets: |
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
|
21,409 |
|
|
14,263 |
|
|
Accounts
and vendor receivables, net |
|
|
4,038 |
|
|
4,736 |
|
|
Accounts
receivable, related parties, net |
|
|
458 |
|
|
403 |
|
|
Inventories, net |
|
|
2,923 |
|
|
3,080 |
|
|
Other
current assets |
|
|
2,349 |
|
|
5,639 |
|
|
|
|
|
|
Total
current assets |
|
|
31,177 |
|
|
28,121 |
|
|
Property
and equipment, net |
|
|
48,781 |
|
|
48,137 |
|
|
Goodwill |
|
|
|
|
161,140 |
|
|
161,140 |
|
|
Brand |
|
|
|
|
|
290,500 |
|
|
290,500 |
|
|
Franchise
rights, net |
|
|
25,066 |
|
|
25,341 |
|
|
Favorable
leases, net |
|
|
1,267 |
|
|
1,394 |
|
|
Other
noncurrent assets |
|
|
3,376 |
|
|
3,673 |
|
|
|
|
|
|
Total
assets |
$ |
|
561,307 |
|
|
558,306 |
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
$ |
|
14,734 |
|
|
17,893 |
|
|
Accrued
expenses |
|
|
20,798 |
|
|
19,086 |
|
|
Current
maturities of long-term debt |
|
|
— |
|
|
— |
|
|
Current
maturities of capital lease obligations |
|
|
5,900 |
|
|
5,968 |
|
|
Other
current liabilities |
|
|
4,430 |
|
|
2,155 |
|
|
|
|
|
|
Total
current liabilities |
|
|
45,862 |
|
|
45,102 |
|
|
Long-term
debt, less current maturities and deferred debt issuance costs,
net |
|
|
194,212 |
|
|
197,735 |
|
|
Deferred
income taxes |
|
|
112,241 |
|
|
115,028 |
|
|
Capital
lease obligations, less current maturities |
|
|
20,793 |
|
|
21,483 |
|
|
Other
noncurrent liabilities |
|
|
12,649 |
|
|
11,834 |
|
|
|
|
|
|
Total
liabilities |
|
|
385,757 |
|
|
391,182 |
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred
stock |
|
|
— |
|
|
— |
|
|
Common
stock |
|
|
361 |
|
|
360 |
|
|
Additional
paid-in capital |
|
|
120,079 |
|
|
119,084 |
|
|
Retained
earnings |
|
|
55,505 |
|
|
47,661 |
|
|
Accumulated
other comprehensive (loss) income |
|
|
(395 |
) |
|
19 |
|
|
|
|
|
|
Total
stockholders’ equity |
|
|
175,550 |
|
|
167,124 |
|
|
|
|
|
|
Total
liabilities and stockholders’ equity |
$ |
|
561,307 |
|
|
558,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
Unaudited Condensed Consolidated Statements of
Operations |
(in thousands, except per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
March
27, 2016 |
|
March
29, 2015 |
Revenues: |
|
|
|
|
|
|
|
Company
restaurant revenues |
$ |
|
121,413 |
|
|
|
108,336 |
|
|
Franchise
royalty revenues |
|
|
6,172 |
|
|
|
5,936 |
|
|
Other
franchise revenues |
|
|
70 |
|
|
|
375 |
|
|
|
|
|
|
Total
revenues |
|
|
127,655 |
|
|
|
114,647 |
|
Company
restaurant operating expenses: |
|
|
|
|
|
Food and
supplies costs |
|
|
38,521 |
|
|
|
36,561 |
|
|
Restaurant
labor costs |
|
|
33,336 |
|
|
|
30,468 |
|
|
Operating
costs |
|
|
28,413 |
|
|
|
23,871 |
|
|
Depreciation and amortization |
|
|
3,083 |
|
|
|
2,674 |
|
|
|
|
|
|
Total
Company restaurant operating expenses |
|
|
103,353 |
|
|
|
93,574 |
|
|
|
|
|
|
Operating
income before other operating expenses |
|
|
24,302 |
|
|
|
21,073 |
|
Other
operating expenses: |
|
|
|
|
|
General and
administrative |
|
|
9,511 |
|
|
|
10,913 |
|
|
Depreciation and amortization |
|
|
717 |
|
|
|
659 |
|
|
Impairment |
|
|
|
201 |
|
|
|
15 |
|
|
Gain on
disposal of property and equipment |
|
|
(199 |
) |
|
|
(2 |
) |
|
|
|
|
|
Total other
operating expenses |
|
|
10,230 |
|
|
|
11,585 |
|
|
|
|
|
|
Operating
income |
|
|
14,072 |
|
|
|
9,488 |
|
Amortization of deferred debt issuance costs |
|
|
(146 |
) |
|
|
(184 |
) |
Interest
income |
|
|
|
1 |
|
|
|
1 |
|
Interest
expense |
|
|
(2,024 |
) |
|
|
(2,222 |
) |
|
|
|
|
|
Income
before income taxes |
|
|
11,903 |
|
|
|
7,083 |
|
Income
taxes |
|
|
|
4,059 |
|
|
|
3,645 |
|
|
|
|
|
|
Net
income |
$ |
|
7,844 |
|
|
|
3,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
|
0.22 |
|
|
|
— |
|
|
|
|
|
|
Diluted |
$ |
|
0.21 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
36,023 |
|
|
|
— |
|
|
|
|
|
|
Diluted |
|
|
37,435 |
|
|
|
37,375 |
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Condensed Consolidated Statements of
Cash Flows |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
March 27,
2016 |
|
March 29,
2015 |
|
Cash flows
from operating activities: |
|
|
|
|
|
|
Net
income |
|
$ |
|
7,844 |
|
|
|
3,438 |
|
|
|
Adjustments
to reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Deferred
income tax benefit |
|
|
(855 |
) |
|
|
(1,158 |
) |
|
|
|
|
Depreciation and amortization |
|
|
3,800 |
|
|
|
3,333 |
|
|
|
|
|
Amortization of deferred debt issuance costs |
|
|
146 |
|
|
|
184 |
|
|
|
|
|
Impairment |
|
|
201 |
|
|
|
15 |
|
|
|
|
|
Gain on
disposal of property and equipment |
|
|
(199 |
) |
|
|
(2 |
) |
|
|
|
|
Provision
for doubtful accounts |
|
|
63 |
|
|
|
24 |
|
|
|
|
|
(Benefit)
provision for inventory spoilage |
|
|
(1 |
) |
|
|
6 |
|
|
|
|
|
Benefit for
closed stores |
|
|
(1 |
) |
|
|
(50 |
) |
|
|
|
|
Stock-based
compensation |
|
|
276 |
|
|
|
339 |
|
|
|
|
|
Excess tax
benefit from stock-based compensation |
|
|
(449 |
) |
|
|
— |
|
|
|
|
|
Changes in
operating assets and liabilities |
|
|
1,500 |
|
|
|
685 |
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
|
12,325 |
|
|
|
6,814 |
|
|
Cash flows
from investing activities: |
|
|
|
|
|
|
Purchases
of property and equipment |
|
|
(839 |
) |
|
|
(1,168 |
) |
|
|
Proceeds
from disposition of property and equipment |
|
|
9 |
|
|
|
17 |
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
|
(830 |
) |
|
|
(1,151 |
) |
|
Cash flows
from financing activities: |
|
|
|
|
|
|
Principal
payments on long-term debt |
|
|
(3,669 |
) |
|
|
(3,652 |
) |
|
|
Stock
option exercises |
|
|
271 |
|
|
|
— |
|
|
|
Excess tax
benefit from stock-based compensation |
|
|
449 |
|
|
|
— |
|
|
|
Principal
payments on capital lease obligations |
|
|
(1,400 |
) |
|
|
(1,095 |
) |
|
|
|
|
|
|
Net cash
used in financing activities |
|
|
(4,349 |
) |
|
|
(4,747 |
) |
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
|
7,146 |
|
|
|
916 |
|
|
Cash and
cash equivalents balance, beginning of fiscal period |
|
|
14,263 |
|
|
|
13,201 |
|
|
Cash and
cash equivalents balance, end of fiscal period |
$ |
|
21,409 |
|
|
|
14,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Net Income to
EBITDA and Adjusted EBITDA |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
March 27,
2016 |
|
March 29,
2015 |
|
Net
income |
|
|
$ |
7,844 |
|
3,438 |
|
Income
taxes |
|
|
|
4,059 |
|
3,645 |
|
Interest
expense, net |
|
2,023 |
|
2,221 |
|
Depreciation and amortization (a) |
|
3,946 |
|
3,517 |
|
EBITDA |
|
|
|
|
|
17,872 |
|
12,821 |
|
Non-cash
rent (b) |
|
|
378 |
|
389 |
|
Stock-based
compensation (c) |
|
296 |
|
339 |
|
Preopening
expenses (d) |
|
218 |
|
300 |
|
Sponsor and
board member fees and expenses (e) |
|
— |
|
129 |
|
Certain
professional, transaction and other costs (f) |
|
33 |
|
2,873 |
|
Distributor
transition costs (g) |
|
65 |
|
— |
|
Impairment
and dispositions (h) |
|
11 |
|
30 |
|
Adjusted EBITDA |
$ |
18,873 |
|
16,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
company-operated restaurants and incurred prior to the opening of a
company-operated restaurant. |
|
(e) |
Includes reimbursement of expenses to our sponsor prior to our
initial public offering and compensation and expense reimbursement
to members of our board prior to our initial public offering. |
|
(f) |
Includes public offering expenses and costs associated with
third-party consultants for one-time projects. |
|
(g) |
Includes expenses incurred in connection with the transition
to our new distributor. |
|
(h) |
Includes gain on disposal of property and equipment,
impairment and cash proceeds on disposals from disposition of
property and equipment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Net Income to Pro
Forma Net Income |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
March 27,
2016 |
|
March 29,
2015 |
|
Net
income |
|
|
$ |
|
7,844 |
|
|
|
3,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
professional and transaction costs (a) |
|
|
33 |
|
|
|
2,873 |
|
|
Incremental
public company costs (b) |
|
|
— |
|
|
|
(600 |
) |
|
Stock-based
compensation (c) |
|
|
20 |
|
|
|
— |
|
|
Distributor
transition costs (d) |
|
|
65 |
|
|
|
— |
|
|
Tax impact
of adjustments (e) |
|
|
(44 |
) |
|
|
111 |
|
|
Total adjustments |
|
|
74 |
|
|
|
2,384 |
|
|
Pro
Forma Net Income |
$ |
|
7,918 |
|
|
|
5,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Diluted Net Income
Per Share to Pro Forma Diluted Net Income Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
March 27,
2016 |
|
March 29,
2015 |
|
Diluted net income per share |
$ |
|
0.21 |
|
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain
professional and transaction costs (a) |
|
|
— |
|
|
|
0.08 |
|
|
Incremental
public company costs (b) |
|
|
— |
|
|
|
(0.02 |
) |
|
Stock-based
compensation (c) |
|
|
— |
|
|
|
— |
|
|
Distributor
transition costs (d) |
|
|
— |
|
|
|
— |
|
|
Tax impact
of adjustments (e) |
|
|
— |
|
|
|
0.01 |
|
|
Total adjustments |
|
|
— |
|
|
|
0.07 |
|
|
Pro
Forma Diluted Net Income per Share |
$ |
|
0.21 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Includes public offering expenses and costs associated with
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 employer payroll taxes associated with stock option
exercises related to stock options that were outstanding prior to
our initial public offering. |
|
(d) |
Includes expenses incurred in connection with the transition
to our new distributor. |
|
(e) |
Represents the income tax (expense) benefit associated with
the adjustments in (a) through (d) that are deductible for income
tax purposes. |
|
BOJANGLES’, INC. AND
SUBSIDIARIES |
|
Unaudited Reconciliation of Company Restaurant
Revenues to Restaurant Contribution |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen Weeks Ended |
|
|
|
|
|
|
|
|
|
March 27,
2016 |
|
March 29,
2015 |
|
Company
restaurant revenues |
$ |
|
121,413 |
|
|
|
108,336 |
|
|
Food and
supplies costs |
|
|
(38,521 |
) |
|
|
(36,561 |
) |
|
Restaurant
labor costs |
|
|
(33,336 |
) |
|
|
(30,468 |
) |
|
Operating
costs |
|
|
(28,413 |
) |
|
|
(23,871 |
) |
|
Restaurant contribution |
$ |
|
21,143 |
|
|
|
17,436 |
|
|
Restaurant contribution margin |
|
|
17.4 |
% |
|
|
16.1 |
% |
|
For Investor Relations Inquiries:
Raphael Gross of ICR
203.682.8253
For Media Inquiries:
Brian Little of Bojangles’ Restaurants, Inc.
704.519.2118
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