Quarterly Financial Data (Unaudited) |
(13) Quarterly Financial Data (Unaudited)
The unaudited quarterly information includes all normal recurring
adjustments that the Company considers necessary for a fair
presentation of the information shown. The Company’s
quarterly results have been and will continue to be affected by the
timing of new shop openings and their associated pre-opening costs.
As a result of these and other factors, the financial results for
any quarter may not be indicative of the results for any future
period.
The following table presents selected unaudited quarterly financial
data for periods indicated (in thousands, except per share
data):
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Fiscal Year 2014 (1) |
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March 30 (2) |
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June 29 |
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September 28 |
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December 28 |
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Total revenues
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$ |
73,881 |
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$ |
83,620 |
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$ |
84,675 |
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$ |
84,803 |
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(Loss) income from operations
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(441 |
) |
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3,454 |
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3,254 |
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|
1,004 |
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Net (loss) income attributable to Potbelly Corporation
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(301 |
) |
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2,010 |
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1,947 |
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|
702 |
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(Loss) income per share available to common stockholders-basic
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(0.01 |
) |
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0.07 |
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0.07 |
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0.02 |
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(Loss) income per share available to common
stockholders-diluted
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(0.01 |
) |
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0.07 |
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0.06 |
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0.02 |
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Fiscal Year 2013 (1) (3) |
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March 31 |
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June 30 |
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September 29 |
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December 29 |
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Total revenues
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$ |
68,744 |
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$ |
78,186 |
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$ |
78,021 |
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$ |
74,761 |
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Income (loss) from operations
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152 |
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4,761 |
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3,176 |
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(6,614 |
) |
Net income (loss) attributable to Potbelly Corporation
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18 |
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2,759 |
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2,165 |
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(3,684 |
) |
(Loss) per share available to common
stockholders-basic (4)
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(1.74 |
) |
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(1.77 |
) |
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(12.29 |
) |
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(1.93 |
) |
(Loss) per share available to common
stockholders-diluted (4)
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(1.74 |
) |
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(1.77 |
) |
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(12.29 |
) |
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(1.93 |
) |
(1) |
Fiscal years 2014 and 2013 were
52-week years. Each quarter of the fiscal year consists of
13 weeks. |
(2) |
The 13 weeks ended March 30,
2014 were impacted by significantly adverse weather. |
(3) |
Fiscal year 2013 includes $10.6
million in one-time costs associated with our IPO, which closed on
October 9, 2013. These costs primarily consist of one-time
charges for stock compensation of approximately $10.0 million as
well as legal and accounting fees. |
(4) |
For the first three quarters in
fiscal 2013, basic and diluted income (loss) per share available to
common stockholders was calculated under the two-class method as
the redeemable convertible preferred stock participated in the
undistributed earnings of the Company. Earnings of the Company were
allocated between the common and preferred stockholders to account
for the accretion of the redeemable convertible preferred stock to
its maximum redemption value, thereby reducing the earnings of the
Company attributable to common stockholders. For the first three
quarters in 2013, this resulted in net losses attributable to
common stockholders, in total and on a per share basis, as the net
income attributable to the Company (if any) was exceeded by the
change in maximum redemption value of the redeemable convertible
preferred stock. Upon completion of the initial public offering on
October 9, 2013, the redeemable convertible preferred stock
was automatically converted to common stock. See Note
9—Capital Stock and Warrants for further information on the
conversion. |
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