Delaware | 84-1303469 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
520 Zang Street, Suite D | ||
Broomfield, CO | 80021 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer x | |
Non-accelerated filer o | Smaller reporting company o | |
(Do not check if a smaller reporting company) |
Class | Outstanding at May 4, 2015 | |
Class A Common Stock, $0.01 par value per share | 29,994,302 shares | |
Class B Common Stock, $0.01 par value per share | 1,522,098 shares |
Page | |||
March 31, 2015 | December 30, 2014 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 1,638 | $ | 1,906 | ||||
Accounts receivable | 3,849 | 4,557 | ||||||
Inventories | 9,692 | 9,415 | ||||||
Income tax receivable | 1,090 | 627 | ||||||
Prepaid expenses and other assets | 6,648 | 6,271 | ||||||
Total current assets | 22,917 | 22,776 | ||||||
Property and equipment, net | 201,885 | 205,573 | ||||||
Intangibles | 1,960 | 1,927 | ||||||
Goodwill | 6,400 | 6,400 | ||||||
Other assets, net | 2,167 | 2,227 | ||||||
Total long-term assets | 212,412 | 216,127 | ||||||
Total assets | $ | 235,329 | $ | 238,903 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 10,828 | $ | 10,865 | ||||
Accrued payroll and benefits | 8,082 | 4,704 | ||||||
Accrued expenses and other current liabilities | 7,777 | 8,560 | ||||||
Current deferred tax liabilities, net | 1,702 | 1,702 | ||||||
Total current liabilities | 28,389 | 25,831 | ||||||
Long-term debt | 22,460 | 27,500 | ||||||
Deferred rent | 37,144 | 35,498 | ||||||
Deferred tax liabilities, net | 4,968 | 6,512 | ||||||
Other long-term liabilities | 3,583 | 3,447 | ||||||
Total liabilities | 96,544 | 98,788 | ||||||
Stockholders' equity: | ||||||||
Preferred stock—$0.01 par value, authorized 1,000,000 shares as of March 31, 2015 and December 30, 2014; no shares issued or outstanding | — | — | ||||||
Common stock—$0.01 par value, authorized 180,000,000 shares as of March 31, 2015 and December 30, 2014; 29,948,078 and 29,820,340 issued and outstanding as of March 31, 2015 and December 30, 2014, respectively | 299 | 298 | ||||||
Treasury stock, at cost, 67,586 shares as of March 31, 2015 and December 30, 2014 | (2,848 | ) | (2,848 | ) | ||||
Additional paid-in capital | 122,361 | 120,929 | ||||||
Accumulated other comprehensive loss | (11 | ) | — | |||||
Retained earnings | 18,984 | 21,736 | ||||||
Total stockholders' equity | 138,785 | 140,115 | ||||||
Total liabilities and stockholders' equity | $ | 235,329 | $ | 238,903 |
Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
Revenue: | ||||||||
Restaurant revenue | $ | 104,782 | $ | 88,448 | ||||
Franchising royalties and fees | 979 | 1,071 | ||||||
Total revenue | 105,761 | 89,519 | ||||||
Costs and expenses: | ||||||||
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||||||||
Cost of sales | 27,812 | 23,848 | ||||||
Labor | 33,029 | 27,198 | ||||||
Occupancy | 12,218 | 9,865 | ||||||
Other restaurant operating costs | 14,717 | 12,206 | ||||||
General and administrative | 8,418 | 7,009 | ||||||
Depreciation and amortization | 6,919 | 5,610 | ||||||
Pre-opening | 880 | 1,113 | ||||||
Restaurant impairment, asset disposals and closure costs | 6,086 | 214 | ||||||
Total costs and expenses | 110,079 | 87,063 | ||||||
(Loss) income from operations | (4,318 | ) | 2,456 | |||||
Interest expense | 229 | 20 | ||||||
(Loss) income before income taxes | (4,547 | ) | 2,436 | |||||
(Benefit) provision for income taxes | (1,795 | ) | 1,012 | |||||
Net (loss) income | $ | (2,752 | ) | $ | 1,424 | |||
Earnings per share of Class A and Class B common stock, combined: | ||||||||
Basic | $ | (0.09 | ) | $ | 0.05 | |||
Diluted | $ | (0.09 | ) | $ | 0.05 | |||
Weighted average shares of Class A and Class B common stock outstanding, combined: | ||||||||
Basic | 29,843,204 | 29,606,321 | ||||||
Diluted | 29,843,204 | 31,059,324 |
Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
Net (loss) income | $ | (2,752 | ) | $ | 1,424 | |||
Other comprehensive loss: | ||||||||
Foreign currency translation adjustments | (11 | ) | — | |||||
Other comprehensive loss | (11 | ) | — | |||||
Comprehensive (loss) income | $ | (2,763 | ) | $ | 1,424 |
One Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
Operating activities | ||||||||
Net (loss) income | $ | (2,752 | ) | $ | 1,424 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 6,919 | 5,610 | ||||||
Deferred income taxes | (1,544 | ) | — | |||||
Restaurant impairments, asset disposals and closure costs | 6,080 | 214 | ||||||
Amortization of debt issuance costs | 25 | 25 | ||||||
Stock-based compensation | 161 | 140 | ||||||
Other noncash | (11 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | 708 | 244 | ||||||
Inventories | (277 | ) | (400 | ) | ||||
Prepaid expenses and other assets | (342 | ) | (573 | ) | ||||
Accounts payable | 459 | 1,441 | ||||||
Deferred rent | 1,646 | 1,396 | ||||||
Income taxes | (463 | ) | 930 | |||||
Accrued expenses and other liabilities | 2,717 | (194 | ) | |||||
Net cash provided by operating activities | 13,326 | 10,257 | ||||||
Investing activities | ||||||||
Purchases of property and equipment | (9,783 | ) | (11,510 | ) | ||||
Net cash used in investing activities | (9,783 | ) | (11,510 | ) | ||||
Financing activities | ||||||||
Proceeds from issuance of long-term debt | 82,257 | 41,909 | ||||||
Payments on long-term debt | (87,298 | ) | (41,621 | ) | ||||
Acquisition of treasury stock | — | (71 | ) | |||||
Proceeds from exercise of stock options, warrants and employee stock purchase plan | 1,230 | 736 | ||||||
Net cash (used in) provided by financing activities | (3,811 | ) | 953 | |||||
Net decrease in cash and cash equivalents | (268 | ) | (300 | ) | ||||
Cash and cash equivalents | ||||||||
Beginning of period | 1,906 | 968 | ||||||
End of period | $ | 1,638 | $ | 668 |
March 31, 2015 | December 30, 2014 | |||||||
Leasehold improvements | $ | 210,555 | $ | 208,678 | ||||
Furniture, fixtures and equipment | 115,783 | 114,148 | ||||||
Construction in progress | 9,039 | 12,074 | ||||||
335,377 | 334,900 | |||||||
Accumulated depreciation and amortization | (133,492 | ) | (129,327 | ) | ||||
$ | 201,885 | $ | 205,573 |
Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
(Benefit) provision for income taxes | $ | (1,795 | ) | $ | 1,012 | |||
Effective tax rate | 39.5 | % | 41.5 | % |
Fiscal Quarter Ended | |||||||
March 31, 2015 | April 1, 2014 | ||||||
Outstanding, beginning of period | 3,245,264 | 3,309,872 | |||||
Granted | 176,016 | — | |||||
Exercised | 122,887 | 142,249 | |||||
Forfeited | 73,315 | 9,709 | |||||
Outstanding, end of period | 3,225,078 | 3,157,914 | |||||
Weighted average fair market value on option grant date | $ | 6.23 | N/A | ||||
Stock based compensation expense | $ | 161 | $ | 140 | |||
Capitalized stock based compensation expense | $ | 41 | $ | 18 |
Fiscal Quarter Ended | |||||||
March 31, 2015 | April 1, 2014 | ||||||
Restaurant impairments | $ | 5,913 | $ | — | |||
Loss on disposal of assets | 134 | 134 | |||||
Closure costs and other | 39 | 80 | |||||
$ | 6,086 | $ | 214 |
Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
Net (loss) income (in thousands): | $ | (2,752 | ) | $ | 1,424 | |||
Shares: | ||||||||
Basic weighted average shares outstanding | 29,843,204 | 29,606,321 | ||||||
Dilutive stock options and warrants | — | 1,453,003 | ||||||
Diluted weighted average number of shares outstanding | 29,843,204 | 31,059,324 | ||||||
Earnings per share: | ||||||||
Basic EPS | $ | (0.09 | ) | $ | 0.05 | |||
Diluted EPS | $ | (0.09 | ) | $ | 0.05 |
March 31, 2015 | April 1, 2014 | |||||||
Interest paid (net of amounts capitalized) | $ | 420 | $ | 73 | ||||
Income taxes paid | 212 | 81 | ||||||
Changes in purchases of property and equipment accrued in accounts payable, net | (496 | ) | 1,020 |
• | consumer recognition of our brand and our ability to respond to changing consumer preferences; |
• | overall economic trends, particularly those related to consumer spending; |
• | our ability to operate restaurants effectively and efficiently to meet consumer expectations; |
• | pricing; |
• | per-person spend and average check amount; |
• | marketing and promotional efforts; |
• | weather; |
• | local competition; |
• | trade area dynamics; |
• | introduction of new and seasonal menu items and limited time offerings; and |
• | opening new restaurants in the vicinity of existing locations. |
Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
(in thousands, unaudited) | ||||||||
Net (loss) income | $ | (2,752 | ) | $ | 1,424 | |||
Depreciation and amortization | 6,919 | 5,610 | ||||||
Interest Expense | 229 | 20 | ||||||
(Benefit) provision for income taxes | (1,795 | ) | 1,012 | |||||
EBITDA | $ | 2,601 | $ | 8,066 | ||||
Restaurant impairment, asset disposals and closure costs (1) | 6,086 | 214 | ||||||
Stock-based compensation expense | 161 | 140 | ||||||
Adjusted EBITDA | $ | 8,848 | $ | 8,420 |
(1) | The first quarter of 2015 includes the impairment of eight restaurants. See Note 7-Restaurant Impairments, Asset Disposals and Closure Costs. |
Fiscal Quarter Ended | ||||||
March 31, 2015 | April 1, 2014 | |||||
Company-Owned Restaurant Activity | ||||||
Beginning of period | 386 | 318 | ||||
Openings | 13 | 13 | ||||
Restaurants at end of period | 399 | 331 | ||||
Franchise Restaurant Activity | ||||||
Beginning of period | 53 | 62 | ||||
Openings | 3 | 1 | ||||
Restaurants at end of period | 56 | 63 | ||||
Total restaurants | 455 | 394 |
Fiscal Quarter Ended | ||||||
March 31, 2015 | April 1, 2014 | |||||
Revenue: | ||||||
Restaurant revenue | 99.1 | % | 98.8 | % | ||
Franchising royalties and fees | 0.9 | 1.2 | ||||
Total revenue | 100.0 | 100.0 | ||||
Costs and Expenses: | ||||||
Restaurant Operating Costs (exclusive of depreciation and amortization shown separately below): (1) | ||||||
Cost of sales | 26.5 | 27.0 | ||||
Labor | 31.5 | 30.8 | ||||
Occupancy | 11.7 | 11.2 | ||||
Other restaurant operating costs | 14.0 | 13.8 | ||||
General and administrative | 8.0 | 7.8 | ||||
Depreciation and amortization | 6.5 | 6.3 | ||||
Pre-opening | 0.8 | 1.2 | ||||
Restaurant impairments, asset disposals and closure costs | 5.8 | 0.2 | ||||
Total costs and expenses | 104.1 | 97.3 | ||||
(Loss) income from operations | (4.1 | ) | 2.7 | |||
Interest expense | 0.2 | — | ||||
(Loss) income before income taxes | (4.3 | ) | 2.7 | |||
(Benefit) provision for income taxes | (1.7 | ) | 1.1 | |||
Net (loss) income | (2.6 | )% | 1.6 | % |
(1) | As a percentage of restaurant revenue. |
Fiscal Quarter Ended | Increase / (Decrease) | ||||||||||||||
March 31, 2015 | April 1, 2014 | $ | % | ||||||||||||
(in thousands, except percentages) | |||||||||||||||
Revenue: | |||||||||||||||
Restaurant revenue | $ | 104,782 | $ | 88,448 | $ | 16,334 | 18.5 | % | |||||||
Franchising royalties and fees | 979 | 1,071 | (92 | ) | (8.6 | ) | |||||||||
Total revenue | 105,761 | 89,519 | 16,242 | 18.1 | |||||||||||
Costs and expenses: | |||||||||||||||
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | |||||||||||||||
Cost of sales | 27,812 | 23,848 | 3,964 | 16.6 | |||||||||||
Labor | 33,029 | 27,198 | 5,831 | 21.4 | |||||||||||
Occupancy | 12,218 | 9,865 | 2,353 | 23.9 | |||||||||||
Other restaurant operating costs | 14,717 | 12,206 | 2,511 | 20.6 | |||||||||||
General and administrative | 8,418 | 7,009 | 1,409 | 20.1 | |||||||||||
Depreciation and amortization | 6,919 | 5,610 | 1,309 | 23.3 | |||||||||||
Pre-opening | 880 | 1,113 | (233 | ) | — | ||||||||||
Restaurant impairments, asset disposals and closure costs | 6,086 | 214 | 5,872 | * | |||||||||||
Total costs and expenses | 110,079 | 87,063 | 23,016 | 26.4 | |||||||||||
(Loss) income from operations | (4,318 | ) | 2,456 | (6,774 | ) | * | |||||||||
Interest expense | 229 | 20 | 209 | * | |||||||||||
(Loss) income before income taxes | (4,547 | ) | 2,436 | (6,983 | ) | * | |||||||||
(Benefit) provision for income taxes | (1,795 | ) | 1,012 | (2,807 | ) | * | |||||||||
Net (loss) income | $ | (2,752 | ) | $ | 1,424 | $ | (4,176 | ) | * | ||||||
Company owned: | |||||||||||||||
Average unit volumes | $ | 1,136 | $ | 1,163 | $ | (27 | ) | (2.3 | )% | ||||||
Comparable restaurant sales | 0.8 | % | (1.4 | )% |
One Fiscal Quarter Ended | ||||||||
March 31, 2015 | April 1, 2014 | |||||||
Net cash provided by operating activities | $ | 13,326 | $ | 10,257 | ||||
Net cash used in investing activities | (9,783 | ) | (11,510 | ) | ||||
Net cash (used in) provided by financing activities | (3,811 | ) | 953 | |||||
Net decrease in cash and cash equivalents | $ | (268 | ) | $ | (300 | ) |
Exhibit Number | Description of Exhibit | ||
10.1 | Letter agreement dated March 9, 2015 between Noodles & Company and Dan Fogarty. | ||
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
NOODLES & COMPANY | |
By: | /s/ DAVE BOENNIGHAUSEN |
Dave Boennighausen Chief Financial Officer | |
Date | May 7, 2015 |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ KEVIN REDDY | ||
Kevin Reddy | ||
Chairman and Chief Executive Officer (Principal Executive Officer) |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVE BOENNIGHAUSEN | ||
Dave Boennighausen | ||
Chief Financial Officer (Principal Financial Officer) |
By: | /s/ KEVIN REDDY | ||
Name: | Kevin Reddy | ||
Title: | Chief Executive Officer |
By: | /s/ DAVE BOENNIGHAUSEN | ||
Name: | Dave Boennighausen | ||
Title: | Chief Financial Officer |
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