Delaware | 001-35987 | 84-1303469 | |||
(State or Other Jurisdiction of | (Commission File Number) | (I.R.S. Employer | |||
Incorporation) | Identification No.) | ||||
520 Zang Street, Suite D, Broomfield, CO | 80021 | ||||
(Address of Principal Executive Offices) | (Zip Code) | ||||
Exhibit No. | Description | ||
99.1 | Noodles & Company Press Release dated May 3, 2016 |
Noodles & Company | ||
By: | /s/ DAVE BOENNIGHAUSEN | |
Name: | Dave Boennighausen | |
Title: | Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Noodles & Company Press Release dated May 3, 2016 |
• | Total revenue increased 7.8% to $114.0 million from $105.8 million. |
• | Comparable restaurant sales were flat for company-owned restaurants, decreased 0.5% for franchise restaurants and decreased 0.1% system-wide. |
• | Comparable traffic at company-owned restaurants, normalized for the Easter holiday shift, declined 0.7%, a 60 bps improvement from the 4th quarter of 2015. |
• | Fifteen new restaurants opened system-wide in the first quarter, including 14 company-owned and one franchise restaurant. |
• | GAAP net loss improved to $2.4 million from a net loss of $2.8 million. |
• | Adjusted net loss(1) was $1.7 million, or $0.06 per diluted share, compared to adjusted net income of $0.9 million, or $0.03 per diluted share. |
• | Adjusted EBITDA(1) decreased to $5.4 million from $8.8 million. |
• | Approximately 50 new restaurants system-wide, including 40 to 45 company-owned restaurant openings; |
• | Total revenue of $505.0 to $515.0 million; |
• | Low single digit comparable restaurant sales growth; |
• | Restaurant level contribution margin of 14.0% to 16.0%; |
• | Adjusted EBITDA of $38.0 to $40.0 million, or flat to 5% growth; |
• | Adjusted diluted earnings per share of $0.04 to $0.08; and |
• | An estimated adjusted annual effective tax rate of between 38% and 40%. |
Fiscal Quarter Ended | ||||||||
March 29, 2016 | March 31, 2015 | |||||||
Revenue: | ||||||||
Restaurant revenue | $ | 112,865 | $ | 104,782 | ||||
Franchising royalties and fees | 1,121 | 979 | ||||||
Total revenue | 113,986 | 105,761 | ||||||
Costs and expenses: | ||||||||
Restaurant operating costs (exclusive of depreciation and amortization shown separately below): | ||||||||
Cost of sales | 30,189 | 27,812 | ||||||
Labor | 37,434 | 33,029 | ||||||
Occupancy | 13,314 | 12,218 | ||||||
Other restaurant operating costs | 16,892 | 14,717 | ||||||
General and administrative | 10,037 | 8,418 | ||||||
Depreciation and amortization | 6,906 | 6,919 | ||||||
Pre-opening | 1,037 | 880 | ||||||
Restaurant impairment, closure costs and asset disposals | 1,016 | 6,086 | ||||||
Total costs and expenses | 116,825 | 110,079 | ||||||
Loss from operations | (2,839 | ) | (4,318 | ) | ||||
Interest expense | 628 | 229 | ||||||
Loss before income taxes | (3,467 | ) | (4,547 | ) | ||||
Benefit for income taxes | (1,094 | ) | (1,795 | ) | ||||
Net loss | $ | (2,373 | ) | $ | (2,752 | ) | ||
Loss per share of Class A and Class B common stock, combined: | ||||||||
Basic | $ | (0.09 | ) | $ | (0.09 | ) | ||
Diluted | $ | (0.09 | ) | $ | (0.09 | ) | ||
Weighted average shares of Class A and Class B common stock outstanding, combined: | ||||||||
Basic | 27,721,792 | 29,843,204 | ||||||
Diluted | 27,721,792 | 29,843,204 |
Fiscal Quarter Ended | ||||||
March 29, 2016 | March 31, 2015 | |||||
Revenue: | ||||||
Restaurant revenue | 99.0 | % | 99.1 | % | ||
Franchising royalties and fees | 1.0 | 0.9 | ||||
Total revenue | 100.0 | 100.0 | ||||
Costs and Expenses: | ||||||
Restaurant Operating Costs (exclusive of depreciation and amortization shown separately below): (1) | ||||||
Cost of sales | 26.7 | 26.5 | ||||
Labor | 33.2 | 31.5 | ||||
Occupancy | 11.8 | 11.7 | ||||
Other restaurant operating costs | 15.0 | 14.0 | ||||
General and administrative | 8.8 | 8.0 | ||||
Depreciation and amortization | 6.1 | 6.5 | ||||
Pre-opening | 0.9 | 0.8 | ||||
Restaurant impairment, closure costs and asset disposals | 0.9 | 5.8 | ||||
Total costs and expenses | 102.5 | 104.1 | ||||
Loss from operations | (2.5 | ) | (4.1 | ) | ||
Interest expense | 0.6 | 0.2 | ||||
Loss before income taxes | (3.0 | ) | (4.3 | ) | ||
Benefit for income taxes | (1.0 | ) | (1.7 | ) | ||
Net loss | (2.1 | )% | (2.6 | )% |
(1) | As a percentage of restaurant revenue. |
As of | ||||||||
March 29, 2016 | December 29, 2015 | |||||||
Balance Sheet Data | ||||||||
Total current assets | $ | 26,716 | $ | 25,401 | ||||
Total assets | 243,981 | 239,961 | ||||||
Total current liabilities | 31,271 | 32,914 | ||||||
Total long-term debt | 74,091 | 67,732 | ||||||
Total liabilities | 151,870 | 146,189 | ||||||
Total stockholders’ equity | 92,111 | 93,772 |
Fiscal Quarter Ended | ||||||||||||||||||||
March 29, 2016 | December 29, 2015 | September 29, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||
Selected Operating Data | ||||||||||||||||||||
Restaurant Activity: | ||||||||||||||||||||
Company-owned restaurants at end of period | 436 | 422 | 424 | 411 | 399 | |||||||||||||||
Franchise restaurants at end of period | 71 | 70 | 64 | 61 | 56 | |||||||||||||||
Revenue Data: | ||||||||||||||||||||
Company-owned average unit volumes | $ | 1,101 | $ | 1,103 | $ | 1,111 | $ | 1,123 | $ | 1,136 | ||||||||||
Franchise average unit volumes | $ | 1,105 | $ | 1,121 | $ | 1,128 | $ | 1,138 | $ | 1,134 | ||||||||||
Company-owned comparable restaurant sales | 0.0 | % | (0.9 | )% | (0.7 | )% | 0.1 | % | 0.8 | % | ||||||||||
Franchise comparable restaurant sales | (0.5 | )% | (2.1 | )% | (1.9 | )% | (0.5 | )% | 1.4 | % | ||||||||||
System-wide comparable restaurant sales | (0.1 | )% | (1.1 | )% | (0.9 | )% | 0.0 | % | 0.9 | % |
Fiscal Quarter Ended | ||||||||
March 29, 2016 | March 31, 2015 | |||||||
(in thousands, unaudited) | ||||||||
Net loss | $ | (2,373 | ) | $ | (2,752 | ) | ||
Depreciation and amortization | 6,906 | 6,919 | ||||||
Interest expense | 628 | 229 | ||||||
Benefit for income taxes | (1,094 | ) | (1,795 | ) | ||||
EBITDA | $ | 4,067 | $ | 2,601 | ||||
Restaurant impairment, closure costs and asset disposals | 1,016 | 6,086 | ||||||
Stock-based compensation expense | 349 | 161 | ||||||
Adjusted EBITDA | $ | 5,432 | $ | 8,848 |
Fiscal Quarter Ended | ||||||||
March 29, 2016 | March 31, 2015 | |||||||
(in thousands, unaudited) | ||||||||
Net loss | $ | (2,373 | ) | $ | (2,752 | ) | ||
Restaurant impairment and closure costs(a) | 676 | 5,907 | ||||||
Tax adjustments, net(b) | (18 | ) | (2,287 | ) | ||||
Adjusted net (loss) income | $ | (1,715 | ) | $ | 868 | |||
Adjusted (loss) earnings per Class A and Class B common stock, combined | ||||||||
Basic | $ | (0.06 | ) | $ | 0.03 | |||
Diluted | $ | (0.06 | ) | $ | 0.03 | |||
Weighted average Class A and Class B common stock outstanding, combined (c) | ||||||||
Basic | 27,721,792 | 29,843,204 | ||||||
Diluted | 27,721,792 | 29,843,204 |
(a) | Reflects the adjustment to eliminate the impact of ongoing costs of closing 15 restaurants in 2015 and impairing one restaurants in the first quarter ended March 29, 2016. Eight restaurants were impaired in the first quarter ended March 31, 2015. These expenses are included in the “Restaurant impairment, closure costs and asset disposals” line in the Consolidated Statements of Operations. |
(b) | Reflects the adjustment to normalize the impact of the annual effective tax rate that includes the valuation allowance for our Canadian subsidiary with the tax impact of other adjustment above. |
(c) | Adjusted per share amounts are calculated by dividing adjusted net (loss) income by the adjusted basic and diluted weighted average shares outstanding. |
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