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EX-99.1 - EXHIBIT 99.1 - Real Mex Restaurants, Inc. | c08819exv99w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 15, 2010
REAL MEX RESTAURANTS, INC.
(Exact name of registrant as specified in its charter)
Delaware | 333-116310 | 13-4012902 | ||
(State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
5660 Katella Avenue, Suite 100 Cypress, CA |
90630 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (562)-346-1200
Not applicable |
(Former name or former address if changed since last report.) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| During the 4th quarter, we expect our promotional spending to be similar to last year. We are in a more stabilized environment and we are experiencing slightly positive comparable store sales during the 4th quarter of 2010. | ||
| As required by our indenture, we will have a cap of $10.0 million on capital expenditures during 2011 and expect to spend between $5 $6 million in general maintenance for our restaurants and Real Mex Foods. | ||
| Our EBITDA and consolidated cash flow for the nine months ended September 26, 2010 were (in thousands) $28,305 and $30,102, respectively, and our consolidated cash flow for the twelve months ended September 26, 2010 was $35,307. The following table reconciles our net loss reported according to generally accepted accounting principles in the United States (GAAP) to these non-GAAP measures (amounts in thousands): |
Nine months | Three months | Twelve months | ||||||||||
ended | ended | ended | ||||||||||
September 26, | December 27, | September 26, | ||||||||||
2010* | 2009* | 2010* | ||||||||||
Net loss |
(12,568 | ) | (23,069 | ) | (35,637 | ) | ||||||
Income tax benefit |
(17 | ) | (5,412 | ) | (5,429 | ) | ||||||
Interest expense |
22,087 | 7,492 | 29,579 | |||||||||
Depreciation and amortization |
18,738 | 6,994 | 25,732 | |||||||||
Impairment of goodwill and intangible assets |
| 13,566 | 13,566 | |||||||||
Impairment of property and equipment |
| 4,492 | 4,492 | |||||||||
Stock based compensation expense |
89 | 61 | 150 | |||||||||
(Gain) loss on asset disposal |
(5 | ) | 140 | 135 | ||||||||
Other adjustments |
(19 | ) | (2 | ) | (21 | ) | ||||||
EBITDA |
28,305 | 4,262 | 32,567 | |||||||||
Straight line rent expense adjustment |
1,099 | 459 | 1,558 | |||||||||
Inventory write-off |
229 | | 229 | |||||||||
Severance expense |
106 | 374 | 480 | |||||||||
Restructuring |
363 | 110 | 473 | |||||||||
Consolidated cash flow |
30,102 | 5,205 | 35,307 |
Exhibit No. | Description | |
99.1
|
Conference call script held on November 15, 2010 |
REAL MEX RESTAURANTS, INC. |
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Date: November 19, 2010 | By: | /s/ Richard P. Dutkiewicz | ||
Richard P. Dutkiewicz | ||||
Chief Financial Officer | ||||