Fiesta Restaurant Group, Inc. - FORM 8-K - EX-99.2 - FIESTA RESTAURANT GROUP, INC. CONSOLIDATED STATEMENT OF OPERATIONS - November 13, 2012

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EX-99.1 - FIESTA RESTAURANT GROUP, INC. PRESS RELEASE - Fiesta Restaurant Group, Inc.d438865dex991.htm

Exhibit 99.2

Fiesta Restaurant Group, Inc.

Consolidated Statements of Operations

(in thousands except per share amounts)

(unaudited)

 

     Three Months Ended           Year Ended        
     March 31,
2011		     (a)
%		     July 3,
2011		     (a)
%		     October 2,
2011		     (a)
%		     January 1,
2012		     (a)
%		     January 1,
2012		     (a)
%		  

Revenues:

                     

Restaurant sales

    $ 115,251        $ 120,748        $ 120,781        $ 116,469        $ 473,249     

Franchise royalty revenues and fees

      365          501          376          477          1,719     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Total revenues

      115,616          121,249          121,157          116,946          474,968     

Costs and expenses:

                     

Cost of sales

      36,344        31.5 %      39,675        32.9 %      38,833        32.2 %      37,859        32.5 %      152,711        32.3 % 

Restaurant wages and related expenses (b)

      31,633        27.4 %      32,769        27.1 %      32,544        26.9 %      32,137        27.6 %      129,083        27.3 % 

Restaurant rent expense

      4,060        3.5 %      4,232        3.5 %      4,232        3.5 %      4,406        3.8 %      16,930        3.6 % 

Other restaurant operating expenses

      14,743        12.8 %      15,744        13.0 %      16,604        13.7 %      14,786        12.7 %      61,877        13.1 % 

Advertising expense

      4,119        3.6 %      3,774        3.1 %      4,468        3.7 %      3,903        3.4 %      16,264        3.4 % 

General and administrative expenses (b) (c)

      8,921        7.7 %      9,052        7.5 %      9,118        7.5 %      10,368        8.9 %      37,459        7.9 % 

Depreciation and amortization

      4,797        4.2 %      4,949        4.1 %      4,837        4.0 %      4,954        4.3 %      19,537        4.1 % 

Impairment and other lease charges

      264        0.2 %      820        0.7 %      (68 )      -0.1 %      1,728        1.5 %      2,744        0.6 % 

Other income

      —          0.0 %      —          0.0 %      107        0.1 %      39        0.0 %      146        0.0 % 
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Total costs and expenses

      104,881          111,015          110,675          110,180          436,751     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Income from operations

      10,735          10,234          10,482          6,766          38,217     

Interest expense

      4,845          4,842          6,651          7,703          24,041     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Income (loss) before income taxes

      5,890          5,392          3,831          (937 )        14,176     

Provision (benefit) for income taxes

      2,276          1,757          1,409          (807 )        4,635     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Net income (loss)

    $ 3,614        $ 3,635        $ 2,422        $ (130 )      $ 9,541     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Basic and diluted net income (loss) per share

    $ 0.16        $ 0.16        $ 0.10        $ (0.01 )      $ 0.41     
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

Basic and diluted weighted average common shares outstanding

      23,162          23,162          23,162          23,162          23,162     

Change in Comparable Restaurant Sales: (d)

                     

Pollo Tropical

      13.5 %        10.7 %        7.9 %        7.8 %        9.9 %   

Taco Cabana

      2.0 %        4.5 %        5.3 %        2.7 %        3.7 %   

 

(a) Percentages are based on restaurant sales.
(b) Restaurant wages and related expenses include stock-based compensation expense of $5, $7, $3 and $3 for the respective three month period and $18 for the year ended December 31, 2011. General and administrative expenses include stock-based compensation expense of $411, $436, $437 and $406 for the respective three month period, and $1,690 for the year ended January 1, 2012.
(c) General and administrative expenses include expenses related directly to Fiesta Restaurant Group and corporate expenses allocated from Carrols (parent company of Fiesta until May 7, 2012). Such allocated expenses are for administrative support including executive management, information systems and certain accounting, legal and other administrative functions. Following the spin-off, the Company performs these functions or purchases services from either Carrols (under the Transition Services Agreement) or third parties. General and administrative expenses included $174, $108, $130 and $567 of allocated expenses related to the spin-off from Carrols for respective three month periods and $979 for the year ended January 1, 2012.
(d) Restaurants are included in comparable restaurant sales after they have been open for 18 months.

Fiesta Restaurant Group, Inc. Reports