| Quarterly Results of Operations (unaudited) |
Quarterly Results of Operations (unaudited)
The following tables summarize the unaudited consolidated quarterly financial information for fiscal years 2016 and 2015 (in thousands, except per share data):
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2016 |
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Q1(1)
(16 weeks) |
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Q2 (2)
(12 weeks) |
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Q3 (3)
(12 weeks) |
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Q4 (4)
(12 weeks) |
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2016
(52 weeks) |
Total revenues |
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$ |
402,126 |
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$ |
305,549 |
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$ |
297,307 |
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$ |
291,459 |
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$ |
1,296,441 |
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Income (loss) from operations |
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$ |
20,175 |
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$ |
10,415 |
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$ |
(4,235 |
) |
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$ |
(14,785 |
) |
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$ |
11,570 |
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Net income (loss) |
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$ |
14,225 |
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$ |
7,552 |
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$ |
(1,300 |
) |
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$ |
(8,752 |
) |
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$ |
11,725 |
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Basic earnings (loss) per share |
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$ |
1.04 |
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$ |
0.56 |
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$ |
(0.10 |
) |
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$ |
(0.68 |
) |
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$ |
0.88 |
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Diluted earnings (loss) per share |
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$ |
1.03 |
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$ |
0.55 |
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$ |
(0.10 |
) |
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$ |
(0.68 |
) |
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$ |
0.87 |
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2015 |
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Q1
(16 weeks) |
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Q2
(12 weeks) |
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Q3
(12 weeks) |
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Q4 (5) (12 weeks) |
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2015
(52 weeks) |
Total revenues |
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$ |
394,901 |
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$ |
292,979 |
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$ |
283,412 |
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$ |
286,300 |
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$ |
1,257,592 |
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Income from operations |
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$ |
23,845 |
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$ |
16,480 |
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$ |
11,705 |
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$ |
15,015 |
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$ |
67,045 |
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Net income |
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$ |
16,565 |
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$ |
11,166 |
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$ |
8,282 |
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$ |
11,691 |
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$ |
47,704 |
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Basic earnings per share |
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$ |
1.18 |
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$ |
0.79 |
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$ |
0.59 |
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$ |
0.85 |
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$ |
3.40 |
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Diluted earnings per share |
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$ |
1.16 |
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$ |
0.78 |
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$ |
0.58 |
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$ |
0.84 |
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$ |
3.36 |
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___________________________________
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(1) |
During the first quarter of 2016, the Company recognized a pre-tax non-cash impairment charge of $0.8 million due to the relocation of a restaurant.
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(2) |
During the second quarter of 2016, six Company-owned restaurants were impaired. The Company recognized a pre-tax non-cash impairment charge of $3.9 million for these restaurants.
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(3) |
During the third quarter of 2016, two Company-owned restaurants were impaired. The Company recognized a pre-tax non-cash impairment charge of $3.8 million for these restaurants. The Company also recorded $5.5 million in restaurant closure costs related to the closure of nine Red Robin Burger Works restaurants.
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(4) |
During the fourth quarter of 2016, sixteen Company-owned restaurants, including five restaurants previously impaired during 2016, were impaired. In addition, the Company determined that certain software related to the Company’s ERP system and software in development for supply chain management were impaired. The Company recognized a pre-tax non-cash impairment charge of $19.3 million for these restaurants and software. During the fourth quarter of 2016, the Company also recorded $1.2 million in additional restaurant closure costs related to the Burger Works closures in the third quarter of 2016.
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(5) |
During the fourth quarter of 2015, two Company-owned restaurants were impaired. The Company recognized a pre-tax non-cash impairment charge of $0.6 million for these restaurants.
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