Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (unaudited)

v2.4.0.6
Quarterly Results of Operations (unaudited)
12 Months Ended
Dec. 25, 2011
Quarterly Results of Operations (unaudited)  
Quarterly Results of Operations (unaudited)

18. Quarterly Results of Operations (unaudited)

        The following tables summarize the unaudited consolidated quarterly financial information for 2011 and 2010 (in thousands, except per share data):

 
  Q1
(16 weeks)
  Q2
(12 weeks)
  Q3(3)
(12 weeks)
  Q4(4)
(12 weeks)
  2011
(52 weeks)
 

Total revenues

  $ 286,830   $ 215,795   $ 206,244   $ 205,981   $ 914,850  

Income from operations

  $ 11,195   $ 9,070   $ 3,256   $ 4,479   $ 28,001  

Net income

  $ 8,708   $ 6,894   $ 2,069   $ 2,905   $ 20,577  

Basic earnings per share

  $ 0.56   $ 0.45   $ 0.14   $ 0.20   $ 1.36  

Diluted earnings per share

  $ 0.56   $ 0.44   $ 0.14   $ 0.20   $ 1.34  

 

 
  Q1(1)
(16 weeks)
  Q2
(12 weeks)
  Q3(2)
(12 weeks)
  Q4
(12 weeks)
  2010
(52 weeks)
 

Total revenues

  $ 275,510   $ 201,343   $ 194,843   $ 192,573   $ 864,269  

Income (loss) from operations

  $ 7,826   $ 6,035   $ (6,074 ) $ 1,946   $ 9,733  

Net income (loss)

  $ 4,951   $ 4,333   $ (4,213 ) $ 2,228   $ 7,299  

Basic earnings (loss) per share

  $ 0.32   $ 0.28   $ (0.27 ) $ 0.14   $ 0.47  

Diluted earnings (loss) per share

  $ 0.32   $ 0.28   $ (0.27 ) $ 0.14   $ 0.46  

(1)
We recognize gift card breakage by applying our estimate of the rate of gift card breakage over the period of estimated performance. We recognized $3.5 million as an initial adjustment during the first quarter 2010.

(2)
During the third quarter of fiscal 2010, we determined that four Company-owned restaurants were impaired. The Company recognized a pre-tax non-cash impairment charge of $6.1 million related to the impairment of these four restaurants. The third quarter charges for executive transition were recorded to selling, general and administrative expense for $2.6 million.

(3)
During the third quarter of fiscal 2011, we determined that one Company-owned restaurant was impaired. The Company recognized a pre-tax non-cash impairment charge of $1.9 million for this restaurant.

(4)
During the fourth quarter of fiscal 2011, we determined that two Company-owned restaurant were impaired. The Company recognized a pre-tax non-cash impairment charge of $2.4 million for these restaurants.