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Amendment No. 3 to Form S-I
Table of Contents
Pre-opening Costs
Pre-opening costs increased $2.3 million to $4.8 million for Fiscal 2013, due to five restaurants incurring pm-opening costs during the current
period compared to three in the prior period.
Loss on Modification ofDebt
Loss on modification of debt was $6.9 million for Fiscal 2013, due to a non-cash charge related to the re-pricing of our First Lien Credit
Facility in August 2013. Loss on modification of debt was $7.8 million for Fiscal 2012. due to non-cash charges related to the financing of the
Acquisition in July 2012.
Interest Expense
Interest expense increased $4.1 million, or 22.4%, for Fiscal 2013, due to a higher average debt balance in 2013 versus 2012 due to the
additional debt incurred to finance the Acquisition in July 2012.
Income Tax Expense
Income tax expense increased $2.4 million to $2.5 million for Fiscal 2013, due to an increase in net income of $1.5 million from a net loss of
$17.8 million in the prior year. Additionally, in Fiscal 2013 we recorded a $2.5 million charge to income tax expense to establish a valuation
allowance on deferred tax assets.
Restaurant Contribution
combined
six Crewe
Predecessor
Prrkolfrom
Ma) 24
(Inctpliell) to
Period from
Fiscal Tear Ended
Fiscal Year Ended
December SO.
Joinery 1
December 29.2013
December .30. 2012
2012
toJuly 20.2012
(St weeks)
(52 weeks)
Increase ((Decrease)
(23 weeks)
(29 weeks)
°A.
(dollar in i housands)
Dollars
%(a)
Dallas
•/o(a)
Dollars
%(b)
(c)
Dollars
Dollars
Revenue
G.S. Restaurant
S 162.442
74.1%
S 146.180
72.2%
516.262
11.1'°
1.9°.
S
66.853
S
79.327
Brazil Restaurant
56.797
25.9
56.180
27.8
617
1.1
(1.9)
26.991
29.189
Total revenue
5219.239
100.000
5202.360
100.0°.
S 16.879
8.3°.
•
S
93.844
S
108.516
Restaurant operating costs
5113.111
69.6'o
S 105.679
72.3°0
S 7.432
7.0!'
(2.7%)
S
49.336
S
56.343
Brazil
37.454
65.9
35.226
62.7
2.228
6.3
3.2
16.648
18.578
Total restaurant operating costs
S 150.565
68.7%
S 140.905
69.6°.
S 9.660
6.9%
(0.9%)
S
65.984
S
74.921
Restaurant contribution
S 49.331
30.4%
5 40.501
27.7%
S 8.830
21.8,•
2.7%
S
17.517
S
22.984
Brazil
19.343
34.1
20.954
37.3
(1.611) (7.7)
(3.2)
10.343
10.611
Total ri:slaurant contribution
S 68.674
31.3%
S 61.455
30.4%
S 7.219
11.7%
0.9%
S
27.860
S
33.595
(a)
(b)
(c)
Calculated as a paCentage of total revenue or segment revenue where applicable.
Calculated percentage increase (decrease) in dollars.
Calculated increase ." (decrease) in percentage of total revenue or segment revenue where applicable.
Not meaningful.
Total restaurant contribution increased $7.2 million, or 11.7%, for Fiscal 2013, primarily due to a $6.2 million increase related to new
restaurants opened since the end of the prior period as well as the full period of operation of restaurants opened in the prior period. As a percentage
of total revenue, total restaurant contribution increased from 30.4% to 31.3%.
As a percentage of U.S. restaurant revenue. U.S. contribution margin increased 2.7% from 27.7% to 30.4%, due to a 1.6% Suction in food
and beverage costs due to favorable pricing on beef contracts executed in 2013 and management's focus on waste Suction, a 1.0% Suction in
compensation and benefit costs due to improved labor productivity and a Suction in share-based compensation expense recognized.
78
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