$LOCO
El Pollo Loco Holdings Inc

2015 Q2 Form 10-Q Financial Statement

#000119312515189916 Filed on May 15, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q1
Revenue $90.43M $81.43M
YoY Change 4.05% 5.76%
Cost Of Revenue $48.70M $43.30M
YoY Change 5.87% 3.59%
Gross Profit $41.70M $38.10M
YoY Change 1.96% 8.24%
Gross Profit Margin 46.12% 46.79%
Selling, General & Admin $25.50M $23.70M
YoY Change 3.24% 4.41%
% of Gross Profit 61.15% 62.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.100M $2.600M
YoY Change 10.71% 8.33%
% of Gross Profit 7.43% 6.82%
Operating Expenses $77.46M $69.92M
YoY Change 181.67% 179.67%
Operating Profit $12.97M -$31.82M
YoY Change -3.23% -411.93%
Interest Expense $1.211M $5.623M
YoY Change -78.77% -157.38%
% of Operating Profit 9.34%
Other Income/Expense, Net -$300.0K
YoY Change
Pretax Income $11.51M $5.887M
YoY Change 61.16% 5787.0%
Income Tax $4.714M $417.0K
% Of Pretax Income 40.97% 7.08%
Net Earnings $6.791M $5.470M
YoY Change 3.38% -9216.67%
Net Earnings / Revenue 7.51% 6.72%
Basic Earnings Per Share $0.18 $0.19
Diluted Earnings Per Share $0.17 $0.18
COMMON SHARES
Basic Shares Outstanding 37.42M 28.71M
Diluted Shares Outstanding 38.92M 30.16M

Balance Sheet

Concept 2015 Q2 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.600M $20.40M
YoY Change -68.27%
Cash & Equivalents $8.587M $20.40M
Short-Term Investments
Other Short-Term Assets $23.60M $2.200M
YoY Change 521.05%
Inventory $1.708M $1.600M
Prepaid Expenses
Receivables $6.000M $5.400M
Other Receivables $100.0K $0.00
Total Short-Term Assets $40.00M $29.70M
YoY Change 4.72%
LONG-TERM ASSETS
Property, Plant & Equipment $83.02M $70.90M
YoY Change 10.1%
Goodwill $248.7M
YoY Change
Intangibles $61.89M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.803M $8.300M
YoY Change -75.96%
Total Long-Term Assets $407.5M $391.2M
YoY Change 3.15%
TOTAL ASSETS
Total Short-Term Assets $40.00M $29.70M
Total Long-Term Assets $407.5M $391.2M
Total Assets $447.5M $420.9M
YoY Change 3.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.038M $13.20M
YoY Change -67.29%
Accrued Expenses $18.10M $22.40M
YoY Change -28.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $2.200M
YoY Change -90.48%
Total Short-Term Liabilities $30.92M $38.30M
YoY Change -27.92%
LONG-TERM LIABILITIES
Long-Term Debt $150.6M $286.6M
YoY Change -47.38%
Other Long-Term Liabilities $46.83M $10.00M
YoY Change 368.33%
Total Long-Term Liabilities $46.83M $296.6M
YoY Change -84.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.92M $38.30M
Total Long-Term Liabilities $46.83M $296.6M
Total Liabilities $229.8M $366.7M
YoY Change -38.27%
SHAREHOLDERS EQUITY
Retained Earnings -$142.6M
YoY Change
Common Stock $360.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.7M $54.20M
YoY Change
Total Liabilities & Shareholders Equity $447.5M $420.9M
YoY Change 3.29%

Cashflow Statement

Concept 2015 Q2 2014 Q1
OPERATING ACTIVITIES
Net Income $6.791M $5.470M
YoY Change 3.38% -9216.67%
Depreciation, Depletion And Amortization $3.100M $2.600M
YoY Change 10.71% 8.33%
Cash From Operating Activities $14.31M $7.580M
YoY Change 2.14% -346.1%
INVESTING ACTIVITIES
Capital Expenditures $2.379M $3.661M
YoY Change -135.35% -210.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.380M -$3.660M
YoY Change -64.64% 10.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $206.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.85M -540.0K
YoY Change 2650.0% 12.5%
NET CHANGE
Cash From Operating Activities 14.31M 7.580M
Cash From Investing Activities -2.380M -3.660M
Cash From Financing Activities -14.85M -540.0K
Net Change In Cash -2.920M 3.380M
YoY Change -143.32% -149.13%
FREE CASH FLOW
Cash From Operating Activities $14.31M $7.580M
Capital Expenditures $2.379M $3.661M
Free Cash Flow $11.93M $3.919M
YoY Change -42.47% 1532.92%

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CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14313000
CY2015Q2 us-gaap Debt Instrument Description Of Variable Rate Basis
DebtInstrumentDescriptionOfVariableRateBasis
(a) the federal funds rate plus 0.50%, (b) the prime rate of Bank of America, or (c) LIBOR plus 1.00%. For LIBOR loans, the margin is in the range of 1.75% to 2.50%, and for base rate loans the margin is in the range of 0.75% and 1.50%. The margin is initially set at 2.00% for LIBOR loans and at 1.00% for base rate loans until the delivery of financial statements and a compliance certificate for the period ended April 1, 2015. The interest rate range was 2.17% to 2.62% at April 1, 2015.
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
2048007 shares
CY2015Q2 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenue and expenses during the period reported. Actual results could materially differ from those estimates. The Company&#x2019;s significant estimates include estimates for impairment of goodwill, intangible assets and property and equipment, insurance reserves, lease termination liabilities, stock-based compensation, income tax receivable agreement liability, and income tax valuation allowances.</p> </div>
CY2015Q2 dei Document Period End Date
DocumentPeriodEndDate
2015-04-01
CY2015Q2 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2015Q2 dei Amendment Flag
AmendmentFlag
false
CY2015Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-30
CY2015Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38921884 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
CY2015Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001606366
CY2015Q2 us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
On or about February 24, 2014
CY2015Q2 us-gaap Restriction To Transfer Funds
RestrictionToTransferFunds
Under the 2014 Revolver, Holdings may not make certain payments such as cash dividends, except that it may, inter alia, (i) pay up to $1 million per year to repurchase or redeem qualified equity interests of Holdings held by past or present officers, directors, or employees (or their estates) of the Company upon death, disability, or termination of employment, (ii) pay under its income tax receivable agreement (the “TRA”), and, (iii) so long as no default or event of default has occurred and is continuing, (a) make non-cash repurchases of equity interests in connection with the exercise of stock options by directors and officers, provided that those equity interests represent a portion of the consideration of the exercise price of those stock options, (b) pay up to $2.5 million per year pursuant to stock option plans, employment agreements, or incentive plans, (c) make up to $5 million in other restricted payments per year, and (d) make other restricted payments, provided that such payments would not cause, in each case, on a pro forma basis, (x) its lease-adjusted consolidated leverage ratio to equal or exceed 4.25 times and (y) its consolidated fixed charge coverage ratio to be less than 1.75 times.
CY2015Q2 us-gaap Plan Of Reorganization Terms Of Plan
PlanOfReorganizationTermsOfPlan
("Old Holdings") entered into the following reorganization transactions (i) Old Holdings merged with and into CSC with CSC continuing as the surviving corporation; (ii) CSC merged with and into CAC with CAC continuing as the surviving corporation and (iii) CAC renamed itself El Pollo Loco Holdings, Inc.
CY2015Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5865 shares
CY2015Q2 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally-insured limits. The Company has never experienced any losses related to these balances.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company had two suppliers for which amounts due at April&#xA0;1, 2015 totaled 7% and 6% of the Company&#x2019;s accounts payable. As of December&#xA0;31, 2014, the Company had two different suppliers for which amounts totaled 6% and 5% of the Company&#x2019;s accounts payable. Purchases from the Company&#x2019;s two largest suppliers totaled 36% and 4% at April&#xA0;1, 2015 and 36% and 3% at March&#xA0;26, 2014 of the Company&#x2019;s purchases. Company-operated and franchised restaurants in the greater Los Angeles area generated, in the aggregate, approximately 68% and 70% of total revenue for the thirteen weeks ended April&#xA0;1, 2015, and March&#xA0;26, 2014, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> There have been no material changes from the risk factors previously disclosed in our annual report on Form 10-K for the year ended December&#xA0;31, 2014. For information regarding concentration of risk, see Item&#xA0;1A &#x201C;Risk Factors&#x201D; in our annual report on Form 10-K for the year ended December&#xA0;31, 2014<b><i>.</i></b></p> </div>
CY2015Q2 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2019-12-11
CY2015Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain comparative prior year amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current year presentation. These reclassifications have no effect on previously-reported working capital, net income, earnings per share, stockholder&#x2019;s equity, or cash flows.</p> </div>
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19720 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37424745 shares
CY2015Q2 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
600000
CY2015Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
52000
CY2015Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15000000
CY2015Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1018000
CY2015Q2 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-83000
CY2015Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-192000
CY2015Q2 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
272000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11505000
CY2015Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-81000
CY2015Q2 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1200000
CY2015Q2 us-gaap Income Taxes Paid
IncomeTaxesPaid
0
CY2015Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
12967000
CY2015Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-81000
CY2015Q2 us-gaap Revenues
Revenues
90426000
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2379000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
6791000
CY2015Q2 us-gaap Interest Paid
InterestPaid
510000
CY2015Q2 us-gaap Franchise Revenue
FranchiseRevenue
5693000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
84733000
CY2015Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1770000
CY2015Q2 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
4715000
CY2015Q2 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-166000
CY2015Q2 us-gaap Interest Expense
InterestExpense
1211000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
77459000
CY2015Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
76000
CY2015Q2 us-gaap Franchisor Costs
FranchisorCosts
855000
CY2015Q2 us-gaap Increase Decrease In Insurance Liabilities
IncreaseDecreaseInInsuranceLiabilities
164000
CY2015Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2912000
CY2015Q2 us-gaap Cost Of Services Direct Labor
CostOfServicesDirectLabor
21582000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4714000
CY2015Q2 us-gaap Cost Of Services Direct Materials
CostOfServicesDirectMaterials
27123000
CY2015Q2 us-gaap Depreciation
Depreciation
3100000
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3146000
CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-14846000
CY2015Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
206000
CY2015Q2 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
199000
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2379000
CY2015Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
65841000
CY2015Q2 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
51000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7485000
CY2015Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-2260000
CY2015Q2 us-gaap Restructuring Costs
RestructuringCosts
44000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
297000
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
53000
CY2015Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
7000
CY2015Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
17136000
CY2015Q2 loco Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
34000
CY2015Q2 loco Tax Receivable Agreement Expenses
TaxReceivableAgreementExpenses
251000

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