$PBPB
POTBELLY CORP

2014 Q2 Form 10-Q Financial Statement

#000119312514298419 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $83.62M $78.19M
YoY Change 6.95% 13.06%
Cost Of Revenue $23.94M $22.76M
YoY Change 5.17%
Gross Profit $59.68M $55.43M
YoY Change 7.68%
Gross Profit Margin 71.38% 70.89%
Selling, General & Admin $42.70M $38.30M
YoY Change 11.49%
% of Gross Profit 71.54% 69.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.784M $4.444M
YoY Change 7.65% -41.14%
% of Gross Profit 8.02% 8.02%
Operating Expenses $80.17M $73.43M
YoY Change 9.18%
Operating Profit $3.454M $4.761M
YoY Change -27.45% 104.77%
Interest Expense $40.00K $122.0K
YoY Change -67.21%
% of Operating Profit 1.16% 2.56%
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income $3.414M $4.639M
YoY Change -26.41%
Income Tax $1.407M $1.869M
% Of Pretax Income 41.21% 40.29%
Net Earnings $2.010M $2.759M
YoY Change -27.15% 57.75%
Net Earnings / Revenue 2.4% 3.53%
Basic Earnings Per Share $0.07 -$1.77
Diluted Earnings Per Share $0.07 -$1.77
COMMON SHARES
Basic Shares Outstanding 29.34M shares 4.245M shares
Diluted Shares Outstanding 30.51M shares 4.245M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.50M $21.70M
YoY Change 224.88%
Cash & Equivalents $70.52M $21.75M
Short-Term Investments
Other Short-Term Assets $8.900M $5.800M
YoY Change 53.45%
Inventory $2.400M $2.100M
Prepaid Expenses
Receivables $3.949M $4.100M
Other Receivables $0.00 $0.00
Total Short-Term Assets $85.70M $33.70M
YoY Change 154.3%
LONG-TERM ASSETS
Property, Plant & Equipment $81.90M $74.70M
YoY Change 9.64%
Goodwill $1.428M
YoY Change
Intangibles $3.404M
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.30M $19.40M
YoY Change 4.64%
Total Long-Term Assets $107.0M $98.90M
YoY Change 8.24%
TOTAL ASSETS
Total Short-Term Assets $85.70M $33.70M
Total Long-Term Assets $107.0M $98.90M
Total Assets $192.7M $132.6M
YoY Change 45.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.451M $3.400M
YoY Change 1.5%
Accrued Expenses $14.98M $13.00M
YoY Change 15.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $74.00K $100.0K
YoY Change -26.0%
Total Short-Term Liabilities $18.99M $19.20M
YoY Change -1.08%
LONG-TERM LIABILITIES
Long-Term Debt $976.0K $15.10M
YoY Change -93.54%
Other Long-Term Liabilities $736.0K $12.80M
YoY Change -94.25%
Total Long-Term Liabilities $1.712M $27.90M
YoY Change -93.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.99M $19.20M
Total Long-Term Liabilities $1.712M $27.90M
Total Liabilities $33.72M $47.20M
YoY Change -28.57%
SHAREHOLDERS EQUITY
Retained Earnings -$229.5M
YoY Change
Common Stock $295.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $158.8M $85.30M
YoY Change
Total Liabilities & Shareholders Equity $192.7M $132.6M
YoY Change 45.36%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $2.010M $2.759M
YoY Change -27.15% 57.75%
Depreciation, Depletion And Amortization $4.784M $4.444M
YoY Change 7.65% -41.14%
Cash From Operating Activities $5.250M $5.840M
YoY Change -10.1% -51.54%
INVESTING ACTIVITIES
Capital Expenditures -$6.850M -$7.580M
YoY Change -9.63% -40.73%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.850M -$7.580M
YoY Change -9.63% -40.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.570M 200.0K
YoY Change 1185.0% 17.65%
NET CHANGE
Cash From Operating Activities 5.250M 5.840M
Cash From Investing Activities -6.850M -7.580M
Cash From Financing Activities 2.570M 200.0K
Net Change In Cash 970.0K -1.540M
YoY Change -162.99% 170.18%
FREE CASH FLOW
Cash From Operating Activities $5.250M $5.840M
Capital Expenditures -$6.850M -$7.580M
Free Cash Flow $12.10M $13.42M
YoY Change -9.84% -45.97%

Facts In Submission

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dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
Potbelly Corporation
dei Trading Symbol
TradingSymbol
PBPB
dei Entity Filer Category
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Non-accelerated Filer
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us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to long-lived assets, income taxes, stock-based compensation and common stock equity valuations, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
dei Document Period End Date
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us-gaap Fiscal Period
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Fiscal Year</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company uses a 52/53-week fiscal year that ends on the last Sunday of the calendar year. Approximately every five or six years a 53rd week is added. Fiscal 2013 and 2014 each consist of 52 weeks. The fiscal quarters ended June&#xA0;30, 2013 and June&#xA0;29, 2014 each consisted of 13 weeks.</p> </div>
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us-gaap Straight Line Rent
StraightLineRent
-723000
us-gaap Operating Income Loss
OperatingIncomeLoss
3013000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
2035000
us-gaap Income Taxes Paid
IncomeTaxesPaid
700000
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
26000
us-gaap Revenues
Revenues
157501000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
42000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13386000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1709000
us-gaap Net Income Loss
NetIncomeLoss
1709000
us-gaap Interest Paid
InterestPaid
84000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1041000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
709000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2424000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
121000
us-gaap Interest Expense
InterestExpense
82000
us-gaap Operating Expenses
OperatingExpenses
154488000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
35000
us-gaap Labor And Related Expense
LaborAndRelatedExpense
44865000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
945000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-910000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1216000
us-gaap Occupancy Costs
OccupancyCosts
20162000
us-gaap Pre Opening Costs
PreOpeningCosts
525000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0
us-gaap Depreciation
Depreciation
9501000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2560000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1709000
us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
45022000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-13386000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3337000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16687000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1351000
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
26000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6000
us-gaap Share Based Compensation
ShareBasedCompensation
1441000
us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
16849000
pbpb Asset Impairment Store Closure And Disposal Of Property And Equipment
AssetImpairmentStoreClosureAndDisposalOfPropertyAndEquipment
877000
pbpb Share Based Compensation Arrangement Unrecognized Compensation Expense Expected Term
ShareBasedCompensationArrangementUnrecognizedCompensationExpenseExpectedTerm
Through 2018
pbpb Revenue From Franchise Royalties And Fees
RevenueFromFranchiseRoyaltiesAndFees
710000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
400000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y3M22D
CY2014Q1 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-800000
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4244879 shares
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4244879 shares
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
77926000
CY2013Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-53000
CY2013Q2 us-gaap Profit Loss
ProfitLoss
2770000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4639000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4761000
CY2013Q2 us-gaap Revenues
Revenues
78186000
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-146000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
2759000
CY2013Q2 us-gaap Interest Expense
InterestExpense
122000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
73425000
CY2013Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
CY2013Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
21204000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1869000
CY2013Q2 us-gaap Occupancy Costs
OccupancyCosts
8811000
CY2013Q2 us-gaap Pre Opening Costs
PreOpeningCosts
429000
CY2013Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
2905000
CY2013Q2 us-gaap Depreciation
Depreciation
4444000
CY2013Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
-146000
CY2013Q2 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
22760000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7823000
CY2013Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
11000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
400000
CY2013Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
7901000
CY2013Q2 pbpb Revenue From Franchise Royalties And Fees
RevenueFromFranchiseRoyaltiesAndFees
260000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2014Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1046198 shares
CY2014Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
120827 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30509553 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29342528 shares
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
83268000
CY2014Q2 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
-29000
CY2014Q2 us-gaap Profit Loss
ProfitLoss
2007000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3414000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3454000
CY2014Q2 us-gaap Revenues
Revenues
83620000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2010000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
2010000
CY2014Q2 us-gaap Interest Expense
InterestExpense
40000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
80166000
CY2014Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0
CY2014Q2 us-gaap Pre Opening Costs
PreOpeningCosts
273000
CY2014Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
23405000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1407000
CY2014Q2 us-gaap Occupancy Costs
OccupancyCosts
10183000
CY2014Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
0
CY2014Q2 us-gaap Depreciation
Depreciation
4784000
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2010000
CY2014Q2 us-gaap Cost Of Goods Sold Excluding Depreciation Depletion And Amortization
CostOfGoodsSoldExcludingDepreciationDepletionAndAmortization
23936000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8865000
CY2014Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-3000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1000000
CY2014Q2 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
8691000
CY2014Q2 pbpb Revenue From Franchise Royalties And Fees
RevenueFromFranchiseRoyaltiesAndFees
352000

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