FoodFirst Global Restaurants (BBRG) 10-Q 4 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 29, 2015	4-May-15
Document And Entity Information [Abstract]
Entity Registrant Name	Bravo Brio Restaurant Group, Inc.
Trading Symbol	BBRG
Entity Central Index Key	1495479
Current Fiscal Year End Date	-15
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	29-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		15,197,931

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$357	$427
Accounts receivable	6,734	7,079
Tenant improvement allowance receivable	1,009	1,613
Inventories	2,810	3,132
Deferred income taxes, net	3,180	3,459
Prepaid expenses and other current assets	1,814	2,179
Total current assets	15,904	17,889
Property and equipment — net	181,360	178,877
Deferred income taxes — net	50,708	50,872
Other assets — net	4,096	4,125
Total assets	252,068	251,763
Current liabilities
Trade and construction payables	15,600	13,238
Accrued expenses	22,592	25,975
Deferred lease incentives	7,787	7,694
Deferred gift card revenue	10,278	12,783
Total current liabilities	56,257	59,690
Deferred lease incentives	59,474	59,475
Long-term debt	57,100	56,000
Other long-term liabilities	23,001	22,814
Commitments and contingencies (Note 6)
Stockholders’ equity
Common shares, no par value per share— authorized 100,000,000 shares; 20,270,065 shares issued at March 29, 2015 and 20,177,174 shares issued at December 28, 2014	199,637	199,718
Preferred shares, no par value per share— authorized 5,000,000 shares; issued and outstanding, 0 shares at March 29, 2015 and December 28, 2014	0	0
Treasury shares, 5,083,281 shares at March 29, 2015 and December 28, 2014	-72,997	-72,997
Retained deficit	-70,404	-72,937
Total stockholders’ equity	56,236	53,784
Total liabilities and stockholders’ equity	$252,068	$251,763

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 29, 2015	Dec. 28, 2014
Common shares, par value	$0	$0
Common shares, share authorized	100,000,000	100,000,000
Common shares, share issued	20,270,065	20,177,174
Preferred shares, par value	$0	$0
Preferred shares, shares authorized	5,000,000	5,000,000
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0
Treasury shares, shares	5,083,281	5,083,281

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Revenues	$108,169	$102,648
Costs and expenses
Cost of sales	27,906	26,510
Labor	38,850	36,564
Operating	17,522	16,813
Occupancy	8,082	7,414
General and administrative expenses	5,782	5,738
Restaurant preopening costs	937	348
Depreciation and amortization	5,438	5,010
Total costs and expenses	104,517	98,397
Income from operations	3,652	4,251
Interest expense, net	405	256
Income before income taxes	3,247	3,995
Income tax expense	714	1,118
Net income	$2,533	$2,877
Net income per basic share	$0.17	$0.15
Net income per diluted share	$0.16	$0.14
Weighted average shares outstanding-basic	15,122,000	19,314,000
Weighted average shares outstanding-diluted	15,870,000	20,165,000

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Shares	Retained Deficit	Treasury Stock
In Thousands, except Share data
Beginning balance at Dec. 28, 2014	$53,784	$199,718	($72,937)	($72,997)
Beginning balance (in shares) at Dec. 28, 2014		20,177,174		-5,083,281
Net income	2,533		2,533
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	393	393
Proceeds from the exercise of stock options, shares		27,294
Proceeds from the exercise of stock options	39	39
Issuance of shares of restricted stock (in shares)		94,952
Issuance of shares of restricted stock	0	0
Excess tax deficiency from share based payments, net	-120	-120
Shares withheld from restricted stock vesting for minimum tax withholdings	-393
Ending balance at Mar. 29, 2015	$56,236	$199,637	($70,404)	($72,997)
Ending balance (in shares) at Mar. 29, 2015		20,270,065		-5,083,281

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Cash flows from operating activities:
Net income	$2,533	$2,877
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,457	5,104
Loss on disposals of property and equipment	52	75
Amortization of deferred lease incentives	-1,760	-1,726
Share-based compensation costs	393	610
Deferred income taxes	443	568
Changes in assets and liabilities:
Accounts and tenant improvement allowance receivables	949	2,939
Inventories	322	252
Prepaid expenses and other current assets	365	428
Trade and construction payables	1,481	95
Deferred lease incentives	1,852	751
Deferred gift card revenue	-2,505	-2,899
Other accrued expenses	-3,503	-1,128
Other — net	189	23
Net cash provided by operating activities	6,268	7,969
Cash flows from investing activities:
Purchase of property and equipment	-7,084	-3,089
Net cash used in investing activities	-7,084	-3,089
Cash flows from financing activities:
Proceeds from Issuance of Debt	153,100	0
Payments on long-term debt	-152,000	-4,520
Proceeds from the exercise of stock options	39	15
Excess tax benefit related to share based payments	0	6
Shares withheld from restricted stock vesting for minimum tax withholdings	-393	-286
Repurchase of treasury shares	0	-4,005
Net cash provided by/(used in) financing activities	746	-8,790
Net decrease in cash and cash equivalents	-70	-3,910
Cash and cash equivalents — beginning of period	427	7,640
Cash and cash equivalents — end of period	357	3,730
Supplemental disclosures of cash flow information:
Interest paid	362	154
Income taxes paid	24	355
Property financed by trade and construction payables	$2,337	$1,542

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 29, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION
	Description of Business — As of March 29, 2015, Bravo Brio Restaurant Group, Inc. (the “Company”) operated 113 restaurants under the trade names “Bravo! Cucina Italiana®,” “Brio Tuscan Grille™,” and “Bon Vie®.” Of the 113 restaurants the Company operates, there are 51 Bravo! Cucina Italiana® restaurants, 61 Brio Tuscan Grille™ restaurants and one Bon Vie® restaurant in operation in 33 states throughout the United States of America. The Company owns all of its restaurants with the exception of one BRIO restaurant, which it operates under a management agreement and for which operation it receives a management fee.
	The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. The operating results included herein are not necessarily indicative of results for any other interim period or for the full fiscal year.
	Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the unaudited consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. These unaudited consolidated financial statements and related condensed notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2014 filed with the SEC on March 6, 2015 (the “2014 Annual Report on Form 10-K”).

NET_INCOME_PER_SHARE

NET INCOME PER SHARE	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE
	Basic earnings per share (EPS) data is computed based on weighted average common shares outstanding during the period. Diluted EPS data is computed based on weighted average common shares outstanding, including all potentially issuable common shares.
	(in thousands, except per share data)
		Thirteen Weeks Ended
		March 29,		March 30,
		2015		2014
	Net income	$	2,533	$	2,877
	Weighted average common shares outstanding	15,122		19,314
	Effect of dilutive securities:
	Stock options	745		804
	Restricted stock	3		47
	Weighted average common and potentially issuable common shares outstanding—diluted	15,870		20,165
	Basic net income per common share	$	0.17	$	0.15
	Diluted net income per common share	$	0.16	$	0.14
	Shares of common stock equivalents of 0.2 million and 0.3 million were excluded from the diluted calculation due to their anti-dilutive effect for the thirteen weeks ended March 29, 2015 and March 30, 2014, respectively.

LONGTERM_DEBT

LONG-TERM DEBT	3 Months Ended
	Mar. 29, 2015
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT
	On November 5, 2014, the Company entered into a credit agreement (the "2014 Credit Agreement") with a syndicate of financial institutions. The 2014 Credit Agreement provides for a revolving credit facility under which the Company may borrow up to $100.0 million (including a sublimit cap of up to $10.0 million for letters of credit and up to $10.0 million for swing-line loans), maturing in November 2019.
	Under the 2014 Credit Agreement, the Company may increase the revolving credit facility by up to $25.0 million if no event of default exists and certain other requirements are satisfied. Borrowings under the revolving credit facility bear interest at the Company’s option of either (i) the Base Rate (as such term is defined in the 2014 Credit Agreement) plus the applicable margin of 0.50% to 1.50% or (ii) at a fixed rate for a period of one, two, three or six months equal to the London interbank offered rate, LIBOR, plus the applicable margin of 1.50% to 2.50%. In addition, the Company is required to pay an unused facility fee to the lenders equal to 0.20% to 0.35% per annum on the aggregate amount of the unused revolving credit facility, excluding swing-line loans, commencing on November 5, 2014, payable quarterly in arrears. Borrowings under the Company’s revolving credit facility are collateralized by a first priority interest in substantially all assets of the Company and its subsidiaries. As of March 29, 2015, we had an outstanding balance of $57.1 million on our revolving credit facility.
	The 2014 Credit Agreement provides for bank guarantees under standby letter of credit arrangements in the normal course of business operations. The standby letters of credit are cancellable only at the option of the beneficiary who is authorized to draw drafts on the issuing bank up to the face amount of the standby letters of credit in accordance with its credit. As of March 29, 2015, the maximum exposure under these standby letters of credit was $2.4 million.

STOCK_BASED_COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION
	In June 2006, the Company adopted the Bravo Development, Inc. Option Plan (the “2006 Plan”) in order to provide an incentive to employees. In conjunction with the Company’s initial public offering, all of the then outstanding options under the 2006 Plan became exercisable and the 2006 Plan was terminated. No further compensation costs will be recorded under the 2006 Plan. The 2006 Plan was replaced with the Bravo Brio Restaurant Group, Inc. Stock Incentive Plan (the “Stock Incentive Plan”), which was adopted in October 2010.
	2006 Plan
	Stock option activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
		Number		Weighted Average
		of Shares		Exercise Price
	Outstanding at December 28, 2014	840,658		$	1.45
	Exercised	(27,294	)	$	1.45
	Granted	—		$	—
	Forfeited	—		$	—
	Outstanding at March 29, 2015	813,364		$	1.45
	Exercisable at March 29, 2015	813,364		$	1.45
	At March 29, 2015, the weighted-average remaining contractual term of options outstanding was approximately 1.7 years and all of the options were exercisable. Aggregate intrinsic value is calculated as the difference between the Company’s closing price at the end of the fiscal quarter and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders had they all exercised such options on the fiscal quarter end date. The aggregate intrinsic value for outstanding and exercisable options at March 29, 2015 was $10.6 million.
	Stock Incentive Plan
	Restricted stock activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
		Number of		Weighted-
		Shares		Average Grant
				Date Fair  Value
	Outstanding at December 28, 2014	294,749		$	16.22
	Granted	—		$	—
	Vested	(94,952	)	$	16.62
	Forfeited	(10,000	)	$	16.78
	Outstanding at March 29, 2015	189,797		$	15.99
	Fair value of the outstanding shares of restricted stock is based on the average of the high and low price of the Company’s shares on the date immediately preceding the date of grant.  In the first thirteen weeks of 2015, stock compensation costs related to shares of restricted stock were approximately $0.4 million. As of March 29, 2015, total unrecognized stock-based compensation expense related to non-vested shares of restricted stock was approximately $2.7 million taking into account potential forfeitures, which is expected to be recognized over a weighted average period of approximately 2.2 years. These shares of restricted stock will vest, subject to certain exceptions, annually over a four-year period. The Company's restricted stock award agreements allow employees to surrender to the Company shares of stock upon vesting in lieu of their payment of the required personal employment-related taxes. Employees surrendered to the Company 29,355 shares and 18,525 shares of stock towards the minimum statutory tax withholdings which the Company recorded as a reduction in common shares in an amount of approximately $0.4 million and $0.3 million, for the thirteen weeks ended March 29, 2015 and March 30, 2014, respectively.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 29, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES
	The Company’s consolidated balance sheets at March 29, 2015 and December 28, 2014 include net deferred tax assets of $53.9 million and $54.3 million, respectively. The Company performs a periodic analysis to evaluate whether the deferred tax assets will be realized. Such analysis concluded that the Company will continue to be a going concern and that it is more likely than not that the deferred tax assets will be realized through the generation of future taxable income.
	The Company is currently under examination by the Internal Revenue Service for the fiscal year ended December 26, 2010. The Company does not believe that any adjustment as a result of the examination would be material to the financial statements.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 29, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES
	The Company is subject to various claims, possible legal actions, and other matters arising out of the normal course of business. While it is not possible to predict the outcome of these issues, management is of the opinion that adequate provision for potential losses has been made in the accompanying consolidated financial statements and that the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

NET_INCOME_PER_SHARE_Tables

NET INCOME PER SHARE (Tables)	3 Months Ended
	Mar. 29, 2015
Earnings Per Share [Abstract]
Computations of Basic and Diluted Earnings Per Common Share	(in thousands, except per share data)
		Thirteen Weeks Ended
		March 29,		March 30,
		2015		2014
	Net income	$	2,533	$	2,877
	Weighted average common shares outstanding	15,122		19,314
	Effect of dilutive securities:
	Stock options	745		804
	Restricted stock	3		47
	Weighted average common and potentially issuable common shares outstanding—diluted	15,870		20,165
	Basic net income per common share	$	0.17	$	0.15
	Diluted net income per common share	$	0.16	$	0.14

STOCK_BASED_COMPENSATION_Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 29, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	Stock option activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
		Number		Weighted Average
		of Shares		Exercise Price
	Outstanding at December 28, 2014	840,658		$	1.45
	Exercised	(27,294	)	$	1.45
	Granted	—		$	—
	Forfeited	—		$	—
	Outstanding at March 29, 2015	813,364		$	1.45
	Exercisable at March 29, 2015	813,364		$	1.45
Restricted Stock Activity	Restricted stock activity for the thirteen weeks ended March 29, 2015 is summarized as follows:
		Number of		Weighted-
		Shares		Average Grant
				Date Fair  Value
	Outstanding at December 28, 2014	294,749		$	16.22
	Granted	—		$	—
	Vested	(94,952	)	$	16.62
	Forfeited	(10,000	)	$	16.78
	Outstanding at March 29, 2015	189,797		$	15.99

Basis_of_Presentation_Details_

Basis of Presentation (Details) (Detail)	3 Months Ended
	Mar. 29, 2015
	State
	Restaurant
Significant Accounting Policies [Line Items]
Aggregate number of restaurant operated by company	113
Number of states where restaurants are operated	33
Aggregate number of restaurant operated under management agreement	1
Bravo Cucina Italiana
Significant Accounting Policies [Line Items]
Aggregate number of restaurant operated by company	51
Brio Tuscan Grille
Significant Accounting Policies [Line Items]
Aggregate number of restaurant operated by company	61
Bon Vie
Significant Accounting Policies [Line Items]
Aggregate number of restaurant operated by company	1

Computations_of_Basic_and_Dilu

Computations of Basic and Diluted Earnings Per Common Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 29, 2015	Mar. 30, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000	300,000
Net income	$2,533	$2,877
Weighted average common shares outstanding	15,122,000	19,314,000
Effect of dilutive securities:
Stock options	745,000	804,000
Restricted stock	3,000	47,000
Weighted average common and potentially issuable common shares outstanding—diluted	15,870,000	20,165,000
Basic net income per common share	$0.17	$0.15
Diluted net income per common share	$0.16	$0.14

LongTerm_Debt_Additional_Infor

Long-Term Debt - Additional Information (Detail) (USD $)	0 Months Ended
	Nov. 05, 2014	Mar. 29, 2015	Nov. 05, 2014
Swingline Loans [Member]
Debt Instrument [Line Items]
Sublimit cap	$10,000,000		$10,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000		100,000,000
Revolving Credit Facility Maturity Year	2019
Increased credit facility	25,000,000		25,000,000
Long-term Debt		57,100,000
Letter of Credit
Debt Instrument [Line Items]
Sublimit cap	10,000,000		10,000,000
Maximum standby letters of credit		$2,400,000
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin	1.50%		1.50%
Minimum [Member] | Unused lines of Credit [Member]
Debt Instrument [Line Items]
Pay an unused facility fee	0.20%		0.20%
Minimum [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Applicable margin	0.50%		0.50%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Applicable margin	2.50%		2.50%
Maximum [Member] | Unused lines of Credit [Member]
Debt Instrument [Line Items]
Pay an unused facility fee	0.35%		0.35%
Maximum [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Applicable margin	1.50%		1.50%

Summary_of_Stock_Option_Activi

Summary of Stock Option Activity (Detail) (Equity Option, USD $)	3 Months Ended
	Mar. 29, 2015
Equity Option
Stock option activity
Number of Shares Outstanding - beginning of year	840,658
Weighted average exercise price outstanding - beginning of year	$1.45
Number of shares, Exercised	-27,294
Weighted average exercise price, Exercised	$1.45
Number of shares, Granted	0
Weighted average exercise price, Granted	$0
Number of shares, Forfeited	0
Weighted average exercise price, Forfeited	$0
Number of Shares Outstanding - end of year	813,364
Weighted average exercise price Outstanding - ending of year	$1.45
Exercisable - end of year	813,364
Weighted Average Exercise Price Exercisable - end of period	$1.45

Stock_Based_Compensation_Addit

Stock Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 29, 2015	Mar. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation costs related to the shares of restricted stock	$393,000	$610,000
Payments Related To Tax Withholding For Share Based Compensation Minimum Tax Withholdings	393,000	286,000
Equity Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining contractual term	1 year 8 months 12 days
Aggregate intrinsic value for outstanding and exercisable options	10,600,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average remaining contractual term	2 years 2 months 12 days
Stock compensation costs related to the shares of restricted stock	400,000
Unrecognized stock-based compensation expense related to non-vested shares of restricted stock	2,700,000
Number of years to vest restricted shares	4 years
Shares Paid for Tax Withholding for Share Based Compensation	29,355	18,525
Payments Related To Tax Withholding For Share Based Compensation Minimum Tax Withholdings	$393,000	$286,000

Restricted_Stock_Activity_Deta

Restricted Stock Activity (Detail) (Restricted Stock, USD $)	3 Months Ended
	Mar. 29, 2015
Restricted Stock
Restricted stock activity
Number of Shares Outstanding - beginning of year	294,749
Weighted-average grant date fair value, Outstanding	$16.22
Number of shares, Granted	0
Weighted-average grant date fair value, Granted	$0
Number of shares, Vested	-94,952
Weighted-average grant date fair value, Vested	$16.62
Number of shares, Forfeited	-10,000
Weighted-average grant date fair value, Forfeited	$16.78
Number of Shares Outstanding - end of Period	189,797
Weighted-average exercise price	$15.99

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	Mar. 29, 2015	Dec. 28, 2014
In Millions, unless otherwise specified
Income Tax Disclosure [Abstract]
Deferred tax assets, net	$53.90	$54.30