Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | 2-May-14 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'FIESTA RESTAURANT GROUP, INC. | ' |
Entity Central Index Key | '0001534992 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 26,786,855 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash | $2,406 | $10,978 |
Trade receivables | 8,434 | 6,011 |
Inventories | 2,497 | 2,564 |
Prepaid rent | 2,542 | 2,500 |
Income tax receivable | 147 | 4,497 |
Prepaid expenses and other current assets | 3,465 | 3,357 |
Deferred income taxes | 2,886 | 3,018 |
Total current assets | 22,377 | 32,925 |
Property and equipment, net | 149,429 | 144,527 |
Goodwill | 123,484 | 123,484 |
Intangible assets, net | 101 | 121 |
Deferred income taxes | 12,259 | 12,046 |
Deferred financing costs, net | 1,459 | 1,530 |
Other assets | 4,165 | 4,152 |
Total assets | 313,274 | 318,785 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 61 | 61 |
Accounts payable | 8,763 | 10,802 |
Accrued interest | 165 | 118 |
Accrued payroll, related taxes and benefits | 10,184 | 14,296 |
Accrued real estate taxes | 1,668 | 4,505 |
Other liabilities | 6,042 | 8,305 |
Total current liabilities | 26,883 | 38,087 |
Long-term debt, net of current portion | 65,310 | 72,324 |
Lease financing obligations | 1,658 | 1,657 |
Deferred income--sale-leaseback of real estate | 36,843 | 35,873 |
Other liabilities | 13,784 | 12,538 |
Total liabilities | 144,478 | 160,479 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, par value $.01; authorized 100,000,000 shares; issued 26,780,381 and 26,710,111 shares, respectively, and outstanding 26,243,588 and 26,082,800 shares, respectively | 262 | 261 |
Additional paid-in capital | 150,535 | 148,765 |
Retained earnings | 17,999 | 9,280 |
Total stockholders' equity | 168,796 | 158,306 |
Total liabilities and stockholders' equity | $313,274 | $318,785 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 26,780,381 | 26,710,111 |
Common stock, shares outstanding | 26,243,588 | 26,082,800 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | ||
Revenues: | ' | ' | ||
Restaurant sales | $144,825 | $133,090 | ||
Franchise royalty revenues and fees | 611 | 534 | ||
Total revenues | 145,436 | 133,624 | ||
Costs and expenses: | ' | ' | ||
Cost of sales | 45,529 | 42,411 | ||
Restaurant wages and related expenses (including stock-based compensation expense of $9 and $1, respectively) | 36,506 | [1] | 35,116 | [1] |
Restaurant rent expense | 7,204 | 6,435 | ||
Other restaurant operating expenses | 17,885 | 16,164 | ||
Advertising expense | 5,419 | 4,549 | ||
General and administrative (including stock-based compensation expense of $712 and $425, respectively) | 12,151 | [2] | 12,211 | [2] |
Depreciation and amortization | 5,345 | 4,810 | ||
Pre-opening costs | 683 | 831 | ||
Impairment and other lease charges | -15 | 95 | ||
Other income | -6 | -497 | ||
Total operating expenses | 130,701 | 122,125 | ||
Income from operations | 14,735 | 11,499 | ||
Interest expense | 603 | 5,007 | ||
Income before income taxes | 14,132 | 6,492 | ||
Provision for income taxes | 5,413 | 1,693 | ||
Net income | $8,719 | $4,799 | ||
Basic net income per share | $0.33 | $0.20 | ||
Diluted net income per share | $0.33 | $0.20 | ||
Basic weighted average common shares outstanding (Note 8) | 26,201,747 | 22,868,894 | ||
Diluted weighted average common shares outstanding (Note 8) | 26,202,309 | 22,868,894 | ||
[1] | (1) Includes stock-based compensation expense of $9 for the three months ended MarchB 30, 2014, and $1 for the three months ended MarchB 31, 2013. | |||
[2] | (2) Includes stock-based compensation expense of $712 for the three months ended MarchB 30, 2014, and $425 for the three months ended MarchB 31, 2013. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Stock-based compensation | $700 | $400 |
Restaurant Wages And Related Expenses [Member] | ' | ' |
Stock-based compensation | 9 | 1 |
General and Administrative Expense [Member] | ' | ' |
Stock-based compensation | $712 | $425 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity Statement (USD $) | Total | Number of Common Stock Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Dec. 30, 2012 | $10,504 | ' | $227 | $10,254 | $23 |
Beginning shares at Dec. 30, 2012 | ' | 22,748,241 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 426 | ' |
Vesting of restricted shares | ' | ' | 2 | -2 | ' |
Vesting of restricted shares | ' | 146,392 | ' | ' | ' |
Net income | 4,799 | ' | ' | ' | 4,799 |
Ending balance at Mar. 31, 2013 | 15,729 | ' | 229 | 10,678 | 4,822 |
Ending shares at Mar. 31, 2013 | ' | 22,894,633 | ' | ' | ' |
Beginning balance at Dec. 29, 2013 | 158,306 | ' | 261 | 148,765 | 9,280 |
Beginning shares at Dec. 29, 2013 | 26,082,800 | 26,082,800 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock-based compensation | 721 | ' | ' | 721 | ' |
Vesting of restricted shares | ' | ' | 1 | ' | ' |
Vesting of restricted shares | ' | 160,788 | ' | ' | ' |
Vesting of restricted shares and related tax benefit | 1,050 | ' | ' | 1,049 | ' |
Net income | 8,719 | ' | ' | ' | 8,719 |
Ending balance at Mar. 30, 2014 | $168,796 | ' | $262 | $150,535 | $17,999 |
Ending shares at Mar. 30, 2014 | 26,243,588 | 26,243,588 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $8,719 | $4,799 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Loss (gain) on disposals of property and equipment | 36 | -421 |
Stock-based compensation | 721 | 426 |
Impairment and other lease charges | -15 | 95 |
Depreciation and amortization | 5,345 | 4,810 |
Amortization of deferred financing costs | 77 | 398 |
Amortization of deferred gains from sale-leaseback transactions | -919 | -863 |
Deferred income taxes | -82 | 60 |
Changes in other operating assets and liabilities | -6,985 | -9,980 |
Net cash provided by (used in) operating activities | 6,897 | -676 |
Capital expenditures: | ' | ' |
New restaurant development | -10,869 | -7,834 |
Restaurant remodeling | -1,929 | -918 |
Other restaurant capital expenditures | -1,432 | -1,362 |
Corporate and restaurant information systems | -1,999 | -1,238 |
Total capital expenditures | 16,229 | 11,352 |
Properties purchased for sale-leaseback | 0 | -1,277 |
Proceeds from sale-leaseback transactions | 5,704 | 2,523 |
Proceeds from sales of other properties | 1,027 | 1,734 |
Net cash used in investing activities | -9,498 | -8,372 |
Cash flows from financing activities: | ' | ' |
Excess tax benefit from vesting of restricted shares | 1,050 | 0 |
Borrowings on revolving credit facility | 8,000 | 0 |
Repayments on revolving credit facility | -15,000 | 0 |
Principal payments on capital leases | -15 | -16 |
Other | -6 | -15 |
Net cash provided by (used in) fnancing activities | -5,971 | -31 |
Net increase (decrease) in cash | -8,572 | -9,079 |
Cash, beginning of period | 10,978 | 15,533 |
Cash, end of period | 2,406 | 6,454 |
Supplemental disclosures: | ' | ' |
Interest paid on long-term debt | 470 | 9,161 |
Interest paid on lease financing obligations | 36 | 64 |
Accruals for capital expenditures | 1,933 | 1,107 |
Income tax payments, net | $94 | $91 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Business Description. Fiesta Restaurant Group, Inc. ("Fiesta Restaurant Group" or "Fiesta") owns, operates and franchises two fast-casual restaurant brands through its wholly-owned subsidiaries Pollo Operations, Inc., and its subsidiaries, and Pollo Franchise, Inc., (collectively “Pollo Tropical”) and Taco Cabana, Inc. and its subsidiaries (collectively “Taco Cabana”). Unless the context otherwise requires, Fiesta and its subsidiaries, Pollo Tropical and Taco Cabana, are collectively referred to as the “Company”. At March 30, 2014, the Company owned and operated 106 Pollo Tropical® restaurants, of which 98 were located in Florida, five were located in Georgia, two were located in Tennessee, and one was located in Texas, and franchised a total of 39 Pollo Tropical restaurants, including 18 in Puerto Rico, one in Ecuador, one in Honduras, one in the Bahamas, two in Trinidad & Tobago, three in Venezuela, three in Costa Rica, three in Panama, one in the Dominican Republic, one in India, one in Guatemala and four on college campuses in Florida. At March 30, 2014, the Company also owned and operated 165 Taco Cabana® restaurants, of which 162 were located in Texas and three were located in Oklahoma, and franchised a total of seven Taco Cabana restaurants, including four in New Mexico, and three non-traditional locations (two college campuses and one sports arena) in Texas. | ||
Spin-Off from Carrols Restaurant Group, Inc. On May 7, 2012, Carrols Restaurant Group, Inc. ("Carrols Restaurant Group" or "Carrols") completed the spin-off of Fiesta through the distribution of all of the outstanding shares of Fiesta Restaurant Group's common stock to the stockholders of Carrols Restaurant Group (the "Spin-off"). As a result of the Spin-off, since May 7, 2012 Fiesta Restaurant Group has been an independent public company whose common stock is traded on The NASDAQ Global Select Market under the symbol “FRGI.” | ||
In connection with the Spin-off, Fiesta and Carrols entered into several agreements that govern Carrols' post Spin-off relationship with Fiesta, including a Separation and Distribution Agreement, Employee Matters Agreement, Tax Matters Agreement and Transition Services Agreement ("TSA"). See Note 4—Former Related Party Transactions. | ||
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. | ||
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 29, 2013 contained 52 weeks. The three months ended March 30, 2014 and March 31, 2013 each contained thirteen weeks. | ||
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 30, 2014 and March 31, 2013 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three months ended March 30, 2014 and March 31, 2013 are not necessarily indicative of the results to be expected for the full year. | ||
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 29, 2013 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013. The December 29, 2013 balance sheet data is derived from those audited financial statements. | ||
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: | ||
• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. | |
• | Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our new senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 30, 2014, was approximately $64.0 million. | |
Long-Lived Assets. The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. | ||
Use of Estimates. The preparation of the 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 disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. |
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 3 Months Ended |
Mar. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
Long-term Debt | |
New Senior Credit Facility. In December 2013, the Company terminated its former senior secured revolving credit facility, referred to as the “former senior credit facility”, and entered into a new senior secured revolving credit facility with a syndicate of lenders, which we refer to as the "new senior credit facility". The new senior credit facility provides for aggregate revolving credit borrowings of up to $150 million (including $15 million available for letters of credit) and matures on December 11, 2018. The new senior credit facility also provides for potential incremental increases of up to $50 million to the revolving credit borrowings available under the new senior credit facility. On March 30, 2014, there were $64.0 million in outstanding borrowings under our new senior credit facility. | |
Borrowings under the new senior credit facility bear interest at a per annum rate, at our option, equal to either (all terms as defined in the new senior credit facility): | |
1) the Alternate Base Rate plus the applicable margin of 0.50% to 1.50% based on our Adjusted Leverage Ratio (with a margin of 0.75% as of March 30, 2014), or | |
2) the LIBOR Rate plus the applicable margin of 1.50% to 2.50% based on our Adjusted Leverage Ratio (with a margin of 1.75% at March 30, 2014). | |
In addition, the new senior credit facility requires the Company to pay (i) a commitment fee based on the applicable Commitment Fee margin of 0.25% to 0.45%, based on our Adjusted Leverage Ratio (with a margin of 0.30% at March 30, 2014) and the unused portion of the facility and (ii) a letter of credit fee based on the applicable LIBOR margin and the dollar amount of outstanding letters of credit. | |
All obligations under the Company's new senior credit facility are guaranteed by all of Company's material domestic subsidiaries. In general, the Company's obligations under the new senior credit facility and its subsidiaries’ obligations under the guarantees are secured by a first priority lien and security interest on substantially all of its assets and the assets of its material subsidiaries (including a pledge of all of the capital stock and equity interests of its material subsidiaries), other than certain specified assets, including real property owned by the Company or its subsidiaries. | |
The new senior credit facility requires the Company to comply with customary affirmative, negative and financial covenants. As of March 30, 2014, the Company was in compliance with the covenants under its new senior credit facility. | |
After reserving $7.5 million for letters of credit issued under the new senior credit facility, $78.5 million was available for borrowing at March 30, 2014. | |
Former Senior Credit Facility. The former senior credit facility provided for aggregate revolving credit borrowings of up to $25.0 million (including $10.0 million available for letters of credit). The facility also provided for incremental increases of up to $5.0 million, in the aggregate, to the revolving credit borrowings available under the former senior credit facility, and matured on February 5, 2016. The former senior secured credit facility was terminated on December 11, 2013 and replaced with the new senior credit facility discussed above. | |
Borrowings under the former senior credit facility bore interest at a per annum rate, at the Company’s option, of either (all terms as defined in the former senior credit facility): | |
1) the Alternate Base Rate plus the applicable margin of 2.00% to 2.75% based on the Company’s Adjusted Leverage Ratio, or | |
2) the LIBOR Rate plus the applicable margin of 3.00% to 3.75% based on the Company’s Adjusted Leverage Ratio. | |
Repurchase of Notes. On November 12, 2013, the Company commenced a tender offer and consent solicitation for all of its outstanding $200.0 million in aggregate principal amount of 8.875% Senior Secured Second Lien Notes due 2016 (the "Notes"). The principal amount of Notes repurchased in the tender offer totaled $122.7 million. On December 11, 2013, the Company irrevocably called for redemption the remaining $77.3 million principal amount of Notes that were not validly tendered and accepted for payment in the tender offer. | |
The Notes were issued on August 5, 2011 pursuant to an indenture dated as of August 5, 2011 governing such Notes. The Notes matured and were payable on August 15, 2016. Interest was payable semi-annually on February 15 and August 15. The Notes were guaranteed by all of the Company’s subsidiaries and were secured by second-priority liens on substantially all of the Company’s and its subsidiaries’ assets (including a pledge of all of the capital stock and equity interests of its material subsidiaries). |
Other_Liabilities_LongTerm
Other Liabilities, Long-Term | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Other Liabilities, Long-Term [Abstract] | ' | |||||||
Other Liabilities Disclosure [Text Block] | ' | |||||||
Other Liabilities, Long-Term | ||||||||
Other liabilities, long-term, consisted of the following: | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Accrued occupancy costs | $ | 10,488 | $ | 9,973 | ||||
Accrued workers’ compensation and general liability claims | 660 | 729 | ||||||
Deferred compensation | 830 | 593 | ||||||
Other | 1,806 | 1,243 | ||||||
$ | 13,784 | $ | 12,538 | |||||
Accrued occupancy costs include obligations pertaining to closed restaurant locations and accruals to expense operating lease rental payments on a straight-line basis over the lease term. | ||||||||
The following table presents the activity in the closed-store reserve, of which $1.1 million is included in long-term accrued occupancy costs above at March 30, 2014 and December 29, 2013, with the remainder in other current liabilities: | ||||||||
Three Months Ended March 30, 2014 | Year Ended December 29, 2013 | |||||||
Balance, beginning of period | $ | 1,439 | $ | 2,432 | ||||
Provisions for restaurant closures | — | — | ||||||
Recoveries, net of additional lease charges | (37 | ) | (197 | ) | ||||
Payments, net | (95 | ) | (937 | ) | ||||
Other adjustments | 34 | 141 | ||||||
Balance, end of period | $ | 1,341 | $ | 1,439 | ||||
Former_Related_Party_Transacti
Former Related Party Transactions | 3 Months Ended | |
Mar. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
Former Related Party Transactions | ||
Effective upon the completion of the Spin-off, Fiesta Restaurant Group ceased to be a related party of Carrols. | ||
As of March 30, 2014 and December 29, 2013, Carrols owed $0.2 million and $0.3 million, respectively, to the Company, which is included in receivables in the accompanying condensed consolidated balance sheets. | ||
Relationship Between Fiesta and Carrols After the Spin-Off | ||
For purposes of governing certain of the ongoing relationships between the Company and Carrols at and after the Spin-off, the Company and Carrols have entered into the following agreements: | ||
• | Tax Matters Agreement. The tax matters agreement dated April 24, 2012, (the "Tax Matters Agreement"), (1) governs the allocation of the tax assets and liabilities between Fiesta and Carrols and Carrols Corporation, a subsidiary of Carrols ("Carrols Corp."), (2) provides for certain restrictions and indemnities in connection with the tax treatment of the Spin-off and (3) addresses certain other tax related matters, including, without limitation, those relating to (a) the obligations of Carrols, Carrols Corp. and the Company with respect to the preparation or filing of tax returns for all periods, and (b) the control of any income tax audits and any indemnities with respect thereto. The Tax Matters Agreement provides that if the Company takes any actions after Carrols’ distribution of our shares in the Spin-off that result in or cause the distribution to be taxable to Carrols, the Company will be responsible under the Tax Matters Agreement for any resulting taxes imposed on the Company or on Carrols or Carrols Corp. Further, the Tax Matters Agreement provides that the Company will be responsible for 50% of the losses and taxes of Carrols and its affiliates resulting from the Spin-off not attributable to any such action of the Company or an equivalent action by Carrols. | |
• | Transition Services Agreement. Under the TSA, Carrols and Carrols Corp. agreed to provide certain support services (including accounting, tax accounting, treasury management, internal audit, financial reporting and analysis, human resources and employee benefits management, information systems, restaurant systems support, legal, property management and insurance and risk management services) to the Company, and the Company agreed to provide certain limited management services (including certain legal services) to Carrols and Carrols Corp. During the three months ended March 31, 2013, the Company recognized expenses of $1.3 million related to the TSA. In October 2013, the Company terminated the TSA with respect to substantially all of the remaining services provided under the TSA with the exception of certain information technology services and other miscellaneous services. The Company terminated the remaining services under the TSA in December 2013. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
Income Taxes | ||||||||
The Company’s income tax provision was comprised of the following for the three months ended March 30, 2014 and March 31, 2013: | ||||||||
Three Months Ended | ||||||||
March 30, 2014 | March 31, 2013 | |||||||
Current | $ | 5,495 | $ | 1,633 | ||||
Deferred | (82 | ) | 60 | |||||
$ | 5,413 | $ | 1,693 | |||||
The provision for income taxes for the three months ended March 30, 2014 was derived using an estimated effective annual income tax rate for 2014 of 38.3%. There were no discrete tax adjustments in the three months ended March 30, 2014. | ||||||||
The provision for income taxes for the three months ended March 31, 2013 was derived using an estimated effective annual income tax rate for 2013 of 35.8%, which excludes any discrete tax adjustments. | ||||||||
The American Taxpayer Relief Act of 2013 (the "Act") was signed into law on January 2, 2013. The Act included a provision to retroactively restore several expired business tax provisions, including the Work Opportunity Tax Credit, as of January 1, 2012, with a new expiration date of December 31, 2013. Because a change in tax law is accounted for in the period of enactment, and the Act was enacted after Fiesta's fiscal year-end, the retroactive effect of renewing the Work Opportunity Tax Credit was recorded as a discrete item in the first quarter of 2013. The discrete tax adjustment for the retroactive effect of renewing the Work Opportunity Tax Credit decreased the provision for income taxes by $0.6 million in the three months ended March 31, 2013. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||
Mar. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||
Stock-Based Compensation | |||||||
Prior to the Spin-off, certain of the Company's employees participated in the Carrols Restaurant Group, Inc. 2006 Stock Incentive Plan, as amended (the "Carrols Plan"). In conjunction with the Spin-off, the Company established the Fiesta Restaurant Group, Inc. 2012 Stock Incentive Plan (the "Fiesta Plan") in order to be able to compensate its employees and directors by issuing stock options, stock appreciation rights, or stock awards to them under this plan. For the three months ended March 30, 2014 and March 31, 2013, the condensed consolidated statements of operations include expenses related to the Company's employees' and directors' participation in both the Carrols Plan and the Fiesta Plan. | |||||||
Effective as of the completion of the Spin-off, all holders of Carrols non-vested restricted stock (awarded under the Carrols Plan) on April 26, 2012, the record date of the Spin-off, received one share of Fiesta Restaurant Group non-vested restricted stock for every one share of Carrols non-vested restricted stock held, with terms and conditions substantially similar to the terms and conditions applicable to the Carrols non-vested restricted stock. Future stock compensation expense on all non-vested restricted Carrols and Fiesta stock awards held by the Company's employees will be recorded by the Company. | |||||||
During the three months ended March 30, 2014, the Company granted 71,891 non-vested restricted shares under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at grant date for the non-vested shares issued to employees during the three months ended March 30, 2014 was $45.04. | |||||||
Also during the three months ended March 30, 2014, the Company granted 24,252 restricted stock units under the Fiesta Plan to certain employees. Certain of the restricted stock units vest and become non-forfeitable over a four year vesting period and certain of the restricted units vest and become non-forfeitable at the end of a four year vesting period. The weighted average fair value at grant date for the restricted stock units issued to employees during the three months ended March 30, 2014 was $45.04. | |||||||
During the three months ended March 31, 2013, the Company granted in the aggregate 152,703 non-vested restricted shares under the Fiesta Plan to certain employees. These shares vest and become non-forfeitable over a four year vesting period. The weighted average fair value at the grant date for restricted non-vested shares issued to employees during the three months ended March 31, 2013 was $20.54. | |||||||
Stock-based compensation expense for the three months ended March 30, 2014 and March 31, 2013 was $0.7 million and $0.4 million, respectively. As of March 30, 2014, the total unrecognized stock-based compensation expense relating to non-vested restricted shares and non-vested restricted stock units was approximately $8.9 million. At March 30, 2014, the remaining weighted average vesting period for non-vested restricted shares and non-vested restricted stock units was 2.4 years. | |||||||
Non-vested Shares | |||||||
A summary of all non-vested restricted share activity for the three months ended March 30, 2014 was as follows: | |||||||
Weighted | |||||||
Average | |||||||
Grant Date | |||||||
Shares | Price | ||||||
Non-vested at December 29, 2013 | 627,311 | $ | 14.81 | ||||
Granted | 71,891 | 45.04 | |||||
Vested | (160,788 | ) | 13.2 | ||||
Forfeited | (1,621 | ) | 17.63 | ||||
Non-vested at March 30, 2014 | 536,793 | $ | 19.33 | ||||
The fair value of the non-vested restricted shares is based on the closing price on the date of grant. |
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Business Segment Information | ' | ||||||||||||||||
Business Segment Information | |||||||||||||||||
The Company is engaged in the fast-casual restaurant industry, with two restaurant concepts (each of which is an operating segment): Pollo Tropical and Taco Cabana. Pollo Tropical is a fast-casual restaurant brand offering a wide variety of freshly prepared Caribbean inspired food, while our Taco Cabana restaurants offer a broad selection of hand-made, freshly prepared and authentic Mexican food. | |||||||||||||||||
The accounting policies of each segment are the same as those described in the summary of significant accounting policies discussed in Note 1. The Company reports more than one measure of segment profit or loss to the chief operating decision maker for the purposes of allocating resources to the segments and assessing their performance. The primary measures of segment profit or loss used to assess performance and allocate resources are income before taxes and Adjusted EBITDA, which is defined as earnings attributable to the applicable operating segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Although the chief operating decision maker uses Adjusted EBITDA as a measure of segment profitability, in accordance with Accounting Standards Codification 280, Segment Reporting, the following table includes segment income before taxes, which is the measure of segment profit or loss determined in accordance with the measurement principles that are most consistent with the principles used in measuring the corresponding amounts in the consolidated financial statements. | |||||||||||||||||
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness and corporate cash accounts. | |||||||||||||||||
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | |||||||||||||
March 30, 2014: | |||||||||||||||||
Restaurant sales | $ | 71,356 | $ | 73,469 | $ | — | $ | 144,825 | |||||||||
Franchise revenue | 488 | 123 | — | 611 | |||||||||||||
Cost of sales | 23,229 | 22,300 | — | 45,529 | |||||||||||||
Restaurant wages and related expenses (1) | 15,265 | 21,241 | — | 36,506 | |||||||||||||
Restaurant rent expense | 2,917 | 4,287 | — | 7,204 | |||||||||||||
Other restaurant operating expenses | 8,377 | 9,508 | — | 17,885 | |||||||||||||
Advertising expense | 1,962 | 3,457 | — | 5,419 | |||||||||||||
General and administrative expense (2) | 6,240 | 5,911 | — | 12,151 | |||||||||||||
Depreciation and amortization | 2,577 | 2,768 | — | 5,345 | |||||||||||||
Pre-opening costs | 533 | 150 | — | 683 | |||||||||||||
Impairment and other lease charges | (39 | ) | 24 | — | (15 | ) | |||||||||||
Interest expense | 287 | 316 | — | 603 | |||||||||||||
Income before taxes | 10,496 | 3,636 | — | 14,132 | |||||||||||||
Capital expenditures | 9,821 | 4,649 | 1,759 | 16,229 | |||||||||||||
March 31, 2013: | |||||||||||||||||
Restaurant sales | $ | 61,869 | $ | 71,221 | $ | — | $ | 133,090 | |||||||||
Franchise revenue | 413 | 121 | — | 534 | |||||||||||||
Cost of sales | 20,493 | 21,918 | — | 42,411 | |||||||||||||
Restaurant wages and related expenses (1) | 14,317 | 20,799 | — | 35,116 | |||||||||||||
Restaurant rent expense | 2,357 | 4,078 | — | 6,435 | |||||||||||||
Other restaurant operating expenses | 7,203 | 8,961 | — | 16,164 | |||||||||||||
Advertising expense | 1,574 | 2,975 | — | 4,549 | |||||||||||||
General and administrative expense (2) | 6,234 | 5,977 | — | 12,211 | |||||||||||||
Depreciation and amortization | 2,099 | 2,711 | — | 4,810 | |||||||||||||
Pre-opening costs | 493 | 338 | — | 831 | |||||||||||||
Impairment and other lease charges | 39 | 56 | — | 95 | |||||||||||||
Interest expense | 2,252 | 2,755 | — | 5,007 | |||||||||||||
Income before taxes | 5,718 | 774 | — | 6,492 | |||||||||||||
Capital expenditures | 5,347 | 4,948 | 1,057 | 11,352 | |||||||||||||
Identifiable Assets: | |||||||||||||||||
March 30, 2014: | $ | 146,942 | $ | 163,194 | $ | 3,138 | $ | 313,274 | |||||||||
December 29, 2013 | 140,797 | 169,367 | 8,621 | 318,785 | |||||||||||||
(1) Includes stock-based compensation expense of $9 for the three months ended March 30, 2014, and $1 for the three months ended March 31, 2013. | |||||||||||||||||
(2) Includes stock-based compensation expense of $712 for the three months ended March 30, 2014, and $425 for the three months ended March 31, 2013. |
Net_Income_per_Share
Net Income per Share | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
Net Income per Share | |||||||||
We compute basic net income per share by dividing net income applicable to common shares by the weighted average number of common shares outstanding during each period. Our non-vested restricted shares contain a non-forfeitable right to receive dividends on a one-to-one per share ratio to common shares and are thus considered participating securities. The impact of the participating securities is included in the computation of basic net income per share pursuant to the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings attributable to common shares and participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Net income per common share was computed by dividing undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and non-vested restricted shares based on the weighted average shares outstanding during the period. | |||||||||
Diluted earnings per share reflects the potential dilution that could occur if our restricted stock units were converted into common shares. We compute diluted earnings per share by adjusting the basic weighted average number of common shares by the dilutive effect of the restricted stock units, determined using the treasury stock method. | |||||||||
The computation of basic and diluted net income per share for the three months ended March 30, 2014 and March 31, 2013 is as follows: | |||||||||
Three Months Ended | |||||||||
March 30, 2014 | March 31, 2013 | ||||||||
Basic and diluted net income per share: | |||||||||
Net income | $ | 8,719 | $ | 4,799 | |||||
Less: income allocated to participating securities | (175 | ) | (157 | ) | |||||
Net income available to common stockholders | $ | 8,544 | $ | 4,642 | |||||
Weighted average common shares, basic | 26,201,747 | 22,868,894 | |||||||
Restricted stock units | 562 | — | |||||||
Weighted average common shares, diluted | 26,202,309 | 22,868,894 | |||||||
Basic net income per common share | $ | 0.33 | $ | 0.2 | |||||
Diluted net income per common share | $ | 0.33 | $ | 0.2 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments Disclosure [Text Block] | ' |
Commitments and Contingencies | |
The Company is a party to various litigation matters incidental to the conduct of business. The Company does not believe that the outcome of any of these matters will have a material effect on its consolidated financial statements. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Notes) | 3 Months Ended |
Mar. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. For the Company, the guidance is effective for the interim and annual periods beginning December 29, 2014. The ASU is applied prospectively; however, early adoption is permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issue. The Company intends to early adopt this standard. |
Basis_of_Presentation_Accounti
Basis of Presentation Accounting Policies (Policies) | 3 Months Ended | |
Mar. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Consolidation, Policy [Policy Text Block] | ' | |
Basis of Consolidation. The unaudited condensed consolidated financial statements presented herein reflect the consolidated financial position, results of operations and cash flows of Fiesta and its wholly-owned subsidiaries. | ||
Fiscal Period, Policy [Policy Text Block] | ' | |
Fiscal Year. The Company uses a 52-53 week fiscal year ending on the Sunday closest to December 31. The fiscal year ended December 29, 2013 contained 52 weeks. The three months ended March 30, 2014 and March 31, 2013 each contained thirteen weeks. | ||
Basis of Accounting, Policy [Policy Text Block] | ' | |
Basis of Presentation. The accompanying unaudited condensed consolidated financial statements for the three months ended March 30, 2014 and March 31, 2013 have been prepared without an audit pursuant to the rules and regulations of the Securities and Exchange Commission and do not include certain information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair presentation of such financial statements have been included. The results of operations for the three months ended March 30, 2014 and March 31, 2013 are not necessarily indicative of the results to be expected for the full year. | ||
These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 29, 2013 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013. The December 29, 2013 balance sheet data is derived from those audited financial statements. | ||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |
Fair Value of Financial Instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value as follows: Level 1 inputs are quoted prices in active markets for identical assets or liabilities; Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities; and Level 3 inputs are unobservable and reflect our own assumptions. The following methods were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate the fair value: | ||
• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. | |
• | Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under our new senior credit facility, which is considered Level 2, is based on current LIBOR rates and at March 30, 2014, was approximately $64.0 million. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |
Long-Lived Assets. The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. | ||
Use of Estimates, Policy [Policy Text Block] | ' | |
Use of Estimates. The preparation of the 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 disclosure of contingent assets and liabilities at the dates of the financial statements. Estimates also affect the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include: accrued occupancy costs, insurance liabilities, evaluation for impairment of goodwill and long-lived assets and lease accounting matters. Actual results could differ from those estimates. |
Impairment_of_LongLived_Assets
Impairment of Long-Lived Assets and Other Lease Charges Impairment Accounting Policy (Policies) | 3 Months Ended |
Mar. 30, 2014 | |
Asset Impairment Charges [Abstract] | ' |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
Long-Lived Assets. The Company reviews its long-lived assets, principally property and equipment, for impairment at the restaurant level. In addition to considering management’s plans, known regulatory or governmental actions and damage due to acts of God (hurricanes, tornadoes, etc.), the Company considers a triggering event to have occurred related to a specific restaurant if the restaurant’s cash flows for the last twelve months are less than a minimum threshold or if consistent levels of cash flows for the remaining lease period are less than the carrying value of the restaurant’s assets. If an indicator of impairment exists for any of its assets, an estimate of undiscounted future cash flows over the life of the primary asset for each restaurant is compared to that long-lived asset’s carrying value. If the carrying value is greater than the undiscounted cash flow, the Company then determines the fair value of the asset and if an asset is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset over its fair value. For closed restaurant locations, the Company reviews the future minimum lease payments and related ancillary costs from the date of the restaurant closure to the end of the remaining lease term and records a lease charge for the lease liabilities to be incurred, net of any estimated sublease recoveries. |
Other_Liabilities_LongTerm_Oth
Other Liabilities, Long-Term Other Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Liabilities, Noncurrent [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
Other liabilities, long-term, consisted of the following: | ||||||||
March 30, 2014 | December 29, 2013 | |||||||
Accrued occupancy costs | $ | 10,488 | $ | 9,973 | ||||
Accrued workers’ compensation and general liability claims | 660 | 729 | ||||||
Deferred compensation | 830 | 593 | ||||||
Other | 1,806 | 1,243 | ||||||
$ | 13,784 | $ | 12,538 | |||||
Restructuring and Related Activities [Abstract] | ' | |||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | |||||||
The following table presents the activity in the closed-store reserve, of which $1.1 million is included in long-term accrued occupancy costs above at March 30, 2014 and December 29, 2013, with the remainder in other current liabilities: | ||||||||
Three Months Ended March 30, 2014 | Year Ended December 29, 2013 | |||||||
Balance, beginning of period | $ | 1,439 | $ | 2,432 | ||||
Provisions for restaurant closures | — | — | ||||||
Recoveries, net of additional lease charges | (37 | ) | (197 | ) | ||||
Payments, net | (95 | ) | (937 | ) | ||||
Other adjustments | 34 | 141 | ||||||
Balance, end of period | $ | 1,341 | $ | 1,439 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||
The Company’s income tax provision was comprised of the following for the three months ended March 30, 2014 and March 31, 2013: | ||||||||
Three Months Ended | ||||||||
March 30, 2014 | March 31, 2013 | |||||||
Current | $ | 5,495 | $ | 1,633 | ||||
Deferred | (82 | ) | 60 | |||||
$ | 5,413 | $ | 1,693 | |||||
Stockbased_Compensation_Stockb
Stock-based Compensation Stock-based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 30, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||
Non-vested Shares | |||||||
A summary of all non-vested restricted share activity for the three months ended March 30, 2014 was as follows: | |||||||
Weighted | |||||||
Average | |||||||
Grant Date | |||||||
Shares | Price | ||||||
Non-vested at December 29, 2013 | 627,311 | $ | 14.81 | ||||
Granted | 71,891 | 45.04 | |||||
Vested | (160,788 | ) | 13.2 | ||||
Forfeited | (1,621 | ) | 17.63 | ||||
Non-vested at March 30, 2014 | 536,793 | $ | 19.33 | ||||
The fair value of the non-vested restricted shares is based on the closing price on the date of grant. |
Business_Segment_Information_B
Business Segment Information Business Segment (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
The “Other” column includes corporate related items not allocated to reportable segments and consists primarily of corporate owned property and equipment, miscellaneous prepaid costs, capitalized costs associated with the issuance of indebtedness and corporate cash accounts. | |||||||||||||||||
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | |||||||||||||
March 30, 2014: | |||||||||||||||||
Restaurant sales | $ | 71,356 | $ | 73,469 | $ | — | $ | 144,825 | |||||||||
Franchise revenue | 488 | 123 | — | 611 | |||||||||||||
Cost of sales | 23,229 | 22,300 | — | 45,529 | |||||||||||||
Restaurant wages and related expenses (1) | 15,265 | 21,241 | — | 36,506 | |||||||||||||
Restaurant rent expense | 2,917 | 4,287 | — | 7,204 | |||||||||||||
Other restaurant operating expenses | 8,377 | 9,508 | — | 17,885 | |||||||||||||
Advertising expense | 1,962 | 3,457 | — | 5,419 | |||||||||||||
General and administrative expense (2) | 6,240 | 5,911 | — | 12,151 | |||||||||||||
Depreciation and amortization | 2,577 | 2,768 | — | 5,345 | |||||||||||||
Pre-opening costs | 533 | 150 | — | 683 | |||||||||||||
Impairment and other lease charges | (39 | ) | 24 | — | (15 | ) | |||||||||||
Interest expense | 287 | 316 | — | 603 | |||||||||||||
Income before taxes | 10,496 | 3,636 | — | 14,132 | |||||||||||||
Capital expenditures | 9,821 | 4,649 | 1,759 | 16,229 | |||||||||||||
March 31, 2013: | |||||||||||||||||
Restaurant sales | $ | 61,869 | $ | 71,221 | $ | — | $ | 133,090 | |||||||||
Franchise revenue | 413 | 121 | — | 534 | |||||||||||||
Cost of sales | 20,493 | 21,918 | — | 42,411 | |||||||||||||
Restaurant wages and related expenses (1) | 14,317 | 20,799 | — | 35,116 | |||||||||||||
Restaurant rent expense | 2,357 | 4,078 | — | 6,435 | |||||||||||||
Other restaurant operating expenses | 7,203 | 8,961 | — | 16,164 | |||||||||||||
Advertising expense | 1,574 | 2,975 | — | 4,549 | |||||||||||||
General and administrative expense (2) | 6,234 | 5,977 | — | 12,211 | |||||||||||||
Depreciation and amortization | 2,099 | 2,711 | — | 4,810 | |||||||||||||
Pre-opening costs | 493 | 338 | — | 831 | |||||||||||||
Impairment and other lease charges | 39 | 56 | — | 95 | |||||||||||||
Interest expense | 2,252 | 2,755 | — | 5,007 | |||||||||||||
Income before taxes | 5,718 | 774 | — | 6,492 | |||||||||||||
Capital expenditures | 5,347 | 4,948 | 1,057 | 11,352 | |||||||||||||
Identifiable Assets: | |||||||||||||||||
March 30, 2014: | $ | 146,942 | $ | 163,194 | $ | 3,138 | $ | 313,274 | |||||||||
December 29, 2013 | 140,797 | 169,367 | 8,621 | 318,785 | |||||||||||||
(1) Includes stock-based compensation expense of $9 for the three months ended March 30, 2014, and $1 for the three months ended March 31, 2013. | |||||||||||||||||
(2) Includes stock-based compensation expense of $712 for the three months ended March 30, 2014, and $425 for the three months ended March 31, 2013. |
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ||||||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | ' | ||||||||
The computation of basic and diluted net income per share for the three months ended March 30, 2014 and March 31, 2013 is as follows: | |||||||||
Three Months Ended | |||||||||
March 30, 2014 | March 31, 2013 | ||||||||
Basic and diluted net income per share: | |||||||||
Net income | $ | 8,719 | $ | 4,799 | |||||
Less: income allocated to participating securities | (175 | ) | (157 | ) | |||||
Net income available to common stockholders | $ | 8,544 | $ | 4,642 | |||||
Weighted average common shares, basic | 26,201,747 | 22,868,894 | |||||||
Restricted stock units | 562 | — | |||||||
Weighted average common shares, diluted | 26,202,309 | 22,868,894 | |||||||
Basic net income per common share | $ | 0.33 | $ | 0.2 | |||||
Diluted net income per common share | $ | 0.33 | $ | 0.2 | |||||
Basis_of_Presentation_Fair_Val
Basis of Presentation Fair Value Disclosures (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Mar. 30, 2014 |
In Millions, unless otherwise specified | |
Fair Value, Inputs, Level 2 [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Debt Instrument, Fair Value Disclosure | $64 |
Basis_of_Presentation_Basis_of
Basis of Presentation Basis of Presentation Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Weeks In Fiscal Period | 13 | 13 | 52 |
Entity Operated Units [Member] | Pollo Tropical [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 106 | ' | ' |
Entity Operated Units [Member] | Pollo Tropical [Member] | FLORIDA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 98 | ' | ' |
Entity Operated Units [Member] | Pollo Tropical [Member] | GEORGIA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 5 | ' | ' |
Entity Operated Units [Member] | Pollo Tropical [Member] | TENNESSEE | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 2 | ' | ' |
Entity Operated Units [Member] | Pollo Tropical [Member] | TEXAS | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Entity Operated Units [Member] | Taco Cabana [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 165 | ' | ' |
Entity Operated Units [Member] | Taco Cabana [Member] | TEXAS | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 162 | ' | ' |
Entity Operated Units [Member] | Taco Cabana [Member] | OKLAHOMA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 39 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | FLORIDA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 4 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | PUERTO RICO | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 18 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | ECUADOR | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | HONDURAS | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | BAHAMAS | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | TRINIDAD AND TOBAGO | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 2 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | VENEZUELA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | COSTA RICA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | PANAMA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | DOMINICAN REPUBLIC | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | INDIA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Pollo Tropical [Member] | GUATEMALA | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 1 | ' | ' |
Franchised Units [Member] | Taco Cabana [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 7 | ' | ' |
Franchised Units [Member] | Taco Cabana [Member] | NEW MEXICO | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 4 | ' | ' |
Franchised Units [Member] | Taco Cabana [Member] | TEXAS | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Number of Restaurants | 3 | ' | ' |
Maximum [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Weeks In Fiscal Period | ' | ' | 53 |
Minimum [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Weeks In Fiscal Period | ' | ' | 52 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
Rate | Letter of Credit [Member] | Letter of Credit [Member] | Senior Notes [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Tendered and repurchased [Member] | Called and redeemed [Member] | ||
Rate | Rate | Rate | Rate | Rate | Senior Notes [Member] | Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | $15 | $10 | ' | $150 | $25 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | 11-Dec-18 | 5-Feb-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Incremental Increases | ' | ' | ' | ' | ' | ' | ' | 50 | 5 | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 64 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Alternative Base Rate, Interest Rate Margin | 0.75% | ' | ' | ' | ' | ' | ' | 1.50% | 2.75% | 0.50% | 2.00% | ' | ' |
Line of Credit Facility, Libor Rate, Interest Rate Margin | 1.75% | ' | ' | ' | ' | ' | ' | 2.50% | 3.75% | 1.50% | 3.00% | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ' | ' | ' | ' | ' | ' | 0.45% | ' | 0.25% | ' | ' | ' |
Letters of Credit Outstanding, Amount | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 78.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | $200 | ' | ' | ' | ' | ' | ' | $122.70 | $77.30 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Liabilities_LongTerm_Oth1
Other Liabilities, Long-Term Other Liabilities Details (Details) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Accrued occupancy costs | $10,488 | $9,973 |
Accrued workers' compensation and general liability claims | 660 | 729 |
Deferred compensation | 830 | 593 |
Other | 1,806 | 1,243 |
Other liabilities (noncurrent) | $13,784 | $12,538 |
Other_Liabilities_LongTerm_Res
Other Liabilities, Long-Term Restructuring Reserve (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance, beginning of period | $1,439 | $2,432 |
Provisions for restaurant closures | 0 | 0 |
Accruals (recoveries) for additional lease charges | -37 | -197 |
Payments, net | -95 | -937 |
Other adjustments | 34 | 141 |
Balance, end of period | 1,341 | 1,439 |
Long-Term Liability [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Balance, end of period | $1,100 | $1,100 |
Former_Related_Party_Transacti1
Former Related Party Transactions (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Trade receivables | $8,434 | ' | $6,011 | ||
General and administrative expense | 12,151 | [1] | 12,211 | [1] | ' |
Carrols Restaurant Group [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Trade receivables | 200 | ' | 300 | ||
Transition Services Agreement [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
General and administrative expense | ' | $1,300 | ' | ||
[1] | (2) Includes stock-based compensation expense of $712 for the three months ended MarchB 30, 2014, and $425 for the three months ended MarchB 31, 2013. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Rate | Rate | |
Income Tax Disclosures [Line Items] | ' | ' |
Current | $5,495,000 | $1,633,000 |
Deferred | -82,000 | 60,000 |
Provision for income taxes | 5,413,000 | 1,693,000 |
Effective income tax rate | 38.30% | 35.80% |
Discrete tax adjustments | $0 | ($600,000) |
Stockbased_Compensation_Stockb1
Stock-based Compensation Stock-based Compensation (Details) (Narrative) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock dividends, shares | ' | 1 |
Restricted shares, grants in period, weighted average grant date fair value | $45.04 | ' |
Restricted shares, grants in period | 71,891 | ' |
Stock-based compensation | $700,000 | $400,000 |
Nonvested awards, total compensation cost not yet recognized | $8,900,000 | ' |
Nonvested awards, total compensation cost not yet recognized, period for recognition | '2 years 4 months 8 days | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted shares, award vesting period | '4 years | '4 years |
Restricted shares, grants in period, weighted average grant date fair value | $45.04 | $20.54 |
Restricted shares, grants in period | 71,891 | 152,703 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted shares, award vesting period | '4 years | ' |
Restricted shares, grants in period, weighted average grant date fair value | $45.04 | ' |
Restricted shares, grants in period | 24,252 | ' |
Stockbased_Compensation_Stockb2
Stock-based Compensation Stock-based Compensation (Details) (USD $) | 3 Months Ended |
Mar. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Non-vested shares, beginning | 627,311 |
Non-vested shares weighted average grant date price, beginning | $14.81 |
Restricted shares, grants in period | 71,891 |
Restricted shares, grants in period, weighted average grant date fair value | $45.04 |
Restricted shares, vested in period | -160,788 |
Restricted shares, vested in period, weighted average grant date fair value | $13.20 |
Restricted shares, forfeited | -1,621 |
Restricted shares, forfeitures, weighted average grant date fair value | $17.63 |
Non-vested shares, ending | 536,793 |
Non-vested shares weighted average grant date price, ending | $19.33 |
Business_Segment_Information_B1
Business Segment Information Business Segment Details (Details) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Restaurant sales | $144,825 | $133,090 | ' | ||
Franchise revenue | 611 | 534 | ' | ||
Cost of sales | 45,529 | 42,411 | ' | ||
Restaurant wages and related expenses | 36,506 | [1] | 35,116 | [1] | ' |
Restaurant rent expense | 7,204 | 6,435 | ' | ||
Other restaurant operating expenses | 17,885 | 16,164 | ' | ||
Advertising expense | 5,419 | 4,549 | ' | ||
General and administrative expense | 12,151 | [2] | 12,211 | [2] | ' |
Depreciation and amortization | 5,345 | 4,810 | ' | ||
Pre-opening costs | 683 | 831 | ' | ||
Impairment and other lease charges | -15 | 95 | ' | ||
Interest expense | 603 | 5,007 | ' | ||
Income before taxes | 14,132 | 6,492 | ' | ||
Total capital expenditures | 16,229 | 11,352 | ' | ||
Assets | 313,274 | ' | 318,785 | ||
Stock-based compensation | 700 | 400 | ' | ||
Pollo Tropical [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Restaurant sales | 71,356 | 61,869 | ' | ||
Franchise revenue | 488 | 413 | ' | ||
Cost of sales | 23,229 | 20,493 | ' | ||
Restaurant wages and related expenses | 15,265 | [1] | 14,317 | [1] | ' |
Restaurant rent expense | 2,917 | 2,357 | ' | ||
Other restaurant operating expenses | 8,377 | 7,203 | ' | ||
Advertising expense | 1,962 | 1,574 | ' | ||
General and administrative expense | 6,240 | [2] | 6,234 | [2] | ' |
Depreciation and amortization | 2,577 | 2,099 | ' | ||
Pre-opening costs | 533 | 493 | ' | ||
Impairment and other lease charges | -39 | 39 | ' | ||
Interest expense | 287 | 2,252 | ' | ||
Income before taxes | 10,496 | 5,718 | ' | ||
Total capital expenditures | 9,821 | 5,347 | ' | ||
Assets | 146,942 | ' | 140,797 | ||
Taco Cabana [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Restaurant sales | 73,469 | 71,221 | ' | ||
Franchise revenue | 123 | 121 | ' | ||
Cost of sales | 22,300 | 21,918 | ' | ||
Restaurant wages and related expenses | 21,241 | [1] | 20,799 | [1] | ' |
Restaurant rent expense | 4,287 | 4,078 | ' | ||
Other restaurant operating expenses | 9,508 | 8,961 | ' | ||
Advertising expense | 3,457 | 2,975 | ' | ||
General and administrative expense | 5,911 | [2] | 5,977 | [2] | ' |
Depreciation and amortization | 2,768 | 2,711 | ' | ||
Pre-opening costs | 150 | 338 | ' | ||
Impairment and other lease charges | 24 | 56 | ' | ||
Interest expense | 316 | 2,755 | ' | ||
Income before taxes | 3,636 | 774 | ' | ||
Total capital expenditures | 4,649 | 4,948 | ' | ||
Assets | 163,194 | ' | 169,367 | ||
Other [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Restaurant sales | 0 | 0 | ' | ||
Franchise revenue | 0 | 0 | ' | ||
Cost of sales | 0 | 0 | ' | ||
Restaurant wages and related expenses | 0 | 0 | ' | ||
Restaurant rent expense | 0 | 0 | ' | ||
Other restaurant operating expenses | 0 | 0 | ' | ||
Advertising expense | 0 | 0 | ' | ||
General and administrative expense | 0 | 0 | ' | ||
Depreciation and amortization | 0 | 0 | ' | ||
Pre-opening costs | 0 | 0 | ' | ||
Impairment and other lease charges | 0 | 0 | ' | ||
Interest expense | 0 | 0 | ' | ||
Income before taxes | 0 | 0 | ' | ||
Total capital expenditures | 1,759 | 1,057 | ' | ||
Assets | 3,138 | ' | 8,621 | ||
Restaurant Wages And Related Expenses [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Stock-based compensation | 9 | 1 | ' | ||
General and Administrative Expense [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Stock-based compensation | $712 | $425 | ' | ||
[1] | (1) Includes stock-based compensation expense of $9 for the three months ended MarchB 30, 2014, and $1 for the three months ended MarchB 31, 2013. | ||||
[2] | (2) Includes stock-based compensation expense of $712 for the three months ended MarchB 30, 2014, and $425 for the three months ended MarchB 31, 2013. |
Net_Income_per_Share_Details
Net Income per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Net income | $8,719 | $4,799 |
Less: income allocated to participating securities | -175 | -157 |
Net income available to common shareholders | $8,544 | $4,642 |
Weighted average common shares, basic | 26,201,747 | 22,868,894 |
Restricted stock units | 562 | 0 |
Weighted average common shares, diluted | 26,202,309 | 22,868,894 |
Basic net income per share | $0.33 | $0.20 |
Diluted net income per share | $0.33 | $0.20 |