EFTA01365825.pdf

Amendment No. 3 to Form S-I Table of Content, As a percentage of Brazil restaurant revenue, Brazil contribution margin decreased 3.2% from 37.3% to 34.1%. due to 1.6% increase in compensation and benefits costs due to inflation in hourly wages, a 0.9% increase; in food and beverage costs due to commodity increases and a 0.8% increase in occupancy and other operating costs due to new stores, all partially offset by leverage on higher average check at our comparable restaurants. Unaudited Quarterly Statements of Operations The following tables present our unaudited quarterly results of operations for the fiscal quarter ended March 29, 2015 and for each of the eight fiscal quarters in the period ended December 28, 2014. You should read the following tables in conjunction with our audited and unaudited consolidated financial statements and related notes appearing at the end of this prospectus. We have prepared the unaudited financial information on a basis consistent with our audited consolidated financial statements and have included all adjustments. consisting of normal recurring adjustments, which, in the opinion of management, are necessary to fairly present our operating results for the quarters presented. Our historical unaudited quarterly results of operations arc not necessarily indicative of results for any future quarter or for a full year. Our quarterly results of operations have historically varied due to a variety of factors. including the timing of new restaurant openings and related expenses, profitability of new restaurants, weather, increases or decreases in comparable restaurant sales, foreign exchange fluctuations. general economic conditions, consumer confidence in the economy, changes in consumer preferences. competitive factors, changes in food costs. changes in labor costs and rising gas prices. In the past. we have experienced significant variability in restaurant pre-opening costs from quarter to quarter primarily due to the timing of restaurant openings. Accordingly. the number and timing of new restaurant openings in any quarter has had, and is expected to continue to have a significant impact on quarterly restaurant pre-opening cogs, labor and direct operating and occupancy costs. As such, we believe that comparisons of our quarterly results of operations should not be relied upon as an indication of our future performance. Fiscal Quarter Ended Fiscal 2014 Quarter Ended Meal 2013 Quarter Ended March 29, (dollars In thousands) 2015 December 28 September 28 June 29 March 30 December 29 September 29 June 30 March 31 Revenue S 64.959 5 68.727 S 63.694 568.542 S 61.317 S 60.852 5 48.780 553.768 S 55.839 Restaurant operating costs: Food and beverage costs 19.164 20.185 18.819 20.779 18.547 18.780 15.175 15.969 17.078 Compensation and be costs 14.100 13.954 13.047 13.781 13.891 12,697 11.136 11.244 11.783 Occupancy and other operating expenses (excluding depreciation and amortization) 11.174 11.115 11.056 11.165 10.820 9.834 8.972 8.983 8.914 Total restaurant °fixating costs S 44.438 S 45.254 S 42.922 $45.725 S 43.258 S 41.311 5 35.283 536.196 S 37.775 Marketing and advettsing costs 1.402 1.305 1.431 1.407 1.442 3.043 1.100 1.072 973 General and administrative costs 5.708 5.885 5.730 5.136 4.668 4.085 5.386 4.603 4.165 Pre-opening costs 1.003 543 170 450 788 2.041 2.683 40 — Loss on modification of debt 3.090 6.875 Depreciation and amortization 3.004 2.918 2.995 2,988 2.737 2.463 2.135 2.135 2.256 Other sw iratin tinconniet (1B 14) (69) (146) (55) (131) (39) Total costs and expenses S 55.442 S 56.003 S 53.309 558.752 S 52.824 S 52.797 S 53.407 $43,915 S 45.130 Income (loss) from operations S 9.517 S 12,724 5 10.385 5 9.790 5 8.493 S 8.055 S (4.627) S 9.853 S 10.709 Other income (expense). net: Interest expense. net (3.757) (3.778) (3.962) (4.619) (4.762) (4.491) (5.733) (5.971) (6.159) Other income (2) (2) (I) — (4) (42) ( 56) (2) (I) 1etaI other Income (expertise). no S (3.759) S (3.780) S (3.963) S(4.619) 5 (4.766) S (4.533) S (5.789) S(5.973) S (6.160) Income (loss) before income taxes 5.758 8.944 6.422 5.171 3.727 3.522 (10,416) 3.880 4.549 Income tax expense (benefit) 1.252 2.436 2.104 1.486 965 4.928 (6.786) 2.201 2.129 Net Some (loss) S 4.506 S 6.508 5 4.318 5 3.685 5 2,762 S (1.406) 5 (3.630) S 1.679 S 2.420 79 CRIR06502tha a.htmf6/17/2015 12:26:00 PM CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0057032 CONFIDENTIAL SONY GM_00203216 EFTA01365825