UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 29, 2005 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
Commission File Number 000-50972
Texas Roadhouse, Inc.
(Exact name of registrant specified in its charter)
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Delaware |
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20-1083890 |
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(State or other
jurisdiction of |
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(IRS Employer |
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6040 Dutchmans Lane, Suite 400 |
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(Address of principal executive offices) (Zip Code) |
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(502) 426-9984 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý.
The number of shares of Class A and Class B Common Stock outstanding were 31,162,371 and 2,632,688, respectively, on May 6, 2005.
TABLE OF CONTENTS
2
PART I – FINANCIAL INFORMATION
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
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March 29, 2005 |
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December 28, 2004 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
41,971 |
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$ |
46,235 |
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Receivables, net of allowance for doubtful accounts of $24 |
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7,139 |
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6,139 |
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Inventories |
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5,732 |
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5,169 |
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Prepaid expenses |
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1,973 |
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2,652 |
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Deferred tax asset |
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1,308 |
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1,308 |
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Other current assets |
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128 |
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144 |
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Total current assets |
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58,251 |
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61,647 |
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Property and equipment, net |
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170,586 |
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162,991 |
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Goodwill |
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50,753 |
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50,753 |
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Other assets |
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1,242 |
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1,272 |
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Total assets |
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$ |
280,832 |
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$ |
276,663 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Distributions payable |
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$ |
31,176 |
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$ |
31,176 |
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Current maturities of long-term debt |
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551 |
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525 |
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Current maturities of obligations under capital leases |
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198 |
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198 |
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Accounts payable |
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9,729 |
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12,093 |
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Deferred revenue – gift certificates |
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8,111 |
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14,676 |
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Accrued wages |
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4,358 |
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7,285 |
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Accrued taxes and licenses |
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9,972 |
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4,818 |
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Other accrued liabilities |
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2,649 |
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2,361 |
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Total current liabilities |
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66,744 |
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73,132 |
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Long-term debt, excluding current maturities |
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12,579 |
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12,760 |
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Obligations under capital leases, excluding current maturities |
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735 |
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771 |
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Stock option deposits |
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2,804 |
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2,617 |
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Deferred rent |
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3,959 |
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3,781 |
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Deferred tax liability |
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5,909 |
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5,909 |
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Other liabilities |
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4,250 |
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3,783 |
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Total liabilities |
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96,980 |
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102,753 |
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Minority interest in consolidated subsidiaries |
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704 |
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699 |
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Stockholders’ equity |
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Preferred stock ($0.001 par value, 1,000,000 shares authorized; no shares outstanding or issued) |
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— |
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— |
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Common stock, Class A, ($0.001 par value, 100,000,000 shares authorized, 31,122,302 and 30,928,340 shares issued and outstanding at March 29, 2005 and December 28, 2004, respectively) |
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31 |
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31 |
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Common stock, Class B, ($0.001 par value, 8,000,000 shares authorized, 2,632,688 shares issued and outstanding) |
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3 |
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3 |
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Additional paid in capital |
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174,722 |
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173,654 |
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Retained earnings (loss) |
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8,374 |
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(584 |
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Accumulated other comprehensive gain |
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18 |
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107 |
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Total stockholders’ equity |
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183,148 |
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173,211 |
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Total liabilities and stockholders’ equity |
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$ |
280,832 |
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$ |
276,663 |
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See accompanying notes to condensed consolidated financial statements.
3
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except per share data)
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13 Weeks Ended |
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March 29, 2005 |
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March 30, 2004 |
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Revenue: |
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Restaurant sales |
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$ |
108,607 |
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$ |
81,893 |
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Franchise royalties and fees |
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2,460 |
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2,005 |
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Total revenue |
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111,067 |
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83,898 |
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Costs and expenses: |
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Restaurant operating costs: |
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Cost of sales |
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38,034 |
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28,173 |
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Labor |
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29,243 |
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22,275 |
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Rent |
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2,037 |
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1,623 |
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Other operating |
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