Potbelly Corporation Announces Resignation of Charlie Talbot as the Chief Financial Officer, Effective March 27, 2015
Feb 26 15
On February 21, 2015, Charlie Talbot, the chief financial officer of Potbelly Corporation announced the company of his intention to resign from his position as CFO to accept another opportunity. The effective date of his resignation is March 27, 2015. Talbot will continue to serve as Potbelly's CFO, while an external search is underway, until his departure on March 27, 2015.
Potbelly Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 28, 2014; Provides Earnings Guidance for the Fiscal Year 2015; Reports Impairment Loss on Disposal of Property and Equipment for the Fourth Quarter Ended December 28, 2014; Plans 48-55 Total New Shop Openings
Feb 17 15
Potbelly Corporation reported unaudited consolidated earnings results for the fourth quarter and full year ended December 28, 2014. For the quarter, the company reported total revenues of $84,803,000 against $74,761,000 a year ago. Income from operations was $1,004,000 against loss from operations of $6,613,000 a year ago. Income before income taxes was $949,000 against loss before income taxes of $6,671,000 a year ago. Net income was $677,000 compared to net loss of $3,675,000 a year ago. Net income attributable to common stockholders was $702,000 or $0.02 per basic and diluted share against net loss attributable to common stockholders $53,537,000 or $0.13 per basic and diluted share a year ago. Adjusted net income attributable to the company was $1,687,000 or $0.06 per diluted share against $1,851,000 or $0.06 per diluted share a year ago. Adjusted EBITDA was $9,421,000 against $9,025,000 a year ago. Revenue growth of 13.4%, driven by company-operated comparable sales growth of 3.7% and new unit growth. Company operated comparable store sales increase 3.7%.
For the year, the company reported total revenues of $326,979,000 against $299,712,000 a year ago. Income from operations was $7,271,000 against $1,475,000 a year ago. Income before income taxes was $7,092,000 against $1,086,000 a year ago. Net income was $4,344,000 compared to $1,290,000 a year ago. Net income attributable to common stockholders was $4,358,000 or $0.14 per diluted share against net loss attributable to common stockholders $63,693,000 or $6.29 per diluted share a year ago. Adjusted net income attributable to the company was $6,747,000 or $0.22 per diluted share against $8,030,000 or $0.34 per diluted share a year ago. Adjusted EBITDA was $36,849,000 against $35,222,000 a year ago.
For the fourth quarter, the company's impairment and loss on disposal of property and equipment was $936,000 against $806,000 a year ago.
For the full fiscal year of 2015, the company currently expects at least 20% annual adjusted net income growth. This guidance is based, in part, on the following assumptions for fiscal year 2015: Low single-digit company-operated comparable store sales growth; Low single-digit company-operated comparable store sales growth; an effective tax rate that is not expected to exceed approximately 40.0%; and comparable adjustments to net income. The company expects to spend between $34 million to $38 million on capital expenditures, which includes capex for new corporate office.
For the year 2015, the company expects 48-55 total new shop openings, including 40-45 company-operated shop openings.