March 02, 2015 10:50 PM ET

Hotels, Restaurants and Leisure

Company Overview of Potbelly Corporation

Company Overview

Potbelly Corporation, through its subsidiaries, owns and operates Potbelly Sandwich Works sandwich shops in the United States. It also sells and administers franchises of new Potbelly Sandwich Works sandwich shops. As of December 28, 2014, the company operated 351 shops in 26 states and the District of Columbia; and 12 franchised shops in the Middle East. The company was formerly known as Potbelly Sandwich Works, Inc. and changed its name to Potbelly Corporation in 2002. Potbelly Corporation was founded in 1977 and is headquartered in Chicago, Illinois.

222 Merchandise Mart Plaza

23rd Floor

Chicago, IL 60654

United States

Founded in 1977

7,000 Employees

Phone:

312-951-0600

Key Executives for Potbelly Corporation

Chairman, Chief Executive Officer and President
Age: 59
Total Annual Compensation: $709.3K
Chief Financial Officer, Principal Accounting Officer and Senior Vice President
Age: 49
Total Annual Compensation: $372.0K
Chief Operating Officer and Senior Vice President
Age: 58
Total Annual Compensation: $418.1K
Compensation as of Fiscal Year 2013.

Potbelly Corporation Key Developments

Potbelly Corporation Announces Resignation of Charlie Talbot as the Chief Financial Officer, Effective March 27, 2015

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

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.

Potbelly Corporation to Report Q4, 2014 Results on Feb 17, 2015

Potbelly Corporation announced that they will report Q4, 2014 results at 5:00 PM, US Eastern Standard Time on Feb 17, 2015

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Recent Private Companies Transactions

Type
Date
Target
Buyback
August 5, 2014
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