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SEC Filings

S-1/A
CHIPOTLE MEXICAN GRILL INC filed this Form S-1/A on 12/23/2005
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How We Did: Results of Operations

        Our operating results for 2002, 2003 and 2004 and the nine months ended September 30, 2004 and 2005 are expressed as a percentage of total revenue below:

 
  Year Ended December 31,
  Nine Months Ended September 30,
 
 
  2002
  2003
  2004
  2004
  2005
 
Restaurant sales   99.6 % 99.5 % 99.5 % 99.6 % 99.6 %
Franchise royalties and fees   0.4   0.5   0.5   0.4   0.4  
   
 
 
 
 
 
  Total revenue   100.0   100.0   100.0   100.0   100.0  

Food, beverage and packaging costs

 

33.1

 

33.3

 

32.7

 

32.5

 

32.3

 
Labor costs   32.5   29.8   29.6   29.6   28.5  
Occupancy costs   9.1   8.1   7.7   7.6   7.6  
Other operating costs   14.6   13.8   13.7   13.4   13.1  
General and administrative expenses   12.6   10.8   9.5   8.5   8.2  
Depreciation and amortization   5.5   4.8   4.6   4.6   4.5  
Pre-opening costs   0.5   0.5   0.5   0.5   0.3  
Loss on disposal of assets   0.7   1.4   0.4   0.4   0.4  
   
 
 
 
 
 
  Total costs and expenses   108.6   102.5   98.7   97.1   94.9  
   
 
 
 
 
 
Income (loss) from operations   (8.6 ) (2.5 ) 1.3   2.9   5.1  
Interest income   0.2   0.1     0.1    
Interest expense         (0.1 ) (0.1 )
   
 
 
 
 
 
Income (loss) before income taxes   (8.4 ) (2.4 ) 1.3   2.9   5.0  
Benefit for income taxes           2.4  
   
 
 
 
 
 
Net income (loss)   (8.4 )% (2.4 )% 1.3 % 2.9 % 7.4 %
   
 
 
 
 
 

    Nine Months Ended September 30, 2005 Compared to Nine Months Ended September 30, 2004

        The table below presents our operating results for the nine months ended September 30, 2004 and 2005 and the related period-to-period changes:

 
  Nine Months Ended September 30,
   
   
 
 
  Increase/
(Decrease)

  % Increase/
(Decrease)

 
 
  2004
  2005
 
 
  (in millions, except percentages)

 
Restaurant sales   $ 341.8   $ 452.6   $ 110.8   32.4 %
Food, beverage and packaging costs     111.4     146.9     35.5   31.8  
Labor costs     101.8     129.7     27.9   27.4  
Occupancy costs     26.2     34.5     8.3   31.8  
Other operating costs     46.1     59.4     13.3   28.8  
General and administrative expenses     29.2     37.2     8.0   27.5  
Depreciation and amortization.     15.8     20.4     4.6   29.0  
Pre-opening costs     1.6     1.2     (0.4 ) (20.1 )
Loss on disposal of assets     1.4     1.8     0.4   32.4  
Net interest expense         0.6     0.6   n/m *
Benefit for income taxes         10.8     10.8   n/m *

*
Not meaningful.

        Restaurant Sales.    Of the $110.8 million increase in restaurant sales, $29.4 million was due to an increase in comp store sales in the first nine months of 2005 compared to the 2004 period, $29.3 million related to the impact of non-comparable sales at stores opened in January through August 2004,

42


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