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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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Chipotle Mexican Grill, Inc.

Consolidated Statement of Operations

(in thousands, except share and per share data)

 
  Years ended December 31
  Nine months ended
September 30

 
 
  2002
  2003
  2004
  2004
  2005
 
 
   
   
   
  (unaudited)

 
Revenue:                                
Restaurant sales   $ 203,892   $ 314,027   $ 468,579   $ 341,750   $ 452,593  
Franchise royalties and fees     753     1,493     2,142     1,503     1,789  
   
 
 
 
 
 
Total revenue     204,645     315,520     470,721     343,253     454,382  
   
 
 
 
 
 

Restaurant operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
  Food, beverage and packaging     67,681     104,921     154,148     111,414     146,863  
  Labor     66,515     94,023     139,494     101,756     129,678  
  Occupancy     18,716     25,570     36,190     26,192     34,517  
  Other operating costs     29,791     43,527     64,274     46,108     59,408  
General and administrative expenses     25,803     34,189     44,837     29,190     37,212  
Depreciation and amortization     11,260     15,090     21,802     15,807     20,392  
Pre-opening costs     1,022     1,631     2,192     1,561     1,247  
Loss on disposal of assets     1,489     4,504     1,678     1,364     1,806  
   
 
 
 
 
 
      222,277     323,455     464,615     333,392     431,123  
   
 
 
 
 
 
Income (loss) from operations     (17,632 )   (7,935 )   6,106     9,861     23,259  

Interest income

 

 

444

 

 

249

 

 

211

 

 

172

 

 

23

 
Interest expense     (101 )   (28 )   (191 )   (191 )   (663 )
   
 
 
 
 
 
Income (loss) before income taxes     (17,289 )   (7,714 )   6,126     9,842     22,619  
Benefit for income taxes                     10,815  
   
 
 
 
 
 
Net income (loss)   $ (17,289 ) $ (7,714 ) $ 6,126   $ 9,842   $ 33,434  
   
 
 
 
 
 

Earnings (loss) per common share—basic

 

$

(0.44

)

$

(0.17

)

$

0.08

 

$

0.13

 

$

0.42

 
   
 
 
 
 
 
Earnings (loss) per common share—diluted   $ (0.44 ) $ (0.17 ) $ 0.08   $ 0.13   $ 0.42  
   
 
 
 
 
 
Weighted average shares outstanding—basic     39,324,552     46,683,077     76,362,851     75,530,424     78,842,039  
   
 
 
 
 
 
Weighted average shares outstanding—diluted     39,324,552     46,683,077     76,560,424     75,727,997     78,986,898  
   
 
 
 
 
 
Pro forma earnings per common share—basic               $ 0.24         $ 1.27  
               
       
 
Pro forma earnings per common share—diluted               $ 0.24         $ 1.27  
               
       
 
Pro forma weighted average shares outstanding—basic                 25,454,284           26,280,680  
               
       
 
Pro forma weighted average shares outstanding—diluted                 25,520,142           26,328,966  
               
       
 

See accompanying notes to consolidated financial statements.

F-4


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