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Bojangles', Inc. Reports Financial Results for Its Fourth Fiscal Quarter and Fiscal Year 2015

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CHARLOTTE, N.C., March 10, 2016 (GLOBE NEWSWIRE) -- Bojangles', Inc. (Bojangles') (NASDAQ: BOJA) today announced financial results for the 13-week fourth fiscal quarter and 52-week fiscal year ended December 27, 2015.  We also introduced guidance for the fiscal year 2016, which is a 52-week period ending on December 25, 2016.

Financial Highlights for the Fourth Fiscal Quarter 2015 Compared to the Fourth Fiscal Quarter 2014

  • System-wide comparable restaurant sales increased 0.6%;
  • Total revenues increased 9.6% to $128.8 million from $117.4 million;
  • 16 system-wide restaurants were opened -- 9 company-operated restaurants and 7 franchised restaurants;
  • Net Income decreased slightly to $7.8 million from $7.9 million;
  • Pro Forma Net Income* increased 6.9% to $8.2 million from $7.7 million;
  • Pro Forma Diluted Net Income per Share* increased 4.8% to $0.22 compared to $0.21; and
  • Adjusted EBITDA* increased 4.8% to $21.3 million from $20.3 million.

Financial Highlights for the Fiscal Year 2015 Compared to the Fiscal Year 2014

  • System-wide comparable restaurant sales increased 4.1%;
  • Total revenues increased 13.4% to $488.2 million from $430.5 million;
  • 63 system-wide restaurants were opened -- 29 company-operated restaurants and 34 franchised restaurants;
  • Net Income increased to $26.5 million from $26.1 million;
  • Pro Forma Net Income* increased 29.6% to $31.1 million from $24.0 million;
  • Pro Forma Diluted Net Income per Share* increased 29.7% to $0.83 compared to $0.64; and
  • Adjusted EBITDA* increased 15.1% to $79.3 million from $68.9 million.

* Pro Forma Net Income, Pro Forma Diluted Net Income per Share and Adjusted EBITDA are non-GAAP measures.  Please see "Use and Definition of Non-GAAP Measures" and the reconciliation tables accompanying this release.

"We exceeded our previously-raised annual adjusted EBITDA and earnings guidance, and we extended our record of positive system-wide comparable restaurant sales to 23 consecutive quarters in the face of significant competitive discounting, a competitor introducing breakfast all day, and catastrophic flooding in the Carolinas during the fourth fiscal quarter.  Our two- and three-year stacked system-wide comparable restaurant sales for the fourth fiscal quarter increased 7.7% and 10.6%, respectively.  I am delighted in what our team accomplished in fiscal 2015 and look forward to what we can achieve in fiscal 2016.  Our iconic Bojangles'® brand connects well with customers across all generations with a menu and diversified day-part mix that is distinct from our peers.  Bojangles' is further blessed with strong leadership executing a strategy to create the best guest experience possible at all our restaurants and grow the organization in a smart and measured way," said Bojangles' President and CEO Clifton Rutledge. 

"We expect to continue delivering on our stated goals through targeted plans for fiscal 2016 that build upon our solid fiscal 2015 performance.  We intend to grow the Bojangles' system by approximately 8% in net unit count this year through development in adjacent areas within the Southeast and infilling in our core North and South Carolina markets.  While doing so, we intend to uphold our commitment to operational excellence based upon our people and Bo-Size Service strategies, enhance our technological platform, and foster better awareness and stronger loyalty through social and digital engagement.  My enthusiasm for this brand and the opportunities ahead of us is shared by our team members and franchise partners across more than 660 Bojangles' restaurants," he concluded.

Fourth Fiscal Quarter 2015 Financial Review
System-wide comparable restaurant sales increased 0.6%, consisting of company-operated and franchised comparable restaurant sales growth of 0.7% and 0.6%, respectively.  Comparable restaurant sales growth at company-operated restaurants was due to increases in price, offset by lower transactions and mix.

Total revenues increased 9.6% to $128.8 million in the fourth fiscal quarter of 2015 from $117.4 million in the prior year fiscal quarter.  The increase was primarily due to an additional net 40 system-wide restaurants at December 27, 2015 compared to December 28, 2014, and comparable restaurant sales growth at our company-operated and franchised restaurants.

Company restaurant revenues increased 9.9% to $122.2 million in the fourth fiscal quarter of 2015 from $111.2 million in the prior year fiscal quarter.  Franchise royalty revenues increased 5.0% to $6.4 million in the fourth fiscal quarter of 2015 from $6.1 million in the prior year fiscal quarter.

Restaurant contribution, a non-GAAP measure, increased 5.8% to $23.1 million in the fourth fiscal quarter of 2015 from $21.8 million in the prior year fiscal quarter.  As a percentage of company restaurant revenues, restaurant contribution margin, a non-GAAP measure, decreased to 18.9% in the fourth fiscal quarter of 2015 from 19.6% in the prior year fiscal quarter.

General and administrative expenses increased 8.8% to $10.2 million in the fourth fiscal quarter of 2015 from $9.3 million in the prior year fiscal quarter.  The increase was primarily due to additional positions added to support an increased number of restaurants in our system, additional costs as a result of operating as a public company, and $0.4 million in expenses incurred in connection with the transition to a new distributor, partially offset by a reduction in performance-based incentive compensation.

Adjusted EBITDA increased 4.8% to $21.3 million in the fourth fiscal quarter of 2015 from $20.3 million in the prior year fiscal quarter.  

Net Income was $7.8 million in the fourth fiscal quarter of 2015 compared to $7.9 million in the prior year fiscal quarter.

Pro Forma Net Income increased 6.9% to $8.2 million in the fourth fiscal quarter of 2015 compared to $7.7 million in the prior year fiscal quarter.  Pro Forma Diluted Net Income per Share was $0.22 in the fourth fiscal quarter of 2015 compared to $0.21 in the prior year fiscal quarter.

Fiscal Year 2016 Guidance

Bojangles' introduced its annual guidance for the 52-week period ending on December 25, 2016:

  • Total revenues of $533.0 million to $543.0 million;
  • System-wide comparable restaurant sales growth of low-single digits;
  • The opening of 60 to 65 system-wide restaurants;
    • 28 to 29  company-operated restaurants;
    • 32 to 36 franchised restaurants;
  • Net increase of 53 to 58 system-wide restaurants;
    • 26 to 27 net increase of company-operated restaurants;
    • 27 to 31 net increase of franchised restaurants;
  • Restaurant contribution margin of 17.6% to 18.1%;
  • General and administrative expenses between $40.0 million and $41.5 million;
  • Pro Forma Diluted Net Income per Share of $0.86 to $0.90; and
  • Adjusted EBITDA of $83.5 million to $86.5 million.

Conference Call and Webcast Today
Bojangles' will host a conference call and webcast to discuss the fourth fiscal quarter and fiscal year 2015 results and fiscal year 2016 guidance today at 5:00 p.m. Eastern Time.  The conference call dial-in numbers are 1-877-705-6003 for domestic toll-free calls and 1-201-493-6725 for international.  A telephone replay will be available through April 10, 2016 and may be accessed by dialing 1-877-870-5176 for domestic toll-free calls and 1-858-384-5517 for international.  The conference ID is 13630426.

The conference call will also be webcast live and later archived on the Investor Relations section of our website at www.bojangles.com.

Conference Participation
Bojangles' will participate in the Bank of America Merrill Lynch 2016 Consumer & Retail Tech Conference on Wednesday, March 16, 2016 at The New York Palace Hotel in New York City.  In addition to holding investor meetings, we will webcast our presentation live beginning at 8:50 a.m. Eastern Time.  The presentation will later be archived on the Investor Relations section of the Company's website at www.bojangles.com.

About Bojangles', Inc.
Bojangles', Inc. is a highly differentiated and growing restaurant operator and franchisor dedicated to serving customers high-quality, craveable food made from our Southern recipes. Founded in 1977 in Charlotte, NC, Bojangles' serves menu items such as delicious, famous chicken, made-from-scratch buttermilk biscuits, flavorful fixin's and Legendary Iced Tea®.  At December 27, 2015, Bojangles' had 662 system-wide restaurants, of which 281 were company-operated and 381 were franchised restaurants, primarily located in the Southeastern United States.  For more information, visit www.bojangles.com or follow Bojangles' on Facebook and Twitter.

Use and Definition of Non-GAAP Measures
We utilize certain non-GAAP measures when assessing the operational strength and the performance of our business.  Bojangles' cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, reported GAAP results.  

Comparable restaurant sales reflects the change in year-over-year sales for the comparable restaurant base (as applicable, system-wide, franchised or company-operated restaurants).  A restaurant enters our comparable restaurant base the first full day of the month after being open for 15 months using a mid-month convention.

Restaurant contribution is defined as company restaurant revenues less food and supplies costs, restaurant labor costs and operating costs, as identified by the reconciliation table below.  Restaurant contribution margin is defined as restaurant contribution as a percentage of company restaurant revenues.  Restaurant contribution and restaurant contribution margin are supplemental measures of operating performance of our company-operated restaurants and our calculations thereof may not be comparable to those reported by other companies.  Restaurant contribution and restaurant contribution margin have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. 

Pro Forma Net Income represents company net income before items that we do not consider representative of our ongoing operating performance, as well as an estimate of recurring incremental legal, accounting, insurance and other operating and compliance costs we expect to incur as a public company for those periods where they had not yet been incurred, both as identified in the reconciliation table below.  Pro Forma Diluted Net Income per Share represents company diluted net income per share before items that we do not consider representative of our ongoing operating performance, as well as an estimate of recurring incremental legal, accounting, insurance and other operating and compliance costs we expect to incur as a public company for those periods where they had not yet been incurred, both as identified in the reconciliation table below.

EBITDA represents company net income before interest expense (net of interest income), provision for income taxes and depreciation and amortization. Adjusted EBITDA represents company net income before interest expense (net of interest income), provision for income taxes, depreciation and amortization, items that we do not consider representative of our ongoing operating performance and certain non-cash items, as identified in the reconciliation table below.

Pro Forma Net Income, Pro Forma Diluted Net Income per Share, EBITDA and Adjusted EBITDA are supplemental measures of our performance that are neither required by, nor presented in accordance with, GAAP.  Pro Forma Net Income, Pro Forma Diluted Net Income per Share, EBITDA and Adjusted EBITDA are not measurements of our financial performance under GAAP and should not be considered as alternatives to net income, operating income or any other performance measures derived in accordance with GAAP or as alternatives to cash flow from operating activities as a measure of our liquidity.  In addition, in evaluating Pro Forma Net Income, Pro Forma Diluted Net Income per Share, EBITDA and Adjusted EBITDA, you should be aware that in the future we will incur expenses or charges such as those added back to calculate Pro Forma Net Income, Pro Forma Diluted Net Income per Share, EBITDA and Adjusted EBITDA.

Forward-Looking Statements
This release contains forward-looking statements.  All statements other than statements of historical fact included in this release are forward-looking statements.  Forward-looking statements discuss our current expectations, projections and guidance relating to our financial condition, results of operations, plans, objectives, future performance and business.  These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "outlook," "plan," "potential," "project," "projection," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance.  Actual results may differ materially from these expectations due to risks relating to our vulnerability to changes in consumer preferences and economic conditions; our ability to open new restaurants and expand our franchise system; our ability to generate comparable restaurant sales growth; financial or other difficulties which could cause our restaurants and our franchisees' restaurants to close; our ability to generate increased sales or profits from new menu items, advertising campaigns and restaurant designs and remodels; cancellation or delay in anticipated future restaurant openings; our reliance on, limited degree of control over and potential liability for, our franchisees; increases in the cost of chicken, pork, dairy, wheat, corn and other products; our ability to compete successfully with other quick-service and fast-casual restaurants; our vulnerability to conditions in the Southeastern United States; negative publicity, whether or not valid; concerns about food safety and quality and about food-borne illnesses, including adverse public perception due to the occurrence of avian flu, swine flu or other food-borne illnesses; and our dependence upon frequent and timely deliveries of restaurant food and other supplies.  For further details and discussion of these and other risks and uncertainties, see our registration statement on Form S-1 (commission file number 333-203268), which was declared effective by the Securities and Exchange Commission on May 7, 2015, our periodic reports, including our current reports on Form 8-K and quarterly reports on Form 10-Q, furnished or filed with the Securities and Exchange Commission and available at www.sec.gov.  You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events.  Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements.  In addition, all forward-looking statements speak only as of the date of this earnings release.  We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Condensed Consolidated Balance Sheets 
(in thousands) 
            
Assets December 27,
2015
 December 28,
2014
 
Current assets:      
 Cash and cash equivalents$14,263  13,201  
 Accounts and vendor receivables, net 4,736  4,285  
 Accounts receivable, related parties, net 403  736  
 Inventories, net  3,080  2,743  
 Other current assets 5,639  2,669  
     Total current assets 28,121  23,634  
 Property and equipment, net 48,137  42,478  
 Goodwill   161,140  161,140  
 Brand    290,500  290,500  
 Franchise rights, net 25,341  26,438  
 Favorable leases, net 1,394  1,908  
 Deferred debt issuance costs, net 2,459  2,726  
 Other noncurrent assets 3,673  3,819  
     Total assets$560,765  552,643  
Liabilities and Stockholders' Equity     
Current liabilities:     
 Accounts payable$17,893  15,639  
 Accrued expenses 19,086  18,479  
 Current maturities of long-term debt     
 Current maturities of capital lease obligations 5,968  4,365  
 Other current liabilities 2,155  1,655  
     Total current liabilities 45,102  40,138  
 Long-term debt, less current maturities 200,194  228,249  
 Deferred income taxes 115,028  116,589  
 Capital lease obligations, less current maturities 21,483  20,144  
 Other noncurrent liabilities 11,834  9,771  
     Total liabilities 393,641  414,891  
Stockholders' equity:     
 Preferred stock   172,691  
 Common stock 360    
 Additional paid-in capital 119,084  (56,220) 
 Retained earnings 47,661  21,135  
 Accumulated other comprehensive income 19  146  
     Total stockholders' equity 167,124  137,752  
     Total liabilities and stockholders' equity$560,765  552,643  
            

 

BOJANGLES', INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
                
        Thirteen Weeks Ended  Fiscal Year Ended
        December 27,
2015
 December 28,
2014
  December 27,
2015
 December 28,
2014
Revenues:           
 Company restaurant revenues$ 122,223   111,199    462,138   406,788 
 Franchise royalty revenues  6,364   6,059    25,104   22,746 
 Other franchise revenues  193   191    960   938 
     Total revenues  128,780   117,449    488,202   430,472 
Company restaurant operating expenses:         
 Food and supplies costs  40,055   36,604    150,563   133,191 
 Restaurant labor costs  32,305   29,881    126,380   112,506 
 Operating costs  26,796   22,909    100,916   88,476 
 Depreciation and amortization  3,078   2,568    11,456   9,713 
     Total Company restaurant operating expenses  102,234   91,962    389,315   343,886 
     Operating income before other operating expenses  26,546   25,487    98,887   86,586 
Other operating expenses:         
 General and administrative  10,150   9,333    42,844   32,107 
 Depreciation and amortization  735   649    2,809   2,372 
 Impairment   1,002   484    1,210   484 
 Loss on disposal of property and equipment  104   31    336   60 
     Total other operating expenses  11,991   10,497    47,199   35,023 
     Operating income  14,555   14,990    51,688   51,563 
Amortization of deferred debt issuance costs  (198)  (186)   (821)  (733)
Interest income   1   1    7   2 
Interest expense  (1,920)  (2,279)   (8,314)  (9,123)
     Income before income taxes  12,438   12,526    42,560   41,709 
Income taxes   4,594   4,615    16,034   15,589 
     Net income$ 7,844   7,911    26,526   26,120 
                
                
Net income per share:         
     Basic$ 0.22       1.15    
     Diluted$ 0.21   0.21    0.71   0.70 
                
                
Weighted average shares used in computing net income per share:         
     Basic  35,979       23,118       
     Diluted  37,436   37,348    37,464      37,429 
                

 

BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Condensed Consolidated Statements of Cash Flows 
(in thousands) 
            
        Fiscal Year Ended 
        December 27, 2015 December 28, 2014 
Cash flows from operating activities:     
 Net income $ 26,526   26,120  
 Adjustments to reconcile net income to net cash provided by operating activities:     
   Deferred income tax benefit  (1,992)  (980) 
   Depreciation and amortization  14,265   12,085  
   Amortization of deferred debt issuance costs  821   733  
   Impairment  1,210   484  
   Loss on disposal of property and equipment  336   60  
   Provision for doubtful accounts  239   78  
   Provision for inventory spoilage  23   9  
   Provision for closed stores  36   102  
   Stock-based compensation  1,963   1,420  
   Excess tax benefit from stock-based compensation  (680)  (49) 
   Changes in operating assets and liabilities  2,779   1,581  
     Net cash provided by operating activities  45,526   41,643  
Cash flows from investing activities:     
 Purchases of franchisee's assets  (186)  (3,187) 
 Purchases of property and equipment  (12,047)  (7,495) 
 Proceeds from disposition of property and equipment  47   13  
     Net cash used in investing activities  (12,186)  (10,669) 
Cash flows from financing activities:     
 Proceeds from borrowings on long-term debt      50,000  
 Principal payments on long-term debt  (28,055)  (21,376) 
 Debt issuance costs  (554)  (720) 
 Distribution to stockholders     (50,000) 
 Stock option settlement     (172) 
 Stock option exercise  330     
 Excess tax benefit from stock-based compensation  680   49  
 Principal payments on capital lease obligations  (4,679)  (4,010) 
     Net cash used in financing activities  (32,278)  (26,229) 
     Net increase in cash and cash equivalents  1,062   4,745  
Cash and cash equivalents balance, beginning of fiscal year  13,201   8,456  
Cash and cash equivalents balance, end of fiscal year$ 14,263   13,201  
            

 

BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Reconciliation of Net Income to EBITDA and Adjusted EBITDA 
(in thousands) 
                 
        Thirteen Weeks Ended  Fiscal Year Ended 
        December 27,
2015
 December 28,
2014
  December 27,
2015
 December 28,
2014
 
Net income  $7,844 7,911  26,526  26,120  
Income taxes   4,594 4,615  16,034  15,589  
Interest expense, net 1,919 2,278  8,307  9,121  
Depreciation and amortization (a) 4,011 3,403  15,086  12,818  
EBITDA     18,368 18,207  65,953  63,648  
Non-cash rent (b)  474 371  1,642  1,513  
Stock-based compensation (c) 264 336  1,991  1,420  
Preopening expenses (d) 475 373  1,540  1,358  
Sponsor and board member fees and expenses (e)  297  166  1,059  
Certain professional, transaction and other costs (f) 213 233  5,254  805  
Employee contract expense (g) 25   533    
Distributor transition costs (h) 377   594    
Impairment and dispositions (i) 1,117 525  1,592  557  
Gain from termination of a vendor contract (j)      (1,475) 
Adjusted EBITDA$21,313 20,342  79,265  68,885  
                 
                 
(a) Includes amortization of deferred debt issuance costs. 
(b) Includes deferred rent, which represents the extent to which our rent expense has been above or below our cash rent payments, amortization of favorable (unfavorable) leases and closed store reserves for rent net of cash payments. 
(c) Includes non-cash, stock-based compensation, as well as employer payroll taxes associated with stock option exercises related to stock options that were outstanding prior to our initial public offering. 
(d) Includes expenses directly associated with the opening of company-operated restaurants and incurred prior to the opening of a company-operated restaurant. 
(e) Includes reimbursement of expenses to our sponsor prior to our initial public offering, compensation and expense reimbursement to members of our board prior to our initial public offering and certain non-recurring executive search firm fees incurred on behalf of our board.  
(f) Includes certain professional fees and transaction costs related to financing transactions, acquisitions and public offering expenses, third-party consultants for one-time projects and certain executive relocation costs. 
(g) Represents a payment liability pursuant to an employment agreement. 
(h) Includes legal and other expenses incurred in connection with the transition to our new distributor. 
(i) Includes loss on disposal of property and equipment, impairment and cash proceeds on disposals from disposition of property and equipment. 
(j) Represents the elimination of a gain from the termination of a contract with a beverage vendor. 

 

BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Reconciliation of Net Income to Pro Forma Net Income 
(in thousands) 
                 
        Thirteen Weeks Ended  Fiscal Year Ended 
        December 27,
2015
 December 28,
2014
  December 27,
2015
 December 28,
2014
 
Net income  $ 7,844   7,911    26,526   26,120  
                 
Certain professional and transaction costs (a)  213   247    5,254   453  
Incremental public company costs (b)  (41)  (600)   (940)  (2,400) 
Stock-based compensation (c)  12       736     
Employee contract expense (d)  25       533     
Distributor transition costs (e)  377       594     
Gain from termination of a vendor contract (f)            (1,475) 
State income tax rate change (g)         (903)    
Tax impact of adjustments (h)  (204)  137    (673)  1,329  
Total adjustments  382   (216)   4,601   (2,093) 
Pro Forma Net Income$ 8,226   7,695    31,127   24,027  
                 
                 
                 
BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Reconciliation of Diluted Net Income Per Share to Pro Forma Diluted Net Income Per Share 
                 
        Thirteen Weeks Ended  Fiscal Year Ended 
        December 27,
2015
 December 28,
2014
  December 27,
2015
 December 28,
2014
 
Diluted net income per share$ 0.21   0.21    0.71   0.70  
                 
Certain professional and transaction costs (a)  0.01   0.01    0.14   0.01  
Incremental public company costs (b)     (0.02)   (0.03)  (0.07) 
Stock-based compensation (c)         0.02     
Employee contract expense (d)         0.01     
Distributor transition costs (e)  0.01       0.02     
Gain from termination of a vendor contract (f)            (0.04) 
State income tax rate change (g)         (0.02)    
Tax impact of adjustments (h)    (0.01)    0.01      (0.02)    0.04  
Total adjustments  0.01   0.00    0.12   (0.06) 
Pro Forma Diluted Net Income per Share$ 0.22   0.21    0.83   0.64  
                 
                 
(a) Includes certain professional fees and transaction costs related to financing transactions, acquisitions and public offering expenses and third-party consultants for one-time projects. 
(b) Reflects an estimate of recurring incremental legal, accounting, insurance and other operating and compliance costs we expect to incur as a public company in addition to actual amounts incurred. By its nature, this adjustment involves risks and uncertainties, and the actual costs incurred could be different than this adjustment. 
(c) Includes non-cash, stock-based compensation related to the vesting of certain performance based stock option awards, as well as employer payroll taxes associated with stock option exercises related to stock options that were outstanding prior to our initial public offering. 
(d) Represents a payment liability pursuant to an employment agreement. 
(e) Includes legal and other expenses incurred in connection with the transition to our new distributor. 
(f) Represents the elimination of a gain from the termination of a contract with a beverage vendor. 
(g) As a result of the recently enacted reduction to the North Carolina corporate income tax rate, we adjusted our deferred income taxes by applying the lower rate, which resulted in a corresponding decrease to income tax expense. 
(h) Represents the income tax (expense) benefit associated with the adjustments in (a) through (g) that are deductible for income tax purposes. 

 

BOJANGLES', INC. AND SUBSIDIARIES 
Unaudited Reconciliation of Company Restaurant Revenues to Restaurant Contribution 
(in thousands) 
                 
        Thirteen Weeks Ended  Fiscal Year Ended 
        December 27,
2015
 December 28,
2014
  December 27,
2015
 December 28,
2014
 
Company restaurant revenues$ 122,223   111,199    462,138   406,788  
Food and supplies costs  (40,055)  (36,604)   (150,563)  (133,191) 
Restaurant labor costs  (32,305)  (29,881)   (126,380)  (112,506) 
Operating costs  (26,796)  (22,909)   (100,916)  (88,476) 
Restaurant contribution$ 23,067   21,805    84,279   72,615  
Restaurant contribution margin  18.9%  19.6%   18.2%  17.9% 



For Investor Relations Inquiries: Raphael Gross of ICR 203.682.8253 For Media Inquiries: Brian Little of Bojangles' Restaurants, Inc. 704.519.2118

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