Bj's Restaurants, Inc. · NASDAQ:BJRI
Bj's Restaurants — Investor Day (February 2014)
98 slides from Bj's Restaurants's investor day presentation, Feb 27, 2014
Slide 1: February 27, 2014 – Analyst Day
February 27, 2014 – Analyst Day BJ’s One for all.
Slide 2: Safe Harbor
Safe Harbor At BJ’s, we’re pursuing AMAZING for one and all. Certain statements in the following presentation and all other statements that are not purely historical cons tute “forward-- looking” statements for purposes of the Securi es Act of 1933 and the Securi es and Exchange Act of 1934, as amen
Slide 3: Welcome & Overview
Welcome & Overview Greg Trojan President & Chief Executive Officer At BJ’s, we’re pursuing AMAZING for one and all
Slide 4: Agenda
Agenda Speaker Topic Time Casual dining and currentindustry trends Greg Trojan BJ’s history of success 08:30 09:15 President & CEO Strategies to reignite sales Tim Ble CEO, eMaxx Partners Telling our brand story 09:15 --? 09:35 Wayne Jones Chief Restaurant Opera ons OFFcer Project Q – Improving our
Slide 5: BJ's Restaurants Overview
BJ’s Restaurants Overview restaurants in states Our restaurants feature: Broad, diversi?ed menu for any dining occasion Signature menu items including deep dish pizza and craft beer Contemporary, high quality, “casual plus” positioning Industry--?leading average unit volumes of approximately $5.7 mi
Slide 6: Current Footprint
Current Footprint TOTAL – 64 1 3 6 29 At BJ’s, we’re pursuing AMAZING for one and all
Slide 7: Changing Landscape of Casual Dining
Changing Landscape of Casual Dining Then Growth industry (2000--?2007) Mature segment (2008--?2013) Sales CAGR 6.5%1 Sales CAGR 3.2%1 Guest tra?c positive Guest tra?c negative Favorable demand economics Demand ?at Elevated consumer credit Stagnant wages Two income households Economic uncertainty Gro
Slide 8: Casual Dining – 5th Straight Year of Declining Traffic
Casual Dining – 5th Straight Year of Declining Traffic Components of Spending (Y/Y % Change) 3% 2% 2% 2% 2% 3% 1% 2% 2% 0% 0% --?1% --?2% --?2% --?2% --?2% Check --?3% --?2% Tra?c --?3% --?4% 2008 2009 2010 2011 2012 2013E Source: The NPD Group / CREST® At BJ’s, we’re pursuing AMAZING for one and al
Slide 9: 5-Year Cumulative Comp Sales vs. Industry
5--?Year Cumulative Comp Sales vs. Industry 15.0% 13.5% BJ’s Knapp Track 10.0% 6.6% 5.6% 5.0% 3.2% --?1.1% 0.0% 1.5% 0.5% --?0.5% --?0.8% --?1.4% --?5.0% --?5.6% --?5.5% --?10.0% Cumulative At BJ’s, we’re pursuing AMAZING for one and all
Slide 10: Current Comp Sales Environment
Current Comp Sales Environment External Factors Internal Factors “Average Joe” isn’t par cipa n in “Middle of the menu” affordability the recovery Increased competition due to Speed and service resumption of moderate to aggressive unit growth Consistency of food execution Our own cannibaliza on (mat
Slide 11: BJ's A Leader in AUV and Cash Flow
BJ’s A Leader in AUV and Cash Flow Average Unit Volume $12,000 $10,100 $10,000 $8,000 millions $5,700 in $6,000 $5,100 $4,600 $4,100 $3,500 $3,200 $4,000 $3,000 $2,900 $2,800 $ $2,000 $-- Cheesecake BJ’s Brio Olive Garden Texas Bravo Bonefish Grill Chili’s Red Robin Buffalo Wild Roadhouse Wings Cash
Slide 12: BJ's A Leader in Productivity
BJ’s --? A Leader in Productivity Sales per Square Foot $1,000 $887 $701 $750 $640 $638 $607 $590 $575 $501 $490 $467 $500 $250 \$--? Cheesecake BJ’s Chili’s Brio Olive Garden Texas Bone?sh Grill Red Robin Bu?alo Wild Bravo Roadhouse Wings Guests per Square Foot 70 61 60 50 46 46 50 43 40 39 37 28 3
Slide 13: Strategies to Reignite Sales
Strategies to Reignite Sales A?ordability Speed Branding & Awareness Food Quality & Innovation Hospitality & Approachability At BJ’s, we’re pursuing AMAZING for one and all
Slide 14: Affordability
Affordability Brewhouse Burgers Full margin menu item that increases middle of the menu a?ordability Introduced November 2013 Starting at $6.95 Average of $7.90 One of our most successful launches ever, selling at almost half the rate of all our pizzas combined Sold at a rate of 3.0/100 in test Now
Slide 15: Affordability: new menu and happy hour
of new items under $10.00 New happy hour program Building on strength $4, $5, $6 O? peak meal periods: 24% of sales Tiered menu pricing pricing tiers based on local market At BJ’s, we’re pursuing AMAZING for one and all
Slide 16: Food Quality & Innovation
Food Quality & Innovation New menu innovation Launched February 25th On trend menu items Kale and Brussels Sprouts Salad Mediterranean Chicken Pita Tacos New “American” Classics Roast Beef Dip Angel Hair Classico additions/5 revisions/15 deletions Initial menu test in Chino Hills, CA High re--?order
Slide 17: Food Quality & Innovation
Food Quality & Innovation Spring and Summer menu items Starter salads Additional steaks New appetizer category Entrée salads Project Q continuation Ongoing evaluation of existing menu items At BJ’s, we’re pursuing AMAZING for one and all
Slide 18: Strategies to Reignite Sales
Strategies to Reignite Sales A?ordability Branding Food Quality & Speed & Innovation Awareness Hospitality & Approachability At BJ’s, we’re pursuing AMAZING for one and all
Slide 19: Hospitality & Approachability
Hospitality & Approachability Introducing our Direct Connect Program Net promoter score Utilizing loyalty program for guest feedback Averaging over guest comments per day Ability to immediately respond to guest At BJ’s, we’re pursuing AMAZING for one and all
Slide 20: Hospitality & Approachability
Hospitality & Approachability Making BJ’s Amazing (MBA) program Training program for team members Guest engagement focused Social media aggregator Monitoring social media sites Engaging with guests Approachable restaurant design Casual/inviting interior “Project Friendly” At BJ’s, we’re pursuing AMA
Slide 21: Strategies to Reignite Sales
Strategies to Reignite Sales A?ordability Branding Food Quality & Speed & Innovation Awareness Hospitality & Approachability At BJ’s, we’re pursuing AMAZING for one and all
Slide 22: Speed
Speed Mobile Pay Order Ahead Pay at the table Place orders before without waiting for arriving check Place orders while Rolled out February waiting for a 2014 Target roll out reduc on in dining me Guests control their dining pace Increase throughput Improve guest frequency At BJ’s, we’re pursuing AM
Slide 23: Mobile Order Ahead Demo
Mobile Order Ahead Demo At BJ’s, we’re pursuing AMAZING for one and all
Slide 24: Mobile Order Ahead – Order Confirmation
Mobile Order Ahead – Order Confirmation At BJ’s, we’re pursuing AMAZING for one and all
Slide 25: Mobile Pay Demo
Mobile Pay Demo At BJ’s, we’re pursuing AMAZING for one and all
Slide 26: Strategies to Reignite Sales
Strategies to Reignite Sales A?ordability Branding Food Quality & Speed & Innovation Awareness Hospitality & Approachability At BJ’s, we’re pursuing AMAZING for one and all
Slide 27: Branding & Awareness
Branding & Awareness Total budget of $20 million Increase of $3 million from Shis Less print media Increased TV, digital, mobile and social media Increased media weeks and impressions Launch new brand posioning and creative New branding media commences in early March Total Q1 spending of $5.5 millio
Slide 28: Branding and New Menu Launch Plan
Branding and New Menu Launch Plan Television weeks 50% of restaurants 14M households Print (FSI) Launch Digital page format weeks All markets Plan All markets 4.6M households 106M impressions Loyalty/E--?Club introductory blasts All markets 1M members At BJ’s, we’re pursuing AMAZING for one and all
Slide 29: Telling Our Brand Story
Telling Our Brand Story Tim Blett CEO, eMaxx Partners At BJ’s, we’re pursuing AMAZING for one and all
Slide 30: The End Game: Creating Social Energy
The End Game: Creang Social Energy Create social energy around the BJ’s brand by doing a better job of telling our brand story modern brands social energy Use unconventional communications ?Engage consumers with ideas, not just messages ?Are great at telling stories Curiosity to discover, explore an
Slide 31: Brand Immersion & Research Methodology
Brand Immersion & Research Methodology BJ’s team member survey Executive leadership interviews Premier rewards survey Awareness, Trial & Usage survey (2013) Social media & online audit At BJ’s, we’re pursuing AMAZING for one and all
Slide 32: Brand Pillars (differentiators)
Brand Pillars (di?erentiators) Menu Variety $25 Occasion Experience for Variety a $14 Check The One Place for All Handcrafted High--?Quality Beer Food High--?energy, Contemporary Atmosphere At BJ’s, we’re pursuing AMAZING for one and all
Slide 33: Our Brand Promise
Our brand Promise At BJ’s, we’re pursuing AMAZING for one and all
Slide 34: One simple PHRASE
One simple PHRASE At BJ’s, we’re pursuing AMAZING for one and all
Slide 35: One for all
One for all At BJ’s, we’re pursuing AMAZING for one and all
Slide 36: amazing for one and all
At BJ’s, we’re pursuing amazing for one and all One for all SM At BJ’s, we’re pursuing AMAZING for one and all
Slide 37: This idea taps into BJ's belief system
This idea taps into BJ’s belief system. One that has declared to redefine and reshape how the community thinks about casual dining. It’s a passionate commitment to surprise and delight each guest, each time they visit the restaurant. It might be the selection, atmosphere, or value. In any case, this
Slide 38: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 39: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 40: All the SERVICE
All the SERVICE At BJ’s, we’re pursuing AMAZING for one and all
Slide 41: all the SKILLS
all the SKILLS At BJ’s, we’re pursuing AMAZING for one and all
Slide 42: All the ways YOU MAKE BJ'S AMAZING
All the ways YOU MAKE BJ’S AMAZING At BJ’s, we’re pursuing AMAZING for one and all
Slide 43: When we are AMAZING, we become the one place for all
When we are AMAZING, we become the one place for all. At BJ’s, we’re pursuing AMAZING for one and all
Slide 44: Pizookie Princess video content
Over 120 menu items. 50 craft beers. One unbeatable attitude. At BJ’s Restaurant and Brewhouse, we’re pursuing amazing for one and all. One for all VIDEO CONTENT: DIGITAL/WEBSITE/TV/SOCIAL Pizookie Princess At BJ’s, we’re pursuing AMAZING for one and all
Slide 45: HopStorm video content
Over 120 menu items. 50 craft beers. One unbeatable attitude. At BJ’s Restaurant and Brewhouse, we’re pursuing amazing for one and all. VIDEO CONTENT: DIGITAL/WEBSITE/TV/SOCIAL HopStorm At BJ’s, we’re pursuing AMAZING for one and all
Slide 46: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 47: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 48: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 49: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 50: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 51: Banners Pursuing Amazing
At BJ’s, we’re pursuing AMAZING for one and all One for all Join in the pursuit of amazing Offering 120 menu items in pursuit of AMAZING BANNERS PURSUING AMAZING
Slide 52: Banners Pursuing Amazing
At BJ’s, we’re pursuing AMAZING for one and all BANNERS PURSUING AMAZING One for all Discover over 120 menu items, 50 craft beers and 1 unbeatable attitude now
Slide 53: Banners Pursuing Amazing
At BJ’s, we’re pursuing AMAZING for one and all BANNERS PURSUING AMAZING One for all join in the pursuit of amazing
Slide 54: Banners Pursuing Amazing
At BJ’s, we’re pursuing AMAZING for one and all BANNERS PURSUING AMAZING One for all join in the pursuit of amazing
Slide 55: One for all
At BJ’s, we’re pursuing AMAZING for one and all ONE FOR ALL Over 120 menu item, 50 craft beers, and 1 unbeatable attitude. All inside.
Slide 56: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 57: At
At BJ’s, we’re pursuing AMAZING for one and all
Slide 58: Brand Essence Video
Brand Essence Video At BJ’s, we’re pursuing AMAZING for one and all
Slide 59: Project Q – Improving our Way of Doing Business
Project Q – Improving our Way of Doing Business Wayne Jones EVP, Chief Restaurant Operations Ocer To develop the optimal menu, recipes, kitchen processes and sourcing decisions which enable us to maximize our ability to consistently deliver quality and craveable BJ’s food and beverages BJ’S Restaura
Slide 60: Project Q Overview
Project Q Overview Project Q drives improvements across our business Drives more consistent food quality Improves kitchen efficiency Expands kitchen capacity Holis c approach to menu decisions Open solicitation of improvement ideas from operators Nearly 300 ideas received 80 ideas implemented How do
Slide 61: Menu Item Growth/Complexity
Menu Item Growth/Complexity At BJ’s, we’re pursuing AMAZING for one and all
Slide 62: Delivering Tangible Results – Comp Restaurants
At BJ’s, we’re pursuing AMAZING for one and all Delivering Tangible Results --? Comp Restaurants January January Improvement Theoretical Food Cost Variance 1.72% 1.95% basis points Food – Comps/Voids/Adjustments 0.24% 0.31% basis points Peak Meal Period Cook Times 12:31 minutes 12:48 minutes 17 seco
Slide 63: Delivering Tangible Results – New Restaurant Efficiency
At BJ’s, we’re pursuing AMAZING for one and all Delivering Tangible Results -- New Restaurant Eciency Project Q NRO 2012/2013 NRO Improvement Theoretical Food Cost Variance --2.13% --2.46% basis points Food – 0.50% 0.66% 16 basis points Peak Meal Period Cook Times 14:23 minutes 14:39 minutes 16 Kich
Slide 64: Delivering Tangible Results: Then Why Change?
At BJ’s, we’re pursuing AMAZING for one and all Delivering Tangible Results Then Why Change? Now Results 6 oz. Salad Bag Reduce Prep Labor 6 oz. Scoop Improved Quality Line Speed Faster Line Prepara on Improve Quality and Supply Cost Savings Presenta on Shrimp Skewers Reduce Prep Labor Shrimp in Bag
Slide 65: Project Q Initiatives
At BJ’s, we’re pursuing AMAZING for one and all Project Q Initiatives Product outsourcing Improve product quality and consistency Reduce prep labor Examples: lemon sauce, tamarind, cream cheese, sesame soy, pomace oil vs. blended olive oil, breaded arti chokes, jambalaya broth and Pizookie productio
Slide 66: Break 10:00–10:10
At BJ’s, we’re pursuing AMAZING for one and all Break 10:00 – 10:10
Slide 67: Growth Through Efficient Use of Capital
Growth Through E?cient Use of Capital Greg Lynds Executive VP & Chief Development O?cer At BJ’s, we’re pursuing AMAZING for one and all
Slide 68: National Development Environment
At BJ’s, we’re pursuing AMAZING for one and all National Development Environment New projects in entitlement phase Focus on experiential retail Regional mall owners drive proactive anchor redevelopment Outlet center boom Reinvestment in existing middle market centers Increased competition for sites
Slide 69: Preferred Tenant Status With Developers
At BJ’s, we’re pursuing AMAZING for one and all Preferred Tenant Status With Developers Leader in guest traffic per square foot Strong lunch, mid-- afternoon, dinner and late night dayparts High guest traffic drives sales and appeals to development co-- tenancy Attractive check average in the $14 ra
Slide 70: Sales Productivity Makes BJ's a Preferred Tenant
At BJ’s, we’re pursuing AMAZING for one and all Sales Productivity Makes BJ’s a Preferred Tenant Average Unit Volume $12,000 $10,100 $10,000 $8,000 millions $5,700 in $6,000 $5,100 $4,600 $4,100 $3,500 $3,200 $3,000 $4,000 $2,900 $2,800 $ $2,000 $0 Cheesecake BJ’s Brio Olive Texas Bravo Bonefish Chi
Slide 71: Return Focused Development Strategy
At BJ’s, we’re pursuing AMAZING for one and all Return Focused Development Strategy Buxton Analysis (December 2011) indicates 425+ nationally BJ’s real estate indicates 450+ Leverage guest tra?c metrics into aractive lease economics Ongoing cluster strategy leverages Supervision Supply chain Marketi
Slide 72: Site Criteria
Site Criteria Trade area attributes – consumer Population of 100,000 within miles Average household income within miles is $65,000 minute drive me ? Trade area a ributes – commercial ? Strong o?ce/employment base within trade area ? Solid retail and consumer tra?c/regional shopping areas At BJ’s, we
Slide 73: Runway for Growth
Runway for Growth Significantly less penetrated than comparable casual dining restaurants Number of Restaurant Locations 2,000 Number of Restaurant Loca ons 1,860 1,800 1,600 1,400 1,266 1,200 1,000 BJ’s Texas RH Red Robin Red Lobster Outback Olive Garden Bu?alo Wild Chili’s Applebee’s Wings At BJ’s
Slide 74: Current Footprint
At BJ’s, we’re pursuing AMAZING for one and all Current Footprint TOTAL – 64 1 3 6 29
Slide 75: Factors for New Market Penetration
At BJ’s, we’re pursuing AMAZING for one and all Factors for New Market Penetra on ? Sales poten al ? Retail and other restaurant sales ? Demographic profile – popula on, income, day me ? Macroeconomic factors ? Employment growth ? Population growth ? Other factors ? Minimum wage and operating cost e
Slide 76: Continued Interstate/Cluster Strategy
Continued Interstate/Cluster Strategy BJ’S Restaurants, Inc. At BJ’s, we’re pursuing AMAZING for one and all
Slide 77: Enhancing New Restaurant Return
At BJ’s, we’re pursuing AMAZING for one and all Enhancing New Restaurant Return ? New Prototype 7,000 ? Reduce square footage by 20% ? Reduce investment cost by $1M ? Optimize site costs and patios ? Value engineer mechanical, lighting and ?nish package ? “Kitchen of the Future” to enhance produc vi
Slide 78: Prototype Targets
At BJ’s, we’re pursuing AMAZING for one and all Prototype Targets Prototype Targets Existing Proto 6A Proto 6A Proto 7,000 Sq Footage 9,166 9,166 7,363 Seats 267 267 228 Tables 71 71 69 Gross Cost $ 5. 0 $ 4. 6 $ 4. 0 TI Allowance ($0.5) ($0.4) ($0.4) Net Cost $ 4. 5 $ 4. 2 $ 3. 6 Gross Cost/Sq Ft $
Slide 79: New Prototype a Proven Format
At BJ’s, we’re pursuing AMAZING for one and all New Prototype a Proven Format Year Opened 2003 2004 2005 2005 2005 2008 Proto 7,000 San Jose Summerlin Moreno Valley Sugarland Corona Del Amo Sq Footage 7,363 6,800 7,805 7,400 7,805 7,505 7,300 Seats 228 210235 230 235 230 230 Tables 69 54 58 55 58 55
Slide 80: Proto 6A Elevation
At BJ’s, we’re pursuing AMAZING for one and all Proto 6A Elevati On
Slide 81: Proto 7,000 Elevation
Proto 7,000 Elevation At BJ’s, we’re pursuing AMAZING for one and all
Slide 82: Reducing Our Operating Costs
At BJ’s, we’re pursuing AMAZING for one and all Reducing Our Operating Costs John Allegretto Chief Supply Chain O?cer
Slide 83: Cost Savings Plan – Operating/Occupancy Costs
At BJ’s, we’re pursuing AMAZING for one and all Cost Savings Plan – Operating/Occupancy Costs Operan g/Occupancy Costs Cost savings ini a ves (per Restaurant Week) designed to o?set e?ective $25,000 in?ation of approximately 1.7% $20,000 $15,000 Approximately $1,000 per operating week savings by $10
Slide 84: Cost Savings Process
At BJ’s, we’re pursuing AMAZING for one and all Cost Savings Process Develop Spend Assessment & Implement Tracking Analysis Strategies Delivery/Other 7.4% Delivery/Other 7.4% Kitchen & Dining Room Supplies Cash Handling 23.0% 10.8% R&M 17.2% U li es 21.3% Insurance/Taxes 20.3% Note: Spend analysis e
Slide 85: Operating/Occupancy Cost Savings Initiatives
At BJ’s, we’re pursuing AMAZING for one and all Operating/Occupancy Cost Savings Initiatives Strategic sourcing of smallwares and table top supplies U lity supply and demand management National repair and maintenance contracts Centralized facilities and equipment maintenance tracking Restaurant leve
Slide 86: FY Projected Annualized Savings
At BJ’s, we’re pursuing AMAZING for one and all FY Projected Annualized Savings (to date) Category Savings Dinnerware $823,000 Energy $517,000 Trash $347,000 Linen $344,000 Dining supplies $191,000 Flatware $80,000 Armor car $65,000 Paper $60,000 Janitorial & cleaning $60,000 Kitchen supplies $58,00
Slide 87: Commodity Cost Outlook
At BJ’s, we’re pursuing AMAZING for one and all Commodity Cost Outlook BJ’s “commodity basket” expected to increase 1%--?2% 50% of commodities are locked down for FY 2014 Commodity % Food Usage Comments 60% locked through Q4 F’14; Addi onal 10% locked through Q2 Grocery 18% F’14; 30% quarterly or sp
Slide 88: Financial Success through Margin Improvement
At BJ’s, we’re pursuing AMAZING for one and all Financial Success through Margin Improvement Greg Levin Executive VP, Chief Financial O?cer and Secretary
Slide 89: Q1 Key Metric Expectations
Q1 Key Metric Expectations (1) Menu pricing +1.7% with new menu (launched2/25/14) Restaurant weeks ~1,905 Cost of sales ~25% Labor 36.5% --? 37.0% ~$24,000 per operating week Opera ng/Occupancy (includes $2,900 in marketing) Restaurant level margins 15% --? 16% Pre--?opening $1.5M --? $2.0M Tax rate
Slide 90: Longer Term Financial Plan
BJ’s Longer Term Financial Plan At BJ’s, we’re pursuing AMAZING for one and all Costs Restaurant level cash now Double digit restaurant (19%+) week growth (10%--?12%) Opera ng cost savings Modest comparable sales strategies EPS growth growth > revenue growth (~2%) G&A growth < revenue growth Rising
Slide 91: 3-Year Target: Restaurant Level Cash Flow Margins
At BJ’s, we’re pursuing AMAZING for one and all 3--?Year Target: Restaurant Level Cash Flow Margins 21.0% 6.6% 7.0% 20.5% 5.6% 150 bps 6.0% improvement 20.0% 5.0% 19.5% 4.0% 19.0% 3.2% 3.0% 18.5% 2.0% 18.0% 1.0% 17.5% --?0.3% 0.0% 17.0% --?0.8% --?1.1% 16.5% --?1.0% 18.2% 18.5% 19.5% 20.4% 19.4% 17.
Slide 92: 3-Year Target: Adjusted Operating Income Margin
At BJ’s, we’re pursuing AMAZING for one and all 3--?Year Target: Adjusted Opera ng Income Margin bps 8.0% improvement 7.3% 7.0% 6.1% 6.0% 6.0%+ 6.0% 5.0% 4.7% 3.8% 4.0% 3.7% 3.0% 2.0% 1.0% 0.0% 2016P Note: includes weeks
Slide 93: 3-Year Target: ROIC
At BJ’s, we’re pursuing AMAZING for one and all 3--?Year Target: ROIC bps improvement 10.0% 8.8% 9.0% 8.4% 7.8% 8.0% 8.0% 7.3% 7.0% 6.2% 5.8% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2016P Note: includes weeks Note: ROIC based on normalized tax rate of 28%
Slide 94: 3-Year Target: Operating Cash Flow & Net CapEx
3--?Year Target: Operating Cash Flow & Net CapEx $180 $160 $133 $140 $120 $112 $108 $92 $100 $79 $80 $68 $60 $60 $40 $20 $59 $68 $75 $81 $88 $96 $153 2008 2009 2010 2011 2012 2013 2016P Operating Cash Flow ($M) Net Capex ($M) Note: includes weeks
Slide 95: Current Balance Sheet and Capital Structure
Current Balance Sheet and Capital Structure Balance sheet as of December 31, 2013 Cash and investments of $33 million Total assets of $620 million No funded debt Stockholders’ equity of $401 million 2014 CapEx Approximately $105 million gross and $93 million net Available credit line $75 million (fo
Slide 96: Q&A
Q&A Greg Trojan Tim Blett Wayne Jones Greg Lynds John Allegretto Greg Levin
Slide 97: Lunch
Lunch Join us in our test kitchen at 12:00pm for a look at Project Q in ac on and a lunch tasting featuring some of our new and test menu items
Slide 98: Appendix: Financial Reconciliations
Appendix: Financial Reconciliatins Note: includes weeks