Chipotle Mexican Grill, Inc. Announces Third Quarter 2013 Results

DENVER - (BUSINESS WIRE) - Oct. 17, 2013 - Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its third quarter ended September 30, 2013.

Highlights for the third quarter of 2013 as compared to the third quarter of 2012 include:

  • Revenue increased 18.0% to $826.9 million
  • Comparable restaurant sales increased 6.2%
  • Restaurant level operating margin was 26.8%, a decrease of 60 basis points
  • Net income was $83.4 million, an increase of 15.3%
  • Diluted earnings per share was $2.66, an increase of 17.2%
  • Opened 37 new restaurants

Highlights for the nine months ended September 30, 2013 as compared to the prior year include:

  • Revenue increased 16.7% to $2.37 billion
  • Comparable restaurant sales increased 4.3%
  • Restaurant level operating margin was 26.9%, a decrease of 110 basis points
  • Net income was $247.8 million, an increase of 14.4%
  • Diluted earnings per share was $7.93, an increase of 16.6%
  • Opened 129 new restaurants

"Our unique food culture continues to resonate with our customers. We are proud of the investments we have made over the years to source sustainably raised ingredients, which allows us to serve delicious food. By sourcing the best possible ingredients and cooking them according to classic cooking techniques we continue to demonstrate that just because food is served fast, it doesn't have to be a typical fast food experience," said Steve Ells, Founder, Chairman and co-CEO of Chipotle.

Third quarter 2013 results

Revenue for the quarter was $826.9 million, up 18.0% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 6.2% increase in comparable restaurant sales. Comparable restaurant sales growth was driven by increased traffic.

During the quarter we opened 37 new restaurants, bringing the total restaurant count to 1,539, including our first restaurant in Germany.

Food costs were 33.6% of revenue, an increase of 100 basis points driven by higher ingredient costs. Higher ingredient costs were driven by increased produce prices for tomatoes, corn and tomatillos in our salsas as well as higher costs for dairy and chicken, and finally, more expensive oils as we began converting from GMO soy oil to non-GMO sunflower and rice bran oils.

Restaurant level operating margin was 26.8% in the quarter, a decrease of 60 basis points from the prior year period. The decrease was primarily driven by higher food and marketing costs partially offset by favorable sales leverage.

General and administrative expenses were 6.4% of revenue, a decrease of 50 basis points driven by costs in the third quarter of 2012 for our biennial All Managers' Conference, partially offset by an increase in legal costs.

Net income for the third quarter of 2013 was $83.4 million, or $2.66 per diluted share, compared to $72.3 million, or $2.27 per diluted share, in the third quarter of 2012.

Results for the nine months ended September 30, 2013

Revenue for the first nine months of 2013 was $2.37 billion, up 16.7% from the prior year period. The growth in revenue was the result of new restaurants not in the comparable base and a 4.3% increase in comparable restaurant sales. Comparable restaurant sales growth was primarily driven by increased traffic.

During the first nine months of the year, we opened 129 new restaurants, bringing the total restaurant count to 1,539.

Restaurant level operating margin was 26.9% for the first nine months, a decrease of 110 basis points from the prior year period. The decrease was primarily from higher food costs and higher marketing costs, partially offset by favorable labor leverage.

General and administrative expense for the first nine months of 2013 was 6.2% of revenue, or a decrease of 70 basis points from the prior year period. The decrease as a percent of revenue was driven by costs in 2012 for our biennial All Managers' Conference, lower stock-based compensation expense and lower employee-related payroll taxes, and greater sales leverage, partially offset by an increase in legal costs.

Net income for the first nine months of 2013 was $247.8 million, or $7.93 per diluted share, compared to $216.6 million, or $6.80 per diluted share, in the first nine months of 2012.

"We are proud of the results we delivered during the third quarter. Our unique people culture, which appeals to and rewards top performers, is a driving force behind our accomplishments, and helps drive our sustainable growth by developing excellent managers from within. Our top performing managers are creating a culture of empowerment in their restaurants, enabling our energetic and ambitious crew to treat each customer to the best dining experience possible," said Monty Moran, co-CEO.

Outlook

For 2013, management expects the following:

  • 165 - 180 new restaurant openings
  • Mid single-digit comparable restaurant sales
  • An effective full-year tax rate of approximately 38.9% (39.3% for the remainder of 2013).

For 2014, management expects the following:

  • 180 - 195 new restaurant openings
  • Low single-digit comparable restaurant sales excluding any menu price increases
  • An estimated effective tax rate of 39.9%, which excludes federal work opportunity and R&D tax credits, which have not been renewed for 2014.

Definitions

The following definitions apply to these terms as used throughout this release:

Comparable restaurant sales represent the change in period-over-period sales for the comparable restaurant base. A restaurant becomes comparable in its 13th full calendar month of operation.

Average restaurant sales refers to the average trailing 12-month sales for restaurants in operation for at least 12 full calendar months.

Restaurant level operating margin represents total revenue less restaurant operating costs, expressed as a percent of total revenue.

Conference Call

Chipotle will host a conference call to discuss the third quarter 2013 financial results on Thursday, October 17, 2013 at 4:30 PM Eastern time.

The conference call can be accessed live over the phone by dialing 1-800-390-5312 or for international callers by dialing 1-719-325-2359. A replay will be available one hour after the call and can be accessed by dialing 1-877-870-5176 or 1-858-384-5517 for international callers; the password is 6685758. The replay will be available until October 24, 2013. The call will be webcast live from the company's website at chipotle.com under the investor relations section. An archived webcast will be available one hour after the end of the call.

About Chipotle

Steve Ells, founder, chairman and co-CEO, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through our vision of Food With Integrity, Chipotle is seeking better food from using ingredients that are not only fresh, but that--where possible--are sustainably grown and Responsibly RaisedTM with respect for the animals, the land, and the farmers who produce the food. In order to achieve this vision, we focus on building a special people culture that is centered on creating teams of top performers empowered to achieve high standards. This people culture not only leads to a better dining experience for our customers, it also allows us to develop future leaders from within. Chipotle opened with a single restaurant in 1993 and currently operates more than 1,500 restaurants. For more information, visit Chipotle.com.

Forward-Looking Statements

Certain statements in this press release, including a description of the sustainability of our growth as well as statements under the heading "Outlook" of our expected number of new restaurant openings, comparable restaurant sales trends, potential menu price increases, and effective tax rates in 2013 and 2014, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate", "believe", "could", "should", "estimate", "expect", "intend", "may", "predict", "project", "target", and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: the uncertainty of our ability to achieve expected levels of comparable restaurant sales increases due to factors such as decreased consumer spending and economic uncertainty, our possible inability to increase menu prices or realize the benefits of menu price increases, or the impact of competition; factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the performance of new restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of immigration enforcement activities; the risk of food-borne illnesses and other health concerns about our food; risks relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees, our restaurant design, or the sale of food or alcoholic beverages; risks associated with our Food With Integrity strategy, including supply shortages and potential liabilities related to advertising claims and other marketing activities related to Food With Integrity; the effect of competition in the restaurant industry; the effects of continuing economic uncertainty on our business and on our suppliers, landlords and potential developers; risks relating to litigation; risks relating to our insurance coverage and self-insurance; our dependence on key personnel; risks related to our marketing and advertising strategies; security risks associated with the acceptance of electronic payment cards or electronic storage of confidential customer or employee information; the uncertainty of our ability to protect our name, logo and other proprietary information or the reputation of our brand; the potential effects of inclement weather; risks related to the tax treatment of our separation from McDonald's; and other risk factors described from time to time in our SEC reports, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, all of which are available on our Web site at chipotle.com.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30

 

 

 

2013

 

 

2012

Revenue

 

 

$

826,907

 

 

 

100.0

 

%

 

 

$

700,528

 

 

 

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

277,503

 

 

 

33.6

 

 

 

 

 

228,566

 

 

 

32.6

 

 

Labor

 

 

 

188,709

 

 

 

22.8

 

 

 

 

 

162,655

 

 

 

23.2

 

 

Occupancy

 

 

 

50,128

 

 

 

6.1

 

 

 

 

 

43,777

 

 

 

6.2

 

 

Other operating costs

 

 

 

89,060

 

 

 

10.8

 

 

 

 

 

73,728

 

 

 

10.5

 

 

General and administrative expenses

 

 

 

52,726

 

 

 

6.4

 

 

 

 

 

48,606

 

 

 

6.9

 

 

Depreciation and amortization

 

 

 

24,618

 

 

 

3.0

 

 

 

 

 

21,362

 

 

 

3.0

 

 

Pre-opening costs

 

 

 

4,604

 

 

 

0.6

 

 

 

 

 

2,772

 

 

 

0.4

 

 

Loss on disposal of assets

 

 

 

2,405

 

 

 

0.3

 

 

 

 

 

1,399

 

 

 

0.2

 

 

Total operating expenses

 

 

 

689,753

 

 

 

83.4

 

 

 

 

 

582,865

 

 

 

83.2

 

 

Income from operations

 

 

 

137,154

 

 

 

16.6

 

 

 

 

 

117,663

 

 

 

16.8

 

 

Interest and other income, net

 

 

 

765

 

 

 

0.1

 

 

 

 

 

547

 

 

 

0.1

 

 

Income before income taxes

 

 

 

137,919

 

 

 

16.7

 

 

 

 

 

118,210

 

 

 

16.9

 

 

Provision for income taxes

 

 

 

(54,540

)

 

 

(6.6

)

 

 

 

 

(45,910

)

 

 

(6.6

)

 

Net income

 

 

$

83,379

 

 

 

10.1

 

%

 

 

$

72,300

 

 

 

10.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

2.70

 

 

 

 

 

 

 

$

2.28

 

 

 

 

 

Diluted

 

 

$

2.66

 

 

 

 

 

 

 

$

2.27

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

30,897

 

 

 

 

 

 

 

 

31,643

 

 

 

 

 

Diluted

 

 

 

31,296

 

 

 

 

 

 

 

 

31,846

 

 

 

 

 

Comprehensive income

 

 

$

84,890

 

 

 

 

 

 

 

$

73,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Income and Comprehensive Income

(in thousands, except per share data)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30

 

 

 

2013

 

 

2012

Revenue

 

 

$

2,370,444

 

 

 

100.0

 

%

 

 

$

2,032,063

 

 

 

100.0

 

%

Restaurant operating costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Exclusive of depreciation and amortization shown separately below):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food, beverage and packaging

 

 

 

787,602

 

 

 

33.2

 

 

 

 

 

656,673

 

 

 

32.3

 

 

Labor

 

 

 

545,982

 

 

 

23.0

 

 

 

 

 

474,535

 

 

 

23.4

 

 

Occupancy

 

 

 

146,312

 

 

 

6.2

 

 

 

 

 

126,044

 

 

 

6.2

 

 

Other operating costs

 

 

 

252,012

 

 

 

10.6

 

 

 

 

 

206,260

 

 

 

10.2

 

 

General and administrative expenses

 

 

 

147,889

 

 

 

6.2

 

 

 

 

 

140,235

 

 

 

6.9

 

 

Depreciation and amortization

 

 

 

71,151

 

 

 

3.0

 

 

 

 

 

61,989

 

 

 

3.1

 

 

Pre-opening costs

 

 

 

10,736

 

 

 

0.5

 

 

 

 

 

8,526

 

 

 

0.4

 

 

Loss on disposal of assets

 

 

 

5,144

 

 

 

0.2

 

 

 

 

 

4,124

 

 

 

0.2

 

 

Total operating expenses

 

 

 

1,966,828

 

 

 

83.0

 

 

 

 

 

1,678,386

 

 

 

82.6

 

 

Income from operations

 

 

 

403,616

 

 

 

17.0

 

 

 

 

 

353,677

 

 

 

17.4

 

 

Interest and other income, net

 

 

 

1,361

 

 

 

0.1

 

 

 

 

 

1,358

 

 

 

0.1

 

 

Income before income taxes

 

 

 

404,977

 

 

 

17.1

 

 

 

 

 

355,035

 

 

 

17.5

 

 

Provision for income taxes

 

 

 

(157,161

)

 

 

(6.6

)

 

 

 

 

(138,388

)

 

 

(6.8

)

 

Net income

 

 

$

247,816

 

 

 

10.5

 

%

 

 

$

216,647

 

 

 

10.7

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

8.01

 

 

 

 

 

 

 

$

6.86

 

 

 

 

 

Diluted

 

 

$

7.93

 

 

 

 

 

 

 

$

6.80

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

30,937

 

 

 

 

 

 

 

 

31,583

 

 

 

 

 

Diluted

 

 

 

31,234

 

 

 

 

 

 

 

 

31,881

 

 

 

 

 

Comprehensive income

 

 

$

248,190

 

 

 

 

 

 

 

$

217,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Balance Sheet

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

September 30

 

 

December 31

 

 

 

2013

 

 

2012

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

$

308,076

 

 

 

$

322,553

 

Accounts receivable, net of allowance for doubtful accounts of $1,200 and $1,187 as of

 

 

 

14,575

 

 

 

 

16,800

 

September 30, 2013 and December 31, 2012, respectively

 

 

 

 

 

 

 

 

Inventory

 

 

 

12,509

 

 

 

 

11,096

 

Current deferred tax asset

 

 

 

9,829

 

 

 

 

8,862

 

Prepaid expenses and other current assets

 

 

 

34,696

 

 

 

 

27,378

 

Income tax receivable

 

 

 

-

 

 

 

 

9,612

 

Investments

 

 

 

224,097

 

 

 

 

150,306

 

Total current assets

 

 

 

603,782

 

 

 

 

546,607

 

Leasehold improvements, property and equipment, net

 

 

 

936,023

 

 

 

 

866,703

 

Long term investments

 

 

 

303,700

 

 

 

 

190,868

 

Other assets

 

 

 

45,988

 

 

 

 

42,550

 

Goodwill

 

 

 

21,939

 

 

 

 

21,939

 

Total assets

 

 

$

1,911,432

 

 

 

$

1,668,667

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

$

70,267

 

 

 

$

58,700

 

Accrued payroll and benefits

 

 

 

60,406

 

 

 

 

71,731

 

Accrued liabilities

 

 

 

47,800

 

 

 

 

56,421

 

Income tax payable

 

 

 

1,225

 

 

 

 

-

 

Total current liabilities

 

 

 

179,698

 

 

 

 

186,852

 

Deferred rent

 

 

 

185,980

 

 

 

 

167,057

 

Deferred income tax liability

 

 

 

56,522

 

 

 

 

48,947

 

Other liabilities

 

 

 

23,490

 

 

 

 

19,885

 

Total liabilities

 

 

 

445,690

 

 

 

 

422,741

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of

 

 

 

 

 

 

 

 

September 30, 2013 and December 31, 2012, respectively

 

 

 

-

 

 

 

 

-

 

Common stock $0.01 par value, 230,000 shares authorized, and 35,066 and 34,912

 

 

 

 

 

 

 

 

shares issued as of September 30, 2013 and December 31, 2012, respectively

 

 

 

351

 

 

 

 

349

 

Additional paid-in capital

 

 

 

885,891

 

 

 

 

816,612

 

Treasury stock, at cost, 4,131 and 3,819 common shares at September 30, 2013 and

 

 

 

 

 

 

 

 

December 31, 2012, respectively

 

 

 

(619,173

)

 

 

 

(521,518

)

Accumulated other comprehensive income

 

 

 

1,398

 

 

 

 

1,024

 

Retained earnings

 

 

 

1,197,275

 

 

 

 

949,459

 

Total shareholders' equity

 

 

 

1,465,742

 

 

 

 

1,245,926

 

Total liabilities and shareholders' equity

 

 

$

1,911,432

 

 

 

$

1,668,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Condensed Consolidated Statement of Cash Flows

(unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended 

September 30

 

 

 

2013

 

 

2012

Operating activities

 

 

 

 

 

 

 

 

Net income

 

 

$

247,816

 

 

 

$

216,647

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

71,151

 

 

 

 

61,989

 

Deferred income tax provision (benefit)

 

 

 

6,585

 

 

 

 

(5,792

)

Loss on disposal of assets

 

 

 

5,144

 

 

 

 

4,124

 

Bad debt allowance

 

 

 

24

 

 

 

 

906

 

Stock-based compensation expense

 

 

 

50,622

 

 

 

 

52,252

 

Excess tax benefit on stock-based compensation

 

 

 

(17,694

)

 

 

 

(74,576

)

Other

 

 

 

403

 

 

 

 

367

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

2,200

 

 

 

 

(7,059

)

Inventory

 

 

 

(1,415

)

 

 

 

(1,047

)

Prepaid expenses and other current assets

 

 

 

(7,304

)

 

 

 

(3,243

)

Other assets

 

 

 

(3,428

)

 

 

 

(10,867

)

Accounts payable

 

 

 

3,389

 

 

 

 

8,368

 

Accrued liabilities

 

 

 

(19,966

)

 

 

 

(12,626

)

Income tax payable/receivable

 

 

 

28,531

 

 

 

 

44,137

 

Deferred rent

 

 

 

18,939

 

 

 

 

16,834

 

Other long-term liabilities

 

 

 

3,718

 

 

 

 

3,523

 

Net cash provided by operating activities

 

 

 

388,715

 

 

 

 

293,937

 

 

 

 

 

 

 

 

 

 

Investing activities

 

 

 

 

 

 

 

 

Purchases of leasehold improvements, property and equipment

 

 

 

(136,665

)

 

 

 

(137,505

)

Purchases of investments

 

 

 

(293,929

)

 

 

 

(128,870

)

Maturities of investments

 

 

 

106,750

 

 

 

 

-

 

Net cash used in investing activities

 

 

 

(323,844

)

 

 

 

(266,375

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Acquisition of treasury stock

 

 

 

(97,655

)

 

 

 

(82,561

)

Proceeds from employee stock plan transactions

 

 

 

291

 

 

 

 

249

 

Excess tax benefit on stock-based compensation

 

 

 

17,694

 

 

 

 

74,576

 

Other financing payments

 

 

 

(106

)

 

 

 

(99

)

Net cash used in financing activities

 

 

 

(79,776

)

 

 

 

(7,835

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

428

 

 

 

 

179

 

Net change in cash and cash equivalents

 

 

 

(14,477

)

 

 

 

19,906

 

Cash and cash equivalents at beginning of period

 

 

 

322,553

 

 

 

 

401,243

 

Cash and cash equivalents at end of period

 

 

$

308,076

 

 

 

$

421,149

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Increase in purchases of leasehold improvements, property and equipment accrued

 

 

 

 

 

 

 

 

in accounts payable

 

 

$

8,181

 

 

 

$

10,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chipotle Mexican Grill, Inc.

Supplemental Financial and Other Data

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

 

Sep. 30,

 

 

Jun. 30,

 

 

Mar. 31,

 

 

Dec.31,

 

 

Sep. 30,

 

 

2013

 

 

 

2013

 

 

 

2013

 

 

 

2012

 

 

 

2012

 

Number of restaurants opened

 

 

37

 

 

 

 

44

 

 

 

 

48

 

 

 

 

60

 

 

 

 

36

 

Restaurant relocations

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(2

)

Number of restaurants at end of period

 

 

1,539

 

 

 

 

1,502

 

 

 

 

1,458

 

 

 

 

1,410

 

 

 

 

1,350

 

Average restaurant sales

 

$

2,140

 

 

 

$

2,119

 

 

 

$

2,105

 

 

 

$

2,113

 

 

 

$

2,119

 

Comparable restaurant sales increases

 

 

6.2

%

 

 

 

5.5

%

 

 

 

1.0

%

 

 

 

3.8

%

 

 

 

4.8

%

 

 

Source: Chipotle Mexican Grill, Inc.

Contact:

Chipotle Mexican Grill, Inc.

Investor Relations
Alex Spong
303-222-2552

###

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