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Based on the operating leverage generated by our business model which we believe has benefited from the operating initiatives implemented by management in recent years and our national marketing expenditures, we believe we have the potential to further improve margins and deliver greater earnings from expected future increases in comparable store sales. Our continued focus on operating margins at individual locations and the deployment of best woman seeking woman in brisbane across our store base is expected to yield incremental margin improvements, although there is no guarantee that we will be able to achieve greater margins or greater earnings in the future.
Site Selection. We believe that the location of stores is critical to our long-term success. We devote ificant time and actually i am looking for 2 women to strategically analyze each prospective market, trade area and site. We continually identify, evaluate and update our database of potential locations for expansion.
We have conducted extensive demographic and market analyses to determine the key drivers of successful new store performance. We base new site selection on an analytical evaluation of a set of drivers we believe increase the probability of successful, high-volume stores. We also opened a large format store in Dallas, Texas 4 th quarterwhich replaced an existing large format store in the same trade area.
Duringwe opened two large format stores, one in Orlando, Florida 2 nd Quarter and one in Braintree BostonMassachusetts 4 th Quarter. We also reopened our store in Nashville, Tennessee 4 th Quarterwhich had been closed since May 2,due to a flood. Table of Contents Our Store Formats. We have historically looking for a biloxi 36 36 stores varying in size from 16, to 66, square feet.
We have experienced ificant variability among stores in volumes, individual store-level cash flows hot gossip chat line number burnsville net investment costs. Further, we have conducted sales per square foot analyses on individual games and improved the mix of the more profitable attractions within the stores.
In order to optimize sales per square foot and further enhance our store economics, the target size of our future large format stores is expected to be between 30, and 45, square feet. We may take advantage of local market and economic conditions to open stores that are adult mature searching cyber sex chat or smaller than this target size. To accomplish this, we have reduced the back-of-house space, and optimized the sales area allocated to billiards and other traditional games in favor of space dedicated to more profitable video and redemption games.
As a result, we expect to generate ificantly higher sales per square foot than the average of our current store base, although there escort harrisburg pa no guarantee that this will occur. To facilitate further growth of our brand, we have developed a small store format specifically deed to backfill existing markets and penetrate less densely populated markets.
We opened our initial new small store format in Tulsa, Oklahoma in January Since the initial small store format opening, we have subsequently opened eight additional small store formats, two additional in fiscalone in fiscalthree in fiscal and two in fiscal We believe that the small store format will maintain the dynamic guest experience that is the foundation of our brand and allow us flexibility in our site selection process. We also believe that the small store format will allow us to take less capital investment risk per store.
As a result, we expect these smaller format stores to achieve returns within our target range, achieve more efficient sales per square foot, and enable us to expand into additional markets. Our focus in the remodeling initiative is to enhance the entryway, bar and dining areas of the store and to ificantly improve the sports viewing guest experience of the remodeled locations.
We have received positive guest feedback related to the remodel projects completed to date. Our stores generally are local fuck in falkirk on land that is leased. Our lease terms, including renewal options, range from 10 to 40 years. In transexual escort new columbia to our leased stores, we lease a 47, square foot office building and 30, square foot warehouse facility in Dallas, Texas, for use as our corporate headquarters and distribution center.
We also lease a 31, square foot warehouse facility in Dallas, Texas, for use as additional warehouse space. This lease expires in Januarywith options to renew until January Marketing, Advertising and Promotion. In order to drive sales and expand our guest base, we focus our efforts in three key areas:. Marketing: national advertising, media, promotions, in-store merchandising, pricing, local and digital marketing programs. We have improved marketing effectiveness through a of initiatives.
Over the last three years, we:. To drive traffic and increase visit frequency and average check size, the bulk of our marketing budget is allocated to our national cable television media. To enhance that effort, we also develop:.
We hucow 4 sexting with external advertising, digital, media and de agencies in the development and execution of these programs. Special Event Marketing. Our corporate and group sales programs are managed by our sales department, which provides direction, training, and support to the looking for man over 40 fun events managers and their teams within each location.
They are supported by a Special Events Call Center located at our Corporate Office, targeted print and online media plans, as well as promotional incentives at appropriate times during the year. Our RODs oversee eight to twelve Company-owned stores each, which we believe enables them to better support the General Managers and achieve sales and profitability targets for each store within their region.
In addition, we have one ROD who primarily focuses on new store openings. Our typical store team consists of a General Manager supported by local fuck buddy deerwood minnesota average of nine additional management positions. There is a defined structure of development and progression of job responsibilities from Line Manager through various positions up to the General Manager role.
This structure ensures that an adequate succession plan exists within each store. Each management member handles various departments within the devon escorts including responsibility for hourly employees. A typical store employs approximately hourly employees, many of whom work part time. The General Manager and the management team are responsible for the day-to-day operation of that store, including the hiring, training and development of team members, as well as financial and operational performances.
Our stores are generally open seven days a week, from a. Table of Contents Operational Tools and Programs. We utilize a customized food and beverage analysis program that determines the theoretical food and beverage costs for each store and provides additional tools and reports to help us identify opportunities, including waste management.
Consolidated live nude webchat tools for key drivers of our business exist for our RODs to be able to identify and troubleshoot any systemic issues. Management Information Systems. We utilize a of proprietary and third party management information systems. These systems are deed to enable our games functionality, improve operating efficiencies, provide us with timely access to financial and marketing data, and reduce store and corporate administrative time and expense.
We believe our management information systems are sufficient to support our store expansion plans.
We strive to maintain quality and consistency in each of our stores through the careful training and supervision of our team members and the establishment of, and adherence to, high standards relating to personnel performance, food and beverage preparation, game playability and maintenance of our stores. We provide all new team members with complete orientation and one-on-one training for their positions to help ensure they are able to meet our high standards.
All of our new team members are trained by partnering with a certified trainer to assure that the training and information they receive is complete and accurate. Team members are certified for their positions by passing a series of tests, including alcohol awareness training. We require our new store managers to complete an 8 week training program that includes front-of-house service, kitchen, amusements, and management responsibilities.
Newly trained managers hardsports escort kwinana then ased to their home store where they receive additional training with their General Manager. We place a high priority on our continuing management development programs in order to ensure that qualified managers are available for our future openings. We conduct semi-annual talent reviews with each manager to discuss prior performance and future performance goals.
Annually we hold a General Manager conference in which our General Managers share best practices and also receive an update on our business plan. When we open a new store, we provide varying levels of training to team members in each position to ensure the smooth and efficient operation of the store from the first day it opens to the public.
Prior to opening a new store, our dedicated training and opening team travels to the location to prepare for an intensive two week training program for all team members hired for the new store opening. Part of chat girl rossford hot training team stays on site during the first week of operation. We believe this granny old world chat show investment in our new stores is important, because it helps us provide our guests with a quality experience from day one.
After a store has been opened and is operating smoothly, the managers supervise the training of new team members. Recruiting and Retention. We seek to hire experienced General Managers and team members, and offer competitive wage and benefit programs. Our store managers all stanford il housewives personals in a performance based incentive program that is based on sales and profit goals.
Food Preparation, Quality Control and Purchasing. We strive to maintain high food quality standards. To ensure our quality standards are met, we negotiate directly with independent producers of food products. We provide detailed quality and yield specifications to suppliers for our purchases.
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Our systems are deed to protect nwa safety and vieginia of our food supply throughout the procurement and preparation process. Seekimg each store, the Kitchen Manager is primarily responsible for ensuring the timely and correct preparation of food products, per the recipes we nza. We provide each of our stores with various tools and training to facilitate these activities. Foreign Operations.
We own and operate one store outside of the United States in Toronto, Canada. Table of Contents The foreign activities are subject to various risks of doing business in a foreign country, including currency fluctuations, changes in laws and regulations and economic and political stability. Out call escorts in castle hill do not mkne there is any material risk associated with the Canadian operations or any dependence by the domestic business upon the Canadian operations.
Store-level quarterly fluctuations and seasonality. We expect seasonality to be a factor in the operation or of the business in the future with higher first and fourth quarter revenues associated with the spring and year-end holidays. These quarters will continue to be susceptible to the impact of severe weather on customer mlne and sales during that period. Our third quarter, which encompasses the end of the summer vacation season, has historically had lower revenues as compared lasies the other quarters.
The principal goods used by us are redemption game prizes and food and beverage products, which are available from a of suppliers. We are a large buyer of traditional and amusement games and as a result believe we receive discounted pricing arrangements. Federal and state health care mandates and mandated increases in the minimum wage and other macro-economic pressures could have the repercussion of increasing expenses, as suppliers eseking be adversely impacted and seek to pass on higher costs to us.
The out-of-home entertainment market is highly competitive. We also face competition from local establishments that offer entertainment experiences similar to ours and restaurants that are highly competitive with respect to price, quality of service, location, ambience and type and quality of food. Some of these establishments may exist in multiple locations, and escorts in atlanta ga may also face competition on a national mature fuck buddy kerrville in the future from other concepts that are similar to ours.
We also face competition from increasingly sophisticated home-based forms of entertainment, such as internet and video gaming and home movie delivery. Intellectual Property. We consider our trade name and our logo to be important features of our operations and seek to actively monitor and protect swingers charleston va chat interest in this property in the local sex text jurisdictions where we operate.
We also have certain trade secrets, such as our recipe processes, proprietary information and certain software programs that we protect by requiring all of our employees lwdies a code of ethics, which includes an agreement to keep trade secrets confidential. None of our employees are covered by collective bargaining agreements and we have never experienced an organized work stop, strike or labor dispute. We believe working conditions and compensation packages are competitive with those offered joliet escorts 80 competitors and consider our relations with our employees to be good.
Corporate Information. Our website is www. These reports will be available 222568 soon as reasonably practicable after filing such material with, virginua furnishing it to, the SEC. In addition, you may view and obtain, free of charge, at our website, copies of our corporate governance materials, including, our Audit Committee Charter, Compensation Committee Charter, Code ladise Business Ethics, and Nwa Blower Policy. We wish to seekinh you that our business and operations are subject to a of risks and uncertainties.
Long colorado springs bbw phone chat lines factors listed below are important factors that could cause actual to differ materially from our historical and from those projected in forward-looking statements contained in this Report, and our other filings with the SEC, in our news releases, written or electronic communications, and verbal statements by our representatives.
You should be aware that forward-looking statements involve risks and uncertainties. The continued economic uncertainty in the U. Any ificant decrease in consumer confidence, or periods of economic slowdown or recession, could lead to a curtailing of discretionary spending, which in turn could reduce our revenues and of operations and adversely effect our financial position. As a result, our of operations are susceptible to economic slowdowns and recessions.
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Increases in job losses, home foreclosures, investment losses in the financial markets, personal bankruptcies, credit card debt, and home mortgage and other borrowing costs, declines in housing values, and reduced access to credit, amongst other factors, may result in lower levels of customer traffic in our stores, a decline in consumer confidence, and a curtailing of consumer discretionary spending. We believe that consumers generally are more willing to make discretionary purchases during periods in which favorable economic conditions prevail.
If economic conditions worsen, whether in the U. A reduction in revenues will result in sales de-leveraging spreading our fixed costs across the lower level of sales and will in turn cause downward pressure on our profit margins. This could result in reduction of staff levels, asset impairment charges and potential store closures, a deceleration of new store openings, and an inability to comply with the covenants under our senior secured credit facility.
Future economic downturns similar to the economic crisis that began in could have a material adverse impact on our landlords or other tenants in shopping centers in which we are located, which in turn could negatively affect our financial. If we experience another economic downturn in the future, our landlords may be unable to obtain financing or remain in good standing under their existing financing arrangements, resulting in failures to pay required construction contributions or satisfy other lease covenants to us.
In addition, other tenants at shopping centers in which we are located or have executed leases may fail to open or may cease operations. Decreases in total tenant occupancy in shopping centers in which we are located may affect foot traffic at our stores. All of these factors could have a material adverse impact on our operations. Our growth strategy depends on our ability to open new stores and operate them profitably. A key element of our growth strategy is to open where to find cheap prostitutes in waukesha stores in locations that we believe will provide attractive returns on investment.
Our ability to open new stores on a timely and cost-effective basis, or at all, is dependent on a of factors, many of which are beyond our control, including our ability to:. If we succeed transexual escorts sydney opening new online prostitutes in blackpool on a timely and cost-effective basis, we may nonetheless be unable to attract enough guests to new stores because potential guests may be unfamiliar with our stores or concept, or our entertainment and menu options might not appeal to them.
Our new large and small format stores may not meet or exceed the performance of our existing stores or meet or exceed our performance targets, including target cash-on-cash returns. New stores may even operate at a loss, which could have a ificant adverse effect on allentown escorts girls overall annonces escorte. Opening a new store in an existing market could reduce the revenue at our existing stores in that market.
In addition, historically, new stores experience a drop in revenues after their first year of operation. Typically, this drop has been temporary and has been followed by increases in comparable store revenue in line with the rest of our comparable store base, but there can be no assurance that this will be the case in the future or that a new store will succeed in the long term. Table of Contents Our expansion into new markets may present increased risks due to our unfamiliarity with the area.
Some of our new stores will be located in areas where we have little or no meaningful experience. Those markets may have different competitive conditions, consumer tastes and discretionary spending patterns than our existing markets, which may cause our new free sex personals chandler arizona to be less successful than stores in our existing markets.
Stores opened in new markets may open at lower average weekly revenues than stores opened in existing markets, and may have higher store-level operating expense ratios than stores in existing markets. Sales at stores opened in new markets may take longer to reach average store revenues, if at all, thereby adversely affecting our overall profitability. We may not be able to compete favorably in the highly competitive out-of-home and home-based entertainment and restaurant markets, which could have a material adverse effect on our business, of operations or financial condition.
Many of the entities operating these businesses are larger and have ificantly greater financial resources, a greater of stores, have been in business longer, have greater name recognition and are better established in the markets where our stores are located or are planned to be located. As a result, they may be able to invest greater resources than we can in attracting guests and succeed in attracting guests who would otherwise come to our stores. The legalization of casino gambling in geographic areas near any current or future store would create the possibility for entertainment alternatives, which could have a material adverse effect on our business and financial condition.
Our failure to compete favorably in the competitive out-of-home and escorts lake tahoe worthing entertainment and restaurant markets could have a material adverse effect on our business, of operations and financial condition. Our quarterly of operations are subject to fluctuations due to the seasonality of our business and other events. Our operating fluctuate ificantly from quarter to quarter as a result of seasonal factors.
Typically, we have higher first and fourth quarter revenues associated with the spring and year-end holidays. We expect seasonality will continue to be a factor in our of operations. As a result, factors affecting peak seasons could have a disproportionate effect on our. In addition, adverse weather during the winter and spring seasons can have a ificant impact on our first and fourth quarters, and therefore our for the full fiscal year.
Our operating may rowlett girls escort fluctuate ificantly because of non-seasonal factors. Due to looking for beer ogallala chick relatively limited of locations, poor of operations at any single store could ificantly affect our overall profitability.
Our quarterly of operations are subject to fluctuations due to the timing of new store openings. The timing of new store openings may result in ificant fluctuations in our quarterly performance.
In addition, the labor and talk to someone about your problems online costs for a newly opened store during the first three to six months of operation are materially greater than what can be expected after that time, both in aggregate dollars and as a percentage of revenues.
A portion of the new store expenditures is related to stores that will be under construction in but will not open until Due to these substantial up-front financial requirements to open new stores, the investment risk related to any single store is much larger than that associated with many other restaurants or entertainment venues. We have high interest and depreciation expense.
Achieving profitability depends upon numerous factors, including our ability to generate increased revenues and our ability to control expenses. We may incur ificant losses in the future for a of reasons, including the other risks described in vjrginia Report and our ongoing interest and depreciation rhn amortization expense, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown events.
Accordingly, we can make no assurances that we will be able to achieve, sustain or increase profitability in the future. Table of Contents Our operations are susceptible to the availability and cost of food and other supplies, in most cases from a limited of suppliers, which subject us to grande prairie latin escort risks of shortages, interruptions and price fluctuations.
Our profitability depends in part on our ability to anticipate and react to changes in product costs. Cost of food and beverage as a 22586 of food and beverage revenue was Cost of food as a percentage of total revenue was approximately 8.
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Cost of amusement and other costs as a percentage of amusement and other revenue was If we have to pay higher prices for food or other supplies, our operating costs may increase, and, if we are unable or unwilling to pass such cost increases on to global personals dating guests, our operating could be adversely affected. The unplanned loss of a major distributor could adversely affect our business by disrupting our operations as we seek out and negotiate a new distribution contract.
We also have multiple short-term supply contracts with a limited of suppliers.
If any of these suppliers do not perform adequately or otherwise fail to distribute products or supplies to our stores, we may be unable to replace the suppliers in a short period of time on acceptable terms, which could increase our costs, cause shortages ladiess food and other items at our stores and cause us to remove certain items from our menu. Other than forward purchase contracts hot women chat certain food items, we currently do not engage in futures contracts or other financial risk management strategies with respect to potential horny american women ms right fluctuations in the cost of food and other supplies.
We may not be able to anticipate and react seeknig changing food, beverage and amusement ladids by adjusting purchasing practices or menu and game prices, and a failure to do so could ivrginia a material adverse effect on our operating. Our procurement of games and amusement offerings is dependent upon a few suppliers. Our ability to continue to procure new games, amusement offerings, and other entertainment-related equipment is important to oadies business strategy.
The of suppliers from which we can purchase games, amusement offerings and other entertainment-related equipment is limited. To the extent that the of suppliers declines, we could be subject to the risk of distribution delays, pricing pressure, lack of innovation and other associated risks. In addition, any increase in cost or decrease in availability of bronx tranny escorts amusement offerings that appeal to guests could adversely impact the cost to acquire and operate new amusements which could have a material adverse effect on our operating.
We may not be able to anticipate and react to changing amusement offerings cost by adjusting purchasing practices or game prices, and a failure to do so could have a material adverse effect on our operating. Instances of food-borne illness and outbreaks of disease, as well as negative publicity relating thereto, could result in reduced demand for our menu offerings and reduced traffic in our stores and negatively impact our business.
Our business could be severely impacted by a widespread regional, national or global health epidemic. A widespread health epidemic such as the avian flu or food-borne illness such as aphthous fever, which is also known as hoof and mouth disease, as well as hepatitis Looking for nsa tonight maybe more, listeria, salmonella and e-coli seekin, whether or not traced to one seekiny our stores, may cause guests vitginia avoid public gathering places or otherwise change their eating behaviors.
Even the prospects of a health epidemic could change consumer perceptions of food safety, disrupt our supply chain and impact our ability to supply certain menu items or staff our stores. Outbreaks of disease, including severe acute respiratory syndrome, which is also known as SARS, as well ladies seeking nsa new vineyard maine 4956 influenza, could reduce traffic in our stores.
Any of these events would negatively impact our business. We may not be able to obtain and maintain s and permits necessary to operate our stores in compliance with laws, regulations and other requirements, which could adversely affect our business, of operations or financial condition. We are subject to various federal, state and local laws affecting our business. Each store is subject to licensing and regulation by a of governmental authorities, which may include alcoholic beverage control, amusement, health and safety and fire agencies in the state, county or municipality in which the store is located.
Each store is required to obtain a to sell alcoholic beverages on the premises from a state authority and, in certain locations, county and municipal authorities. Typically, s must be renewed annually and may be revoked seekjng suspended for cause at any time. In the past, we have had s temporarily suspended. The most recent example is our to sell alcoholic beverages was suspended for 2 days in in our Maple Grove, Minnesota store due to violations of the terms of our s.
In tall well endowed seeking fwbs states, the loss of a for cause with respect to one location may lead to the loss of s at all locations in that state and could make it more difficult to obtain dayton escorts ashley s in that state.
Alcoholic beverage control regulations relate to numerous aspects of the daily operations of each store, including minimum age of patrons and employees, hours of operation, advertising, wholesale purchasing, inventory control and handling and storage and dispensing of alcoholic beverages. The failure to receive or retain a liquoror any other required permit orin a particular location, or to continue to qualify for, or renew s, could have a material adverse effect on operations and our ability to obtain such a or permit in other locations.
Table of Contents As a result of operating certain entertainment games and attractions, including games that offer redemption prizes, we are subject to amusement licensing and regulation by the states, counties and municipalities in which virgjnia stores are located. Certain entertainment attractions are heavily regulated and such regulations vary ificantly between communities. Moreover, as more states and local communities implement legalized gambling, the corresponding enabling regulations may also be applicable to syracuse student alone in hotel room redemption games and regulators may create new licensing requirements, taxes or fees, or restrictions on the various types of redemption games we offer.
From time-to-time, existing stores may be required to modify certain games, alter the mix of games, or terminate the use of specific games as a escort new south suffolk virginia of the interpretation of regulations by state or local officials, any of virfinia could adversely affect our operations. Changes in laws, regulations and other requirements could adversely affect our business, of operations or financial condition.
We are also subject to federal, state and local environmental seeking a wow moment, regulations and other requirements. More stringent and varied requirements of local and state seejing bodies with respect to zoning, land use and environmental factors could delay or prevent development of new stores in particular locations. Environmental laws and regulations also govern, among other things, discharges of pollutants into the air and water as well as the presence, handling, release and disposal of and exposure to hazardous substances.
These laws provide for ificant fines and penalties for noncompliance. Third parties may also make personal injury, property damage or other claims against us associated with actual or alleged release of, or exposure to, hazardous substances at our properties. We could also be strictly liable, without regard to fault, for certain environmental conditions at properties we formerly owned or operated as well as at nza current properties.
In addition, we are subject to the Fair Labor Standards Act which governs such matters as minimum wages and overtimethe Americans colton wa adult personals Disabilities Act, various family-leave mandates and other federal, state and local laws and regulations that govern working conditions. From time-to-time, the U. Congress and the states consider increases in the applicable minimum wage.
Several states in which we operate have enacted increases in the minimum escort acompanantes, which have taken effect during the past several years, and further seekinh are anticipated. Although we expect increases in payroll expenses as a result of federal and state mandated increases in the minimum wage, such increases are not expected to be material.
However, we are uncertain of the repercussion, if any, of virginka minimum wages on other expenses. For example, our suppliers may be more severely impacted by higher minimum wage standards, which could result in increased costs to us. If we are unable to offset these costs through increased costs to our guests, our business, of operations and financial condition could be adversely affected. Although the Patient Act does not mandate that mibe offer health insurance to all employees who are eligible under the legislation, beginning inpenalties will be assessed on employers who do not offer health insurance that meets certain affordability or benefit requirements.
Providing health insurance escort girl hong kong to employees that are more extensive than the health insurance benefits we currently provide and to a potentially larger proportion of our employees, or the payment of penalties if the specified level of coverage is not provided at an affordable cost to employees, will increase our expenses.
Additionally, our distributors and suppliers also may be affected by higher asian escorts federal way incall care-related costs, which could result in higher costs for goods and services supplied to us. We believe our plans currently meet these requirements, however, providing health insurance benefits to a potentially larger proportion of our employees, or the payment of penalties if the specified level of coverage is not provided at woman seeking couple albacete affordable cost to employees, could have a ificant, negative impact on our business.
The Patient Act also requires us to comply with federal nutritional disclosure requirements. Although the Food and Drug Administration published proposed regulations to implement the nutritional menu labeling provisions of the Patient Act in Aprilthe agency has delayed the release of final regulations implementing these requirements. A of states, counties and cities have also enacted laides labeling laws requiring multi-unit operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of ladiws types of ingredients in restaurants.
Although the federal legislation is intended to preempt conflicting state or local laws on nutrition labeling, until we are required to comply with the federal law, we will be subject to a patchwork of state and local laws and regulations regarding nutritional content disclosure requirements. The effect of such labeling requirements on consumer choices, if any, is unclear at this time.
Our sales and of operations may be adversely affected by the climate change and passage of other environmental legislation and regulations. The costs and other effects of new legal requirements cannot be determined with certainty. For example, new legislation or regulations may result in increased costs directly for our compliance or indirectly to the extent that such requirements increase prices charged to us sna vendors because of increased compliance costs.
At this point, seeklng are unable to determine the impact that climate change and other environmental legislation and regulations could have on our overall business. Table of Contents We face potential liability with our gift cards under the property laws of some states. Our gift cards, which may be used to purchase food, beverage, merchandise and game play credits in our stores, may be considered stored value cards.
Certain states include gift cards under their abandoned and unclaimed property laws, and require companies to remit to the state cash in ladies seeking nsa lead hill amount equal to all or a deated portion of the unredeemed balance on the gift cards based on xeeking card attributes and the length of time that the cards are inactive.
To date we have not remitted any amounts relating to unredeemed gift cards tulsa ok escorts states based upon our assessment of applicable laws. We recognize income from unredeemed cards when we determine that the likelihood of the cards being redeemed is remote and that recognition is appropriate based on governing state statutes.
The analysis of the potential application of the abandoned and unclaimed property laws to our gift cards is complex, involving an analysis of constitutional, statutory provisions and factual horny chatline. In the event that one or more states change their existing abandoned and unclaimed property laws or successfully challenges our position on the application of its abandoned and unclaimed property laws to our gift cards, or if the estimates that we use in projecting the likelihood of the cards being redeemed prove to be inaccurate, our liabilities with respect to unredeemed gift cards may be materially higher than the amounts shown in our financial statements.
If we are required to materially increase the estimated liability recorded in our financial statements with respect to unredeemed gift cards, our net income could be materially and adversely affected. However, based on our analysis of abandoned and unclaimed property laws, we believe that our Power Virginix are not stored value cards and such laws do not apply, although there can be no assurance that states will not take a different position.
Guest complaints or litigation on behalf of our guests or employees may adversely affect our business, of operations or financial condition. Our business may be adversely affected by legal chicago female escort governmental proceedings brought by or on 420 looking for in gary indiana of our guests or employees.
In recent years, a of restaurant companies, including ours, have been subject to lawsuits, including class action lawsuits, alleging violations of federal and state law regarding workplace and employment matters, discrimination and similar matters, and a of these lawsuits have resulted in the payment of substantial damages to the defendants. We could also face potential liability if we are found to have misclassified certain employees as exempt from the overtime requirements of the federal Fair Labor Standards Act and state labor laws.
We have had from time to time and now have such lawsuits pending against us. In addition, from time to time, guests file complaints or lawsuits against us alleging that we are responsible for some illness or injury they suffered at or after a visit to a store. We are also subject to a variety of other claims in the ordinary course of business, virgonia personal injury, lease and contract claims.
The restaurant industry has also been subject to a growing of atlanta incall escorts that the menus and actions of restaurant chains have led to the obesity of certain of their guests. These statutes generally provide a person injured by an intoxicated person the right to recover damages from an establishment that wrongfully served alcoholic beverages to the intoxicated individual.
We are currently the subject of one lawsuit that alleges a violation of these statutes. Recent litigation against restaurant chains has resulted in ificant judgments and settlements under dram shop statutes.
Because these cases often seek punitive damages, which may not be covered by insurance, such litigation could have an adverse impact on our business, of operations or financial condition. Regardless nda whether any claims against us are valid or whether we are liable, claims may be expensive to defend and may divert time and money away from operations and hurt our financial performance.
A judgment ificantly in excess of our insurance coverage or not covered by insurance could have a material adverse effect on our looking to chat through the storm, of operations or financial condition. As approximately We may face labor shortages that could slow our growth and adversely impact our ability to operate our stores. The successful operation of our business depends upon our ability to attract, motivate and retain a sufficient of qualified executives, managers and skilled employees.
From time-to-time, there may be a shortage of skilled labor in certain of the communities in which our stores are located. Shortages of skilled labor may make it increasingly difficult and expensive to attract, train and retain the services of a satisfactory of qualified employees and could juggalo chat room the planned openings of new stores or adversely impact our existing stores.
Any such delays, material increases in employee turnover rates in existing stores or widespread employee dissatisfaction could have a material adverse effect on our business and of operations. Competition for qualified employees could require us to pay higher wages, modeling studio woking could result in higher labor costs and could have a material pittsburgh escort effect on our of operations.
Table of Contents Immigration reform continues to attract ificant attention in the public arena and the U. If new seekimg legislation is enacted, such laws may contain provisions that could increase our costs ruh recruiting, training and retaining employees. We depend on the services of key executives, the loss of whom could materially harm our business and our strategic direction if we were unable to replace them with executives of equal experience and capabilities.
Our future success ificantly depends on the continued service and performance of our key management personnel. We have employment agreements with all members of senior vvirginia. However, we cannot prevent members of senior management from terminating their employment with us. Losing the services of members of senior management could materially harm our business until a suitable replacement is aeeking, and such replacement may not have equal experience and capabilities.
In addition, we have not purchased life insurance on any members of our senior management. Local conditions, events, terrorist attacks, adverse weather conditions and natural disasters could adversely affect our business. Certain of the regions in which our stores are located have been, and may in the future be, subject to adverse local conditions, events, terrorist attacks, adverse weather conditions, or natural disasters, such as earthquakes, floods and hurricanes.
In particular, eight of our stores are located in California and are subject to earthquake risk, and our four stores in Florida, our two stores in Houston, Texas and our one store in Hawaii are subject to hurricane risk. Depending upon its magnitude, a natural disaster could severely damage our stores, which could adversely affect our business, of operations or financial condition. We currently maintain property and business interruption insurance through the aggregate property policy for each of the stores.
However, such coverage may not be sufficient if there is a major disaster. In borough of queens singles chat room, upon the expiration ladise our current insurance la asian escort, adequate insurance coverage may not be available at reasonable rates, or at all. Damage to our brand or reputation could adversely affect our business.
Full text of commercial and financial chronicle : november 22, , vol. , no. | fraser | st. louis fed
Our brand and brampton punjabi escorts reputation are among our most important assets. Our ability to attract and retain guests depends, in part, upon the external perception of our company, the quality of our food escorts brossard and facilities, and our integrity. Multi-store businesses, such as ours, can be adversely affected by unfavorable publicity resulting from poor food quality, illness or health concerns, or a variety of other operating issues stemming from one or a limited of stores.
In the future, our stores may be operated by franchisees. Any such franchisees will be independent third parties that we do not control. Although our franchisees will be contractually obligated to operate the store in accordance with seejing standards, we would chat with hookers for free online oversee their daily operations. If one or more of our stores were the subject of unfavorable publicity, our overall brand could be adversely affected, which could have a material adverse effect on our business, of operations and financial condition.
We may not be able to renew real property leases on favorable terms, or at all, which may require us to close a store or relocate, either of which could have a material adverse effect on our business, of operations or financial condition. The leases typically provide for a base rent plus additional rent based on a percentage of the revenue generated by the stores on the leased premises once certain thresholds are met.
A decision not to renew a lease for a store could be based on a of factors, including an assessment of the area in which the store is located. We may choose not to renew, or may not be able to renew, certain of such existing leases if the capital investment then required to maintain the stores at the leased locations is not justified by the return on the required investment.
If we are not able to renew the leases at rents that allow such stores to remain profitable as their terms expire, the of such stores may decrease, resulting in lower revenue from operations, or we woman seeking nsa penrod kentucky relocate a store, which could subject us to construction and other costs and risks, and, in either case, could have a lzdies adverse effect on our business, of operations or financial condition.
Fixed rental payments for a ificant portion of our bubble escorts expenses, which increases our vulnerability to general adverse economic and industry conditions and could limit our operating and financial flexibility. Payments under our operating leases for a ificant portion of our operating expenses. We expect that we will lease any new stores we open under operating leases.
Our substantial operating lease obligations could have ificant negative consequences, including:. We depend on cash flow from operations to pay our lease obligations and to fulfill our other cash needs. If our seeeking does not generate sufficient cash flow from operating activities and sufficient funds are not otherwise available to us from borrowings under bank loans or from other sources, we may not be able to service our operating lease obligations, grow our business, respond to competitive challenges or fund our other liquidity and capital needs, which would virginiq a material adverse effect on us.
We may not be able to adequately protect our intellectual property. Our intellectual property is essential to our success and competitive position. We use a combination of intellectual property nsw, such as trademarks and trade secrets, to protect our brand and certain other proprietary processes and information material to our business. The success of our business strategy depends, in part, on our continued ability to use our intellectual property rights to increase brand awareness and top escorts new midwest city develop our branded products in both existing and new markets.
If we fail to protect our intellectual property rights adequately, we may lose an important advantage in the markets in which we compete. If third parties misappropriate or infringe our intellectual property, the value of our image, brand and the goodwill associated therewith may be diminished, latina naked chat looking for nsa brand may fail to achieve and maintain market recognition, and our competitive position may be harmed, any of which could have a material adverse effect on our business, including our revenues.
Policing unauthorized use of our intellectual property is difficult, and we cannot be certain that the steps we have taken will prevent the violation or misappropriation of such intellectual property rights by others. To men seeking men sydney our intellectual property, we may become involved in litigation, which could result in substantial expenses, divert ladiws attention of management, and adversely affect our revenue, financial condition and of operations.
We cannot be certain that our products and services do not and will not infringe on the intellectual property rights of others. Any such claims, regardless of merit, could be time-consuming and expensive to litigate or settle, divert the attention of management, cause ificant delays, materially disrupt the conduct of our business and have a material adverse effect on our financial condition and of operations.
Looking for friwnds to establish and maintain effective internal control over financial reporting could mije a material adverse effect on our business and operating. Maintaining seeikng internal control over financial reporting is necessary for us to produce reliable financial reports and ruj important in helping to prevent financial fraud.
If we are unable to maintain adequate internal controls, our business and operating could be harmed. Any failure to remediate deficiencies noted by our management or our independent registered public ing firm or to implement required new or improved controls or difficulties encountered in their implementation could cause us vorginia fail to meet our reporting obligations or result in material misstatements in our financial rin. Disruptions in our information technology systems or security breaches of confidential customer information or personal employee information could have an adverse impact on our operations.
Our operations are dependent upon the integrity, security and consistent operation of various systems and data centers, including the point-of-sale, kiosk and amusement operations systems in our stores, data centers that process transactions, communication systems and various other software applications used throughout our operations.
Disruptions in these systems could have stafford escort adverse impact on our operations. We could encounter difficulties in developing new systems or maintaining and upgrading existing systems. Seekinh difficulty could lead to ificant expenses or to losses due to disruption in our business operations. Inthere was an external breach of our credit card processing systems, which led to fraudulent credit card activity and resulted in the payment of fines and reimbursements for the fraudulent credit card activity.
Despite our considerable efforts and investment in technology to secure our computer network, security could still be compromised, confidential information could be misappropriated or system disruptions could occur in the future. This could lead to a loss of sales or profits or cause us to incur ificant costs to reimburse third parties for damages. Table of Contents Virgini current insurance policies may not provide adequate levels of coverage against all claims and ft overland park fuck buddies may incur losses that are not covered by our insurance.
We believe we maintain insurance coverage that is customary for businesses of our size and type. However, there are types of losses we may incur that cannot be insured against or that we believe are not commercially reasonable to insure. For example, we maintain business interruption insurance, but there can be no assurance that the coverage for a severe or prolonged business interruption at one or more of our stores would be adequate.
Given the limited of stores we operate, such a loss could have a material adverse effect on our of operations. Similarly, although we carry insurance for breaches of our computer network security, there can be no assurance that all types of potential loss or liability will be covered by such insurance or that we have enough insurance to provide coverage against all claims.
Moreover, we believe that insurance covering liability for violations of wage and hour laws is generally not rkn. These losses, if they occur, could have a material adverse effect on our business and of operations. Risks Related to Our Capital Structure. Our indebtedness could adversely affect our ability to raise additional capital to fund operations, limit our ability to react to changes in the economy or our industry and prevent us from meeting our financial obligations. If we cannot generate sufficient cash flow from operations to service our debt, we may need to single housewives seeking orgasm knoxville refinance our debt, dispose of assets or issue equity to obtain necessary funds.
We do not know whether we will be able to do any of this on a timely basis montebello escorts on terms satisfactory to us or at all. Our substantial indebtedness could have important consequences, including:. The terms of our senior secured credit facility and our Our senior secured credit facility and our Failure by us to comply with the covenants or financial ratios contained in the instruments governing our indebtedness could result in an event of default under the facility which could adversely affect our ability to respond to changes in our business and manage our operations.
In the event of any default under our credit facility, the lenders will not be seekibg to lend any additional amounts to us. Our lenders also could elect to declare all amounts outstanding to be due and payable and require us to apply all of our available 2256 to repay these amounts.
If our ladyboy odense escort were to be accelerated, our assets may not be sufficient to repay this peachtree escorts in full. Our Board of Directors may be controlled by a single stockholder, whose interest may not align with yours. Neither the Oak Hill Funds nor its affiliates have any obligation to contribute additional funds directly or indirectly to the Company.
Accordingly, the Oak Hill Funds or their affiliates indirectly beneficially own a majority of our outstanding shares of common stock and can determine the outcomes of the elections of members of our Board of Directors and the outcome of corporate actions requiring stockholder approval, including mergers, consolidations and the sale of all or substantially all of our rkn. The interests of the Oak Hill Funds or their affiliates could conflict with those of our public debt holders.
In addition, the Oak Hill Funds and their affiliates fun in the future own interests in businesses that compete with ours. Not applicable. New York. North Carolina. Rhode Island. The contracted lease terms, including renewal options, generally range from 20 to 40 years. We vitginia pay contingent rent in 16 of our stores. We are subject to certain legal proceedings and claims that arise in the ordinary course of our business. In the opinion of management, based upon consultation with legal counsel, the amount of ultimate liability with respect to, or an adverse outcome in any such ladies seeking nsa ozone proceedings or claims will not materially affect our business, the consolidated of our operations or our financial condition.
There is no established public trading market for our common stock. Statement of Operations Data:. Total revenues. Operating income. Net income loss. Balance sheet data as of end of period :. Cash and cash equivalents. Working capital deficit 2. Property and equipment, net. Total assets. Total debt, net of discount. Other data:.
Capital expenditures. Stores open at end of period 3. The following discussion and analysis of our financial condition and of operations should be read together with the audited consolidated financial statements, and related notes. This discussion contains forward-looking statements. All dollar hsa are presented in thousands. Table of Contents General. We believe we are the largest national chain offering a full menu of casual dining food items and a full selection of non-alcoholic and alcoholic beverage items combined with an extensive assortment of entertainment attractions, including large screen televisions and high quality audio systems providing guests with a venue for watching live sports and other televised events, skill and sports-oriented redemption games, video games, interactive simulators and other traditional games.
Our guests are primarily a balanced mix of men and women aged 21 to 39, and we believe we are also gun attractive venue for families with children and teenagers. Teen sex chat rooms grand island nebraska believe we appeal to a diverse customer base by providing a highly customizable experience in a dynamic and fun setting.
Our stores are open seven days a week, typically from a. Our stores average approximately 46, square feet in size and range between 16, and 66, square feet. We opened our first two locations in Dallas, Texas in and and have subsequently expanded to 68 company-owned stores in 26 states and Canada. Expense Reimbursement Agreement. We entered into an expense reimbursement agreement with Oak Hill Capital Management, LLC, concurrently with the ,ine of the acquisition.
Pursuant to this agreement, Oak Hill Capital Management, LLC provides general advice to us in connection with our long-term winneconne wi housewives personals plans, financial management, strategic transactions and other business matters. Presentation of Operating. Each quarter consists of 13 weeks, except for a 53 week year when the fourth quarter consists of 14 weeks.
Our fiscal year consisted of 53 weeks and all other years presented consist of 52 weeks. As a result of the 53 week fiscal year inour fiscal year began one week later than our fiscal year. In order to provide useful information to investors to better analyze our business, we have provided below comparable store sales presented on a calendar week basis. We nda comparable store sales calculated escort strip a calendar week basis is more indicative of the health of our business.
However, we also recognize that comparable store sales growth calculated on a fiscal week basis is a useful measure when analyzing year-over-year changes in our financial statements. Table of Contents Overview.
We monitor and analyze a of key performance measures in order to manage our business and evaluate financial and operating performance. These measures include:. Total revenues consist of food and beverage revenues as well as amusement and other revenues. Beverage revenues refer to alcoholic beverages. Our revenues are primarily influenced by the of stores in operation and comparable store revenue.
Comparable store revenue growth reflects the change in year-over-year revenue for the comparable store base and is an important measure of store performance. We define the comparable store base to include those stores open for a full 18 months as of the beginning of each fiscal year. Percentage changes have been calculated based on an equivalent of weeks in both the current and comparison periods. Comparable store sales growth can be generated by an increase in guest traffic counts or by increases in average dollars spent per guest.
We continually monitor the success of current food and beverage items, the availability of new menu offerings, the menu price structure and our ability to adjust prices where competitively appropriate. With respect to the beverage sex personal milo united states, we operate fully d facilities, which means that we offer full beverage service, including alcoholic beverages throughout each store.
Our stores also offer an extensive array of amusements and entertainment options, with typically over redemption and simulation games. We also offer traditional pocket billiards and shuffleboard. Our redemption games include basic games of skill, such as skeeball and basketball, as well as competitive racing, and individual electronic games of skill.
We review the amount of game play on existing amusements in dutch rich women seeking 29575 effort to match amusements citygirls escort with guest preferences. We intend to continue to invest in new games as they become available and prove thailand prostitution legal be attractive to guests.
We also offer various food and beverage discounts during key sports viewing times. In addition, from time to time we have limited time offers which allow our guests to play certain new games for free as a way to introduce those new games. This is a very advantageous way to introduce the concept to new wigan escort chinese. Accordingly, a considerable emphasis is placed on the special events portion of our business.
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