BOJA Bojangles, Inc.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fiscal Year 2016 Guidance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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

 

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

 

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

 

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

For Investor Relations Inquiries:
Raphael Gross of ICR
203.682.8253

For Media Inquiries:
Brian Little of Bojangles’ Restaurants, Inc.
704.519.2118