What were the total revenues for Checkers for the year ended December 30, 2024?
Checkers Franchise · 2025 FDDAnswer from 2025 FDD Document
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
| Successor | Predecessor | |||||||
|---|---|---|---|---|---|---|---|---|
| Year Ended December 30, 2024 | Period from June 17, 2023 through January 1, 2024 | Period from January 3, 2023 through June 16, 2023 | ||||||
| Revenues | ||||||||
| Restaurant sales | $ | 255,474 | $ | 141,217 | $ | 130,191 | ||
| Franchise and retail royalty revenue | 35,389 | 18,608 | 15,385 | |||||
| Franchise fees and other income | 9,518 | 5,317 | 4,061 | |||||
| Total revenues | 300,381 | 165,142 | 149,637 | |||||
| Costs and expenses | ||||||||
| Restaurant food and paper costs | 81,660 | 45,102 | 41,194 | |||||
| Restaurant labor costs | 79,230 | 44,446 | 38,348 | |||||
| Restaurant occupancy costs | 22,378 | 11,778 | 11,145 | |||||
| Restaurant depreciation | 5,871 | 2,524 | 7,529 | |||||
| Other restaurant operating expenses | 34,053 | 20,357 | 17,423 | |||||
| General and administrative expenses | 39,215 | 19,435 | 36,471 | |||||
| Franchise support and service expenses | 5,226 | 3,634 | 1,696 | |||||
| Advertising expense | 14,397 | 8,077 | 6,810 | |||||
| Other depreciation and amortization | 3,441 | 2,093 | 900 | |||||
| Restaurant retirement costs | 139 | 300 | 596 | |||||
| Impairment of long-lived assets | 2,384 | 623 | 66,633 | |||||
| Net loss on disposal of fixed assets | 64 | 670 | 839 | |||||
| Total costs and expenses | 288,058 | 159,039 | 229,584 | |||||
| Operating income (loss) | 12,323 | 6,103 | (79,947) | |||||
| Other income (expense) | ||||||||
| Interest expense | (15,789) | (8,134) | (18,326) | |||||
| Other income (expense) | 3 | 1 | (375) | |||||
| Total other (expense) income | (15,786) | (8,133) | (18,701) | |||||
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 91)
What This Means (2025 FDD)
According to Checkers' 2025 Franchise Disclosure Document, the total revenues for the year ended December 30, 2024, were $300,381. This figure is broken down into several components, including restaurant sales, franchise and retail royalty revenue, and franchise fees and other income. Restaurant sales accounted for the largest portion of the total revenues, amounting to $255,474. Franchise and retail royalty revenue contributed $35,389, while franchise fees and other income added $9,518. These revenues are associated with the 'Successor' period following a recapitalization agreement.
It's important to note that the financial statements also present figures for a predecessor period and an interim period due to the recapitalization. The predecessor period, from January 3, 2023, through June 16, 2023, shows total revenues of $149,637. The period from June 17, 2023, through January 1, 2024, shows total revenues of $165,142. These figures provide context for understanding the company's financial performance before and after the recapitalization. The fiscal year ended December 30, 2024 consisted of 52 weeks.
Prospective franchisees should consider these revenue figures in the context of the costs and expenses also detailed in the financial statements. For the year ended December 30, 2024, Checkers reported total costs and expenses of $288,058, resulting in an operating income of $12,323. Interest expense of $15,789 led to a loss before income tax expense of $3,463, but an income tax benefit of $24,723 resulted in a net income of $21,260. Understanding these figures is crucial for assessing the overall financial health and profitability of Checkers.