Potbelly: Q1 Earnings Snapshot
CHICAGO — CHICAGO — Potbelly Corp. (PBPB) on Wednesday reported a loss of $62,000 in its first quarter.
The Chicago-based company said it had a loss of less than 1 cent on a per-share basis.
The sandwich restaurant operator posted revenue of $113.7 million in the period.
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The program provides monthly payments for food purchases to low-income residents generally earning less than $1,632 monthly for individuals, or $3,380 monthly for a household of four. The nation's first experiment with food stamps began in 1939. But the modern version of the program dates to 1979, when a change in federal law took effect eliminating a requirement that participants purchase food stamps. There currently is no cost to people participating in the program. Number: 42 million A little over 42 million people nationwide received SNAP benefits in February, the latest month for which figures are available. That's roughly one out of every eight people in the county. Participation is down from a peak average of 47.6 million people during the 2013 federal fiscal year. Often, more than one person in a household is eligible for food aid. As of February, nearly 22.5 million households were enrolled SNAP, receiving an average monthly household benefit of $353. Dollars: $295 billion Legislation passed by the House is projected to cut about $295 billion of federal spending from SNAP over the next 10 years, according to the Congressional Budget Office. A little more than half of those federal savings would come by shifting costs to states, which administer SNAP. Nearly one-third of those savings would come by expanding a work requirement for some SNAP participants, which the CBO assumes would force some people off the rolls. Additional money would be saved by eliminating SNAP benefits for between 120,000 and 250,000 immigrants legally in the U.S. who are not citizens or lawful permanent residents. Another provision in the legislation would cap the annual inflationary growth in food benefits. As a result, the CBO estimates that the average monthly food benefit would be about $15 lower than it otherwise would have been by 2034. Ages: 7 and 55-64 To receive SNAP benefits, current law says adults ages 18 through 54 who are physically and mentally able and don't have dependents would need to work, volunteer or participate in training programs for at least 80 hours a month. Those who don't do so are limited to just three months of benefits in a three-year period. The legislation that passed the House would expand work requirements to those ages 55 through 64. It also would extend work requirements to some parents without children younger than age 7. And it would limit the ability of states to waive work requirements in areas that lack sufficient jobs. The combined effect of those changes is projected by the CBO to reduce SNAP participation by a monthly average of 3.2 million people. Percentages: 5% - 25% The federal government currently splits the administrative costs of SNAP with states but covers the full cost of food benefits. 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As a result of the cost shift, the CBO assumes that some states would reduce or eliminate benefits for people. Margin: 1 House Resolution 1, containing the SNAP changes and tax cuts, passed the House last month by a margin of just one vote — 215-214. A vote also could be close in the Senate, where Republicans hold 53 of the 100 seats. Democrats did not support the bill in the House and are unlikely to do so in the Senate. Some Republican senators have expressed reservations about proposed cuts to food aid and Medicaid and the potential impact of the bill on the federal deficit. GOP Senate leaders may have to make some changes to the bill to ensure enough support to pass it.
