Diversified Restaurant Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Impairment Charges for the Third Quarter of 2018; Provides Capital Expenditure for the Year 2018
November 06, 2018 at 04:15 pm EST
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Diversified Restaurant Holdings, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the third quarter, the company's revenue was $37,491,751 against $39,262,940 a year ago. The decrease in sales in the third quarter was primarily the result of reduced traffic. The prior-year period also benefited from a significant boxing event that contributed 160 basis points to the same-store sales decline in the third quarter. Operating loss was $682,517 against operating profit of $320,479 a year ago. Loss from continuing before income taxes was $2,267,016 against $1,476,397 a year ago. Loss from continuing operations was $1,761,372 or $0.06 per basic and diluted share against $543,240 or $0.02 per basic and diluted share a year ago. Net loss was $1,761,372 or $0.06 per basic and diluted share against $558,394 or $0.02 per basic and diluted share a year ago. EBITDA was $3,144,490 against $3,581,312 a year ago. Adjusted EBITDA was $3,262,633 against $4,321,996 a year ago. RestaurantLevel EBITDA was $5,311,856 against $6,246,527 a year ago.
For the nine months, the company's revenue was $114,063,781 against $123,535,506 a year ago. Operating profit was $1,116,026 against $3,408,373 a year ago. Loss from continuing before income taxes was $3,671,288 against $1,554,456 a year ago. Loss from continuing operations was $2,709,753 or $0.10 per basic and diluted share against $39,003 a year ago. Net loss was $2,709,753 or $0.10 per basic and diluted share against $136,364 a year ago. Net cash provided by operating activities of continuing operations was $8,126,239 against $9,797,011 a year ago. Net cash provided by operating activities was $8,126,239 against $9,699,650 a year ago. Purchases of property and equipment were $1,276,122 against $4,453,861 a year ago. EBITDA was $11,223,075 against $13,860,075 a year ago. Adjusted EBITDA was $12,039,436 against $14,934,606 a year ago. RestaurantLevel EBITDA was $17,750,182 against $21,120,959 a year ago.
For the quarter, the company announced impairment and loss on asset of $918,399 against $16,578 a year ago, which reflects the full write-off of fixed assets at 1 small Missouri location that was acquired in 2015.
The company anticipates its capital expenditures will approximate $1.5 million in fiscal 2018.
Patton Wings, Inc is a United States-based restaurant company, which is operating a single concept, Buffalo Wild Wings (BWW). The Company owns restaurants in Florida, Illinois, Indiana, Michigan and Missouri. The BWW restaurants feature a range of menu items with a multimedia social environment, a bar and an open layout designed to create a dining experience for sports fans and families. It's guests have the option of watching various sporting events on projection screens or televisions. The restaurants offered 20 to 40 domestic and imported beers on tap, including several local or regional microbrews and a selection of bottled beer, wine and liquor.
Diversified Restaurant Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Impairment Charges for the Third Quarter of 2018; Provides Capital Expenditure for the Year 2018