Diversified Restaurant Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 27, 2016; Reiterates Earnings Guidance for Fiscal 2016
May 05, 2016 at 05:15 pm EDT
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Diversified Restaurant Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended March 27, 2016. First quarter revenue of $48.4 million increased $9.0 million, or 22.7%, from $39.4 million in the 2015 first quarter. Sales growth was primarily driven by twelve net new restaurants since last year's first quarter and increased menu pricing. Operating income in the first quarter increased measurably to $1.7 million, up 177.2% over the prior-year quarter due to operating leverage on higher sales, the absence of restaurant openings in the quarter and the closure of underperforming locations. Net income for the quarter increased to $0.4 million, or $0.02 per diluted share, compared with $0.3 million, or $0.01 per diluted share, in the prior-year quarter. Adjusted EBITDA was $6.7 million, a $1.6 million increase from first quarter 2015. Capital expenditures were $7.5 million during the first three months of 2016. Income before income taxes was $287,081 against $193,284 a year ago. Net cash provided by operating activities was $2,820,438 against $3,055,620 a year ago.
The company reiterated previously issued 2016 guidance: Revenue of $194 million to $200 million, Capital expenditures ranging from $14 million to $16 million to be allocated to new restaurant development, eight BWW Stadia design remodeling projects and maintenance. Adjusted EBITDA of $24 million to $26 million. Restaurant-level EBITDA of $36 million to $38 million.
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. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 27, 2016; Reiterates Earnings Guidance for Fiscal 2016