Diversified Restaurant Holdings Reports 2.2% Increase in Same-store Sales for 2018 Fourth Quarter
SOUTHFIELD, MI, March 7, 2019 -- Diversified Restaurant Holdings, Inc. (Nasdaq: SAUC) ("DRH" or the "Company"), one of the largest franchisees for Buffalo Wild Wings® ("BWW") with 64 stores across five states, today announced results for its fourth quarter and fiscal year ended December 30, 2018.
Fourth Quarter and Full Year Key Information (from continuing operations)
Revenue for the quarter totaled $39.1 million and was $153.1 million for the year
Achieved same-store sales growth of 2.2% in the fourth quarter; first positive quarter since 2015
Operating loss of $1.5 million in the quarter, which included a $2.8 million asset impairment charge; operating loss was $0.4 million for the year
Net loss was $2.3 million in the quarter and $5.0 million for the year
Restaurant-level EBITDA(1) margin was 14.3% for the quarter and 15.2% for the year
Adjusted EBITDA(1) was $3.8 million for the quarter and $15.8 million for the year
Total debt was down $11.6 million to $102.4 million at year-end
(1)See attached table for a reconciliation of GAAP net loss to Restaurant-level EBITDA and Adjusted EBITDA
“We continue to be energized and excited by the changes that are being implemented by our franchisor and are starting to reap the early benefits of the new marketing, media and promotional initiatives,” commented David G. Burke, President and CEO. “We achieved our first positive quarterly same-store sales result in three years and we believe there is a lot of room to continue to build on this momentum as these changes gain traction and future initiatives continue to roll out. We are especially encouraged with the early read into 2019. Same-store sales through early March continue to trend positive, despite severe weather across most of our regions, with the excitement of March madness in front of us.
“To capitalize on the NCAA tournament and to complement our focus to be The Great American Sports Bar, there will be a strong traffic-driving media strategy alongside a new menu design, new and improved food offerings and enhanced food presentation. Equally important are the number of initiatives taking place behind the scenes, as we implement new training and engagement tools to drive better team member retention
The following information was filed by Diversified Restaurant Holdings, Inc. (SAUC) on Friday, March 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: SAUC CIK: 1394156 Form Type:10-K Annual Report Accession Number: 0001394156-19-000020 Submitted to the SEC: Wed Apr 03 2019 5:45:00 PM EST Accepted by the SEC: Thu Apr 04 2019 Period: Sunday, December 30, 2018 Industry: Retail Eating Places