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10.03.2017 12:30:00

Diversified Restaurant Holdings Reports Fourth Quarter and Fiscal Year 2016 Results

 Operating profit in 2016 increases 2.6 times and operating margin more than doubles on higher revenue and lower costs SOUTHFIELD, Mich., March 10, 2017 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (NASDAQ:SAUC) ("DRH" or the "Company"), the largest franchisee for Buffalo Wild Wings® ("BWW") with 64 stores across five states, today announced results for its fourth quarter and fiscal year ended December 25, 2016 ("2016").  On December 25, 2016, DRH completed the spinoff of its former subsidiary, Bagger Dave's Burger Tavern, Inc., which is now reported as discontinued operations. Results from continuing operations for 2016, versus the same period a year ago, were: Total revenue increased 15% to $166.5 millionSame-store sales decreased 3.0%Restaurant-level EBITDA increased 8.7% to $32.3 million (1)Restaurant-level EBITDA margin decreased 1.1 points to 19.4%Operating profit increased 157.3% to $7.3 millionAdjusted EBITDA improved 8.0% to $23.3 million (1) Improvements in total revenue, EBITDA and operating profit were impacted, in part, by the inclusion of a full year of operations for 18 restaurants acquired in mid-2015, in addition to three new unit openings and one unit closing in 2015, and two new unit openings in 2016. Results from continuing operations for the fourth quarter of 2016, versus the same period a year ago, were: Total revenue decreased 3.6% to $40.8 millionSame-store sales decreased 5.4%Restaurant-level EBITDA decreased 19.1% to $6.7 million (1)Restaurant-level EBITDA margin decreased 2.2 points to 16.5%Operating profit increased $0.6 to $0.9 millionAdjusted EBITDA decreased 29.8% to $4.5 million (1) Same-store sales declined in the month of December 2016 partially as a result of unfavorable weather in the Midwest and exacerbated by the calendar shift in 2016 vs. 2015 whereby the Christmas holiday fell on a weekend and the vast majority of important sports events fell into early 2017. (1) See attached table for a reconciliation of GAAP net loss to Restaurant-level EBITDA and Adjusted EBITDA David G. Burke, President and CEO, commented, "With the successful spin-off of Bagger Dave's, we are now exclusively focused on driving strong performance and growth with our Buffalo Wild Wings franchise stores, after another strong year of growth in 2016.  We will continue to tightly manage our costs and use our strong positive cash flow to reduce debt and strengthen our balance sheet, providing greater financial flexibility and enhancing our future growth potential. "While faced with the headwinds hitting the restaurant industry, particularly in the fourth quarter, we believe we are doing what it takes to increase traffic, deliver on our value proposition and enhance the customer experience.  In concert with corporate efforts, we are promoting FastBreak™ Lunch, Half-Price Wing Tuesdays®, and the Blazin' Rewards® loyalty program, all of which are attracting customers.  We now offer delivery service through third parties in 24 locations, and recently began to promote large group private parties and events in many of our key markets.  We also completed six renovations in 2016 and now have 27 restaurants with the newer Stadia design - another traffic booster.  We expect 2017 to be a stronger year." Full Year 2016 Highlights (Unaudited)       ($ in thousands)2016 2015 Change % ChangeRevenue$166,520.9  $144,800.0  $21,720.9  15.0%Operating profit$7,304.0  $2,838.5  $4,465.5  157.3%  Operating margin4.4% 2.0%    Net income (loss) from continuing operations$3,639.0  $(506.9) $4,145.9  (60.1%)Diluted net income (loss) per share (cont. ops.)$0.14  $(0.02) $—  (60.4%)        Comparable-store sales(3.0%) 3.0%    Restaurant-level EBITDA(1)$32,275.0  $29,681.5  $2,593.5  8.7%  Restaurant-level EBITDA margin19.4% 20.5%    Adjusted EBITDA(1)$23,345.2  $21,621.7  $1,723.5  8.0%  Adjusted EBITDA margin14.0% 14.9%      Fourth Quarter 2016 Highlights (Unaudited)       ($ in thousands)Q4 2016 Q4 2015 Change % ChangeRevenue$40,801.2  $42,303.3  $(1,502.1) (3.6)%Operating profit$854.3  $279.4  $574.9  205.8%  Operating margin2.1% 0.7%    Net income (loss) from continuing operations$186.3  $(908.9) $1,095.2  (60.1)%Diluted net income (loss) per share (cont. ops.)$0.01  $(0.03) $—  (60.4)%        Comparable-store sales(5.4%) 0.8%    Restaurant-level EBITDA(1)$6,727.4  $8,319.0  $(1,591.6) (19.1)%  Restaurant-level EBITDA margin16.5% 19.7%    Adjusted EBITDA(1)$4,459.9  $6,356.1  $(1,896.2) (29.8)%  Adjusted EBITDA margin10.9% 15.0%    (1) See attached table for a reconciliation of GAAP net loss to Restaurant-level EBITDA and Adjusted EBITDA Balance Sheet Highlights - Continuing OperationsCash and cash equivalents were $4.0 million at December 25, 2016 compared with $13.5 million at 2015 year-end.  Total debt decreased $5.1 million to $121.2 million at the end of 2016. Capital expenditures were $12.5 million in 2016 and were for new restaurant development, restaurant refreshes and remodels, down from $20.2 million in 2015. Fiscal 2017 GuidanceThe Company expects the following in 2017: Revenue of $173 million to $178 millionRestaurant-level EBITDA of $33 million to $36 millionAdjusted EBITDA between $23.5 million to $26.5 millionCapital expenditures of approximately $4 million to $6 million-  One new restaurant is under construction and expected to open in the second quarter-  Two to four remodels are planned for 2017 which are targeted at approximately $0.6 million each Webcast, Conference Call and PresentationDRH will host a conference call and live webcast on Friday, March 10, 2017 at 10:00 A.M. Eastern Time, during which management will review the financial and operating results for the fourth quarter and full year 2016, and discuss its corporate strategies and outlook.  A question-and-answer session will follow. A presentation that will be referenced during the conference call is available on the Company's website at www.diversifiedrestaurantholdings.com.  The teleconference can be accessed by calling (201) 689-8562.  The webcast can be monitored on the Company's website at www.diversifiedrestaurantholdings.com.  A telephonic replay will be available from 1:00 P.M. ET on the day of the call through Friday, March 17, 2017.  To listen to the archived call, dial (412) 317-6671 and enter the conference ID number 13653306, or access the webcast replay at www.diversifiedrestaurantholdings.com, where a transcript will also be posted once available. About Diversified Restaurant Holdings, Inc.Diversified Restaurant Holdings, Inc. is the largest franchisee for Buffalo Wild Wings Grill & Bar with 64 BWW franchised restaurants in key markets in Florida, Illinois, Indiana, Michigan and Missouri.  The Company routinely posts news and other important information on its website at www.diversifiedrestaurantholdings.com. Safe Harbor StatementThe information made available in this news release and the Company's March 10, 2017 earnings conference call contain forward-looking statements which reflect DRH's current view of future events, results of operations, cash flows, performance, business prospects and opportunities. Wherever used, the words "anticipate," "believe," "expect," "intend," "plan," "project," "will continue," "will likely result," "may," and similar expressions identify forward-looking statements as such term is defined in the Securities Exchange Act of 1934.  Any such ...Full story available on Benzinga.com
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