Diversified Restaurant Holdings, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the third quarter, the company's revenue was $39,262,940 against $41,625,312 a year ago. Operating profit was $320,479 against $1,946,629 a year ago. Loss from continuing before income taxes was $1,476,397 against income from continuing before income taxes of $519,205 a year ago. Loss from continuing operations was $543,240 against income of $596,709 a year ago. Net loss was $558,394 against $1,389,125 a year ago. Loss per common share, basic and diluted, was $0.02 per share against earnings per share of $0.05 per share a year ago. EBITDA was $3,581,312 against $5,652,226 a year ago. Adjusted EBITDA was $4,321,996 against $5,745,963 a year ago.

For the nine months, the company's revenue was $123,535,506 against $125,719,745 a year ago. Operating profit was $3,408,373 against $6,449,695 a year ago. Loss from continuing before income taxes was $1,554,456 against income from continuing before income taxes of $2,212,786 a year ago. Loss from continuing operations was $39,003 against income of $2,123,482 a year ago. Net loss was $136,364 against $1,141,147 a year ago. Net cash provided by operating activities was $9,699,650 against $8,210,245 a year ago. Purchases of property and equipment were $4,453,861 against $12,161,596 a year ago. EBITDA was $13,860,075 against $17,925,621 a year ago. Adjusted EBITDA was $14,934,606 against $18,885,316 a year ago. Capital expenditures were $4.5 million during the first nine months of 2017 and were primarily for one new restaurant, restaurant refreshes and remodels. Capital expenditures were $12.2 million in the first nine months of 2016. Total debt was $116.8 million at the end of the quarter, down $4.4 million for the year.


For the year, the company expects reducing revenue guidance to $166 million to $168 million, targeting restaurant-level EBITDA of $28 million to $29 million, expect adjusted EBITDA of approximately $20 million, and planned capital expenditures of approximately $5 million.