Diversified Restaurant Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Announces Earnings Guidance for 2017
November 03, 2017 at 01:56 am IST
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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.
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, 2017; Announces Earnings Guidance for 2017