Diversified Restaurant Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended April 1, 2018. For the quarter, the company reported revenue was $39,532,957 against $44,337,964 a year ago. Operating profit was $1,503,810 against $2,366,631 a year ago. Loss from continuing operations before income taxes was $109,594 against income from continuing operations before income taxes of $817,844 a year ago. Income from continuing operations was $191,829 against $795,580 a year ago. Net income was $191,829 against $831,120 a year ago. Basic and diluted earnings per share from continuing operations were $0.01 against $0.03 a year ago. Net cash provided by operating activities was $3,497,701 against $4,441,375 a year ago. Purchases of property and equipment were $496,061 against $1,430,201 a year ago. EBITDA was $4,676,161 against $6,021,944 a year ago. Adjusted EBITDA was $5,103,686 against $6,157,711 a year ago. Restaurant–Level EBITDA was $6,898,130 against $8,424,580 a year ago. Capital expenditures were $0.5 million during the first three months of 2018 and were for minor facility upgrades and general maintenance-type investments, as well as improvements to prepare an open space for sub-lease adjacent to one of its restaurants. Total debt was reduced by $2.9 million to $111.1 million at quarter end.

The company anticipates its capital expenses will approximate $1.5 million or less in fiscal 2018.