Diversified Restaurant Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018
March 09, 2018 at 02:45 am IST
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Diversified Restaurant Holdings, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $41,927,106 against $40,801,180 a year ago. Operating profit was $1,832,355 against $854,275 a year ago. Income from continuing operations before income taxes was $268,061 against loss of $844,530 a year ago. Loss from continuing operations was $20,245,148 or $0.76 per share basic and diluted compared to income of $186,286 or $0.01 per share basic and diluted a year ago. Net loss was $20,321,712 or $0.76 per share basic and diluted against $4,861,335 or $0.18 per share basic and diluted a year ago. EBITDA was $4,806,261 against $4,413,500 a year ago. Adjusted EBITDA was $4,933,511 against $4,459,921 a year ago. RestaurantLevel EBITDA was $7,163,690 against $6,727,355 a year ago.
For the full year, the company reported revenues of $165,462,612 against $166,520,925 a year ago. Operating profit was $5,240,728 against $7,303,971 a year ago. Loss from continuing operations before income taxes was $1,286,395 against income of $1,368,256 a year ago. Loss from continuing operations was $20,284,151 or $0.76 per share basic and diluted compared to income of $3,639,048 or $0.14 per share basic and diluted a year ago. Net loss was $20,458,076 or $0.77 per share basic and diluted against $6,002,481 or $0.23 per share basic and diluted a year ago. Net cash provided by operating activities was $12,499,879 against $11,123,874 a year ago. Purchases of property and equipment were $4,687,242 against $12,499,507 a year ago. EBITDA was $18,666,336 against $22,339,123 a year ago. Adjusted EBITDA was $19,868,117 against $23,345,241 a year ago. RestaurantLevel EBITDA was $28,284,650 against $32,275,018 a year ago. Capital expenditures were $4.7 million during 2017 and were primarily for one new restaurant, two remodels and restaurant refreshes compared to $12.5 million for 2016.
For the year 2018, the company anticipates its capital expenses will range between $1.0 million and $1.5 million, and will be for minor facility upgrades and general maintenance-type investments. The company expects to achieve delivery sales over $2 million in 2018.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Year 2018