Mar 18, 202063 min read

Financials - March 2020

Impossible Foods Confirms Approximately $500 Million in New Funding

Total funding for the leading food tech startup nears $1.3 billion
Approximately $500M of new investments closed late last week
Company will use investments in part to invest in fundamental research and innovation; expand retail presence; and commercialize next-generation products including Impossible™ Sausage Made From Plants and Impossible™ Pork Made From Plants

March 16, 2020 06:00 AM Eastern Daylight Time

REDWOOD CITY, Calif.--(BUSINESS WIRE)--Impossible Foods confirmed today that it has secured approximately $500 million in its latest funding round, led by new investor Mirae Asset Global Investments, with participation from existing investors including Khosla Ventures, Horizons Ventures, and Temasek. The industry-leading food-tech startup has raised nearly $1.3 billion since its founding in 2011.

Impossible Foods will use the funds in part to invest in fundamental research and innovation; accelerate its manufacturing scaleup; expand its retail presence and its availability in key international markets; and accelerate commercialization of next-generation products including Impossible™ Sausage Made From Plants and Impossible™ Pork Made From Plants.

"Our mission is to replace the world’s most destructive technology -- the use of animals in food production -- by 2035,” said Dr. Patrick O. Brown, M.D., Ph.D., founder and CEO of Impossible Foods. “To do that, we need to double production every year, on average, for 15 years and double down on research and innovation. The market has its ups and downs, but the global demand for food is always there, and the urgency of our mission only grows. Our investors not only believe in our mission, but they also recognize an extraordinary opportunity to invest in the platform that will transform the global food system."

Business Update During COVID-19

The latest “Series F” equity funding round closed late last week. In addition to global institutional investors, Impossible Foods’ new and existing individual investors include Jay Brown, Common, Kirk Cousins, Paul George, Peter Jackson, Jay-Z, Mindy Kaling, Trevor Noah, Alexis Ohanian, Kal Penn, Katy Perry, Questlove, Ruby Rose, Phil Rosenthal, Jaden Smith, Serena Williams, will.i.am, and Zedd.

“With this latest round of fundraising, Impossible Foods has the resources to accelerate growth -- and continue to thrive in a volatile macroeconomic environment, including the current COVID-19 pandemic,” said Impossible Foods’ Chief Financial Officer David Lee.

Impossible Foods has taken aggressive measures to prioritize the health and safety of its employees since the onset of the COVID-19 outbreak, including:

mandatory work-from-home policies for all workers who can conceivably telecommute, through the end of April;
stringent restrictions on external visitors to company facilities and those of co-manufacturing partners;
a ban on virtually all work-related travel and events, both domestic and international;
and daily sanitizing, disinfecting and deep cleaning of all workplaces to ensure the strictest hygiene standards and utmost safety.

Impossible Foods meets or exceeds all guidelines set forth by the world’s leading public health agencies and continuously consults with experts in the public and private sector. The company’s COVID-19 task force closely monitors the global, national and regional situation, updates workplace policies and provides real-time, transparent information to employees, suppliers, customers and all stakeholders.

“Our No. 1 priority is the safety of our employees, customers and consumers,” Dr. Brown said. “And we recognize our responsibility for the welfare of our community, including the entire San Francisco Bay Area, our global supplier and customer network, millions of our customers, and billions of people who are relying on food manufacturers to produce supplies in times of need.”

Scaleup Accelerates

The new funding closely follows the launch of the company’s latest next-generation products, Impossible Sausage and Impossible Pork, which debuted at the International Consumer Electronics Show in January 2020. Demand for the company’s flagship product, the award-winning Impossible Burger, continues to be strong, with new and existing strategic partners eager to bring plant-based meat to their customer bases.

Burger King continues to sell its Impossible Whopper at its more than 7,000 U.S. locations, saying the menu item has exceeded expectations and continues to attract new guests. DoorDash, the nation’s largest on-demand door-to-door delivery service, launched a dedicated Impossible Cuisine category to highlight merchants that offer Impossible menu items.

Impossible Burger experienced an unprecedented sales surge in 2019. As a result, the company more than quadrupled production at Impossible Foods’ manufacturing facility in Oakland, Calif. and at multiple plants owned by co-manufacturing partners.

Earlier this month, as part of its aim to compete against animal-derived meat in every way that matters to consumers, including affordability, Redwood City, Calif.-based Impossible Foods lowered its prices to US foodservice distributors by 15% on average, passing along savings achieved through economies of scale. Driving down prices is key to the company’s mission of eliminating the need for animal agriculture by 2035.

About Impossible Foods:

Based in California’s Silicon Valley, Impossible Foods makes delicious, nutritious meat and dairy products from plants — with a much smaller environmental footprint than meat from animals. The privately held food tech startup was founded in 2011 by Patrick O. Brown, M.D., Ph.D., Professor Emeritus of Biochemistry at Stanford University and a former Howard Hughes Medical Institute investigator. Investors include Mirae Asset Global Investments, Khosla Ventures, Bill Gates, Google Ventures, Horizons Ventures, UBS, Viking Global Investors, Temasek, Sailing Capital, and Open Philanthropy Project.

Impossible Foods was Inc. Magazine’s company of the year and one of Time Magazine’s 50 Genius companies. The flagship product, Impossible Burger, was named top plant-based burger by the New York Times and received the Food and Beverage (FABI) Award from the National Restaurant Association.

View source version at Impossible Foods

J. Alexander’s Holdings, Inc. Reports Results for Fourth Quarter and Full Year Ended December 29, 2019

March 13, 2020 08:31 AM Eastern Daylight Time

NASHVILLE, Tenn.--(BUSINESS WIRE)--J. Alexander’s Holdings, Inc. (NYSE: JAX) (the Company), owner and operator of J. Alexander’s, Redlands Grill, Stoney River Steakhouse and Grill and other restaurants, today reported results for the fourth quarter and full year ended December 29, 2019.

Fourth Quarter 2019 Highlights Compared To The Fourth Quarter Of 2018

Net sales for the fourth quarter of 2019 were $63,439,000, up from $63,205,000 reported in the fourth quarter of 2018.
Income from continuing operations before income taxes totaled $1,753,000 for the fourth quarter of 2019, including the impact of transaction, contested proxy and other related expenses of $410,000 related to the ongoing evaluation of strategic alternatives. This compares to a loss from continuing operations before income taxes of $470,000 in the fourth quarter of 2018, which included the impact of transaction, contested proxy and other related expenses of $4,715,000, of which $4,560,000 related to the termination fee for a consulting agreement between Black Knight Advisory Services, LLC (“Black Knight”) and the Company.
The Company recorded net income of $2,030,000 in the fourth quarter of 2019 compared to net income of $934,000 reported in the final quarter of 2018, which was impacted by the same factors as previously noted affecting income (loss) from continuing operations before income taxes. Results for the most recent quarter included an income tax benefit of $330,000 compared to an income tax benefit of $1,524,000 in the fourth quarter of 2018.
Basic and diluted earnings per share were $0.14 for the fourth quarter of 2019 compared to $0.06 for the fourth quarter of 2018.
Average weekly same store sales per restaurant (1) for the fourth quarter of 2019 were down 0.4% to $114,100 for the J. Alexander’s/Grill restaurants and down 2.0% to $83,700 for the Stoney River Steakhouse and Grill restaurants compared to the final quarter of 2018.
Adjusted EBITDA (2) was $6,960,000, or 11.0% of net sales, in the fourth quarter of 2019, compared to $7,364,000, or 11.7% of net sales, in the fourth quarter of 2018.
Restaurant Operating Profit Margin (3) was 12.2% in the most recent quarter compared to 12.8% for the fourth quarter of 2018.
Cost of sales as a percentage of net sales in the fourth quarter of 2019 was 32.9% compared to 32.7% in the final quarter of 2018.

The Company’s restaurant labor and related costs as a percentage of net sales were 30.5% in the fourth quarter of 2019 compared to 30.4% of net sales in the fourth quarter of 2018. Other restaurant operating expenses were 19.6% of net sales in the last quarter of 2019 compared to 19.5% of net sales in the same quarter of 2018.

The average weekly guest counts within the same store base of the Company’s J. Alexander’s/Grill restaurants were down 2.2% in the fourth quarter of 2019 compared to the fourth quarter of 2018. Guest counts within the same store base at the Company’s Stoney River Steakhouse and Grill restaurants were down 1.6% for the fourth quarter of 2019 compared to the final quarter of 2018. With respect to average guest checks, which include alcoholic beverage sales, the average guest check within the J. Alexander’s/Grill same store base of restaurants during the fourth quarter of 2019 was $33.06, up 1.7% from $32.51 recorded during the fourth quarter of 2018. The average guest check within the same store base of Stoney River Steakhouse and Grill restaurants was $43.92 during the last quarter of 2019, down 0.3% from $44.05 recorded in the final quarter of 2018.

On a consolidated basis, average weekly guest counts within the Company’s J. Alexander’s/Grill locations in the fourth quarter of 2019 were down 2.8% from the fourth quarter of 2018, while average weekly guest counts within the Company’s Stoney River Steakhouse and Grill locations decreased 2.2% for the fourth quarter of 2019 compared to the same quarter a year earlier. Average guest checks on a consolidated basis for the J. Alexander’s/Grill restaurants increased 1.8% from $32.52 in the last quarter of 2018 to $33.10 for the fourth quarter of 2019. Average guest checks for the Stoney River Steakhouse and Grill restaurants decreased 0.7% from $43.72 in the fourth quarter of 2018 to $43.42 in the fourth quarter of 2019.

The effect of menu pricing for the fourth quarter of 2019 was estimated to be a 1.7% increase for the J. Alexander’s/Grill restaurants and a 2.2% increase for the Stoney River Steakhouse and Grill restaurants compared to the last quarter of 2018. For the J. Alexander’s/Grill restaurants, management estimated that inflation in total food costs was 1.9% for the fourth quarter of 2019 compared to the same quarter in 2018, and beef costs were determined to have increased by an estimated 7.6% compared to the same quarter of the prior year. For the Stoney River Steakhouse and Grill restaurants, inflation for the fourth quarter of 2019 was estimated to total 2.3%, with beef costs up by 8.6% from the comparable quarter of 2018.

View full version at J. Alexander's

Del Taco Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2019 Financial Results

Issues Fiscal Year 2020 Guidance

March 11, 2020 04:05 PM Eastern Daylight Time

LAKE FOREST, Calif.--(BUSINESS WIRE)--Del Taco Restaurants, Inc. (“Del Taco” or the “Company”), (NASDAQ: TACO), the second largest Mexican-American quick service restaurant chain by units in the United States, today reported fiscal fourth quarter and fiscal year 2019 financial results for the 16-week and 52-week periods ending December 31, 2019 and issued fiscal 2020 guidance.

Fiscal Fourth Quarter 2019 Highlights

System-wide comparable restaurant sales increased 0.4%;
Company-operated comparable restaurant sales increased 0.4%. Company-operated comparable restaurant sales were comprised of average check growth of 4.1%, including modest menu mix growth, mostly offset by a transaction decline of 3.7%;
Franchised comparable restaurant sales increased 0.5%;
Total revenue of $157.1 million, representing a 0.1% decline from the fiscal fourth quarter 2018;
Company-operated restaurant sales of $144.8 million, representing a 1.3% decline from the fiscal fourth quarter 2018;
Net loss of $114.1 million, or $3.08 per diluted share (inclusive of a non-cash pre-tax charge of $118.3 million for the impairment of goodwill), compared to net income of $5.6 million, or $0.15 per diluted share, in the fiscal fourth quarter 2018;
Adjusted net income* of $6.7 million, or $0.18 per diluted share, compared to $7.2 million, or $0.19 per diluted share, in the fiscal fourth quarter 2018;
Restaurant contribution* margin of 17.4% (inclusive of an approximate 130 basis point unfavorable impact from the adoption of the new lease accounting standard in fiscal 2019 and the retroactive elimination of a Federal unemployment tax surcharge in 2018), compared to 20.3% in the fiscal fourth quarter 2018;
Adjusted EBITDA* of $20.5 million (inclusive of approximately $1.0 million of unfavorable impact from the adoption of the new lease accounting standard in fiscal 2019), compared to $23.6 million in the fiscal fourth quarter 2018; and
13 system-wide openings, including 7 company-operated and 6 franchised restaurants, as well as one company-operated and two franchise closures. Del Taco also refranchised a total of 18 restaurants in the Reno, NV and San Diego, CA markets.

Fiscal Year 2019 Highlights

System-wide comparable restaurant sales increased 0.9%;
Company-operated comparable restaurant sales increased 0.5%. Company-operated comparable restaurant sales were comprised of average check growth of 4.3%, including modest menu mix growth, mostly offset by a transaction decline of 3.8%;
Franchised comparable restaurant sales increased 1.3%;
Total revenue of $513.0 million representing 1.5% growth from the fiscal year 2018;
Company-operated restaurant sales of $474.0 million, representing 0.6% growth from the fiscal year 2018;
Net loss of $118.3 million (inclusive of a non-cash pre-tax charge of $118.3 million for the impairment of goodwill), or $3.20 per diluted share, compared to net income of $19.0 million, or $0.49 per diluted share, in the fiscal year 2018;
Adjusted net income* of $17.7 million, or $0.47 per diluted share, compared to $22.6 million, or $0.58 per diluted share, in the fiscal year 2018;
Restaurant contribution* margin of 17.3% (inclusive of an approximate 70 basis points unfavorable impact from the adoption of the new lease accounting standard in fiscal 2019), compared to 19.7% in the fiscal year 2018;
Adjusted EBITDA* of $63.8 million, (inclusive of an approximate $3.1 million unfavorable impact from the adoption of the new lease accounting standard in fiscal 2019), compared to $72.0 million in the fiscal year 2018; and
24 system-wide openings, including 10 company-operated and 14 franchised restaurants, as well as five company-operated and three franchise closures. Del Taco also refranchised a total of 31 restaurants in the Reno, NV, Los Angeles, CA and San Diego, CA markets.

* Adjusted net income, restaurant contribution, and adjusted EBITDA are non-GAAP measures and defined below under “Key Financial Definitions”. Please see the reconciliation of non-GAAP measures accompanying this release.

John D. Cappasola, Jr., President and Chief Executive Officer of Del Taco, commented, “2019 was a challenging year in which we delivered on our revised financial expectations across key metrics while making solid progress on several strategic fronts that position us well for the future. We successfully entered into the digital landscape, transforming our marketing model and creating future sales opportunities by achieving our goal of making our food available through three integrated delivery service providers and growing the new Del App to over 950,000 registered users currently.”

Cappasola added, “Over the past year, we have made significant progress on our portfolio optimization program. Including the March 2020 refranchising of our restaurants in the Yuma, AZ and El Centro, CA region, we have refranchised a total of 36 restaurants, including three non-core Western markets that included development commitments for an additional 35 franchised restaurants over time. These commitments enhance our franchise growth prospects and have enabled us to slow company openings in 2020 as we shift our focus toward supporting franchise growth and activating our next Company seed market in Orlando, Florida starting in late 2021.”

Cappasola concluded, “This year, the combination of reinvigorating our category leading value position and compelling new product innovation are expected to serve as transaction catalysts, while our strategic progress during 2019 on digital initiatives and daypart utilization strategies are expected to improve heavy user frequency. In late January, we reestablished our commitment to price-value with heavy QSR users through the launch of the Del’s Dollar Deals Menu and we are pleased with our initial execution, guest feedback, product mix and improved transaction trends. We will complement our value focus by leveraging our barbell menu strategy with the recent return of premium crispy Jumbo Shrimp and our planned Spring launch of freshly prepared guacamole available with Chips, as a side or addition, and as part of our Epic burrito relaunch.”

View full version at Del Taco

CEC Entertainment, Inc. Reports Fourth Quarter And Full Year 2019 Comparable Venue Sales Growth

March, 9 2020

CEC Entertainment, Inc. today announced financial results for its fourth quarter ended December 29, 2019.

Full Year and Fourth Quarter Results

For the fiscal year ended December 29, 2019, comparable venue sales increased 2.7% over the prior year and total revenues increased from $896.1 million to $912.9 million. Comparable venue sales increased 2.6% in the fourth quarter of 2019 compared to the fourth quarter of 2018. For the fourth quarter of 2019, total revenues increased $3.9 million, or 1.9%, to $206.8 million, compared to $202.9 million in the fourth quarter of 2018.

The Company reported a net loss of $26.1 million for the fourth quarter of 2019, compared to a net loss of $14.2 million for the fourth quarter of 2018. The net loss for the current quarter was impacted by a $13.8 million impairment charge related to the underperformance of certain Company-operated locations, and an increase in interest expense driven by a higher average interest rate on our variable rate debt. These negative impacts were partially offset by an increase in revenues, driven by comparable venue sales growth, and a $0.7 million gain on open market repurchases of our senior notes.

Adjusted EBITDA (1) for the fiscal year ended December 29, 2019 increased $8.9 million, or 5.1%, to $184.1 million from $175.2 million for the fiscal year ended December 30, 2018. For the fourth quarter of 2019, Adjusted EBITDA decreased $0.3 million or 1.0%, to $30.6 million from $30.9 million for the fourth quarter of 2018.

"2019 was a strong year built on the All You Can Play value gaming platform and expanded remodel program," said David McKillips, Chief Executive Officer. "This year, I am looking forward to introducing our new domestic promotional initiatives, global franchise expansion and the debut of our entertainment & licensing efforts, as we work through some of the headwinds that the industry is facing today."

Through this Sunday, the Company's year to date comparable venue sales were down 3.6%. For January, comparable venue sales were up, but have been down in February and March to date.

Balance Sheet and Liquidity

As of December 29, 2019, the Company had cash and cash equivalents of $34.8 million with net availability of $105.5 million on the undrawn revolving credit facility. There is $975.7 million of principal outstanding on the Company's long-term debt. During the fourth quarter, the Company repurchased $39.3 million of its senior notes in the open market. As of December 29, 2019, $215.7 million in principal remained on the Company's senior notes.

The Company monitors the capital markets and its capital structure and makes changes from time to time, with the goal of maintaining financial flexibility, preserving or improving liquidity and/or achieving cost efficiency. From time to time the Company may opportunistically pursue financing transactions or asset sales. In addition, the Company may elect to repurchase amounts of its outstanding debt, including the senior notes for cash, through open market repurchases or privately negotiated transactions with certain of its debt holders, although there is no assurance the Company will do so.

During the fourth quarter of 2019, the Company made $26.6 million of capital expenditures, of which $16.0 million related to growth initiatives, $4.9 million related to IT initiatives, and $5.7 million related to maintenance capital expenditures, primarily consisting of game enhancements and general venue capital expenditures.

As of December 29, 2019, the Company's system-wide portfolio consisted of:Chuck E. CheesePeter Piper PizzaTotalCompany operated51540555Domestic franchised226183International franchised7528103Total612129741

About CEC Entertainment, Inc.

CEC Entertainment, Inc. is the nationally recognized leader in family dining and entertainment with both its Chuck E. Cheese and Peter Piper Pizza restaurants.

View source version at CEC Entertainment

FAT Brands Inc. Announces Completion of $40 Million Whole Business Securitization Transaction

Transaction Significantly Lowers Cost of Capital

March 09, 2020 08:00 AM Eastern Daylight Time

LOS ANGELES--(BUSINESS WIRE)--FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announced that it has completed an offering of $40 million of Series 2020-1 Fixed Rate Asset-Backed Notes (the “Notes”). The offering has been structured as a whole business securitization transaction through the creation of FAT Brands Royalty I, LLC (“FAT Royalty” or the “Issuer”). The Notes were priced with a weighted average fixed interest rate of 7.75% per annum.

The Notes, rated by DBRS Morningstar, were issued in two tranches including senior tranche, A-2, and senior subordinated tranche, B-2, as detailed below.

Closing DateClassSeniorityRatingPrincipal BalanceCouponWeighted Average LifeInterest-Only / Non-Call PeriodFirst Call DateAnticipated Repayment DateFinal Legal Maturity

03/06/20

A-2

Senior

$20,000,000

6.50%

1.99 Years

12 Months

04/26/21

01/25/23

04/27/26

03/06/20

B-2

Senior Subordinated

$20,000,000

9.00%

2.60 Years

12 Months

04/26/21

10/25/23

04/27/26

Andy Wiederhorn, President and CEO of FAT Brands, commented, “We are happy to announce the completion of our whole business securitization transaction, which demonstrates the confidence that the institutional investor community has in our platform. This transaction will significantly lower FAT Brands’ marginal cost of capital to 7.75% and our weighted average cost of capital to 8.49%; our net interest expense will meaningfully decrease by nearly $2 million per year. In addition, this structure includes an accordion feature, which will support FAT Brands’ acquisition growth strategy. We could not be more excited about this next phase of our growth.”

The Company intends to use the proceeds from the Notes to repay existing indebtedness under its term debt; pay the transaction costs and fund the reserve accounts associated with the securitized financing facility; and for potential acquisitions, working capital and general corporate purposes, and the repayment of other indebtedness.

Cadence Group, Inc., a leading fintech securitization platform, was the structuring consultant of this transaction. Legal advisors to this transaction were Loeb & Loeb LLP and Foley & Lardner LLP for FAT Brands, and Manatt, Phelps & Phillips, LLP for Cadence Group, Inc.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Notes have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns eight restaurant brands: Fatburger, Buffalo’s Cafe, Buffalo’s Express, Hurricane Grill & Wings, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises over 380 units worldwide.

For more information, please visit www.fatbrands.com.

View source version at FAT Brands

El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2019 Financial Results

March 05, 2020 16:05 ET

COSTA MESA, Calif., March 05, 2020 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 25, 2019.

Highlights for the fourth quarter ended December 25, 2019, compared to the fourth quarter ended December 26, 2018 were as follows:

Total revenue was $107.5 million compared to $106.3 million.
System-wide comparable restaurant sales increased 3.9%, including a 4.3% increase for company-operated restaurants, and a 3.6% increase for franchised restaurants.
Net income was $3.5 million, or $0.10 per diluted share, compared to net loss of $23.4 million, or $0.60 per diluted share in the prior year period. Fourth quarter of 2018 included a $36.3 million pre-tax expense related to the legal settlements of multiple class action lawsuits.
Pro forma net income(1) was $6.2 million, or $0.18 per diluted share, compared to pro forma net income of $6.1 million, or $0.16 per diluted share.
Adjusted EBITDA(1) was flat at $14.5 million for both periods.

(1) Pro forma net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are defined below under "Key Financial Definitions." A reconciliation of GAAP net income to pro forma net income and adjusted EBITDA is included in the accompanying financial data. See also “Non-GAAP Financial Measures.”

Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, "We closed 2019 on a high note, with our strongest system-wide comparable restaurant sales growth of the year at 3.9% during the quarter, driven by a 2.4% increase in transactions. This not only marked our sixth consecutive quarter of system-wide comparable restaurant sales growth, but it was achieved in a tough industry environment and against a challenging 4.4% sales comparison from 2018. In addition, our full year 2019 system sales comp result represents our best performance in three years. I’m proud of these results, and am pleased that our momentum has continued into 2020. We believe the strength of our performance is attributable to our differentiated LA-Mex culinary innovation, our first-of-a-kind Holiday promotion, sustainment of our $5 value platform, expansion of our delivery capabilities and the ongoing success of our Transformation Agenda.”

Acoca concluded, “Looking ahead to 2020, we will continue to execute against our Transformation Agenda to develop a people-first culture, differentiate the brand, simplify operations, and grow the business. Furthermore, we will focus on the robust product pipeline we have built, reinforcing our LA-Mex positioning, which combines the culinary traditions of Mexico with the healthier lifestyles of Los Angeles. We are extremely excited to showcase many new products this year that we know our customers will love.”

Fourth Quarter 2019 Financial Results

Company-operated restaurant revenue in the fourth quarter of 2019 increased 0.1% to $94.8 million, compared to $94.6 million in the same period last year. The growth in company-operated revenue was largely driven by a 4.3% increase in company-operated comparable restaurant sales, the four new restaurants opened during and subsequent to the fourth quarter of 2018, partially offset by five restaurant closures and 16 restaurants sold to franchisees during the same time period.

Comparable company-operated restaurant sales increased 4.3%, driven by a 1.8% increase in average check and a 2.5% increase in transactions.

Franchise revenue in the fourth quarter of 2019 increased 11.4% to $7.2 million, compared to $6.4 million in the fourth quarter of 2018. This increase was primarily due to a franchise comparable restaurant sales increase of 3.6%, the 16 restaurants sold by the Company to franchisees during the year and the opening of four new franchised restaurants during or subsequent to the fourth quarter of 2018. These increases were partially offset by the closure of four franchise locations during the same period.

Net income for the fourth quarter of 2019 was $3.5 million, or $0.10 per diluted share, compared to net loss of $23.4 million, or $(0.60) per diluted share in the fourth quarter of 2018. Pro forma net income was $6.2 million, or $0.18 per diluted share during the fourth quarter of 2019, compared to pro forma net income of $6.1 million, or $0.16 per diluted share during the fourth quarter of 2018. A reconciliation between GAAP net income and pro forma net income is included in the accompanying financial data.

During the fourth quarter of 2019 the Company incurred legal expenses related to securities litigation of $0.4 million. During the fourth quarter of 2018 the Company recorded a $36.3 million pre-tax expense related to two agreements in principle to settle several class action lawsuits, incurred legal expenses related to securities lawsuits of $3.0 million and received insurance proceeds of $2.3 million related to the reimbursement of certain legal expenses paid in prior years for the defense of securities lawsuits.

Income from continuing operations in the fourth quarter of 2019 was $5.3 million, compared to a net loss of $31.0 million in the fourth quarter of 2018. Restaurant contribution was $17.6 million, or 18.6% of company-operated restaurant revenue in the fourth quarter of 2019, compared to $17.7 million, or 18.7% of company-operated restaurant revenue in the fourth quarter of 2018. The slight decrease was largely due to higher food costs associated with our holiday promotion and increased labor costs driven by wage increases in California, workers compensation claims and lapping the reversal of an accrual for federal unemployment taxes in the fourth quarter of 2018. These items were partially offset by higher prices and the transfer of lower performing restaurants to franchisees during 2019. Restaurant contribution is a non-GAAP measure defined below under "Key Financial Definitions." A reconciliation of GAAP income from operations to restaurant contribution is included in the accompanying financial data. See also “Non-GAAP Financial Measures.”

View full version at El Pollo Loco

Chuy’s Holdings, Inc. Announces Fourth Quarter and Fiscal Year 2019 Financial Results

March 05, 2020 04:05 PM Eastern Standard Time

AUSTIN, Texas--(BUSINESS WIRE)--Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the 13-week and 52-week periods ended December 29, 2019.

Highlights for the fourth quarter ended December 29, 2019 were as follows:

Revenue increased 5.4% to $102.0 million from $96.8 million in the fourth quarter of 2018.
Comparable restaurant sales increased 2.9%.
Net loss was $1.4 million, or $0.09 per diluted share, compared to net income of $3.4 million, or $0.20 per diluted share, in the fourth quarter of 2018. Net loss in the fourth quarter of 2019 included impairment, closed restaurant costs and legal settlement charges of $6.1 million ($4.3 million, net of tax or $0.26 per diluted share).
Adjusted net income(1) increased 55.4% to $2.9 million, from $1.8 million, and adjusted net income per diluted share increased 54.5% to $0.17 from $0.11, during the same period in 2018.
Restaurant-level operating profit(1) increased 17.4% to $14.6 million compared to $12.4 million in the fourth quarter of 2018.
One new restaurant opened during the fourth quarter of 2019.

Highlights for the fiscal year ended December 29, 2019 were as follows:

Revenue increased 7.1% to $426.4 million from $398.2 million in the fiscal year 2018.
Comparable restaurant sales increased 2.6%.
Net income was $6.2 million, or $0.37 per diluted share, compared to $5.5 million, or $0.32 per diluted share, during the fiscal year 2018.
Adjusted net income(1) increased by 17.2% to $17.6 million, from $15.0 million, and net income per diluted share increased by 18.2% to $1.04 from $0.88, during the fiscal year 2018.
Restaurant-level operating profit(1) increased 8.4% to $65.6 million compared to $60.5 million during the fiscal year 2018.
A total of six new restaurants opened during 2019.

(1)

Adjusted net income and restaurant-level operating profit are non-GAAP measures. For reconciliations of adjusted net income and restaurant-level operating profit to the most directly comparable GAAP measure see the accompanying financial tables. For a discussion of why we consider them useful, see “Non-GAAP Measures” below.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. commented, “We are pleased to have ended the year with a strong fourth quarter performance as we grew revenues by 5.4% and posted our 7th consecutive quarter of positive comparable sales. More importantly, we successfully leveraged our restaurant operating costs and improved our profitability, resulting in an adjusted net income growth of over 50% during the quarter. We believe this result is a testament to the success of our initiatives, including our targeted marketing campaign, investment in technology to improve customer experience and restaurant operations, labor initiatives, off-premise sales initiatives, and a disciplined development strategy. As we start 2020, we will capitalize on this momentum and remain focused on taking care of our customers through our exceptional service and high-quality, made-from-scratch food and drinks.”

Hislop added, “We successfully opened six new restaurants in 2019 as we focused on in-filling our existing markets. For 2020, we will continue to balance new unit growth with initiatives to drive sales and improve restaurant profitability. To that end, we expect to open five to seven restaurants during 2020, primarily in our existing markets with proven average unit volumes. Ultimately, our plan is to solidify our overall business performance in 2020 and continue to put Chuy’s in a position of strength.”

View full version at Chuy's

Owner of Logan's Roadhouse, Old Chicago files for bankruptcy

The company said all of its 338 restaurants and breweries nationwide will remain open.

WILMINGTON, Del. — The parent company of Logan's Roadhouse, Old Chicago and two other restaurants has filed for bankruptcy.

CraftWorks Holdings, LLC filed the bankruptcy petition in a U.S. District Court in Delaware. The company said it did so to reduce $140 million in debt by more than 60%.

There are six Logan's Roadhouse locations in West Michigan, and one Old Chiacgo in the area. The company said all of its 338 restaurants and breweries nationwide will remain open.

The bankruptcy announcement followed the recent closure of 37 "underperforming" locations, CraftWorks Holdings said.

View source version at CraftWorks Holdings

Noodles & Company Announces Fourth Quarter and Fiscal Year 2019 Financial Results

February 26, 2020 16:05 ET

Fourth Quarter Marks Seventh Consecutive Quarter of Comparable Sales Growth; Year-To-Date 2020 Company Comparable Restaurant Sales Accelerate to 5.8%

BROOMFIELD, Colo., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended December 31, 2019.

Key highlights for fiscal year 2019 compared to fiscal year 2018 include:

Total revenue increased 1.0% to $462.4 million from $457.8 million.
Comparable restaurant sales increased 2.8% system-wide, increased 2.9% for company-owned restaurants and increased 2.5% for franchise restaurants.
Digital sales grew 46% and accounted for 23% of sales and contributed to an increase in total off-premise sales of 470 bps to 56% of sales.
Net income was $1.6 million, or $0.04 per diluted share, compared to a net loss of $8.4 million, or $0.20 loss per diluted share.
Adjusted net income was $8.1 million, or $0.18 earnings per diluted share, compared to adjusted net income of $1.0 million, or $0.02 earnings per diluted share.
Restaurant contribution margin increased 110 basis points to 16.1%.
Adjusted EBITDA increased 15.2% to $38.4 million from $33.4 million.
Four new company-owned restaurants opened in 2019.

Key highlights for the fourth quarter of 2019 compared to the same quarter of 2018 include:

Total revenue increased 0.6% to $113.9 million from $113.2 million.
Comparable restaurant sales increased 1.5% system-wide, increased 1.4% for company-owned restaurants and increased 1.8% for franchise restaurants.
Digital sales grew 34% and accounted for 25% of sales and contributed to an increase in total off-premise sales of 420 bps to 58% of sales.
Net loss was $1.2 million, or $0.03 loss per share compared to net income of approximately zero.
Adjusted net income was $3.0 million, or $0.07 earnings per diluted share, compared to adjusted net income of $0.5 million, or $0.01 earnings per diluted share.
Restaurant contribution margin increased 200 basis points to 17.2%.
Adjusted EBITDA increased 30.2% to $10.9 million from $8.4 million.

Dave Boennighausen, Chief Executive Officer of Noodles & Company, remarked, “We are pleased with our 2019 results as they reflect our continued momentum in sales, margin and bottom line growth. Our seventh consecutive quarter of positive comparable sales during the fourth quarter, combined with meaningful margin expansion, is further evidence of the sustainability and effectiveness of our strategy. Our strong growth in digital and off-premise sales was a direct result of our initiatives and the brand’s strength in meeting the increasing need for convenience from today’s consumer.”

Boennighausen continued, “While we are pleased with our comparable sales growth of 2.8% system-wide and two-year growth of 6.5% during 2019, we are excited to report that comparable sales have accelerated thus far in 2020 and reflect positive traffic growth, an important focus of our strategy. Through February 25th, comparable sales have grown 5.7% system-wide year-to-date, comprised of 5.8% growth at company restaurants and 5.0% at franchise locations. As we accelerate company and franchise growth in the quarters to come, we are confident in the underlying foundation and trends of the business. Noodles & Company is positioned extremely well to win in today’s environment, and we look forward to an outstanding 2020 and years to come.”

Fiscal Year Ended 2019 Financial Results

Total revenue increased $4.6 million in 2019, or 1.0%, to $462.4 million, compared to $457.8 million in 2018. This increase was primarily due to the increase in comparable restaurant sales and additional restaurant openings in 2019, partially offset by restaurants closed since the beginning of 2018, most of which were at or approaching the expiration of their leases.

In 2019, comparable restaurant sales increased 2.8% system-wide, including a 2.9% increase for company-owned restaurants and a 2.5% increase for franchise restaurants. Average unit volumes increased 3.9% to $1.2 million in 2019 compared to $1.1 million 2018.

Four new company-owned restaurants opened in 2019. The Company had 457 restaurants at the end of 2019, comprised of 389 company-owned and 68 franchise restaurants.

In 2019, the Company reported net income of $1.6 million, or $0.04 per diluted share, compared to a net loss of $8.4 million, or $0.20 loss per diluted share in 2018. Income from operations was $5.4 million in 2019, compared to a loss of $3.8 million in 2018.

In 2019, we recognized $0.4 million of closure costs primarily related to five restaurants closed in 2019, most of which were at or approaching the expiration of their leases and ongoing costs related to previously closed restaurants. Additionally, in 2019 we recognized $2.6 million of impairment charges related to restaurant impairments and $3.6 million related to the write down of assets for the sale of nine company-owned restaurants to a franchisee that was completed in January of 2020.

In 2018, the Company recognized a $3.4 million charge for the final assessment related to data breach liabilities, incurred $4.1 million of closure costs related to 19 restaurants closed in 2018 and ongoing costs related to previously closed restaurants and recognized $0.4 million of impairment charges.

Restaurant contribution margin increased to 16.1% in 2019 compared to 15.0% in 2018. This increase was primarily due to the leverage on higher AUV’s, lower costs due to ongoing supply chain initiatives and labor efficiencies, partially offset by increased labor inflation and increased third-party delivery fees associated with higher delivery revenues.

Adjusted net income was $8.1 million in 2019, compared to an adjusted net income of $1.0 million in 2018. Adjusted EBITDA increased to $38.4 million in 2019 from $33.4 million in 2018.

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The Wendy's Company Reports Fourth Quarter And Full Year 2019 Results

Feb 26, 2020, 07:00 ET

DUBLIN, Ohio, Feb. 26, 2020 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported results for the fourth quarter and fiscal year ended December 29, 2019.

"We delivered a very strong year of sales growth and have laid the foundation in 2019 to set the Wendy's® brand up for future success," President and Chief Executive Officer Todd Penegor said. "We have momentum in our business as evidenced by our accelerating sales growth in the second half of the year, which sets us up well going into 2020. Our focus remains on efficient, accelerated growth behind our three major growth pillars: entering the breakfast daypart, growing our digital business, and expanding our International footprint. We are well positioned to drive growth in 2020 and I'm more confident than ever that we will achieve our vision of becoming the world's most thriving and beloved restaurant brand."

Fourth Quarter and Full Year 2019 Summary See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.

Operational Highlights(1)

Fourth Quarter

Full Year

2019

2018

2019

2018

(Unaudited)

Systemwide Sales Growth(2)

North America

5.7%

1.4%

4.2%

2.0%

International(3)

9.8%

12.1%

9.9%

13.0%

Global

5.9%

1.9%

4.4%

2.5%

North America Same-Restaurant Sales Growth(2)

4.3%

0.2%

2.8%

0.9%

Restaurant Openings

North America - Total / Net

46 / 33

44 / 37

122 / 56

108 / 48

International - Total / Net

25 / 12

9 / 5

60 / 21

51 / 29

Global - Total / Net

71 / 45

53 / 42

182 / 77

159 / 77

Systemwide Sales (In US$ Millions)(4)

North America

$2,605

$2,464

$10,387

$9,994

International(3)

$146

$133

$557

$519

Global

$2,751

$2,597

$10,944

$10,513

Global Reimaging Completion Percentage (Life-to-date)

58%

50%

(1) As of Q4 2019, the Company has revised its segment disclosures and will now be reporting on three segments which are Wendy's U.S., Wendy's International and Global Real Estate & Development. As a result, Q4 2019 will be the last time the Company reports the operational highlights described above under its old reporting structure. Please see page 15 of this release for Q4 and full year operational highlights for the Company's new segment reporting structure.

(2) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants.

(3) Excludes Venezuela, and beginning in the third quarter of 2018, Argentina.

(4) Systemwide sales include sales at both Company-operated and franchise restaurants.

Financial Highlights

Fourth Quarter

Full Year

2019

2018

B / (W)

2019

2018

B / (W)

(In Millions Except Per Share Amounts)

(Unaudited)

Total Revenues

427.2

397.8

7.4

1,709.0

1,589.9

7.5

Adjusted Revenues(1)

341.7

316.8

7.9

1,369.5

1,263.9

8.4

Company-Operated Restaurant Margin

14.3%

16.0%

(1.7)

15.5%

15.8%

(0.3)

General and Administrative Expense

53.9

71.4

24.5

200.2

217.5

8.0

Operating Profit

36.7

45.8

(19.9)

262.6

249.9

5.1

Net Income

26.5

18.8

41.0

136.9

460.1

(70.2)

Adjusted EBITDA

83.4

107.8

(22.6)

412.8

415.4

(0.6)

Reported Diluted Earnings Per Share

0.11

0.08

37.5

0.58

1.88

(69.1)

Adjusted Earnings Per Share

0.08

0.16

(50.0)

0.59

—

Cash Flows from Operations

288.9

224.2

28.9

Capital Expenditures

(74.5)

(69.9)

(6.6)

Free Cash Flow(2)

221.0

231.3

(4.5)

(1) Total revenues less advertising funds revenue.

(2) Cash flows from operations minus capital expenditures, the impact of our advertising funds, for 2018, the impact of taxes paid on the sale of our ownership interest in Inspire Brands, Inc. and, for 2019, the tax effect of gain on other investments in equity securities.

Fourth Quarter Financial Highlights

Revenues and Adjusted Revenues The increase in revenues and adjusted revenues was primarily driven by higher sales at Company-operated restaurants and an increase in franchise royalty revenue. Higher sales at Company-operated restaurants was the result of positive same-restaurant sales and an increase in the number of restaurants in operation. The increase in franchise royalty revenue was primarily driven by positive same-restaurant sales and new restaurant development. Revenues and adjusted revenues also benefited from an increase in franchise rental income which was driven by approximately $9 million in pass-through payments related to subleases as the result of the new lease accounting standard. This incremental revenue was completely offset by a corresponding gross up in franchise rental expense.

Company-Operated Restaurant Margin The decrease in Company-operated restaurant margin was primarily the result of labor rate inflation, higher insurance costs, higher commodity costs, and customer count declines, partially offset by pricing actions and positive mix benefits.

General and Administrative Expense The decrease in general and administrative expense was primarily due to the $27.5 million legal reserve that was recorded in the fourth quarter of 2018 relating to the settlement of the Financial Institutions case. Excluding this reserve, general and administrative expense would have increased by approximately $10 million, or 23 percent, primarily driven by a higher incentive compensation accrual.

Operating Profit The decrease in operating profit resulted primarily from an increase in franchise support and other costs, mainly due to the investments to support the U.S. system in advance of its breakfast launch, higher reorganization and realignment costs, and a decrease in net rental income, partially offset by lower general and administrative expense and an increase in franchise royalty revenue and fees.

Net Income The increase in net income resulted primarily from a cash settlement related to a previously held investment, partially offset by a decrease in operating profit and a higher provision for income taxes.

Adjusted EBITDA The decrease in adjusted EBITDA resulted primarily from an increase in franchise support and other costs, mainly due to the investments to support the U.S. system in advance of its breakfast launch, an increase in general and administrative expense (excluding the legal reserve recorded in Q4 2018 relating to the settlement of the Financial Institutions case), and a decrease in net rental income, partially offset by an increase in franchise royalty revenue and fees.

Adjusted Earnings Per Share The decrease in adjusted earnings per share resulted primarily from a decrease in adjusted EBITDA.

View full version at Wendy's

Papa John’s Announces Fourth Quarter 2019 Results and Provides 2020 Outlook

February 26, 2020 07:00 AM Eastern Standard Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (NASDAQ: PZZA) today announced financial results for the three months and full year ended December 29, 2019.

Highlights

Fourth quarter 2019 loss per diluted share of ($0.18) and adjusted earnings per diluted share, excluding the impact of Special items, of $0.37 versus fourth quarter 2018 loss per diluted share of ($0.41) and adjusted earnings per diluted share of $0.18
Full Year 2019 loss per diluted share of ($0.24) and adjusted earnings per diluted share, excluding the impact of Special items, of $1.17 versus full year 2018 earnings per diluted share of $0.08 and adjusted earnings per diluted share of $1.37
System-wide North America comparable sales increase of 3.5% for the fourth quarter and decrease of 2.2% for the full year
International comparable sales increases of 2.4% for the fourth quarter and 1.1% for the full year
52 net unit openings in the fourth quarter and 92 net unit openings for the full year, driven by International

Rob Lynch, President & CEO said, “Papa John’s accelerated its turn-around in the fourth quarter with a second consecutive quarter of positive comparable sales, positioning us for a strong start to 2020. The company’s new focused priorities and a more inclusive, winning culture are empowering our team members to innovate our products and marketing, drive sales growth, improve efficiencies and achieve better results for all of our stakeholders. Our 2020 plan accelerates this momentum, as we work to become the world’s best pizza company and deliver strong, long-term profit growth.”

Global Restaurant and Comparable Sales Information

Global restaurant and comparable sales information and operating highlights for the three months and full year ended December 29, 2019, compared to the three months and full year ended December 30, 2018 are as follows:

Three Months EndedYear EndedDec. 29, 2019Dec. 30, 2018Dec. 29, 2019Dec. 30, 2018Global restaurant sales growth / (decline) (a)

4.4%

(13.0%)

(0.8%)

(5.9%)Global restaurant sales growth / (decline),excluding the impact of foreign currency (a)

4.7%

(11.7%)

0.3%

(5.4%)Comparable sales growth / (decline) (b)Domestic company-owned restaurants

4.1%

(10.2%)

(2.7%)

(9.0%)North America franchised restaurants

3.3%

(7.4%)

(2.0%)

(6.7%)System-wide North America restaurants

3.5%

(8.1%)

(2.2%)

(7.3%)System-wide international restaurants

2.4%

(2.6%)

1.1%

(1.6%)

(a)

Includes both company-owned and franchised restaurant sales.

(b)Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency translation.

We believe North America, international and global restaurant and comparable sales growth information, as defined in the table above, is useful in analyzing our results since our franchisees pay royalties and marketing fund contributions that are based on a percentage of franchise sales. Franchise sales also generate commissary revenue in the United States and in certain international markets. Franchise restaurant and comparable sales growth information is also useful for comparison to industry trends and evaluating the strength of our brand. Management believes the presentation of franchise restaurant sales growth, excluding the impact of foreign currency, provides investors with useful information regarding underlying sales trends and the impact of new unit growth without being impacted by swings in the external factor of foreign currency. Franchise restaurant sales are not included in the company’s revenues.

View full version at Papa John's

MOD Pizza Announces Strong 2019 Results Sets Sights on Opening of 500th Store In 2020

Significant Funding Fueled Key Growth Initiatives

February 26, 2020 08:00 AM Eastern Standard Time

SEATTLE--(BUSINESS WIRE)--MOD Super-Fast Pizza Holdings, LLC (“MOD Pizza”, “MOD” or the “Company”) today announced 2019 year-end results that reflected continued new store growth, job creation, triple digit growth within digital channels, and significant social impact.

MOD reported the following 2019 highlights:

System-wide sales reached $493 million, a year-over-year increase of 24%.
Company net revenue of $393 million, up 26% over 2018.
Digital sales growth of 135%, including expansion of MOD Rewards to over one million members.
64 net new stores added system-wide, for a total of 468 system-wide stores operating at the end of 2019.
Added 2,000 new jobs, growing the MOD Squad to nearly 10,000 system-wide.
Expansion into Canada with the opening of a store in Langford, British Columbia in December.
Successfully completed a $160 million equity financing led by Clayton, Dubilier & Rice (“CD&R”) and supported by existing investors Fidelity and PWP Growth, bringing the total equity raised to date by the Company to over $339 million.
Over $1.9 million donated to support MOD Squad members in need and community organizations across the US.

“Over the past 11 years, we have built MOD upon the conviction that we could create a best-in-class business by putting our people and the communities we serve first. We continue to believe deeply in this more enlightened form of capitalism. CD&R’s investment further validates our belief that profit and social impact can and should co-exist,” said Scott Svenson, co-founder and CEO, MOD Pizza. “The funds we raised in 2019 enabled us to pursue a number of key growth and business improvement initiatives that have set the stage for significant progress in 2020 as we move towards the opening of our 500th store. We’re incredibly excited for what the future holds as we continue to deepen our commitment to our people-first, purpose-driven culture and build upon our position as the leader in fast casual pizza.”

During 2019, MOD made significant investments in its digital offerings to ensure customers have easier and more convenient access to the MOD experience. In March, the Company introduced MOD Rewards, its first app and loyalty program, allowing customers to earn points toward free menu items or the option to donate their reward to help children struggling with food insecurity. More than one million customers joined MOD Rewards between its national launch in March through the end of 2019. In September, MOD launched nationwide delivery in partnership with DoorDash. Together, these initiatives enabled digital order growth of 135% over 2018.

MOD and its franchisees donated over $1.9 million to 9,000+ local and national charities across the US and provided ongoing support to MOD Squad members in need through its Bridge Fund. The Company deepened its work on opportunity hiring, providing jobs to individuals with barriers to employment with a focus on three specific populations - Second Chance (previously incarcerated), Opportunity Youth (low-income youth ages 16-24 who are neither employed nor in school), and IDD (intellectual and developmental disabilities). In 2019 MOD launched national partnerships with Best Buddies International and Out & Equal, to champion workplace diversity and inclusivity with donations of $61,000 to the Best Buddies Jobs Program and $16,000 to Out & Equal. During its annual “Spreading MODness” week, MOD continued its partnership with Generosity Feeds, a non-profit organization fighting childhood hunger, raising over $239,000 in 2019 alone and packing over 550,000 meals at events nationwide. MOD also proudly served free meals to over 37,000 teachers on Teacher Appreciation Day, nearly 14,000 Veterans on Veterans Day and over 4,000 Nurses on Nurse Appreciation Day.

The Company received several awards in 2019, including a spot on the Fortune “Change the World” list, which celebrates 52 companies across the world that are helping to tackle society's unmet needs. MOD earned a spot on the Inc.5000 list of the most successful high-growth companies in America, and received a Gold Davey Award for its cause marketing campaign that supported teen suicide prevention. MOD has been named America’s fastest growing restaurant chain in the US by Technomic for four years running.

Definitions:

The following definitions apply to these terms as used throughout this release:

MOD operates using a 52/53-week fiscal year reflective of 13 four-week periods in a year. The first fiscal quarter consists of 16 weeks and each of the second, third and fourth fiscal quarters consists of 12 weeks, except for a 53-week year when the fourth quarter has 13 weeks.
The term “system-wide” refers to all company-operated and licensed store locations.

ABOUT MOD PIZZA

MOD Pizza serves individual artisan-style pizzas that are made on demand, allowing customers to create their own pizzas and salads with any combination of over 30 toppings, all for one incredible price based on size. With 475+ locations system-wide, MOD is committed to creating not only a cool place to eat, but an inspired place to work. MOD recently earned a spot on the Fortune 2019 “Change the World” list, for its purpose-led culture and commitment to provide opportunities to individuals with barriers to employment. The Company has also been named America’s fastest growing chain restaurant by Technomic for four years running and named the most loved pizza brand by Foodable Network. MOD has earned a spot on the Inc.5000 list and has been recognized by Fortune as one of the “20 Best Workplaces in Retail,” a “Best Workplace for Women,” a “Best Workplace for Millennials,” and a “Best Workplace for Diversity.” For more information, please visit www.modpizza.com or connect with the brand via Facebook, Twitter or Instagram.

View source version at MOD Pizza

Punch Bowl Vets buy Wagamama’s U.S. Operations

Robert Cornog and Richard Flaherty plan to expand the 200-unit Asian noodle concept on this side of the Atlantic.

By Peter Romeo on Feb. 26, 2020

Punch Bowl Social veterans Robert Cornog and Richard Flaherty have acquired 80% of Wagamama’s U.S. operation with plans to expand the Asian noodles chain throughout the continent with financial backing from investment firm Conversion Venture Capital (CVC), the participants in the deal announced today. The price of the acquisition was not disclosed.

The Restaurant Group (TRG), Wagamama’s former owner, retains a 20% stake.

The concept was founded in 1992 in the United Kingdom. The first outpost became a hot spot in the London dining scene, frequented by crowds of locals and tourists alike.

Early plans to blitz the U.S. market proceeded in fits and starts. Although the chain grew to 200 locations outside of North America, its only outposts on the continent are branches in New York City and Boston.

“The customer following Wagamama has developed in Boston and New York has only built our confidence in the brand’s global potential, but like many businesses in our industry the challenges of running a U.S. business at arm’s length have inhibited the pace of our growth,” Wagamama worldwide CEO Emma Woods said in a statement. “In Robert and Richard, we’re so pleased to have found two on-the-ground business leaders who not only have the operational experience to realize our ambitions, but who genuinely share our love for everything that makes Wagamama so special.”

“There is no reason Wagamama cannot be as successful in the U.S. as it is in the U.K.,” Cornog said. “I look forward to working with our JV partners to lead the growth in the U.S. and realize our lofty aspirations.”

Wagamama described Cornog and Flaherty as early participants in the development of Punch Bowl Social, which was founded by CEO Robert Thompson. A stake in the concept was acquired last year by Cracker Barrel Old Country Store.

View source version at Punch Bowl Social

Fiesta Restaurant Group, Inc. Reports Fourth Quarter 2019 Results

Pollo Tropical Gains Market Share, Taco Cabana Leadership Transition

February 26, 2020 04:05 PM Eastern Standard Time

DALLAS--(BUSINESS WIRE)--Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ: FRGI), parent company of the Pollo Tropical® and Taco Cabana® restaurant brands, today reported results for the 13-week fourth quarter 2019, which ended on December 29, 2019.

Fiesta President and Chief Executive Officer Richard Stockinger said, "Pollo Tropical generated positive comparable restaurant sales of 0.6% during the fourth quarter and continues to gain market share on both a comparable sales and traffic basis, confirmed by Blackbox industry benchmarks. We attribute Pollo's traction and ability to outpace its peers during the fourth quarter to the popularity of the Pollo Time everyday value platform along with successful Limited Time Offer (LTO) promotions, including our recent Churasco and GrillMaster LTO's. The brand's positive sales momentum and market share gains have extended into the first quarter of 2020.",

Mr. Stockinger continued, "Taco Cabana experienced weak comparable restaurant sales and transactions during the fourth quarter due in part to efforts to improve execution through menu simplification and ineffective promotions. The menu simplification efforts included removal of certain menu items and limited other items to certain dayparts, which enabled us to significantly improve guest satisfaction and reduce order cycle times over the fourth quarter. Those moves resulted in a greater transaction decline than anticipated. In the first quarter of 2020 we are re-introducing select items back to the menu and expanding some daypart choices to regain sales traction without sacrificing the customer satisfaction gains we achieved in the fourth quarter."

The Company announced that Charles "Chuck" Locke is no longer with Taco Cabana, effective immediately. An external search for the new President of Taco Cabana is underway.

Mr. Stockinger added, "On a full year basis, we were pleased that consolidated restaurant level adjusted EBITDA margins were roughly flat compared to 2018 after adjusting for accounting changes and the impact of Summer named storms, with full year 2019 Pollo margins up slightly and Taco margins down slightly. In 2020, we expect restaurant margins to be stable at Pollo and at Taco we are targeting a 200 to 300 basis point increase in restaurant margins compared to 2019, driven by efficiency and operations simplification initiatives."

Mr. Stockinger concluded, "In 2020, we are acutely focused on building top line momentum at Pollo Tropical as we continue to eliminate barriers across all channels so that our customers can enjoy the brand everywhere including dine-in, delivery, catering and online pickup. We will also continue to drive revenue growth through a combination of new product innovation, effective LTO's and check building strategies. As those initiatives ramp up, we expect Pollo comparable restaurant sales to grow sequentially over the course of the year. Our goal at Taco Cabana in 2020 is to stabilize sales trends by optimizing key day part choices, improving our value promotions and maintaining our focus on new product innovation. For both brands, we plan to build on the traction we established in the fourth quarter of 2019 in catering and will be expanding the number of delivery service provider partnerships in the first and second quarters of 2020. We also expect to see significant growth in our online business in the second half of the year as we implement a much improved digital customer experience, with better ease of access across all digital applications including our mobile and loyalty apps."

View full version at Fiesta Restaurant Group

Freshii Inc. Announces Fourth Quarter and Fiscal 2019 Results

February 25, 2020 18:30 ET

TORONTO, Feb. 25, 2020 (GLOBE NEWSWIRE) -- Growing health and wellness brand Freshii Inc. (TSX: FRII) (the “Company”) today announced financial results for the fourth quarter ended December 29, 2019 (“Q4 2019”) and fiscal year ended December 29, 2019 (“fiscal 2019”).

Highlights for the Fourth Quarter and Fiscal 2019:

System-wide sales grew to $42.4 million in Q4 2019 and $184.4 million for fiscal 2019, an increase of 4% and 7%, respectively, compared to the thirteen weeks ended December 30, 2018 (“Q4 2018”) and the 52 weeks ended December 30, 2018 (“fiscal 2018”);
The Company opened 6 net new stores in Q4 2019, comprised of 18 openings and 12 closures. During fiscal 2019, the Company opened 31 net new stores, resulting in year-over-year net new store growth of 8%;
Royalty revenue and coordination fees totaled $4.3 million for Q4 2019, an increase of $0.4 million or 10% over Q4 2018. For fiscal 2019, royalty revenue and coordination fees totaled $17.9 million, an increase of $2.1 million or 13%, compared to fiscal 2018;
Same-store sales growth for Q4 2019 was (2.0%), compared to same-store sales growth of (6.1%) for Q4 2018. For fiscal 2019, same-store sales growth was (2.7%), compared to (1.2%) in fiscal 2018;
Net loss was $0.5 million for Q4 2019 and $0.4 million for fiscal 2019, compared to net losses of $0.5 million in Q4 2018 and $0.2 million in fiscal 2018;
Adjusted EBITDA was $1.2 million for Q4 2019 and $5.8 million for fiscal 2019, compared to $1.5 million for Q4 2018 and $5.8 million for fiscal 2018;
Excluding the impact of reported foreign exchange losses/gains: º Adjusted EBITDA for Q4 2019 was $1.3 million, an increase of 8% compared to Q4 2018 (after excluding the impact of the Company’s reported foreign exchange loss of $0.1 million in Q4 2019 and foreign exchange gain of $0.3 million in Q4 2018). º Adjusted EBITDA for fiscal 2019 was $6.0 million, an increase of 10% compared to fiscal 2018 (after excluding the impact of the Company’s reported foreign exchange loss of $0.2 million in fiscal 2019 and foreign exchange gain of $0.5 million in fiscal 2018).
The Company adopted IFRS 16 on December 31, 2018, a new standard on leases that affects the manner in which the Company records the expense of lease obligations. See note 4 in the Company’s financial statements for fiscal 2019 (available at www.sedar.com) for further details and a summary of these changes.
Steve Smith, formerly an executive at Loblaw Companies and Cara Operations (now Recipe Unlimited), joined the Company’s Board of Directors on January 16, 2020.

Matthew Corrin, Chairman and Chief Executive Officer of Freshii, said,

“Freshii has grown into a leading healthy-food brand with more than 700 points of distribution between our growing restaurant network and the ongoing expansion of our retail partnerships. We currently do business in 16 countries, in over 200 cities and growing. In Q4, we grew system-wide sales for the 13th consecutive quarter as a public company and generated strong free cashflow while continuing to enhance our leadership team and our Board of Directors by adding seasoned leaders with a wealth of experience in the restaurant and CPG industries. We enter 2020 with our focus remaining consistent across three pillars; driving sales through marketing and menu initiatives; strengthening the partnership we have with our franchisees; and, delivering a world-class customer experience.”

Earnings Conference Call and Audio Webcast:

A conference call to discuss Q4 2019 and fiscal 2019 financial results is scheduled for Wednesday, February 26, 2020, at 8:30 a.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-425-9470 (U.S. and Canada), or 1-201-389-0878 (International). An audio replay will be available from 11:30 a.m. Eastern Time on Wednesday, February 26, 2020 through Wednesday, March 4, 2020. To access the replay, please call 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 13698630. The call will also be webcast live from Freshii’s investor relations website at www.freshii.inc. Following completion of the call, a recorded replay of the webcast will be available on the website.

About Freshii

Eat. Energize. That’s the Freshii mantra. Freshii is a health and wellness brand on a mission to help citizens of the world live better by making healthy eating convenient and affordable. With a diverse and completely customizable menu of breakfast, soups, salads, wraps, bowls, burritos, frozen yogurt, juices, and smoothies served in an eco-friendly environment, Freshii caters to every taste and dietary preference.

Since it was founded in 2005, Freshii has opened 470 restaurants in 16 countries around the world. Now, guests can energize with Freshii’s menu anywhere from cosmopolitan cities and fitness clubs to sports arenas and airplanes.

View source version at Freshii

Shake Shack Announces Fourth Quarter and Fiscal Year 2019 Financial Results

February, 25 2020

Shake Shack Inc. (NYSE: SHAK), yesterday reported financial results for the fourth quarter and the fiscal year ended December 25, 2019, periods that included 13 and 52 weeks, respectively.

Financial Highlights for the Fourth Quarter 2019:

Total revenue increased 21.9% to $151.4 million.
Shack sales increased 20.8% to $145.8 million.
Same-Shack sales decreased 3.6%.
Licensed revenue increased 58.6% to $5.6 million.
Shack system-wide sales increased 31.4% to $235.0 million.
Operating income was $0.5 million, or 0.3% of total revenue, and Shack-level operating profit*, a non-GAAP measure, increased 9.4% to $29.7 million, or 20.4% of Shack sales.
Net loss and net loss attributable to Shake Shack Inc. were $2.1 million, or $(0.06) per diluted share, respectively, primarily driven by sales performance, food and labor headwinds and investments across the business.
Adjusted EBITDA*, a non-GAAP measure, increased 2.3% to $14.8 million.
Adjusted pro forma net income*, a non-GAAP measure, was $2.2 million, or $0.06 per fully exchanged and diluted share.
25 system-wide Shack openings, including 12 domestic company-operated Shacks and 13 licensed Shacks. Four licensed Shack closures, which included three closures in Russia.

Financial Highlights for the Fiscal Year 2019:

Total revenue increased 29.4% to $594.5 million.
Shack sales increased 29.0% to $574.6 million.
Same-Shack sales increased 1.3%.
Licensed revenue increased 45.0% to $19.9 million.
Shack system-wide sales increased 33.2% to $895.3 million.
Operating income was $25.7 million, or 4.3% of total revenue, which included the impact of costs associated with Project Concrete and other one-time items totaling $2.4 million.
Shack-level operating profit*, a non-GAAP measure, increased 13.4% to $128.0 million, or 22.3% of Shack sales.
Net income was $24.1 million and net income attributable to Shake Shack Inc. was $19.8 million, or $0.61 per diluted share.
Adjusted EBITDA*, a non-GAAP measure, increased 10.8% to $81.8 million.
Adjusted pro forma net income*, a non-GAAP measure, increased 1.7% to $27.4 million, or $0.72 per fully exchanged and diluted share.
73 system-wide Shack openings, including 39 domestic company-operated Shacks and 34 licensed Shacks. Six licensed Shack closures, which included four closures in Russia. System-wide Shack count net increase of 32.2%.

* Shack-level operating profit, adjusted EBITDA and adjusted pro forma net income are non-GAAP measures. Reconciliations of Shack-level operating profit to operating income, adjusted EBITDA to net income (loss), and adjusted pro forma net income to net income (loss) attributable to Shake Shack Inc., the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”

Randy Garutti, Chief Executive Officer of Shake Shack, stated, “2019 was another milestone year at Shake Shack. We opened our largest class of Shacks ever, with 73 across the globe, 39 company-operated and 34 licensed. A total of 49 of those new Shacks were here in the United States, and internationally, we unlocked tremendous revenue growth by entering important new markets for the first time, namely Shanghai, Mexico City, Singapore and Manila. These launches were greeted with incredible local reception and fanfare and were a reminder of the global strength and potential of the Shake Shack brand. In addition to this expansion, we invested in our digital infrastructure, both for our back-office operations, and our guest touchpoints. Total revenue increased by almost 30% to $595 million, and system-wide sales by 33% to nearly $900 million, and we delivered adjusted EBITDA growth of 11% to $82 million, while continuing to make strategic investments for the significant opportunities that lie ahead."

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Red Robin Gourmet Burgers Reports Results for the Fiscal Fourth Quarter and Year Ended December 29, 2019

Delivered Second Consecutive Quarter of Comparable Restaurant Revenue Growth

Consistent Measurable Progress Executing on Transformation Strategy

February 25, 2020 04:05 PM Eastern Standard Time

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or the “Company”), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the quarter and year ended December 29, 2019.

Fourth Quarter 2019 Financial Summary Compared to Fourth Quarter 2018

Total revenues were $302.9 million, a decrease of 1.2%;
Comparable restaurant revenue increased 1.3%, the second consecutive quarter of positive comparable restaurant revenue;
Comparable average guest check increased 4.7%, resulting from a 1.1% increase in menu mix, a 1.8% increase in pricing, and a 1.8% increase from lower discounting;
Comparable restaurant guest counts decreased 3.4%;
Off-premise sales, including catering, increased 26.9% and comprised 13.9% of total food and beverage sales;
GAAP loss per diluted share was $0.60 compared to $0.82;
Adjusted loss per diluted share was $0.36 compared to adjusted earnings per diluted share of $0.43 (see Schedule I);
Net loss was $7.7 million compared to $10.6 million; and
Adjusted EBITDA was $26.7 million compared to $28.4 million (see Schedule III).

Paul J.B. Murphy III, Red Robin’s President and Chief Executive Officer, said, “We are pleased with the continued, measurable progress we are making to deliver on our strategic plan, as we achieved the second consecutive quarter of comparable restaurant revenue growth in the fourth quarter of 2019, while intentionally unwinding significant discounting from the prior-year period. Importantly, our comparable restaurant revenue momentum has continued, and we expect it to accelerate in 2020, which we attribute to the foundational enhancements we made last year. These improvements include our focus on staffing, training, and retaining our Team Members; our commitment to delivering exceptional dining experiences at a compelling value; and our accentuation of brand attributes through the ‘All the Fulls’ creative campaign.”

Murphy continued, “Having recently articulated a vision to accelerate Red Robin’s turnaround, transform the business, and create long-term value for our shareholders at the ICR investor conference in January, we are now focused on successfully executing that strategy. Today, our strategic priorities include recapturing the essence of what makes Red Robin an iconic brand; delivering consistent, quality execution of our brand promise; and reinforcing emotional connections and core brand equities through our omni-channel messaging. We are also focused on accelerating profitable growth by beginning the rollout of Donatos® pizza in our restaurants, implementing a new service model, growing our off-premise platforms, and building our digital capabilities to drive increased guest engagement and frequency. I am encouraged by the growing momentum we continue to see across the business, and look forward to building on this progress in 2020 and beyond as we deliver value for Red Robin guests, shareholders, and other stakeholders.”

View full version at Red Robin

Cracker Barrel Reports Second Quarter Fiscal 2020 Results And Updates Guidance

Comparable store restaurant sales growth and traffic outperform the casual dining industry

Feb 25, 2020, 08:00 ET

LEBANON, Tenn., Feb. 25, 2020 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter ended January 31, 2020.

Second Quarter Fiscal 2020 Highlights

Comparable store restaurant sales growth of 3.8% and traffic of -0.2% outperformed the casual dining industry. Comparable store retail sales increased 1.3%.
Operating income was $79.1 million, a 3.2% increase compared to the prior year.
GAAP earnings per diluted share were $2.55, which includes an unfavorable impact to earnings per diluted share for the quarter of ($0.15) from the Company's equity method investment in its unconsolidated subsidiary Punch Bowl Social, compared to prior year second quarter earnings per diluted share of $2.52.

Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "I am pleased that we continued to outperform the casual dining industry and that we delivered solid operating income growth. The holidays are an important time for Cracker Barrel, and I believe this quarter we further strengthened our reputation as a destination for both in-store and off-premise holiday dining occasions, as demonstrated by the success of our Country Fried Turkey menu promotion and the continued growth of our off-premise business. Our teams continued to make progress on key initiatives, and I believe we are well-positioned to build on our momentum in the back half of our fiscal year."

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Carrols Restaurant Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2019

Company to Substantially Reduce Capital Expenditures in 2020 Compared to 2019 and Focus on Free Cash Flow Generation of Current Restaurant Portfolio

February 25, 2020 07:00 AM Eastern Standard Time

SYRACUSE, N.Y.--(BUSINESS WIRE)--Carrols Restaurant Group, Inc. (“Carrols” or the “Company”) (Nasdaq: TAST) today reported financial results for the fourth quarter and full year ended December 29, 2019.

Highlights for the Fourth Quarter of 2019 versus the Fourth Quarter of 2018 Include:

Total revenue increased 30.3% to $401.1 million (including $73.6 million in restaurant sales and $3.4 million in other revenue from the Cambridge acquisition completed in the second quarter of 2019) from $307.8 million in the prior year quarter;
Comparable restaurant sales for the Company’s Burger King restaurants increased 2.0% compared to a 2.7% increase in the prior year quarter, an increase of 4.7% on a two-year stacked basis;
Comparable restaurant sales for the Company’s Popeyes restaurants increased 21.2% compared to comparable restaurant sales under previous ownership in the prior year quarter;
Promotions and discounts were 19.0% of restaurant sales for the Company's comparable Burger King restaurants compared to 26.6% in the prior year quarter;
Adjusted EBITDA(1) was $22.7 million compared to $24.5 million in the prior year quarter;
Net loss was $9.9 million, or $0.20 per diluted share, compared to net income of $1.8 million, or $0.04 per diluted share, in the prior year quarter; and
Adjusted net loss(1) was $6.2 million, or $0.12 per diluted share, compared to adjusted net income of $2.5 million, or $0.05 per diluted share, in the prior year quarter.

Highlights for Full Year of 2019 versus Full Year of 2018 Include:

Total revenue increased 24.0% to $1.46 billion (including $193.1 million in restaurant sales and $10.2 million in other revenue from the Cambridge acquisition completed in the second quarter of 2019) from $1.18 billion in 2018;
Comparable restaurant sales for the Company’s Burger King restaurants increased 2.2% compared to a 3.8% increase in 2018, an increase of 6.0% on a two-year stacked basis;
Comparable restaurant sales for the Company’s Popeyes restaurants increased 11.9% for our eight months of ownership compared to comparable restaurant sales under previous ownership in the prior year;
Adjusted EBITDA(1) was $86.1 million compared to $103.0 million in 2018;
Net loss was $31.9 million, or $0.74 per diluted share, compared to net income of $10.1 million, or $0.22 per diluted share, in 2018; and
Adjusted net loss(1) was $15.5 million, or $0.36 per diluted share, compared to adjusted net income of $14.1 million, or $0.31 per diluted share, in 2018.

(1)

Adjusted EBITDA, Adjusted Restaurant-level EBITDA and Adjusted net income (loss) are non-GAAP financial measures. Refer to the definitions and reconciliation of these measures to net income (loss) or to income (loss) from operations in the tables at the end of this release.

Daniel T. Accordino, Chairman and Chief Executive Officer of Carrols, commented, “2019 was a busy year at Carrols characterized by significant accomplishments and challenges. We substantially increased our restaurant sales and broadened our restaurant portfolio from 849 restaurants in 18 states at the end of 2018 to 1,101 restaurants in 23 states at the end of 2019, mostly through the transformative Cambridge acquisition. In addition, the transaction added a second brand to Carrols in Popeyes, which we believe has tremendous potential. During 2019, we also built 31 new restaurants and remodeled 78 restaurants. However, comparable restaurant sales growth for our Burger King restaurants was at the low-end of our annual expectations and full year Adjusted EBITDA relative to 2018 levels was adversely affected by several factors, including increases in commodity and labor costs and the excess sales discounts to certain customers over a ten week period last summer.”

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Cosi, Inc. Files for Chapter 11 Bankruptcy Reorganization to Complete its Transformation to a Profit Maximizing Mix of In-store Dining and Catering Which Will Better Align it with Customer Dining Trends

February 24, 2020 04:36 PM Eastern Standard Time

BOSTON--(BUSINESS WIRE)--Cosi, Inc., the fast casual restaurant company that was founded in 1998 and which operates in multiple states and abroad through both company and franchised locations, commenced a restructuring of its operations by closing thirty of its stores in December, 2019 and increasing its emphasis on catering, all to better align with current customer dining trends, further improve guest experiences and enhance its financial performance. 2020 has started well with increased sales in open in-store dining restaurants as well as the catering business. In order to complete its transformation, which involves the shedding of certain legacy costs, further business streamlining and, possibly, select location moves, Cosi has filed for reorganization under Chapter 11 of the Bankruptcy Code. Cosi expects to emerge from Chapter 11 as a stronger version of itself, with a greater focus on its burgeoning catering business. Cosi has retained a chief restructuring officer, Jason F. Fensterstock, to assist with the development and implementation of its business plan and the associated cost cutting and initiatives which are well underway and include the opening of several new locations in the first half of 2020.

About Così, Inc.

Cosi (http://www.getcosi.com) is an international fast-casual restaurant. Cosi is recognized for its signature flatbread made from a generations-old recipe and a part of many Cosi favorites. Così offerings include breakfast, lunch, dinner, snacks and other desserts and catering.

Menu items are made using fresh ingredients and distinctive sauces and spreads to create “craveable” dishes. The Cosi menu features made-to-order sandwiches, hand-tossed salads, melts, bowls, soups, bagels, breakfast sandwiches and other breakfast products, flatbread pizzas, snacks and desserts. Guests can also enjoy handcrafted beverages, coffee and coffee-based-based and a variety of other beverages. Cosi offers a diverse catering menu that includes the restaurant favorites and specialty offerings.

Così® restaurants are located in urban and suburban settings, traditional and non-traditional locations, including retail spaces, office buildings, universities, hospitals, and more, and are designed to be welcoming and comfortable with an eclectic environment, based on the original Così® restaurant still operating in Paris, France. Così® partners create a welcoming environment where guests are invited to relax and enjoy great food.

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Dine Brands Global, Inc. Reports Solid Fourth Quarter and Full-Year 2019 Results

Fourth Quarter Earnings Per Diluted Share (GAAP) Increased 8.2%

Fourth Quarter Adjusted Earnings Per Diluted Share (Non-GAAP) Increased 4.7%

Full-Year Earnings Per Diluted Share (GAAP) Increased 33.9%

Full-Year Adjusted Earnings Per Diluted Share (Non-GAAP) Increased 29.4%

February 24, 2020 08:00 AM Eastern Standard Time

GLENDALE, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN), the parent company of Applebee's Neighborhood Grill + Bar® and IHOP® restaurants, today announced financial results for the fourth quarter and fiscal 2019.

“This past year for Dine Brands was defined by several significant achievements. Notably, we successfully completed a $1.3 billion refinancing of our existing debt through a securitization. We delivered a significant increase in net income of 30%, which resulted in strong growth in adjusted EBITDA of 19% for the year. Our franchised business model continued to generate robust adjusted free cash flow, enabling us to both return capital to shareholders and invest in technology. We also drove significant growth in our off-premise business at both Applebee’s and IHOP and launched domestic development initiatives at IHOP to expand our footprint in high-demand locations,” said Steve Joyce, Chief Executive Officer of Dine Brands Global, Inc.

Mr. Joyce added, “We’ve built a solid foundation for sustainable growth. While we are pleased with our success, we will not be complacent. Looking ahead, we will leverage our accomplishments and focus on guest-centric decisions and opportunities that will deliver long-term profitability. We’re excited about our future and confident in our ability to build momentum.”

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Ruth’s Hospitality Group, Inc. Reports Fourth Quarter and Fiscal Year 2019 Financial Results

February, 21 2020

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter and fiscal year ended December 29, 2019.

Highlights for the fourth quarter of 2019 were as follows:

Total revenues in the fourth quarter of 2019 increased 6.2% to $135.0 million, compared to $127.2 million in the fourth quarter of 2018.
Net income in the fourth quarter of 2019 decreased 2.7% to $14.5 million, or $0.50 per diluted share, compared to net income of $14.9 million, or $0.49 per diluted share, in the fourth quarter of 2018.

- Net income in the fourth quarter of 2019 included $0.1 million in acquisition-related expenses associated with the previously completed acquisition of the three restaurants from our Philadelphia and Long Island franchisee, and $0.4 million in closure costs associated with accelerating the closure of a restaurant in Washington, DC. Net income in the fourth quarter of 2018 included $0.3 million in acquisition-related expenses associated with the acquisition of the six restaurants from our Hawaiian franchisee.

- Excluding these adjustments, as well as the results from discontinued operations and certain discrete income tax items, non-GAAP diluted earnings per common share were $0.52 in the fourth quarter of 2019, compared to $0.50 in the fourth quarter of 2018. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of Non-GAAP Financial Measure table for additional information.

During the fourth quarter of 2019, the Company returned $9.0 million through dividends and share repurchases.

Cheryl Henry, President and Chief Executive Officer of Ruth's Hospitality Group, Inc., stated, “I’m proud of what our team was able to accomplish in both the fourth quarter and the full year of 2019 in the face of a year of record beef prices. For the full year, we grew revenues and earnings, successfully integrated three new franchise locations into the Company system and opened two new Company-operated restaurants. We also continued our evolution of the brand through remodels, enhanced experiences and compelling product offerings for our guests.”

Henry added, “In addition, 2019 marked the 10th consecutive year of comparable restaurant sales and earnings growth. As I look ahead, I am confident that our focus on executing our total return strategy will continue to generate long term value for our shareholders.”

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Domino's Pizza® Announces Fourth Quarter and Fiscal 2019 Financial Results

Global retail sales growth (excluding foreign currency impact) of 7.6% for the fourth quarter; 8.0% for fiscal 2019

U.S. same store sales growth of 3.4% for the fourth quarter; 3.2% for fiscal 2019

International same store sales growth of 1.7% for the fourth quarter; 1.9% for fiscal 2019

Global net store growth of 492 for the fourth quarter; 1,106 for fiscal 2019

Diluted EPS up 19.1% to $3.12 for the fourth quarter; up 14.5% to $9.56 for fiscal 2019

Feb 20, 2020, 07:30 ET

ANN ARBOR, Mich., Feb. 20, 2020 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world based on global retail sales, announced results for the fourth quarter and fiscal 2019, comprised of growth in global retail sales, same store sales and earnings per share. Global retail sales increased 6.9% in the fourth quarter, or 7.6% excluding foreign currency impact. Global retail sales increased 5.7% in fiscal 2019, or 8.0% excluding foreign currency impact. U.S. same store sales grew 3.4% during the quarter and 3.2% for the full year, continuing the positive sales momentum in the Company's U.S. stores business. The international business also posted positive results, with same store sales growth of 1.7% during the quarter and 1.9% for the full year. The fourth quarter marked the 104th consecutive quarter of international same store sales growth and the 35th consecutive quarter of U.S. same store sales growth.

The Company had fourth quarter global net store growth of 492 stores, comprised of 141 net new U.S. stores and 351 net new international stores. In fiscal 2019, the Company opened 1,106 net new stores, comprised of 250 net new U.S. stores and 856 net new international stores.

Fourth quarter diluted EPS was $3.12, up 19.1% over the prior year quarter. Fourth quarter diluted EPS, as adjusted, was $3.13, up 19.5% over the prior year quarter. Fiscal 2019 diluted EPS was $9.56, up 14.5% over the prior year. Fiscal 2019 diluted EPS, as adjusted, was $9.57, up 13.7% over the prior year diluted EPS, as adjusted, of $8.42. (See the Financial Results Comparability section on page four and the Comments on Regulation G section on page five.)

In connection with the Company's November 2019 recapitalization transaction discussed below, certain of the Company's subsidiaries borrowed $675.0 million and used a portion of the proceeds to pre-fund a portion of the principal and interest payable on the 2019 Notes, pay transaction fees and expenses and repurchase and retire shares of the Company's common stock. During the fourth quarter of 2019, the Company repurchased and retired 2,063,378 shares of its common stock in open market repurchases under its Board of Directors-approved share repurchase program for approximately $593.9 million.

On February 19, 2020, the Board of Directors declared a $0.78 per share quarterly dividend for shareholders of record as of March 13, 2020 to be paid on March 30, 2020. This represents an increase of 20.0% over the previous quarterly dividend amount.

"I am extremely proud of the accomplishments of our franchisees and our team members from around the world, not just in the fourth quarter, but throughout all of 2019," said Ritch Allison, Domino's Chief Executive Officer. "Our relentless focus on our customers, our franchisees and the long-term growth and profitability of the Domino's business model helped us deliver a solid 2019 in the face of unique competitive headwinds."

View full version at Domino's Pizza

BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal 2019 Results

Declares Quarterly Cash Dividend of $0.13 Per Share

February 20, 2020 16:03 ET

HUNTINGTON BEACH, Calif., Feb. 20, 2020 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its 2019 fourth quarter and fiscal year that ended Tuesday, December 31, 2019.

Fourth Quarter 2019 Highlights Compared to Fourth Quarter 2018

Total revenues grew 3.8% to $291.1 million
Total restaurant operating weeks increased approximately 3.0%
Comparable restaurant sales increased 0.4%
Net income of $14.5 million compared to $10.7 million -- Fourth quarter 2019 net income benefited from a $4.7 million pre-tax gain related to two sale-leaseback transactions, partially offset by a $0.6 million pre-tax expense related to the adoption of ASU 2016-02 on January 2, 2019, regarding lease accounting.
Diluted net income per share of $0.75 compared to $0.49 -- Fourth quarter 2019 diluted net income per share benefited from a $0.21 net gain related to the adoption of ASU 2016-02 on January 2, 2019, which impacted the accounting for leases and sale-leaseback transactions.

Fiscal 2019 Highlights Compared to Fiscal 2018

Total revenues grew 4.0% to $1.2 billion
Total restaurant operating weeks increased approximately 2.8%
Comparable restaurant sales increased 1.1%
Net income of $45.2 million compared to $50.8 million -- Fiscal 2019 net income benefited from a $4.7 million pre-tax gain related to two sale-leaseback transactions, partially offset by a $2.3 million pre-tax expense related to the adoption of ASU 2016-02 on January 2, 2019, regarding lease accounting. -- Fiscal 2018 net income includes a $3.9 million excess tax benefit from equity awards
Diluted net income per share of $2.20 compared to $2.35 -- Fiscal 2019 diluted net income per share benefited from a $0.12 net gain related to the adoption of ASU 2016-02 on January 2, 2019, which impacted the accounting for leases and sale-leaseback transactions. -- Fiscal 2018 diluted net income per share includes an $0.18 excess tax benefit from equity awards

“The strength of the BJ’s concept and brand, our innovative sales driving and productivity initiatives, and the daily commitment of our team members drove another quarter and full year of positive comparable restaurant sales, despite the strong prior-year comparable restaurant sales results,” commented Greg Trojan, Chief Executive Officer. “Our recently re-launched catering menu and offerings, the addition of tri-tip sirloin to our slow roast platform, the introduction of our $6 take home entrees and the roll out of our Gold Standard Kitchen Systems continue to improve the guest experience and affinity towards our brand and collectively contributed to BJ’s ability to further build market share in the casual dining industry. Our 23,000 team members put guest service and hospitality at the center of everything they do and their dedication continues to differentiate BJ’s as we further elevate our dining experience, grow our restaurant base and pursue a range of initiatives to enhance shareholder value. With great teams in place, our long-term record of successful sales building and efficiency initiatives, the growth of new sales channels, including delivery, take-out and catering, and the opportunity to significantly expand BJ’s nationally, we remain confident that the foundation we have built will deliver near- and long-term growth.”

In the fourth quarter of fiscal 2019, BJ’s opened a new restaurant in Tulsa, Oklahoma and Lakewood, Colorado. The Company also closed one of its original, smaller format BJ’s Pizza & Grill® restaurants in Balboa, California following the expiration of its lease. In fiscal 2019, BJ’s achieved its goal of opening seven new restaurants and the Company plans to open eight to ten restaurants in 2020, with the first new restaurant scheduled to open next week in North Attleboro, Massachusetts, the first BJ’s in the state. “While 2020 will mark an acceleration in the pace of our restaurant openings, we continue to prioritize a balanced approach to new restaurant growth, with new restaurant quality and hospitality taking precedence over new restaurant quantity, a discipline that has served BJ’s, our guests and shareholders well. This approach has provided the financial flexibility to allocate our strong cash flows to new restaurant growth, sales and productivity initiatives, share repurchases and dividends to enhance shareholder value,” concluded Trojan.

During the fourth quarter of 2019, the Company repurchased and retired approximately 0.3 million shares of its common stock at a cost of approximately $10.3 million. Since the Company’s first share repurchase authorization was approved in April 2014, BJ’s has repurchased and retired approximately 11.8 million shares at a cost of approximately $460.5 million. The Company has approximately $39.5 million available under its currently authorized share repurchase program.

The Company’s Board of Directors declared a cash dividend of $0.13 per share of common stock, payable on March 24, 2020, to shareholders of record at the close of business on March 10, 2020. While the Company intends to pay quarterly cash dividends for the foreseeable future, dividends will be reviewed quarterly and declared by the Board of Directors at its discretion.

Investor Conference Call and Webcast

BJ’s Restaurants, Inc. will conduct a conference call on its fourth quarter and fiscal year 2019 earnings release today, February 20, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Senior management will discuss the financial results and host a question and answer session. In addition, a live audio webcast of the call will be accessible to the public on the “Investors” page of the Company’s website located at http://www.bjsrestaurants.com, and a recording of the webcast will be archived on the site for 30 days following the live event. Please allow 15 minutes to register and download and install any necessary software.

About BJ’s Restaurants, Inc.

BJ’s Restaurants, Inc. (“BJ’s”) is a national brand with brewhouse roots and a menu where craft matters. BJ’s broad menu with over 140 offerings has something for everyone: slow-roasted entrees like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. BJ’s has been a pioneer in the craft brewing world since 1996, and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in five states and by independent third-party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates 208 casual dining restaurants. All restaurants offer dine-in, take-out, delivery and large party catering. BJ’s restaurants are located in 28 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and Washington. For more BJ’s information, visit http://www.bjsrestaurants.com.

View source version at BJ's Restaurants

Texas Roadhouse, Inc. Announces Fourth Quarter 2019 Results

Increases Quarterly Dividend 20% to $0.36 per Share

February 20, 2020 16:03 ET

LOUISVILLE, Ky., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Texas Roadhouse, Inc. (NasdaqGS: TXRH) today announced financial results for the 14 and 53 week periods ended December 31, 2019.Fourth QuarterYear to Date($000's)20192018% Change20192018% ChangeTotal revenue$ 725,238$ 605,91219.7%$ 2,756,163$ 2,457,44912.2%Income from operations53,41133,20760.8%212,023187,78912.9%Net income42,68630,33240.7%174,452158,22510.3%Diluted EPS$ 0.61$ 0.4245.4%$ 2.46$ 2.2011.9%

Note: Fourth quarter and full year 2019 results include 14 and 53 weeks, respectively, compared to 13 and 52 weeks in the fourth quarter and full year of 2018, respectively.

Results for the fourth quarter included the following highlights:

Comparable restaurant sales increased 4.4% at company restaurants and 3.4% at domestic franchise restaurants;
Restaurant margin, as a percentage of restaurant and other sales, increased 117 basis points to 17.1% as the benefit of the 53rd week, a higher average check, and labor productivity were partially offset by wage rate and commodity inflation. Restaurant margin dollars increased 28.6% to $122.9 million from $95.6 million in the prior year;
Diluted earnings per share increased 45.4% to $0.61 from $0.42 in the prior year. Diluted earnings per share were positively impacted by $0.10 to $0.11 as a result of the 53rd week;
11 company restaurants, including two Bubba’s 33 restaurants, and three international franchise restaurants were opened; and
The Company repurchased 170,187 shares of common stock for $8.9 million.

Results for the year-to-date period included the following highlights:

Comparable restaurant sales increased 4.7% at company restaurants and 3.8% at domestic franchise restaurants;
Restaurant margin, as a percentage of restaurant and other sales, decreased six basis points to 17.3%, as higher labor costs driven by wage rate and other inflation was offset by lower cost of sales due to the benefit of a higher average check. Restaurant margin dollars increased 11.8% to $474.2 million from $424.2 million in the prior year;
Diluted earnings per share increased 11.9% to $2.46 from $2.20 in the prior year. Diluted earnings per share were positively impacted by $0.10 to $0.11 as a result of the 53rd week;
22 company restaurants, including three Bubba’s 33 restaurants, and nine, primarily international, franchise restaurants were opened; and
The Company repurchased 2,625,245 shares of common stock for $139.8 million.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are very pleased to end the year on a strong note, highlighted by our double digit revenue growth and improved restaurant margins in the second half of the year. Fourth quarter comparable restaurant sales grew 4.4% at company restaurants, which represents our 40th consecutive quarter of growth. This is certainly a credit to our operators, who for 10 straight years have found ways to continue to grow sales. In addition, our healthy cash flow allowed us to increase our quarterly cash dividend to $0.36 per share in 2020 which is our seventh straight year of increasing our dividends by double digits.”

Taylor continued, “We are off to a solid start in 2020, with comparable restaurant sales growth of 6.4% for the first seven weeks of the year. In addition, our development pipeline remains strong and we continue to target at least 30 company restaurant openings for the year.”

2020 Outlook

Comparable restaurant sales at company restaurants for the first seven weeks of our first quarter of fiscal 2020 increased 6.4% compared to the prior year period.

Management reiterated the following expectations for 2020:

Positive comparable restaurant sales growth;
At least 30 company restaurant openings;
Store week growth of 3.5% to 4.5%, including the negative impact of lapping the 53rd week from 2019;
Commodity cost inflation of 1.0% to 2.0%;
Mid-single digit growth in labor dollars per store week; and
An income tax rate of 14.0% to 15.0%.

Management updated the following expectations for 2020:

Total capital expenditures of $210 million to $220 million.

Cash Dividend Payment

On February 20, 2020, our Board of Directors authorized the payment of a quarterly cash dividend of $0.36 per share of common stock. This payment, which will be distributed on March 27, 2020 to shareholders of record at the close of business on March 11, 2020, represents a 20% increase from the cash dividend of $0.30 per share of common stock declared during each quarter of 2019. Since the inception of our dividend program in 2011, our cash dividend per share of common stock has increased an average of 18.2% per year.

Non-GAAP Measures

We prepare our consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within our press release, we make reference to restaurant margin (in dollars and as a percentage of sales). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including cost of sales, labor, rent and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate restaurant-level operating efficiency and performance. In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. We also exclude depreciation and amortization expense, substantially all of which relates to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants. We also exclude impairment and closure expense as we believe this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.

Conference Call

Texas Roadhouse is hosting a conference call today, February 20, 2020 at 5:00 p.m. Eastern Time to discuss these results. The dial-in number is (877) 699-0953 or (647) 689-5456 for international calls. A replay of the call will be available for one week following the conference call. To access the replay, please dial (800) 585-8367 or (416) 621-4642 for international calls, and use 8963721 as the pass code. There will be a simultaneous Web cast conducted at www.texasroadhouse.com.

About the Company

Texas Roadhouse is a casual dining concept that first opened in 1993 and today has grown to over 610 restaurants system-wide in 49 states and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.

View source version at Texas Roadhouse

Jack in the Box Inc. Reports First Quarter FY 2020 Earnings

February, 20 2020

Reaffirms Fiscal 2020 Guidance; Declares Quarterly Cash Dividend

Jack in the Box Inc. (NASDAQ: JACK) today reported financial results for the first quarter ended January 19, 2020.

Increase/(Decrease) in same-store sales:16 Weeks EndedJanuary 19, 2020January 20, 2019Company2.9%0.5%Franchise1.6%(0.1)%System1.7%(0.1)%

Jack in the Box® system same-store sales increased 1.7 percent for the quarter. Company same-store sales increased 2.9 percent in the first quarter driven by average check growth of 2.6 percent and transaction growth of 0.3 percent.

Lenny Comma, chairman and chief executive officer, said, "Our same-store sales growth in the first quarter resulted from guests continuing to respond favorably to our breadth of promotions, including compelling bundles at competitive price points and innovation on products guests crave. Looking to the remainder of 2020, we reiterate our annual targets as we leverage this strategy and continue making progress on our strategic initiatives and long-term goals. We remain committed to improving the guest experience through operations consistency and reducing wait times, targeting investments designed to maximize our returns, and serving indulgent food our guests crave."

Earnings from continuing operations were $7.9 million, or $0.33 per diluted share, for the first quarter of fiscal 2020 compared with $31.1 million, or $1.19 per diluted share, for the first quarter of fiscal 2019.

Operating Earnings Per Share(1), a non-GAAP measure, were $1.17 in the first quarter of fiscal 2020 compared with $1.35 in the prior year quarter. A reconciliation of non-GAAP Operating Earnings Per Share to GAAP results is provided below, with additional information included in the attachment to this release.

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The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2019

February, 20 2020

The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2019, which ended on December 31, 2019.

Total revenues were $694.0 million in the fourth quarter of fiscal 2019 compared to $585.2 million in the fourth quarter of fiscal 2018. Net income and diluted net income per share were $48.7 million and $1.10, respectively, in the fourth quarter of fiscal 2019. The results in this press release include the acquisition of North Italia and the remaining business of Fox Restaurant Concepts LLC (“FRC”) on October 2, 2019.

Bottom line results of the core business were within the Company’s guidance range and the impact from the acquisition to fourth quarter results was also within the range provided. Fourth quarter 2019 net income and diluted net income per share also reflect a gain on investment in unconsolidated affiliates as well as an impairment and lease termination charge. Excluding these and certain other items, adjusted net income and adjusted diluted net income per share for the fourth quarter of fiscal 2019 were $25.5 million and $0.58, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.

Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.6% in the fourth quarter of fiscal 2019.

“Comparable sales at The Cheesecake Factory restaurants again outperformed the casual dining industry and bottom-line results of the core business were within our expectations for the fourth quarter,” said David Overton, Chairman and Chief Executive Officer. “Our operators executed very well, with particular strength in labor management, which contributed to solid restaurant-level profitability during the quarter.”

Overton continued, “We believe we have the best teams in the industry, which enable us to deliver delicious, memorable experiences to our guests every day. We are honored to be recognized as one of the ‘100 Best Companies to Work For®’ by FORTUNE magazine for the seventh consecutive year, underscoring our position as a best-in-class employer.”

Overton concluded, “We accomplished so much in 2019, including closing on the acquisitions of North Italia and Fox Restaurant Concepts, reinforcing our leadership position in experiential dining. We continue to believe the combination of our companies will drive long-term value for our shareholders, guests and staff members.”

View full version at The Cheesecake Factory

Wingstop Inc. Reports Fiscal Fourth Quarter and Full Year 2019 Financial Results

February 19, 2020 07:30 ET

DALLAS, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fiscal fourth quarter and fiscal year ended December 28, 2019.

Highlights for the fiscal fourth quarter 2019 compared to the fiscal fourth quarter 2018:

System-wide sales increased 21.2% to $397.2 million
45 net openings in the fiscal fourth quarter 2019
Domestic same store sales increased 12.2%
Digital sales increased to 39.0% in December 2019
Total revenue increased to $53.2 million
Net income increased to $3.0 million, or $0.10 per diluted share, for the thirteen weeks ended December 28, 2019, compared to $2.4 million, or $0.08 per diluted share, in the prior fiscal fourth quarter. Adjusted net income* and adjusted diluted earnings per share*, both non-GAAP measures, were comparable to the prior year fourth quarter
Adjusted EBITDA*, a non-GAAP measure, increased 13.2% to $14.2 million

Highlights for the fiscal year 2019 compared to the fiscal year 2018 (on a 52-week basis):

System-wide restaurant count increased 10.6% to 1,385 worldwide locations with 133 net openings
System-wide sales increased 20.1% to $1.5 billion
Domestic same store sales increased 11.1%, marking the 16th consecutive year of same store sales growth
Total revenue increased to $199.7 million
Net income of $20.5 million, or $0.69 per diluted share, compared to $21.7 million, or $0.73 per diluted share, in the prior fiscal year. Adjusted net income* and adjusted diluted earnings per share*, both non-GAAP measures, were $21.7 million, or $0.73 per diluted share, compared to $24.7 million, or $0.84 per diluted share, in the prior fiscal year
Adjusted EBITDA*, a non-GAAP measure, increased 16.3% to $57.0 million

* Adjusted EBITDA, adjusted net income, and adjusted diluted earnings per share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measures presented in accordance with GAAP are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”

“2019 was a year of strong execution for Wingstop as we closed out our 16th consecutive year of positive same store sales growth, grew overall restaurant count by 10.6% and system-wide sales by 20.1%, which translated to adjusted EBITDA growth of 16.3%,” commented Charlie Morrison, Chairman and Chief Executive Officer of Wingstop. “As we reiterated at our recent Investor Day, our steadfast commitment to growing same store sales, maintaining best-in-class unit economics, and expanding our domestic and international footprint is paramount as we progress through 2020 and beyond. We remain confident that these core growth pillars will position us to achieve our long-term goal of becoming a top 10 global restaurant brand.”

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Bloomin’ Brands Announces 2019 Q4 Diluted EPS and Adjusted Diluted EPS of $0.32

February, 18 2020

Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2019 and fiscal year ended December 29, 2019 compared to the fourth quarter 2018 and fiscal year ended December 30, 2018 .

Highlights for Q4 2019 include the following:

Comparable restaurant sales increased 2.7% at U.S. Outback Steakhouse, representing its 12th consecutive quarter of positive comparable restaurant sales
Comparable restaurant sales increased 4.9% for Outback Steakhouse in Brazil
Opened seven new restaurants, including five international locations

Highlights for Fiscal Year 2019 include the following:

Comparable restaurant sales increased 2.0% at U.S. Outback Steakhouse
Combined U.S. comparable restaurant sales of 1.2% with positive comps at all U.S. concepts
Comparable restaurant sales increased 5.8% for Outback Steakhouse in Brazil
GAAP and Adjusted operating income margin expansion of 140 basis points and 60 basis points, respectively, on a comparable basis

CEO Comments

“Q4 was a strong finish to a very good year for Bloomin’ Brands,” said David Deno, Chief Executive Officer. “In 2019, we capitalized on previous investments and achieved our profit commitments. This includes 60 basis points of operating margin expansion while driving healthy sales growth. We will continue to leverage our current sales momentum while pursuing opportunities to become a more efficient restaurant company. We expect this to lead to a large increase in total shareholder return in 2020 and beyond.”

Diluted EPS and Adjusted Diluted EPS

Our Q4 2019 and Fiscal Year 2019 results include the impact of the new lease accounting standard adopted in Q1 2019. Among its impacts, we no longer recognize the benefit of deferred gains on sale-leaseback transactions, resulting in an increase to Other restaurant operating expense, which represents a three cent reduction in earnings per share on the quarter and a ten cent reduction on the fiscal year. The following table includes both a reported and a comparable basis that adjusts for this lease accounting change.

View full version at Bloomin' Brands

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Financials - March 2020

Declares Quarterly Cash Dividend of $0.13 Per Share

Increases Quarterly Dividend 20% to $0.36 per Share

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