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BurgerFi to Acquire Anthony’s Coal Fired Pizza & Wings
Creating Multi-Brand Platform of Premium Casual Restaurant Concepts
October 11, 2021 08:00 ET
PALM BEACH, Fla. and FORT LAUDERDALE, Fla., Oct. 11, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” ), the owner of one of the nation’s fastest-growing premium fast-casual concepts through the BurgerFi brand, announced today that it has entered into a definitive agreement to acquire Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) from L Catterton for approximately $161.3 million, comprised of $33.6 million in common stock, $53.0 million in new junior non-convertible preferred equity and the assumption of existing debt, all subject to closing adjustments (see “Transaction Details” below). The shares of common stock issued as consideration will be determined based on the 30 day volume weighted average price of BFI common stock through the day prior to closing, up to a cap of $14.25 per share and a minimum of $10.25 per share. At the closing of the transaction, L Catterton, the largest global consumer-focused private equity firm, will become one of BurgerFi’s largest shareholders. BurgerFi expects the transaction will be accretive to EPS to common shareholders and EBITDA in 2022.
BurgerFi was named Fast Casual’s #1 Brand of the year for 2021 in the “Top 100 Movers and Shakers” list, and the top fast casual better burger chain in USA Today’s “10 Best Readers’ Choice Awards” for 2021. With the acquisition of Anthony’s, BurgerFi will have 177 systemwide restaurant locations across the country through its two premium casual dining brands, with 61 Anthony’s locations and 116 BurgerFi locations. “This is our first acquisition in building a premium multibrand platform. We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions. Our focus on premium fast-casual brands allows us to share expertise, capabilities and best practices across the board,” said Ophir Sternberg, Executive Chairman of BurgerFi.
Anthony’s, founded in 2002 and headquartered in Fort Lauderdale, FL, is a leading operator of casual dining pizza restaurants with a loyal fan base and, like BurgerFi, a high concentration of its locations in the state of Florida. Anthony’s concept is centered around a 900-degree coal fired oven, and its streamlined menu offers “well-done” pizza, coal fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Ian Baines, Chief Executive Officer of Anthony’s, said “Anthony’s Coal Fired Pizza & Wings will be a fantastic addition to the BurgerFi family. It is a well-positioned, differentiated pizza and wing concept with industry-leading average unit volumes and strong profitability. BurgerFi is a very dynamic growth brand and I am honored to work with their great team as we continue to pursue and expand on our growth strategy together.”
“Both Anthony’s Coal Fired Pizza & Wings and BurgerFi bring high-quality ingredients, impressive customer loyalty and affinity, and strong management teams to the table,” said Andrew Taub, Managing Partner at L Catterton, who will be joining the board of directors of BurgerFi following the completion of the transaction. “We are delighted to continue our support of Anthony’s as they join one of the country’s most innovative players in the restaurant space. Together, these brands will establish the beginning of a restaurant platform well-positioned for growth and success.”
Ophir Sternberg will lead both the BurgerFi and Anthony’s brands in his continuing role of Executive Chairman of BurgerFi and Mike Rabinovitch will continue as BurgerFi Chief Financial Officer. At the closing of the transaction, Ian Baines will become the Chief Executive Officer of BurgerFi while Julio Ramirez will remain Chief Executive Officer and President of the BurgerFi brand and Patrick Renna will become President of the Anthony’s brand. The transaction is expected to close in the fourth quarter of 2021, subject to certain customary closing conditions.
Anthony’s Coal Fired Pizza & Wings Highlights
Unique oven technology and high quality ingredients provide for exceptional value. Anthony’s casual dining pizza and wing brand is centered around a 900-degree coal fired oven, and its streamlined menu consists of approximately 25 items. Anthony’s prides itself on serving fresh, never frozen, high-quality ingredients. Their menu offers “well-done” pizza, coal fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. The pizzas are prepared using a unique coal fired oven, which seals in natural flavors while creating a lightly-charred crust. The majority of Anthony’s restaurants have a full bar and all locations feature a deep wine and craft beer selection to round out the menu.
Contemporary environment provides differentiation from its peers. Anthony’s offers “exhibition cooking” within a contemporary environment. The restaurants feature flat-screen TVs with a sports and entertainment focus providing differentiation from its peers. Anthony’s loyalists can also enjoy the brand out of the restaurant by ordering direct at www.acfp.com or through a variety of food delivery services.
Strong unit economics and revenue growth. Anthony’s primarily operates in suburban strip centers with an average square footage per unit of 3,200. With pre-Covid average unit sales volume of approximately $2.3 million and a restaurant-level operating margin of 19%, the restaurants generated sales per square foot of nearly $700, which is top-tier in the industry. Anthony’s grew its revenue at a compound annual growth rate of 12% from 2011 to 2019.
Launch of new virtual concept and smaller restaurant provides optionality for additional growth and revenue streams. Launched in November 2020, “The Roasted Wing” is a virtual concept that features Anthony’s signature roasted chicken wings and garlic knots available for order outside the Anthony’s restaurants through Anthony’s delivery partners. Anthony’s is known for its coal fired chicken wings, which are marinated overnight with garlic and fresh herbs before being roasted in its 900-degree, coal fired oven.
In 2021, Anthony’s launched its new fast-casual format, which provides an additional lever for expected future growth. Built in a smaller footprint to enable broader real estate opportunities and an even more streamlined operating model, this new format is anticipated to be an exciting growth avenue for both corporate and franchised expansion.
Transaction Details
The total purchase price of $161.3 million is funded from the issuance of $33.6 million in common stock, the assumption of an estimated $74.7 million in net debt and $53.0 million of new junior non-convertible preferred equity, all subject to closing adjustments based on final determination of net debt and costs.
BTIG, LLC served as financial advisor and Holland & Knight LLP acted as legal counsel to BurgerFi. Arlington Capital Advisors served as a sellside advisor and Proskauer Rose LLP acted as legal counsel to L Catterton.
Conference Call
BurgerFi will hold a conference call tomorrow, October 12, at 8:30 a.m. Eastern Time to discuss the acquisition.
Date: Tuesday, October 12, 2021 Time: 8:30 a.m. Eastern Time Toll-free dial-in number: (833) 693-0539 International dial-in number: (661) 407-1580 Conference ID: 4569632
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact ICR at (646) 430-2216.
The conference call will be broadcast live and available for replay on BurgerFi’s Investor Relations website at ir.burgerfi.com.
About Anthony’s Coal Fired Pizza & Wings Anthony’s is a casual dining pizza and wing brand that currently operates 61 company-owned restaurant locations along the east coast, with a strong presence in Florida (28 units), Pennsylvania (12 units), and New Jersey (8 units). Anthony’s prides itself on serving fresh, never frozen, high-quality ingredients. Their menu offers “well-done” pizza, coal fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. The pizzas are prepared using a unique coal fired oven to quickly seal in natural flavors while creating a lightly-charred crust. The restaurants feature a deep wine and craft beer selection to round out the menu. To learn more about Anthony’s, please visit www.acfp.com.
About BurgerFi International (Nasdaq: BFI, BFIIW) Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with 116 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals, or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine's Breakout Brand of 2020, Fast Casual's 2021 #1 Brand of the Year, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019 and is included in Inc. Magazine's Fastest Growing Private Companies List. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter.
BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi.
About L Catterton With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton's team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit lcatterton.com.
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BBQ Holdings to Purchase Tahoe Joe's Famous Steakhouses
The multi-brand restaurant company is adding the legacy steakhouse brand in California to its growing roster.
Oct 06, 2021, 15:10 ET
MINNETONKA, Minn., Oct. 6, 2021 /PRNewswire/ -- BBQ Holdings, Inc., the multi-brand restaurant company behind fan-favorite restaurant concepts such as Famous Dave's, Granite City Food and Brewery and most recently Village Inn and Bakers Square, is adding yet another brand to its portfolio with the acquisition of Tahoe Joe's, the five-unit Central Valley, California-based steakhouse chain. The deal is set to close on Friday, October 8th and marks the second acquisition for the brand this year. The 26-year-old legacy brand Tahoe Joe's is known for its famous Lake Tahoe steaks, burgers, pork chops and railroad camp shrimp.
According to Jeff Crivello, BBQ Holdings' CEO, Tahoe Joe's will complement the restaurant group's roster of brands seamlessly. "We are thrilled to welcome Tahoe Joe's into the BBQ Holdings Family. This well-loved brand will fold seamlessly into our portfolio, and we can't wait to start working with the fantastic people who have made Tahoe Joe's what it is today, and to get the brand on a rejuvenated path to growth," said Crivello.
Marking the brand's second acquisition this year, Crivello says "BBQ Holdings is on a steep trajectory. We continue to execute our three pillars of growth. First, filling latent capacity in our current restaurants with ghost kitchens, virtual brands, and dual concepts. Second, organic new restaurant units, and third, accretive and strategic M&A."
With Tahoe Joe's roots in BBQ, their Famous pellet broiled steaks and chops are a perfect fit for the Famous Dave's menu.
The transaction also includes the IP of Home Town Buffet, Ryans, Furr's Fresh Buffet, and Old Country Buffet. The company has no immediate plans to reopen the buffet brands.
About BBQ Holdings BBQ Holdings, Inc. (NASDAQ: BBQ) BBQ Holdings is a national restaurant company engaged in the ownership and operation of casual and fast dining restaurants. As of August 13, 2021, BBQ Holdings had six brands with 299 locations in three countries, including 85 Company owned locations and 214 franchised locations. In addition to these locations, the Company opened eight Company-owned Famous Dave's ghost kitchens operating within its Granite City locations, and 17 Famous Dave's franchisee ghost kitchens operating out of the kitchen of another restaurant location or a shared kitchen space. While BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded with the principle of combining the "art and science" of barbecue to serve up the very best of the best to barbecue lovers everywhere. BBQ Holdings, through partnerships, has extended Travis Clark's award-winning line of barbecue sauces, rubs and seasonings into the retail market. Granite City Food and Brewery, offers award winning craft beer and a made-from-scratch, chef driven menu featuring contemporary American cuisine. Village Inn and Bakers Square add a legendary Family Dining element to BBQ Holdings.
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SPB Hospitality Completes Acquisition of J. Alexander’s Holdings, Inc.
September 30, 2021
$220 million transaction builds on the success of SPB’s existing portfolio with addition of 47 polished-casual restaurants
Houston, TX (RestaurantNews.com) Today, SPB Hospitality, an industry-leading operator and franchisor of steakhouses, pizza and craft brewery restaurants, announced that it has completed the acquisition of J. Alexander’s Holdings, Inc. . Upon closing, each share of J. Alexander’s common stock was converted into the right to receive $14.00 in cash per share, which equates to an equity value of approximately $220 million. The merger was overwhelmingly approved by J. Alexander’s shareholders.
J. Alexander’s Holdings operates 47 upscale restaurants with award-winning brands, including J. Alexander’s, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill. For more than 30 years, J. Alexander’s Holdings’ guests have enjoyed high-quality food, an attractive ambiance and unparalleled polished service.
“This acquisition is a game-changer that advances SPB’s vision of building a best-in-class hospitality company known for creating exceptional experiences and breaking through culinary boundaries,” said SPB Hospitality Chief Executive Officer Jim Mazany. “I could not be more excited about the future of our SPB Hospitality brands. We’re thrilled to welcome the J. Alexander’s team to our family and thank them for their assistance throughout the acquisition process.”
“We have enormous confidence in SPB’s leadership and their vision for building one of the strongest and most successful restaurant groups in the industry,” said Morgan McClure, President of SPB Hospitality and Managing Director at Fortress Investment Group. Funds managed by affiliates of Fortress own SPB, which was created in 2020 to manage its growing portfolio of hospitality brands. “J. Alexander’s time-honored brands and dynamic team are significant additions to the SPB family and a major step forward in achieving SPB’s vision.”
J.P. Morgan Securities LLC and Configure Partners LLC served as financial advisors and Hunton Andrews Kurth LLP served as legal counsel to SPB Hospitality and Fortress Investment Group.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $53.9 billion of assets under management as of June 30, 2021. Founded in 1998, Fortress manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
About SPB Hospitality
SPB Hospitality is a leading operator and franchisor of full-service dining restaurants, spanning a national footprint of hundreds of restaurants and breweries in 38 states and the District of Columbia. Based in Houston, the company’s diverse portfolio of restaurant brands includes Logan’s Roadhouse, Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, and a collection of specialty restaurant concepts. For more information about SPB Hospitality, visit spbhospitality.com.
About J. Alexander’s Holdings, Inc.
J. Alexander’s Holdings is a collection of restaurants that focus on providing high-quality food, outstanding professional service and an attractive ambiance. The Company presently operates 47 restaurants in 16 states. For additional information, visit JAlexandersHoldings.com.
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Darden Restaurants Reports Fiscal 2022 First Quarter Results; Declares Quarterly Dividend; Announces Additional $750 Million Share Repurchase Authorization; And Increases Fiscal 2022 Outlook
Sep 23, 2021, 07:00 ET
ORLANDO, Fla., Sept. 23, 2021 /PRNewswire/ -- Darden Restaurants, Inc., (NYSE:DRI) today reported its financial results for the first quarter ended August 29, 2021.
First Quarter 2022 Financial Highlights
Total sales increased 51% from last year to $2.31 billion driven by a blended same-restaurant sales increase of 47.5% and the addition of 34 net new restaurants
Same-restaurant sales:
Consolidated Darden
47.5%
Olive Garden
37.1%
LongHorn Steakhouse
47.0%
Fine Dining
84.6%
Other Business
65.8%
Reported diluted net earnings per share from continuing operations was $1.76 as compared to reported diluted net earnings per share from continuing operations of $0.28 last year and adjusted diluted net earnings per share from continuing operations of $0.56 last year1
Reported net earnings from continuing operations were $232 million
EBITDA of $370 million1
The Company repurchased approximately $186 million of its outstanding common stock
1 See the "Non-GAAP Information" below for more details.
"Our restaurant teams continued to operate effectively in a challenging environment, and I am proud of their focus and ability to deliver another quarter of strong sales and profitability," said Chairman and CEO Gene Lee. "Regardless of the operating environment, our unwavering commitment to our strategy ensures we stay focused on what we do best: providing exceptional guest experiences."
Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses.
Q1 Sales
Q1 Segment Profit
($ in millions)
2022
2021
2020
2022
2021
2020
Consolidated Darden
$2,306.0
$1,527.4
$2,133.9
Olive Garden
$1,090.4
$788.2
$1,090.2
$253.3
$173.8
$228.9
LongHorn Steakhouse
$567.1
$376.8
$450.2
$107.5
$57.0
$74.5
Fine Dining
$168.8
$82.6
$136.1
$33.5
$10.2
$20.3
Other Business
$479.7
$279.8
$457.4
$84.8
$35.4
$64.4
Average weekly sales by segment:
Q1 Average Weekly Sales
2022
2021
2020
Consolidated Darden
$96,170
$65,029
$91,757
Olive Garden
$95,577
$69,628
$97,003
LongHorn Steakhouse
$81,753
$55,559
$67,635
Fine Dining
$148,372
$79,223
$131,757
Other Business
$106,886
$64,589
$106,631
Dividend Declared Darden's Board of Directors declared a quarterly cash dividend of $1.10 per share on the Company's outstanding common stock. The dividend is payable on November 1, 2021 to shareholders of record at the close of business on October 8, 2021.
Share Repurchase Program During the quarter, the Company repurchased approximately 1.3 million shares of its common stock for a total cost of approximately $186 million. As of the end of the first quarter, the Company had approximately $277 million remaining under the current $500 million repurchase authorization. In addition, yesterday, Darden's Board of Directors authorized the Company to repurchase an additional $750 million of its outstanding common stock. This brings the total remaining repurchase authorization to approximately $1 billion.
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First Watch Restaurant Group, Inc. Announces Launch of Initial Public Offering
September 22, 2021 06:36 AM Eastern Daylight Time
BRADENTON, Fla.--(BUSINESS WIRE)--First Watch Restaurant Group, Inc. (“First Watch” or “the Company”), the Daytime Dining concept serving breakfast, brunch and lunch, today announced that it has commenced the roadshow for its proposed initial public offering of 9,459,000 shares of its common stock, pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (“SEC”).
The initial public offering price is currently expected to be between $17.00 and $20.00 per share. The Company also intends to grant the underwriters a 30-day option to purchase up to an additional 1,418,850 shares of common stock. First Watch intends to use the proceeds from the proposed offering to repay borrowings outstanding under its credit facilities.
The Company intends to list its common stock on the NASDAQ Global Select Market under the ticker symbol “FWRG.”
BofA Securities, Goldman Sachs & Co. LLC and Jefferies LLC are acting as lead book-running managers for the proposed offering.
Barclays Capital Inc., Citigroup Global Markets Inc., Piper Sandler & Co., Cowen and Company, LLC, Guggenheim Securities, LLC and Stifel, Nicolaus & Company, Incorporated are acting as book-running managers for the proposed offering.
Telsey Advisory Group LLC is acting as co-manager for the proposed offering.
The proposed offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the proposed offering may be obtained from the SEC at www.sec.gov, and copies of the preliminary prospectus may be obtained from the following:
BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com.
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, or by email at prospectus-ny@ny.email.gs.com or by telephone at 1-866-471-2526.
Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at prospectus_department@Jefferies.com or by telephone at 1-877-821-7388.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About First Watch
First Watch is an award-winning Daytime Dining restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like the Quinoa Power Bowl®, Avocado Toast and the Chickichanga. There are more than 420 First Watch restaurants in 28 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.
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Toast Announces Pricing of Initial Public Offering
September 22, 2021 12:11 AM Eastern Daylight Time
BOSTON--(BUSINESS WIRE)--Toast, Inc., the end-to-end platform built for restaurants, today announced the pricing of its initial public offering of 21,739,131 shares of its Class A common stock at a price of $40.00 per share. In addition, Toast has granted the underwriters a 30-day option to purchase up to an additional 3,260,869 shares of its Class A common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on the New York Stock Exchange on September 22, 2021 under the ticker symbol "TOST" and the offering is expected to close on September 24, 2021, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Morgan Stanley, and J.P. Morgan are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, William Blair, and Piper Sandler are acting as book-running managers for the proposed offering. Canaccord Genuity, Needham & Company, and R. Seelaus & Co., LLC are acting as co-managers for the proposed offering.
A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on September 21, 2021. The proposed offering will be made only by means of a prospectus, copies of which may be obtained from: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmorgan.com or by telephone at (866) 803 9204.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Toast
Toast is the end-to-end platform built for restaurants of all sizes. Toast provides a single platform of software as a service (SaaS) products and financial technology solutions that give restaurants everything they need to run their business across point of sale, operations, digital ordering and delivery, marketing and loyalty, and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. Toast proudly serves approximately 48,000 restaurant locations.
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RAVE Restaurant Group, Inc. Reports Fourth Quarter Financial Results
Sep 21, 2021, 09:00 ET
DALLAS, Sept. 21, 2021 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the fourth quarter ended June 27, 2021.
Fourth Quarter Highlights:
The Company recorded net income of $926 thousand for the fourth quarter of fiscal 2021 compared to net income of $31 thousand for the same period of the prior year.
Income before taxes was $892 thousand for the fourth quarter of fiscal 2021 compared to net income before taxes of $32 thousand for the same period of the prior year.
Total revenue increased by $0.8 million to $2.4 million for the fourth quarter of fiscal 2021 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 63% in the fourth quarter of fiscal 2021 compared to the same period of the prior year.
Pie Five comparable store retail sales increased 36% in the fourth quarter of fiscal 2021 compared to the same period of the prior year.
On a fully diluted basis, net income increased $0.05 per share to $0.05 per share for the fourth quarter of fiscal 2021 compared to net income of $0.00 per share for the same period of the prior year.
Cash and cash equivalents increased $1.8 million during the fourth quarter of fiscal 2021 to $8.3 million at June 27, 2021.
Pizza Inn domestic unit count finished at 135.
Pizza Inn international unit count finished at 32.
Pie Five domestic unit count finished at 33.
Annual Highlights:
Net income improved by $5.7 million to $1.5 million in fiscal 2021 compared to a net loss of $4.2 million in fiscal 2020.
Net income before tax improved by $1.7 million to $1.5 million in fiscal 2021 compared to a loss of $0.2 million in fiscal 2020.
Adjusted EBITDA of $2.0 million for fiscal 2021 was a $1.4 million increase from the prior year.
On a fully diluted basis, the Company reported net income of $0.09 per share in fiscal 2021 compared to a net loss of $0.28 per share in the prior year.
RAVE total domestic comparable store retail sales decreased 2.0% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales decreased 1.0% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
Pie Five comparable store retail sales decreased 6.2% for the 52 weeks ended June 27, 2021 compared to the same period of the prior year.
Total consolidated revenue decreased by $1.4 million in fiscal 2021 to $8.6 million.
Both fiscal 2021 and fiscal 2020 contained 52 weeks.
Cash and cash equivalents increased $5.4 million in fiscal 2021 to $8.3 million.
"We are pleased that the heroic efforts of our franchisees and team members have resulted in our fifth consecutive quarter of profitability. Our maniacal focus on cost control and relentless consumer-facing innovation is paying off with improving sales and consistent earnings despite the pandemic and the latest variant," said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group. "Our fourth quarter net income of $.9M marks the fifth consecutive quarter of positive income, showing sequential improvement each quarter, in a pandemic, while running a buffet brand. This is RAVE's best streak of positive income in nearly a decade. While our fourth quarter income includes a one-time PPP loan forgiveness, we are generating positive operating income, have limited leverage and hold more than $8M in cash."
"In Q4 we capitalized on the category's hottest trend of stuffed crust by elevating the experience and introducing Pie Five's Parmesan Crunch Stuffed Crust pizza with a trial-driving value offer. Earlier in the year we introduced our Panzano Pan pizza as well as our Impossible Tuscan meatball," said Solano. "Pie Five now offers three significant innovations a majority of our fast casual pizza competitors do not: pan pizza, plant-based meat pizza and stuffed crust. We will continue to focus on driving same store sales with innovation and strong operations."
"Pizza Inn's core product significantly improved this year with our new garlic butter crust, transition to house-shredded 100% whole-milk mozzarella and our classic house-made dough. This month we introduced our House Pan Pizza with a campaign to highlight the differences between our house-made dough and Pizza Hut's frozen dough and frozen cheese. We have significant innovation in our pipeline and can't wait to share them with our customers," said Solano.
"The financial results for fiscal 2021 underscore the tremendous efforts by our team at RAVE to advance our turnaround despite the many challenges facing the restaurant industry," said Clint Fendley, Chief Financial Officer of RAVE Restaurant Group, Inc. "We increased our cash from operations by $1.8 million and our cash and cash equivalents by $5.4 million, reduced our debt, and posted one of the best years of profitability for RAVE in a decade. We look forward to 2022 as we continue to invest in both brands in order to ignite growth in future periods."
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Cracker Barrel Reports Fourth Quarter And Full Year Fiscal 2021 Results And Declares Quarterly Dividend
Board increases quarterly dividend to pre-pandemic level of $1.30 per share
Sep 21, 2021, 08:00 ET
LEBANON, Tenn., Sept. 21, 2021 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2021 ended July 30, 2021.
Fourth Quarter Fiscal 2021 Highlights
Total revenue in the fourth quarter of $784.4 million was approximately flat compared to the fourth quarter of fiscal 2019 total revenue of $787.1 million.
Compared to the fourth quarter of fiscal 20191, comparable store restaurant sales decreased 6.8% and comparable store retail sales increased 18.2%.
Comparable store off-premise restaurant sales grew 108.6% compared to the fourth quarter of 20191 and represented approximately 19% of restaurant sales.
GAAP operating income in the fourth quarter was $62.7 million, or 8.0% of total revenue, and adjusted2 operating income was $65.9 million, or 8.4% of total revenue.
GAAP net income was $36.4 million, or 4.6% of total revenue. EBITDA was $93.5 million, or 11.9% of total revenue, which represented a 30 basis point sequential improvement compared to fiscal 2021 third quarter EBITDA margin.
GAAP earnings per diluted share were $1.53, and adjusted2 earnings per diluted share were $2.25.
The Company announced that its Board of Directors declared a regular quarterly dividend of $1.30 per share and authorized share repurchases up to $100 million of the Company's outstanding common stock.
Commenting on the fourth quarter results, Cracker Barrel President and Chief Executive Officer Sandra B. Cochran said, "Despite the well-known headwinds that the industry continues to face with respect to staffing, commodity and wage inflation, and the resurgence of the pandemic, we were pleased that our fourth quarter profitability continued to trend positively from the third quarter and that our off-premise sales, retail business, and Maple Street Biscuit Company concept continued to outperform. In addition to these strengths, our impressive field and home office support teams delivered on multiple fronts throughout the year, including cost-savings, the introduction of our new dinner menu and the continued roll-out of beer and wine to our stores, and helped ensure our continued recovery in 2021. I'm confident that these and other initiatives position us well for 2022 despite the uncertain environment."
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