Diversified Restaurant Holdings Reports Record Preliminary Second Quarter 2013 Sales Results
July 09 2013 - 5:55AM
Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the
"Company"), the creator, developer, and operator of the unique,
full-service, ultra-casual restaurant and bar Bagger Dave's
Legendary Burger Tavern® ("Bagger Dave's") and one of the largest
franchisees for Buffalo Wild Wings® ("BWW"), announced preliminary
unaudited sales results for the second quarter ended June 30, 2013.
Total revenue for the 2013 second quarter increased by 61.2% to
approximately $27.0 million from $16.7 million in the second
quarter of 2012. At the end of the recent second quarter, the
Company had 48 restaurants (47 corporate-owned and 1 franchised)
operating, comprised of 13 Bagger Dave's and 35 BWW, an increase of
60.0% from 30 restaurants at the end of the prior-year second
quarter (29 corporate-owned and 1 franchised). On a consolidated
basis, same-store-sales were up approximately 6.7% for the second
quarter of 2013, and benefited from a variety of national sporting
events, including hockey and basketball playoffs.
DRH expects to open seven additional restaurants during the
second half of 2013, six Bagger Dave's and one BWW.
Preliminary results remain subject to the completion of normal
quarter-end accounting procedures and are subject to change. The
Company expects to release financial and operating results for its
second quarter after markets close on Wednesday, August 14,
2013.
About Diversified Restaurant Holdings
Diversified Restaurant Holdings, Inc. ("DRH" or the "Company")
is the creator, developer, and operator of the unique,
full-service, ultra-casual restaurant concept, Bagger Dave's
Legendary Burger Tavern® ("Bagger Dave's") and one
of the largest Buffalo Wild Wings® ("BWW") franchisees. Between the
two concepts, the Company currently operates 47 corporate-owned
restaurants in Michigan, Florida, Illinois, and Indiana, and one
franchised Bagger Dave's in Missouri, for a total of 48
restaurants. The Company routinely posts news and other important
information on its website at
www.diversifiedrestaurantholdings.com.
Bagger Dave's offers a full-service, family-friendly restaurant
and bar with a casual, comfortable atmosphere. The menu features
freshly-made burgers, accompanied by more than 30 toppings from
which to choose, along with fresh-cut fries, hand-dipped
milkshakes, and a selection of craft beer and wine. Signature items
include Sloppy Dave's BBQ®, Train Wreck Burger®, and Bagger Dave's
Amazingly Delicious Turkey Black Bean Chili®. The Bagger Dave's
concept emphasizes local flair by showcasing historical photos of
the city in which each restaurant resides and features an electric
train that runs above the dining room and bar areas. Currently,
there are 12 corporate-owned locations and one franchised location.
For more information, visit www.baggerdaves.com.
DRH operates 35 BWW restaurants: 17 in Michigan, 10 in Florida,
4 in Illinois and 4 in Indiana. The Company has opened 21 new BWW
restaurants in fulfillment of its 32-store Area Development
Agreement ("ADA") with franchisor Buffalo Wild Wings, Inc.
(Nasdaq:BWLD). The remaining 11 restaurants under the ADA
agreement, along with an additional franchise agreement in Indiana,
suggest that the Company will operate 47 BWW restaurants by
2017.
Safe Harbor Statement
The information made available in this news release contains
forward-looking statements which reflect DRH's current view of
future events, results of operations, cash flows, performance,
business prospects and opportunities. Wherever used, the words
"anticipate," "believe," "expect," "intend," "plan," "project,"
"will continue," "will likely result," "may," and similar
expressions identify forward-looking statements as such term is
defined in the Securities Exchange Act of 1934. Any such
forward-looking statements are subject to risks and uncertainties
and the Company's actual growth, results of operations, financial
condition, cash flows, performance, business prospects and
opportunities could differ materially from historical results or
current expectations. Some of these risks include, without
limitation, the impact of economic and industry conditions,
competition, food and drug safety issues, store expansion and
remodeling, labor relations issues, costs of providing employee
benefits, regulatory matters, legal and administrative proceedings,
information technology, security, severe weather, natural
disasters, accounting matters, other risk factors relating to our
business or industry and other risks detailed from time to time in
the Securities and Exchange Commission filings of DRH.
Forward-looking statements contained herein speak only as of the
date made and, thus, DRH undertakes no obligation to update or
publicly announce the revision of any of the forward-looking
statements contained herein to reflect new information, future
events, developments or changed circumstances or for any other
reason.
CONTACT: Investor Contact:
Craig P. Mychajluk
Kei Advisors LLC
716.843.3832
cmychajluk@keiadvisors.com
Company Contact:
David G. Burke
Chief Financial Officer
248.223.9160
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