Diversified Restaurant Holdings, Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Revised Earnings Guidance for the Full Year of 2017
August 03, 2017 at 10:49 pm
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Diversified Restaurant Holdings, Inc. announced consolidated unaudited earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported revenue of $39,934,602 compared to $40,951,181 a year ago. Operating profit was $721,263 compared to $1,387,085 a year ago. Loss from continuing operations before income taxes was $895,903 compared to $17,202 a year ago. Loss from continuing operations was $291,343 or $0.01 per diluted share compared to income of $234,344 or $0.01 per diluted share a year ago. Net Loss was $409,090 or $0.02 per diluted share compared to $182,426 or $0.01 per diluted share a year ago. Adjusted EBITDA was $4,622,749 compared to $5,955,465 a year ago.
For the six months, the company reported revenue of $84,272,566 compared to $84,094,433 a year ago. Operating profit was $3,087,894 compared to $4,503,066 a year ago. Loss from continuing operations before income taxes was $78,059 compared to income of $1,693,581 a year ago. Income from continuing operations was $504,237 or $0.02 per diluted share compared to $1,526,773 or $0.06 per diluted share a year ago. Net Income was $422,030 or $0.02 per diluted share compared to $247,978 or $0.01 per diluted share a year ago. Adjusted EBITDA was $10,780,460 compared to $13,139,354 a year ago. Net cash provided by operating activities of continuing operations was $6,526,896 compared to $8,084,203 a year ago. Net cash provided by operating activities was $6,444,689 compared to $5,423,554 a year ago. Purchases of property and equipment was $3,571,296 compared to $9,422,814 a year ago.
The company revised earnings guidance for the full year of 2017. Given the continued negative impacts to sales, combined with record high traditional wing costs, the company now expects to report revenue of $170 million to $173 million, restaurant-level EBITDA of $31 million to $33 million, adjusted EBITDA between $22.5 million to $24.5 million and capital expenditures of approximately $5 million to $6 million.
Patton Wings, Inc is a United States-based restaurant company, which is operating a single concept, Buffalo Wild Wings (BWW). The Company owns restaurants in Florida, Illinois, Indiana, Michigan and Missouri. The BWW restaurants feature a range of menu items with a multimedia social environment, a bar and an open layout designed to create a dining experience for sports fans and families. It's guests have the option of watching various sporting events on projection screens or televisions. The restaurants offered 20 to 40 domestic and imported beers on tap, including several local or regional microbrews and a selection of bottled beer, wine and liquor.
Diversified Restaurant Holdings, Inc. Announces Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Revised Earnings Guidance for the Full Year of 2017