Diversified Restaurant Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 1, 2018; Provides Capital Expenditure Guidance for the Year 2018
May 08, 2018 at 09:15 pm
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Diversified Restaurant Holdings, Inc. reported unaudited consolidated earnings results for the first quarter ended April 1, 2018. For the quarter, the company reported revenue was $39,532,957 against $44,337,964 a year ago. Operating profit was $1,503,810 against $2,366,631 a year ago. Loss from continuing operations before income taxes was $109,594 against income from continuing operations before income taxes of $817,844 a year ago. Income from continuing operations was $191,829 against $795,580 a year ago. Net income was $191,829 against $831,120 a year ago. Basic and diluted earnings per share from continuing operations were $0.01 against $0.03 a year ago. Net cash provided by operating activities was $3,497,701 against $4,441,375 a year ago. Purchases of property and equipment were $496,061 against $1,430,201 a year ago. EBITDA was $4,676,161 against $6,021,944 a year ago. Adjusted EBITDA was $5,103,686 against $6,157,711 a year ago. RestaurantLevel EBITDA was $6,898,130 against $8,424,580 a year ago. Capital expenditures were $0.5 million during the first three months of 2018 and were for minor facility upgrades and general maintenance-type investments, as well as improvements to prepare an open space for sub-lease adjacent to one of its restaurants. Total debt was reduced by $2.9 million to $111.1 million at quarter end.
The company anticipates its capital expenses will approximate $1.5 million or less in fiscal 2018.
Patton Wings, Inc is a United States-based restaurant company, which is operating a single concept, Buffalo Wild Wings (BWW). The Company owns restaurants in Florida, Illinois, Indiana, Michigan and Missouri. The BWW restaurants feature a range of menu items with a multimedia social environment, a bar and an open layout designed to create a dining experience for sports fans and families. It's guests have the option of watching various sporting events on projection screens or televisions. The restaurants offered 20 to 40 domestic and imported beers on tap, including several local or regional microbrews and a selection of bottled beer, wine and liquor.
Diversified Restaurant Holdings, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended April 1, 2018; Provides Capital Expenditure Guidance for the Year 2018