Diversified Restaurant Holdings Reports Record Preliminary Second Quarter 2013 Sales Results
Grew Second Quarter Revenue by 61.2% to a Record $27.0 Million With 18 New Restaurants and Strong Same-Store-Sales Growth of 6.7%
SOUTHFIELD, Mich. - July 9, 2013 // GLOBE NEWSWIRE // - 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.
SOURCE Diversified Restaurant Holdings, Inc.
Craig P. Mychajluk
Kei Advisors LLC
David G. Burke
Chief Financial Officer
Diversified Restaurant Holdings, Inc.