BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating
owner and operator of barbeque restaurants, globally, today
reported financial results for the third fiscal quarter ended
September 29, 2019.
Third Quarter 2019
Highlights:
- Company-owned same store net sales increased 0.4%, driven by a
4.7% increase in To-Go same store net sales and a 12.7% increase in
Catering, marking eight of the nine prior quarters experiencing
positive comparable sales.
- Franchise-operated same store net sales increased 2.1%
year-over-year.
- Reacquired five Famous Dave’s franchise stores.
- Achieved 53% of restaurant sales, net in growing off-premise
lines of business and 47% dine-in.
- Net loss of $50,000, driven by acquisition and pre-opening
costs.
- Adjusted EBITDA of $1.0 million.
- Generated $1.0 million of operating cash flows.
- Signed a lease on a 3,000 square foot bar-centric restaurant in
the Uptown neighborhood of Minneapolis, which begins the execution
of our small-box initiative in our Company-owned stores.
- Approximately 135,500 downloads of loyalty app since it was
launched in December 2018, which generated $1.2 million of
system-wide sales through the app in Q3.
Highlights subsequent to the Third
Quarter of Fiscal 2019:
- Quarter-to-date as of November 10, 2019 company-owned
comparable sales growth of 7.0%, driven by a 33.9% increase in
catering sales and 10.0% increase in To-Go.
- Improved Dine-In traffic and sales driven by digital marketing
initiatives and daily deals.
- Quarter-to-date as of November 3, 2019 franchise-operated
comparable sales growth of 2.8%.
- Formed a subsidiary with Clark Championship Products LLC with
an exclusive license to sell Clark Crew BBQ sauces, rubs, and other
consumer packaged goods.
Executive Comments
Jeff Crivello, CEO, commented, “Our financial
results for the quarter reflect the investment and resources we
have committed to reviving the Famous Dave’s brand and restaurant
system performance. Our company-owned restaurants have generated
positive comparable sales for eight of the last nine quarters, a
statistic that separates us from almost every other multi-location
restaurant operator within our industry, and our franchisees have
sustained their positive comparable sales trend for this
year. Highlighting the execution of our 2019 strategic plan
includes the reinvestment of approximately $10 million into our
system through reacquisition of franchise stores and capital
expenditures to refresh and update our company-owned restaurants.
The small-format restaurant in Minneapolis and the inaugural Clark
Crew BBQ restaurant in Oklahoma City are both on-track for a fourth
quarter open.”
Key Operating Metrics
|
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Three Months Ended |
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|
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Nine Months Ended |
|
|
September 29, 2019 |
|
|
September 30, 2018 |
|
|
|
September 29, 2019 |
|
September 30, 2018 |
Restaurant count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated |
|
|
96 |
|
|
|
131 |
|
|
|
|
96 |
|
|
|
|
131 |
|
|
Company-owned |
|
|
32 |
|
|
|
16 |
|
|
|
|
32 |
|
|
|
|
16 |
|
|
Total |
|
|
128 |
|
|
|
147 |
|
|
|
|
128 |
|
|
|
|
147 |
|
|
Same store net restaurant
sales %: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated, domestic |
|
|
2.1 |
% |
|
|
(1.4 |
) |
% |
|
|
1.4 |
|
% |
|
|
(1.3 |
) |
% |
Franchise-operated, international(1) |
|
|
5.5 |
% |
|
|
(12.3 |
) |
% |
|
|
(6.1 |
) |
% |
|
|
(9.7 |
) |
% |
Franchise-operated total |
|
|
2.1 |
% |
|
|
(1.8 |
) |
% |
|
|
1.2 |
|
% |
|
|
(1.5 |
) |
% |
Company-owned |
|
|
0.4 |
% |
|
|
2.1 |
|
% |
|
|
1.0 |
|
% |
|
|
2.8 |
|
% |
Total |
|
|
1.9 |
% |
|
|
(1.4 |
) |
% |
|
|
1.2 |
|
% |
|
|
(1.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, expect per
share data) |
|
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|
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|
|
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|
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|
|
|
|
|
|
|
|
System-wide restaurant
sales(2) |
|
$ |
83,477 |
|
|
$ |
90,232 |
|
|
|
$ |
256,864 |
|
|
|
$ |
274,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
shareholders |
|
$ |
17 |
|
|
$ |
1,402 |
|
|
|
$ |
1,139 |
|
|
|
$ |
3,792 |
|
|
Adjusted net income
attributable to shareholders(3) |
|
|
168 |
|
|
|
1,499 |
|
|
|
|
2,874 |
|
|
|
|
4,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable
to shareholders, per diluted share |
|
$ |
0.00 |
|
|
$ |
0.15 |
|
|
|
$ |
0.13 |
|
|
|
$ |
0.45 |
|
|
Adjusted net income
attributable to shareholders, per diluted share(3) |
|
|
0.02 |
|
|
|
0.16 |
|
|
|
|
0.31 |
|
|
|
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(3) |
|
$ |
1,095 |
|
|
$ |
2,016 |
|
|
|
$ |
4,572 |
|
|
|
$ |
6,510 |
|
|
(1) International franchise comparable
sales declines are primarily related to Puerto Rico, which did not
recover from the effects of recent hurricanes.(2) System-wide
restaurant sales include sales for all Company-owned and
franchise-operated restaurants, as reported by franchisees.
Restaurant sales for franchise-operated restaurants are not
revenues of the Company and are not included in the Company’s
consolidated financial statements.(3) Adjusted net income
(loss) from continuing operations and adjusted EBITDA are non-GAAP
measures. A reconciliation of all non-GAAP measures to the most
directly comparable GAAP measure is included in the accompanying
financial tables. See “Non-GAAP Reconciliation.”
Third Quarter 2019 Review
Total revenue for the third quarter of 2019 was
$23.7 million, up 68.3% from the third quarter of 2018. The
increase in year-over-year restaurant sales, net for the three
months ended September 29, 2019 was driven primarily by the
acquisition of Famous Dave’s stores in Colorado, Michigan, Ohio,
Wisconsin, Indiana, Kentucky, Iowa, and Arizona and a 2.1% increase
in franchise-operated same store net sales, partially offset by
franchise and corporate restaurant closures.
On a weighted basis, same store net sales for
our To-Go and Catering lines of business increased 1.5% and 2.2%,
respectively, in the third quarter of fiscal 2019 as compared to
the prior year period, partially offset by a decline in our Dine In
line of business of 3.3%. During the third quarter of fiscal 2019,
Dine In represented approximately 47% of our total restaurant
sales, net, while To Go and Catering represented 33% and 20% of
restaurant sales, net, respectively.
Restaurant-level operating margin, as a
percentage of restaurant sales, net, for Company-owned restaurants
was 0.6% compared to 2.0% in the third quarter of fiscal 2018. This
decline in restaurant-level operating margin was primarily a result
of acquisitions of new stores in 2019, which we believe will
stabilize over the remainder of fiscal 2019 and into the first
quarter of fiscal 2020.
General and administrative expenses for the
three months ended September 29, 2019 and September 30, 2018
represented approximately 11.2% and 13.8% of total revenues,
respectively. The increase to general and administrative expenses
primarily related to acquisition costs incurred related to our
acquisitions and other transactions.
Net income attributable to shareholders was
approximately $17,000, or $0.00 per share, in the third quarter of
fiscal 2019 compared to net income attributable to shareholders of
approximately $1.4 million, or $0.15 per share, in the third
quarter of fiscal 2018. Adjusted net income attributable to
shareholders, a non-GAAP measure, was approximately $168,000, or
$0.02 per share, compared to adjusted net income attributable to
shareholders of approximately $1.5 million, or $0.16 per share, in
the third quarter of fiscal 2018. A reconciliation between adjusted
net income attributable to shareholders and its most directly
comparable GAAP measure is included in the accompanying financial
tables.
About BBQ Holdings
BBQ Holdings is a holding company formed for the
purposes of developing, owning and franchising the Famous Dave’s
and Clark Crew BBQ restaurant brands. Its menus feature
award-winning barbequed and grilled meats, a selection of salads,
sandwiches, side items, and made-from-scratch desserts. As of
November 12, 2019, the Company owns 32 Famous Dave’s locations and
franchises an additional 96 Famous Dave’s restaurants in 32 states,
Canada, and United Arab Emirates. The inaugural Clark Crew BBQ
restaurant is opening in Oklahoma City, Oklahoma during the fourth
quarter of 2019.
Non-GAAP Financial Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States
(“GAAP”), the Company uses non-GAAP measures including those
indicated below. These non-GAAP measures exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s consolidated financial statements and are subject to
inherent limitations. By providing non-GAAP measures, together with
a reconciliation to the most comparable GAAP measure, the Company
believes that it is enhancing investors’ understanding of the
Company’s business and results of operations. These measures are
not intended to be considered in isolation of, as substitutes for,
or superior to, financial measures prepared and presented in
accordance with GAAP. The non-GAAP measures presented may be
different from the measures used by other companies. The Company
urges investors to review the reconciliation of its non-GAAP
measures to the most directly comparable GAAP measure, included in
the accompanying financial tables.
Adjusted net income attributable to shareholders
is net income attributable to shareholders, plus asset impairment,
estimated lease termination charges and other closing costs,
settlement agreements, net (loss) gain on disposal of equipment,
stock-based compensation, severance, acquisition costs, and the
related tax impact. This number is divided by the weighted-average
number of diluted shares of common stock outstanding during each
period presented to arrive at adjusted net income, per share.
Adjusted EBITDA is net income (loss), plus asset impairment,
estimated lease termination charges and other closing costs,
settlement agreements, depreciation and amortization, interest
expense, net, net (loss) gain on disposal of equipment, stock-based
compensation, severance, acquisition costs and provision (benefit)
for income taxes.
Forward-Looking Statements
Statements in this press release that are not
strictly historical, including but not limited to statements
regarding the timing of the Company’s restaurant openings, the
timing of refreshes and the timing or success of refranchising
plans, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks, which
may cause the Company’s actual results to differ materially from
expected results. Although the Company believes the expectations
reflected in any forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectation will be
attained. Factors that could cause actual results to differ
materially from the Company’s expectation include financial
performance, restaurant industry conditions, execution of
restaurant development and construction programs, franchisee
performance, changes in local or national economic conditions,
availability of financing, governmental approvals and other risks
detailed from time to time in the Company’s SEC reports.
Contact: |
Jeff Crivello – Chief Executive Officer |
|
952-294-1300 |
|
Darrow Associates, Inc. |
|
Peter Seltzberg – Managing
Director |
|
516-419-9915 |
|
pseltzberg@darrowir.com |
|
|
|
|
|
|
BBQ HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data)(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 29, 2019 |
|
September 30, 2018 |
|
September 29, 2019 |
|
September 30, 2018 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales, net |
$ |
20,114 |
|
|
$ |
9,903 |
|
|
$ |
47,326 |
|
|
$ |
28,571 |
|
Franchise royalty and fee revenue |
|
2,909 |
|
|
|
3,462 |
|
|
|
9,560 |
|
|
|
10,623 |
|
Franchisee national advertising fund contributions |
|
395 |
|
|
|
497 |
|
|
|
1,275 |
|
|
|
1,495 |
|
Licensing and other revenue |
|
261 |
|
|
|
211 |
|
|
|
839 |
|
|
|
766 |
|
Total revenue |
|
23,679 |
|
|
|
14,073 |
|
|
|
59,000 |
|
|
|
41,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
6,383 |
|
|
|
3,091 |
|
|
|
15,068 |
|
|
|
8,907 |
|
Labor and benefits costs |
|
7,477 |
|
|
|
3,601 |
|
|
|
17,253 |
|
|
|
10,158 |
|
Operating expenses |
|
6,133 |
|
|
|
3,011 |
|
|
|
14,489 |
|
|
|
8,746 |
|
Depreciation and amortization expenses |
|
576 |
|
|
|
281 |
|
|
|
1,355 |
|
|
|
983 |
|
General and administrative expenses |
|
2,653 |
|
|
|
1,937 |
|
|
|
7,547 |
|
|
|
5,922 |
|
National advertising fund expenses |
|
395 |
|
|
|
497 |
|
|
|
1,275 |
|
|
|
1,495 |
|
Asset impairment, estimated lease termination charges and other
closing costs, net |
|
214 |
|
|
|
31 |
|
|
|
718 |
|
|
|
143 |
|
Pre-opening expenses |
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Net (gain) loss on disposal of property and bargain purchases |
|
(28 |
) |
|
|
— |
|
|
|
(174 |
) |
|
|
29 |
|
Total costs and expenses |
|
23,897 |
|
|
|
12,449 |
|
|
|
57,625 |
|
|
|
36,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from
operations |
|
(218 |
) |
|
|
1,624 |
|
|
|
1,375 |
|
|
|
5,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(33 |
) |
|
|
(80 |
) |
|
|
(392 |
) |
|
|
(422 |
) |
Interest income |
|
27 |
|
|
|
54 |
|
|
|
114 |
|
|
|
79 |
|
Total other expense |
|
(6 |
) |
|
|
(26 |
) |
|
|
(278 |
) |
|
|
(343 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income before
income taxes |
|
(224 |
) |
|
|
1,598 |
|
|
|
1,097 |
|
|
|
4,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense) |
|
174 |
|
|
|
(196 |
) |
|
|
(25 |
) |
|
|
(937 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income |
|
(50 |
) |
|
|
1,402 |
|
|
|
1,072 |
|
|
|
3,792 |
|
Less: Net loss
attributable to non-controlling interest |
|
67 |
|
|
|
— |
|
|
|
67 |
|
|
|
— |
|
Net income
attributable to shareholders |
$ |
17 |
|
|
$ |
1,402 |
|
|
$ |
1,139 |
|
|
$ |
3,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss)
income per share attributable to shareholders |
$ |
0.00 |
|
|
$ |
0.15 |
|
|
$ |
0.13 |
|
|
$ |
0.45 |
|
Diluted net (loss)
income per share attributable to shareholders |
$ |
0.00 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
|
$ |
0.45 |
|
Weighted average
shares outstanding - basic |
|
9,105 |
|
|
|
9,090 |
|
|
|
9,095 |
|
|
|
8,435 |
|
Weighted average
shares outstanding - diluted |
|
9,279 |
|
|
|
9,111 |
|
|
|
9,193 |
|
|
|
8,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBQ HOLDINGS, INC. AND
SUBSIDIARIESOPERATING
RESULTS(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
|
September 29, 2019 |
|
September 30, 2018 |
|
|
September 29, 2019 |
|
September 30, 2018 |
|
|
Food and beverage costs(1) |
|
31.7 |
|
% |
31.2 |
% |
|
31.8 |
% |
31.2 |
% |
|
Labor and benefits
costs(1) |
|
37.2 |
|
% |
36.4 |
% |
|
36.5 |
% |
35.6 |
% |
|
Operating expenses(1) |
|
30.5 |
|
% |
30.4 |
% |
|
30.6 |
% |
30.6 |
% |
|
Restaurant level operating margin(1)(3) |
|
0.6 |
|
% |
2.0 |
% |
|
1.1 |
% |
2.7 |
% |
|
Depreciation and amortization
expenses(2) |
|
2.4 |
|
% |
2.0 |
% |
|
2.3 |
% |
2.4 |
% |
|
General and administrative
expenses(2) |
|
11.2 |
|
% |
13.8 |
% |
|
12.8 |
% |
14.3 |
% |
|
(Loss) income from
operations(2) |
|
(0.9 |
) |
% |
11.5 |
% |
|
2.3 |
% |
12.2 |
% |
|
(1) As a percentage of restaurant sales,
net(2) As a percentage of total revenue(3) Restaurant
level margins are equal to restaurant sales, net, less restaurant
level food and beverage costs, labor and benefit costs, and
operating expenses.
BBQ HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS (in thousands, except per share
data)(unaudited)
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
September 29, 2019 |
|
December 30, 2018 |
Cash and cash equivalents |
|
$ |
4,932 |
|
|
$ |
11,598 |
Restricted cash |
|
|
657 |
|
|
|
842 |
Accounts receivable, net of allowance for doubtful accounts of
$101,000 and $192,000, respectively |
|
|
3,597 |
|
|
|
4,300 |
Inventories |
|
|
1,202 |
|
|
|
722 |
Prepaid income taxes and income taxes receivable |
|
|
339 |
|
|
|
377 |
Prepaid expenses and other current assets |
|
|
1,242 |
|
|
|
1,363 |
Assets held for sale |
|
|
2,842 |
|
|
|
— |
Total current
assets |
|
|
14,811 |
|
|
|
19,202 |
|
|
|
|
|
|
|
Property, equipment and leasehold improvements,
net |
|
|
17,816 |
|
|
|
10,385 |
|
|
|
|
|
|
|
Other
assets: |
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
24,863 |
|
|
|
— |
Goodwill |
|
|
845 |
|
|
|
61 |
Intangible assets, net |
|
|
3,056 |
|
|
|
1,428 |
Deferred tax asset, net |
|
|
5,717 |
|
|
|
5,747 |
Other assets |
|
|
1,766 |
|
|
|
1,533 |
|
|
$ |
68,874 |
|
|
$ |
38,356 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,082 |
|
|
$ |
3,765 |
Current portion of lease liabilities |
|
|
3,920 |
|
|
|
— |
Current portion of long-term debt and financing lease
obligations |
|
|
101 |
|
|
|
1,369 |
Accrued compensation and benefits |
|
|
1,811 |
|
|
|
808 |
Other current liabilities |
|
|
3,361 |
|
|
|
2,970 |
Total current liabilities |
|
|
14,275 |
|
|
|
8,912 |
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
|
Lease liabilities, less current portion |
|
|
26,478 |
|
|
|
— |
Long-term debt, less current portion |
|
|
2,471 |
|
|
|
2,411 |
Other liabilities |
|
|
1,707 |
|
|
|
4,492 |
Total liabilities |
|
|
44,931 |
|
|
|
15,815 |
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
Common stock, $.01 par value, 100,000 shares authorized, 9,274 and
9,085 shares issued and outstanding at September 29, 2019
and December 30, 2018, respectively |
|
|
93 |
|
|
|
91 |
Additional paid-in capital |
|
|
7,727 |
|
|
|
7,375 |
Retained earnings |
|
|
16,190 |
|
|
|
15,075 |
Total shareholders’
equity |
|
|
24,010 |
|
|
|
22,541 |
Non-controlling interest |
|
|
(67 |
) |
|
|
— |
Total
equity |
|
|
23,943 |
|
|
|
22,541 |
|
|
$ |
68,874 |
|
|
$ |
38,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBQ HOLDINGS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (in thousands)(unaudited)
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
|
September 29, 2019 |
|
September 30, 2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,072 |
|
|
$ |
3,792 |
|
Adjustments to reconcile net income to cash flows provided by
operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,355 |
|
|
|
983 |
|
Stock-based compensation |
|
|
354 |
|
|
|
225 |
|
Net (gain) loss on disposal of property and bargain purchases |
|
|
(174 |
) |
|
|
29 |
|
Asset impairment and estimated lease termination charges
(gain) |
|
|
660 |
|
|
|
(257 |
) |
Bad debts recovery |
|
|
(67 |
) |
|
|
(35 |
) |
Deferred income taxes |
|
|
36 |
|
|
|
(185 |
) |
Other non-cash items |
|
|
280 |
|
|
|
(391 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(495 |
) |
|
|
(49 |
) |
Other assets |
|
|
(580 |
) |
|
|
918 |
|
Accounts payable |
|
|
1,371 |
|
|
|
(183 |
) |
Accrued and other liabilities |
|
|
(356 |
) |
|
|
(1,023 |
) |
Cash flows provided by operating activities |
|
|
3,456 |
|
|
|
3,824 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Proceeds from the sale of assets |
|
|
33 |
|
|
|
1,187 |
|
Purchases of property, equipment and leasehold improvements |
|
|
(3,792 |
) |
|
|
(597 |
) |
Payments for acquired restaurants |
|
|
(6,188 |
) |
|
|
(37 |
) |
Advances on notes receivable |
|
|
(150 |
) |
|
|
(750 |
) |
Purchases of held to maturity securities |
|
|
— |
|
|
|
(6,995 |
) |
Payments received on note receivable |
|
|
20 |
|
|
|
— |
|
Cash flows used for investing activities |
|
|
(10,077 |
) |
|
|
(7,192 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments for debt issuance costs |
|
|
(54 |
) |
|
|
— |
|
Payments on long-term debt and financing lease obligations |
|
|
(176 |
) |
|
|
(6,625 |
) |
Proceeds from sale of common stock, net of offering costs |
|
|
— |
|
|
|
5,120 |
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
520 |
|
Cash flows used for financing activities |
|
|
(230 |
) |
|
|
(985 |
) |
|
|
|
|
|
|
|
Decrease in cash, cash
equivalents and restricted cash |
|
|
(6,851 |
) |
|
|
(4,353 |
) |
Cash, cash equivalents
and restricted cash, beginning of period |
|
|
12,440 |
|
|
|
10,426 |
|
Cash, cash equivalents
and restricted cash, end of period |
|
$ |
5,589 |
|
|
$ |
6,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBQ HOLDINGS, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION(in
thousands, except per share data)(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
(dollars in thousands) |
|
September 29, 2019 |
|
September 30, 2018 |
|
|
September 29, 2019 |
|
|
September 30, 2018 |
Net income attributable to shareholders |
|
$ |
17 |
|
|
$ |
1,402 |
|
|
|
1,139 |
|
|
|
3,792 |
|
Asset impairment and estimated
lease termination charges and other closing costs |
|
|
214 |
|
|
|
31 |
|
|
|
718 |
|
|
|
143 |
|
Net gain on disposal of
equipment |
|
|
(28 |
) |
|
|
— |
|
|
|
(174 |
) |
|
|
29 |
|
Stock-based compensation |
|
|
131 |
|
|
|
58 |
|
|
|
354 |
|
|
|
225 |
|
Acquisition costs |
|
|
249 |
|
|
|
— |
|
|
|
770 |
|
|
|
— |
|
Pre-opening costs |
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Severance |
|
|
10 |
|
|
|
22 |
|
|
|
13 |
|
|
|
58 |
|
Tax adjustment |
|
|
(520 |
) |
|
|
(14 |
) |
|
|
(40 |
) |
|
|
(90 |
) |
Adjusted net income |
|
$ |
168 |
|
|
$ |
1,499 |
|
|
$ |
2,874 |
|
|
$ |
4,157 |
|
Basic adjusted net income per
common share |
|
$ |
0.02 |
|
|
$ |
0.16 |
|
|
$ |
0.32 |
|
|
$ |
0.49 |
|
Diluted adjusted net income
per common share |
|
$ |
0.02 |
|
|
$ |
0.16 |
|
|
$ |
0.31 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share
outstanding - basic |
|
|
9,105 |
|
|
|
9,090 |
|
|
|
9,095 |
|
|
|
8,435 |
|
Weighted average common share
outstanding - diluted |
|
|
9,279 |
|
|
|
9,111 |
|
|
|
9,193 |
|
|
|
8,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
(50 |
) |
|
$ |
1,402 |
|
|
$ |
1,072 |
|
|
$ |
3,792 |
|
Asset impairment and estimated
lease termination charges and other closing costs |
|
|
214 |
|
|
|
31 |
|
|
|
718 |
|
|
|
143 |
|
Depreciation and
amortization |
|
|
576 |
|
|
|
281 |
|
|
|
1,355 |
|
|
|
983 |
|
Interest expense, net |
|
|
6 |
|
|
|
26 |
|
|
|
278 |
|
|
|
343 |
|
Net (gain) loss on disposal of
equipment |
|
|
(28 |
) |
|
|
— |
|
|
|
(174 |
) |
|
|
29 |
|
Stock-based compensation |
|
|
131 |
|
|
|
58 |
|
|
|
354 |
|
|
|
225 |
|
Acquisition costs |
|
|
249 |
|
|
|
— |
|
|
|
770 |
|
|
|
— |
|
Pre-opening costs |
|
|
94 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Severance |
|
|
10 |
|
|
|
22 |
|
|
|
13 |
|
|
|
58 |
|
Provision for income
taxes |
|
|
(174 |
) |
|
|
196 |
|
|
|
25 |
|
|
|
937 |
|
Adjusted EBITDA |
|
$ |
1,028 |
|
|
$ |
2,016 |
|
|
$ |
4,505 |
|
|
$ |
6,510 |
|
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