COLUMBUS, Ohio, May 10, 2011 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG), owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today reported financial results for the 13 weeks ended March 27, 2011. The Company also updated its outlook for the full year 2011.
Selected Highlights for the First Quarter of 2011 as Compared to the Year-Ago Period Include the Following:
- Revenues increased 10.5% to $90.4 million from $81.8 million.
- Total comparable restaurant revenues increased 2.7%.
- BRIO comparable restaurant sales increased 4.6% and BRAVO! comparable restaurant sales increased 0.6%.
- Restaurant-level operating profit increased 11.8% to $15.8 million from $14.1 million.
- GAAP net income attributed to common shareholders was $4.5 million, or $0.22 per diluted share, compared to GAAP net loss attributed to common shareholders of ($0.6) million, or ($0.08) per diluted share.
- Modified pro forma net income was $3.7 million, or $0.18 per diluted share, compared to modified pro forma net income of $2.5 million, or $0.12 per diluted share. Please see the reconciliation from GAAP to modified pro forma (non-GAAP) net income in the accompanying financial tables.
"We are very pleased with our overall results in the first quarter of 2011, which included positive comparable sales for both BRAVO! and BRIO and modified pro forma EPS growth of approximately 50% compared to the prior year. With a proven operating model and demonstrated track record of achievement, we look forward to taking our business to new heights this year and are well underway towards establishing Bravo Brio as the premier Italian restaurant company in the country," said Saed Mohseni, Chief Executive Officer and President, Bravo Brio Restaurant Group, Inc.
First Quarter 2011 Financial Results
Revenues increased $8.6 million, or 10.5%, to $90.4 million in the first quarter of 2011, from $81.8 million in the first quarter of 2010. The increase in revenues was primarily due to an additional 72 operating weeks provided by one new BRAVO! restaurant opened in the first quarter of 2011 and five new restaurants opened in 2010. Total comparable restaurant sales increased 2.7%, which was driven primarily by a 2.6% increase in guest count.
Total restaurant operating costs increased $6.9 million, or 10.2%, to $74.6 million in the first quarter of 2011, from $67.7 million in the same period last year. Total restaurant-level operating profit increased 11.8% to $15.8 million from $14.1 million in the same period last year. As a percentage of revenues, total restaurant-level operating profit increased to 17.4% in the first quarter of 2011 from 17.2% in the first quarter of 2010, which was primarily attributable to the positive leverage from our increased comparable restaurant sales, partially offset by higher commodity costs.
GAAP net income attributed to common shareholders for the first quarter of 2011 was $4.5 million, or $0.22 per diluted share, compared to GAAP net loss attributed to common shareholders of ($0.6) million, or ($0.08) per diluted share, in the same period last year.
On a modified pro forma basis, a measure that management believes offers a more useful year-over-year performance comparison, modified pro forma net income for the first quarter of 2011 was $3.7 million, or $0.18 per diluted share, compared to modified pro forma net income of $2.5 million, or $0.12 per diluted share, in the same period last year. Please see the accompanying financial tables for a reconciliation from GAAP net income attributed to common shareholders to modified pro forma (non-GAAP) net income.
First Quarter 2011 Brand Operating Highlights
Comparable restaurant sales at BRIO increased 4.6% in the first quarter of 2011 and average weekly sales were $97,300. Comparable restaurant sales at BRAVO! increased 0.6% and average weekly sales were $63,500.
As of March 27, 2011, we owned and operated 48 BRAVO!, 38 BRIO and one Bon Vie restaurant across 29 states.
Outlook
Based upon our first quarter results, and expectations for the remainder of the year, we are updating our financial and development outlook for the full year 2011:
- Revenues are expected in the $365 million to $370 million range.
- Total comparable restaurant sales are expected to increase in the 1.0% to 3.0% range.
- Development of seven to eight new restaurants, an increase of one restaurant from our previous guidance.
- Preopening costs of approximately $4.5 million, an increase from our previous guidance.
- Modified pro forma earnings of $0.75 to $0.80 per diluted share.
- Capital expenditures of $22 million to $24 million.
- Diluted share count of approximately 20.6 million.
Subsequent Event
On April 1, 2011, a secondary public offering of the Company's common shares was completed by certain of the Company's existing shareholders. The selling shareholders sold 4,577,122 previously outstanding shares, including 416,102 shares sold to cover over-allotments. The Company did not receive any proceeds from the offering. The selling shareholders paid all of the underwriting discounts and commissions associated with the sale of the shares; however, the Company incurred $0.6 million in costs and registration expenses related to the offering. The selling shareholders include affiliates of private equity firms Bruckmann, Rosser, Sherrill & Co. Management, L.P. and Castle Harlan, Inc.
Investor Conference Call and Webcast
The Company will host an investor conference call to discuss first quarter 2011 financial results today at 5:00 PM ET. Hosting the call will be Saed Mohseni, Chief Executive Officer, and Jim O'Connor, Chief Financial Officer.
The conference call can be accessed live over the phone by dialing (888) 490-2763, or for international callers, (719) 457-2702. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or for international callers, (858) 384-5517; the conference ID is 9022813. The replay will be available until Tuesday, May 24, 2011.
The call will be webcast live from the Company's investor relations website at .
About Bravo Brio Restaurant Group, Inc.
Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.
Forward-Looking Statements
Some of the statements in this release contain forward-looking statements, which involve risks and uncertainties. These statements relate to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 17, 2011.
Although we believe that the expectations reflected in the forward-looking statements are reasonable based on our current knowledge of our business and operations, we cannot guarantee future results, levels of activity, performance or achievements. We assume no obligation to provide revisions to any forward-looking statements should circumstances change.
CONTACT: Investor Relations Don Duffy/Raphael Gross (203) 682-8200 investors@bbrg.com