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Bravo Brio Restaurant Group, Inc. Reports Financial Results For The Fourth Quarter And Full Year 2010

Stocks in this article: BBRG

COLUMBUS, Ohio, Feb. 16, 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 and 52 weeks ended December 26, 2010. The Company also provided its outlook for the full year 2011.

Selected Highlights for the Fourth Quarter Compared to the Prior Year Period Include the Following:

  • Revenues increased by 8.6% to $88.3 million from $81.4 million.
  • Total comparable restaurant sales increased 2.2%.
  • BRIO comparable restaurant sales increased 4.7% and BRAVO! comparable restaurant sales decreased 0.3%.
  • Restaurant-level operating profit increased 6.4% to $18.0 million from $16.9 million. 
  • GAAP net loss attributed to common shareholders was ($6.5) million, or ($0.42) per basic and diluted share, compared to GAAP net loss attributed to common shareholders of ($3.8) million, or ($0.52) per basic and diluted share for the prior year period. 
  • Modified pro forma net income was $5.5 million, or $0.27 per diluted share, compared to modified pro forma net income of $4.6 million, or $0.22 per diluted share for the prior year period. Please see the accompanying financial table for a reconciliation from GAAP net loss to modified pro forma (non-GAAP) net income.

Selected Highlights for the Full Year 2010 Compared to the Prior Year Period Include the Following:

  • Revenues increased by 10.0% to $343.0 million from $311.7 million.
  • Total comparable restaurant sales increased 1.6%.
  • BRIO comparable restaurant sales increased 3.2% and BRAVO! comparable restaurant sales decreased 0.1%.
  • Restaurant-level operating profit increased 16.3% to $63.0 million from $54.2 million. 
  • GAAP net loss attributed to common shareholders was ($5.0) million, or ($0.54) per basic and diluted share, compared to GAAP net loss attributed to common shareholders of ($8.2) million, or ($1.13) per basic and diluted share for the prior year period. 
  • Modified pro forma net income was $15.5 million, or $0.75 per diluted share, compared to modified pro forma net income of $8.1 million, or $0.39 per diluted share for fiscal 2009. Please see the accompanying financial table for a reconciliation from GAAP net loss to modified pro forma (non-GAAP) net income.

"We attribute our strong financial performance, both in the recent quarter as well as for the full year, to the dedication of our team in creating highly satisfied guests and to the effective management of costs in a challenging operational environment. As we enter 2011, we are very excited about our opportunity for continued growth and will remain focused on the fundamentals as well as executing across all facets of our business," said Saed Mohseni, Chief Executive Officer and President, Bravo Brio Restaurant Group, Inc.

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