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Chanticleer Holdings Announces Second Quarter 2012 Financial Results

CHARLOTTE, N.C., Aug. 13, 2012 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (Nasdaq:HOTR) ("Chanticleer" or the "Company"), a minority owner in the privately-held parent company of the Hooters ® brand, Hooters of America ("HOA"), and a franchisee of international Hooters ® restaurants, announced today its financial results for the second quarter and first six months ended June 30, 2012.

Financial Highlights

  • Chanticleer reported record revenue of $1.7 million for the second quarter, an increase of 54% as compared to pro forma revenue of $1.1 million for the same period in 2011.  
  • Chanticleer reported record revenue of $3.1 million for first six months of 2012, an increase of 23% as compared to pro forma revenue of $2.5 million for the same period in 2011.   
  • In aggregate, total revenue among Chanticleer's four South Africa Hooters locations grew by 22.7% on a sequential quarter-over-quarter basis.   
  • Chanticleer completed in June an $11,000,000 secondary public offering with a simultaneous up-listing to the NASDAQ.

Mike Pruitt, President and CEO of Chanticleer, commented, "Our most recent international Hooters restaurant which opened in February 2012 in the Emperor's Palace Casino in South Africa, which had a net cost to open of approximately $700,000, has been a tremendous success. In just the first 4 1/2 months of operation, it generated revenue of approximately $1.1 million and operating income of approximately $180,000, or 16% of revenue.  With the recent successful completion of our $11 million secondary public offering, we are now positioned to continue our plan of taking the iconic Hooters restaurant brand to our exclusive international franchise territories."

Outlook:

Mr. Pruitt remarked, "We have exciting things happening in the second half of 2012 and beyond. As previously announced, our new Hooters in Budapest, Hungary will open to the public on August 27, 2012. Our planned location in Surfers Paradise, Australia is currently under construction and will open by year-end. New Hooters openings in 2012 will total four, increasing our number of international Hooters locations to seven. We will continue to focus on opening new Hooters branded restaurants in our exclusive international franchise territories and plan to have at least 12 units opened by the end of 2013. We envision Chanticleer Holdings could grow to have more than 75 Hooters locations in our current exclusive international markets."

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