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Bravo Brio Restaurant Group, Inc. Reports Third Quarter & Year-to-Date 2012 Financial Results

Stocks in this article: BBRG

COLUMBUS, Ohio, Oct. 23, 2012 (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 thirteen and thirty-nine week periods ended September 23, 2012, updated its fiscal 2012 outlook, as well as provided a preliminary view of fiscal 2013. The Company has also announced that its Board of Directors has authorized a $20 million share repurchase program.

Selected Third Quarter of 2012 Highlights Compared to the Year-Ago Period Include the Following:

  • Revenues increased 8.1% to $95.9 million from $88.8 million.
  • Total comparable restaurant sales decreased 0.9%.
  • Comparable restaurant sales decreased 0.5% at BRAVO! and 1.1% at BRIO.
  • Restaurant-level operating profit increased 7.7% to $16.0 million from $14.9 million.
  • GAAP net income was $2.8 million, or $0.14 per diluted share, compared to GAAP net income of $3.6 million, or $0.18 per diluted share and modified pro forma net income of $2.6 million, or $0.13 per diluted share, in 2011. Please see the reconciliation from GAAP to modified pro forma (non-GAAP) net income in the accompanying financial tables.  

Selected Year-to-Date 2012 Highlights Compared to the Year-Ago Period Include the Following:

  • Revenues increased 8.6% to $297.1 million from $273.6 million.
  • Total comparable restaurant sales decreased 0.2%.
  • Comparable restaurant sales decreased 0.1% at BRAVO! and 0.2% at BRIO.
  • Restaurant-level operating profit increased 8.9% to $51.8 million from $47.6 million.
  • GAAP net income was $11.7 million, or $0.57 per diluted share, compared to GAAP net income of $71.5 million, or $3.48 per diluted share and modified pro forma net income of $10.7 million, or $0.52 per diluted share, in 2011. Please see the reconciliation from GAAP to modified pro forma (non-GAAP) net income in the accompanying financial tables.
  • The $59.8 million decrease in GAAP net income was primarily due to a $57.2 million income tax benefit recorded in the second quarter of 2011 related to a reduction of a valuation allowance against net deferred tax assets.

"During the third quarter we improved earnings despite difficult comparisons and modest sales deleveraging. While the macroeconomic environment remains challenging, our focus continues to be on driving traffic by exceeding our guests' expectations each and every day," said Saed Mohseni, Chief Executive Officer and President. 

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