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Bravo Brio Restaurant Group, Inc. Reports Fourth Quarter And Full Year 2012 Financial Results; Updates Full Year 2013 Outlook

Stock quotes in this article: BBRG

COLUMBUS, Ohio, Feb. 25, 2013 (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 14- and 53-week periods ended December 30, 2012. The Company also updated its outlook for the full year 2013, which is a 52-week period.

Selected Highlights for the 14-week Fourth Quarter 2012 Compared to the 13-week Fourth Quarter 2011:

  • Revenues increased 17.0% to $112.0 million from $95.7 million.
  • Total comparable restaurant sales increased 0.5% (on a comparable 13-week basis).
  • Comparable restaurant sales increased 1.7% at BRAVO! and decreased 0.5% at BRIO (on a comparable 13-week basis).
  • Restaurant-level operating profit increased 17.6% to $22.5 million from $19.2 million.
  • The Company incurred a non-cash asset impairment charge of $4.1 million related to two restaurants as compared to a non-cash impairment charge of $2.2 million related to one restaurant.
  • GAAP net income was $4.4 million, or $0.22 per diluted share, compared to GAAP net income of $4.9 million, or $0.24 per diluted share.
  • As adjusted net income was $7.3 million, or $0.35 per diluted share, compared to as adjusted net income of $5.1 million, or $0.25 per diluted share. Please see the reconciliation from GAAP to as adjusted (non-GAAP) net income in the accompanying financial tables.

Selected Highlights for the Full Year 2012, which was a 53 week year, as compared to the Full Year 2011, which was a 52 week year:

  • Revenues increased 10.8% to $409.1 million from $369.2 million.
  • Total comparable restaurant sales were flat (on a comparable 52-week basis).
  • Comparable restaurant sales increased 0.3% at BRAVO! and decreased 0.3% at BRIO (on a comparable 52-week basis).
  • Restaurant-level operating profit increased 11.4% to $74.3 million from $66.7 million.
  • The Company incurred a non-cash asset impairment charge of $4.1 million related to two restaurants as compared to a non cash impairment charge of $2.2 million related to one restaurant.
  • GAAP net income was $16.1 million, or $0.78 per diluted share, compared to GAAP net income of $76.4 million, or $3.72 per diluted share.
  • As adjusted net income was $19.0 million, or $0.92 per diluted share, compared to as adjusted net income of $15.8 million, or $0.77 per diluted share. Please see the reconciliation from GAAP to as adjusted (non-GAAP) net income in the accompanying financial tables.

Saed Mohseni, Chief Executive Officer and President, said, "Positive comparable sales in the fourth quarter combined with modest operating leverage enabled us to achieve the high-end of our most recent 2012 EPS guidance range. For 2013, we have inaugurated two key initiatives to broaden our customer base and encourage guest frequency. Our new 'lighter side' menus continue to differentiate our concepts and are already demonstrating their appeal among those seeking healthier lifestyle choices. We also are adding members to our recently launched loyalty programs, which over time will provide us with better insights and reward guests for their patronage through a series of 'surprise and delight' programs. While the consumer environment remains uncertain, we will continue to work hard to ensure exceptional dining experiences in order to create highly satisfied, lifelong guests."

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