Diversified Restaurant Holdings Reports Fourth Quarter Revenue Up 62.4%
- Achieved record fourth quarter and full-year revenue of $26.1 million and $77.4 million, respectively
- DRH generated $7.6 million in cash from operations, a 15.4% increase over 2011
- Company increased total restaurant locations in 2012 by 60.7% to 45 locations; Expects to open 10 additional locations in 2013
SOUTHFIELD, Mich., April 1, 2013 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (OTCQB:DFRH) ("DRH" or the "Company"), the creator, developer, and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Legendary Burger Tavern ® ("Bagger Dave's") and one of the largest franchisees for Buffalo Wild Wings ® ("BWW"), announced results for the fourth quarter and year ended December 30, 2012.
Fourth quarter revenue of $26.1 million (a 14-week period) was up $10.0 million, or 62.4%, from the fourth quarter of 2011 (a 13-week period). Fiscal 2012 (a 53-week period) sales grew $16.7 million to $77.4 million from fiscal 2011 (a 52-week period). Sales growth was driven by the addition of eight corporate-owned restaurants and eight acquired locations as well as improved economic conditions in the areas in which the Company operates. At the end of 2012, there were 45 total restaurants operating, comprised of 12 Bagger Dave's and 33 BWW, compared with 28 restaurants at the end of 2011. On a consolidated basis, excluding the additional week in 2012, same store sales were up 9.2% and 7.6% for the fourth quarter and fiscal 2012, respectively.
"Our 2012 record results demonstrate the effectiveness of our growth strategy and brand recognition in the marketplace. We continued investing in our restaurant portfolio by adding 16 corporate locations and upgrading our current facilities," commented T. Michael Ansley, President and CEO of DRH.Mr. Ansley added, "We strive to provide a consistent and unique dining experience to our customers. While we have been growing rapidly our customers remain our top focus and maintaining this consistent experience is paramount to our ongoing success."
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