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Achieved record first quarter revenue of $27.1 million; up 52.6% over prior-year period
Achieved $4.8 million in restaurant-level EBITDA in the quarter
Fiscal 2013 revenue expected to be between $110.0 million and $115.0 million with restaurant-level EBITDA in the $21.0 million to $23.0 million range
Company expects to open eight additional locations during the year to bring its corporate-owned restaurant count up to 54
SOUTHFIELD, Mich., May 15, 2013 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (NASDAQ: BAGR) ("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 first quarter of 2013.
First quarter revenue of $27.1 million was up $9.3 million, or 52.6%, from the first quarter of 2012. Sales growth was primarily driven by the addition of eight corporate-owned restaurants and eight acquired locations since the prior-year period. On a consolidated basis, same-store-sales were up 3.5% for the first quarter of 2013.
"Our revenue performance continues to highlight the combined impact of our growth strategy, brand acceptance, and customer experience," commented Michael Ansley, President and CEO of DRH. "During our expansion periods, our customers continued to enjoy a consistent and unique dining experience. Despite our rapid growth, we never lost focus of keeping our customers' experiences a top priority."
At the end of the first quarter, there were 45 total restaurants (corporate-owned and franchised) operating, comprised of 12 Bagger Dave's and 33 BWW, compared with 28 restaurants at the end of the first quarter of 2012.