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Bravo Brio Restaurant Group, Inc. Reports Fourth Quarter & Full Year 2013 Financial Results; Company Provides Full Year 2014 Outlook

Stocks in this article: BBRG

COLUMBUS, Ohio, Feb. 24, 2014 (GLOBE NEWSWIRE) -- Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG) (the Company), owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today reported financial results for the 13 and 52 week periods ended December 29, 2013 and provided its outlook for the full year 2014.

The Company notes that the fourth quarter and full year 2012, which ended on December 30, 2012 consisted of 14 and 53 weeks, respectively, with the additional week benefiting diluted earnings per share by $0.07 on an as adjusted basis.

Selected Highlights for the 13-Week Fourth Quarter 2013 Compared to the 14-Week Fourth Quarter 2012:

  • Revenues decreased 5.2% to $106.1 million from $112.0 million.
  • Total comparable restaurant sales decreased 1.4%, on a comparable 13-week basis.
  • Comparable restaurant sales decreased 1.3% at BRAVO! and decreased 1.5% at BRIO on a comparable 13-week basis for each brand.
  • Restaurant-level operating profit decreased 13.4% to $19.5 million from $22.5 million.
  • The Company incurred a non-cash impairment charge of $14.2 million in 2013 as compared to a non-cash impairment charge of $4.1 million in the prior year.
  • GAAP net loss was $(2.7) million, or $(0.14) per diluted share, compared to GAAP net income of $4.4 million, or $0.22 per diluted share.
  • As adjusted net income was $6.1 million, or $0.30 per diluted share, compared to as adjusted net income of $7.3 million, or $0.35 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 52-Week Full Year 2013 Compared to the 53-Week Full Year 2012:

  • Revenues increased 0.5% to $411.1 million from $409.1 million.
  • Total comparable restaurant revenues decreased 2.8%, on a comparable 52-week basis.
  • Comparable restaurant sales decreased 2.0% at BRAVO! and decreased 3.4% at BRIO on a comparable 52-week basis for each brand.
  • Restaurant-level operating profit decreased 7.3% to $68.9 million from $74.3 million.
  • The Company incurred a non-cash impairment charge of $14.2 million in 2013 as compared to a non-cash impairment charge of $4.1 million in the prior year.
  • GAAP net income was $7.5 million, or $0.37 per diluted share, compared to GAAP net income of $16.1 million, or $0.78 per diluted share.
  • As adjusted net income was $16.3 million, or $0.80 per diluted share, compared to as adjusted net income of $19.0 million, or $0.92 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, "Our adjusted results were at the upper-end of our implied quarterly guidance with a better than expected performance in December that we attribute to our successful promotion of Holiday banquets. These higher-margin sales not only raised our average check but also yielded better flow through to restaurant-level margins than we had anticipated. For 2014, we will be executing several initiatives including expanding our popular lighter-fare offering, launching a new happy hour program, enhancing our loyalty efforts, and launching a weekend brunch menu concurrent with the onset of spring. We will promote our brands through an effective use of social media and local grassroots marketing so that we can both reach and expand upon our current guest base and build long-term relationships with a broader demographic."

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