The Habit Restaurants, Inc. Announces Third Quarter 2016 Financial Results

IRVINE, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- The Habit Restaurants, Inc. (NASDAQ:HABT) ("The Habit" or the "Company"), today announced financial results for its third quarter ended September 27, 2016.

Highlights for the third quarter ended September 27, 2016:
  • Total revenue increased 22.6% to $71.9 million compared to $58.6 million in the third quarter of 2015.
  • Company-operated comparable restaurant sales increased 0.2% as compared to the third quarter of 2015.
  • Net income was $0.8 million, or $0.04 per diluted weighted average share compared to $0.9 million, or $0.07 per diluted weighted average share in the third quarter of 2015.
  • Adjusted fully distributed pro forma net income (1) was $1.4 million, or $0.05 per fully distributed weighted average share compared with $1.7 million, or $0.06 per fully distributed weighted average share for the third quarter of 2015.
  • Adjusted EBITDA (1) was $7.4 million compared to $6.8 million for the third quarter of 2015.
  • The Company opened six new company-operated restaurants and two franchised restaurants during the third quarter and, as of September 27, 2016, had 152 company-operated locations and eight franchised/licensed locations (excluding the five licensed locations in Santa Barbara County, California) for a system-wide total of 160 locations.

(1) Adjusted fully distributed pro forma net income and adjusted EBITDA are non-GAAP measures. A reconciliation of GAAP net income to each of these measures is included in the accompanying financial data. See also "Non-GAAP Financial Measures," included herein.

"We are pleased with our results this quarter, which included our 51 st consecutive quarter of positive comparable restaurant sales.  We feel that this is a significant accomplishment in light of a challenging quarter for the industry, in addition to lapping a two year stacked same store comparison of over 19% which consists of 2.9% and 16.2% comparable restaurant sales growth in the third quarter of 2015 and the third quarter of 2014, respectively. We believe our success is attributable to our long-standing strategy of providing a differentiated high-quality fast-casual experience at a tremendous every day value.  While our underlying operating discipline is the foundation of our continued success, the third quarter also included several successful marketing and culinary initiatives," said Russ Bendel, President and Chief Executive Officer of The Habit Restaurants, Inc. "We opened six new company-operated Habit Burger Grills during the quarter. These openings included one on the East Coast - in Teterboro, New Jersey, one in Arizona and four in California. In addition, we opened two franchise locations, one in Washington and one in Nevada."

Third Quarter 2016 Financial Results Compared to Third Quarter 2015

Total revenue was $71.9 million in the third quarter of 2016, compared to $58.6 million in the third quarter of 2015.

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