Bojangles', Inc. Reports Financial Results For Its Third Fiscal Quarter 2016

CHARLOTTE, N.C., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Bojangles', Inc. (Bojangles') (NASDAQ:BOJA) today announced financial results for the 13-week third fiscal quarter ended September 25, 2016.  Bojangles' also updated its annual guidance for its fiscal year 2016, which is a 52-week period ending on December 25, 2016.

Financial Highlights for Third Fiscal Quarter 2016
  • System-wide comparable restaurant sales increased 0.8% while company-operated comparable restaurant sales decreased 0.2% and franchised comparable restaurant sales increased 1.4%;
  • Total revenues increased 7.2% to $133.2 million from $124.3 million;
  • 10 system-wide restaurants were opened - 6 company-operated restaurants and 4 franchised restaurants;
  • Net Income increased 12.4% to $10.0 million from $8.9 million;
  • Diluted Net Income per Share increased 12.5% to $0.27 from $0.24;
  • Adjusted Net Income* increased 9.0% to $9.3 million from $8.5 million;
  • Adjusted Diluted Net Income per Share* increased 8.7% to $0.25 from $0.23; and
  • Adjusted EBITDA* increased 8.4% to $22.2 million from $20.5 million.

* Descriptions of Adjusted Net Income, Adjusted Diluted Net Income per Share, Adjusted EBITDA and other non-GAAP financial measures are provided in "Use and Definition of Non-GAAP Measures," and reconciliations to GAAP figures are provided in the tables at the end of this release.

"We were pleased with our overall performance amid a challenging quarter for the industry as our total revenues rose 7.2% while Adjusted EBITDA and Adjusted Net Income expanded at slightly higher rates of 8.4% and 9.0%, respectively.  The Bojangles'® system has now generated 26 consecutive quarters of positive comparable restaurant sales including a 0.8% increase during the third fiscal quarter, 4.8% growth on a two-year stacked basis and 10.1% growth on a three-year stacked basis," said Bojangles' President and CEO Clifton Rutledge.  

"We have completed the research phase of our 'Bojangles' of the Future' project and have begun the testing phase having already broken ground on our first location in Greenville, South Carolina.  This new prototype will set the direction and standard for Bojangles' restaurant design and remodels well into the future, ensuring that our ambiance complements our freshly-made, high quality food and restaurant hospitality.  Creating the best experience possible at all Bojangles' restaurants will also be accomplished through greater use of technology such as implementing mobile payment, large online ordering, and a loyalty program that can be leveraged across our system.  We are making the necessary investments now to build these capabilities and expect to launch these initiatives over the next 18-24 months," he added.

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