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Bravo Brio Restaurant Group – Planning several new initiatives in 2012

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Bravo Brio Restaurant Group, Inc. (Nasdaq:BBRG), 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 25, 2011. The Company also updated its full year 2012 outlook.

Selected Highlights for the Fourth Quarter 2011 as Compared to the Fourth Quarter 2010:

  • Revenues increased 8.3% to $95.7 million from $88.3 million.
  • Total comparable restaurant sales increased 0.2%.
  • Comparable restaurant sales increased 0.5% at BRIO and decreased 0.1% at BRAVO!.
  • Restaurant-level operating profit increased 6.6% to $19.2 million from $18.0 million.
  • The Company incurred a non-cash asset impairment charge of $2.2 million related to one restaurant in the fourth quarter of 2011 but had no comparable charge in the prior year quarter.
  • GAAP net income attributed to common shareholders was $4.9 million, or $0.24 per diluted share, compared to GAAP net loss attributed to common shareholders of $(6.5) million, or $(0.42) per basic and diluted share.
  • Modified pro forma net income was $5.1 million, or $0.25 per diluted share, compared to modified pro forma net income of $5.5 million, or $0.27 per diluted share. Please see the reconciliation from GAAP to modified pro forma (non-GAAP) net income in the accompanying financial tables.

Selected Highlights for the Full Year 2011 as Compared to the Full Year 2010:

  • Revenues increased 7.6% to $369.2 million from $343.0 million.
  • Total comparable restaurant sales increased 1.3%.
  • Comparable restaurant sales increased 2.3% at BRIO and 0.1% at BRAVO!.
  • Restaurant-level operating profit increased 5.8% to $66.7 million from $63.0 million.
  • The Company incurred a non-cash asset impairment charge of $2.2 million related to one restaurant in the fourth quarter of 2011, but had no comparable charge in the prior year.
  • The Company reduced its deferred tax asset valuation allowance by $57.2 million in the second quarter of 2011.
  • GAAP net income attributed to common shareholders was $76.4 million, or $3.72 per diluted share, compared to GAAP net loss attributed to common shareholders of $(5.0) million, or $(0.54) per basic and diluted share.
  • Modified pro forma net income was $15.8 million, or $0.77 per diluted share, compared to modified pro forma net income of $15.5 million, or $0.75 per diluted share. Please see the reconciliation from GAAP to modified pro forma (non-GAAP) net income in the accompanying financial tables.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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