We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Buffalo Wild Wings, Inc. (delisted) | NASDAQ:BWLD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 156.95 | 157.05 | 155.00 | 0 | 01:00:00 |
- 2017 Earnings Per Diluted Share Outlook of $5.60 to $6.00 -
Buffalo Wild Wings, Inc. (NASDAQ: BWLD) announced today financial results for the fourth quarter and fiscal year ended December 25, 2016.
Key metrics for the fourth quarter, versus the same period a year ago, were:
Key metrics for the full year 2016, versus 2015, were:
Sally Smith, President and Chief Executive Officer, commented, "The challenging restaurant environment continued in the fourth quarter and culminated with a difficult December. Our key programs to drive traffic at Buffalo Wild Wings, including FastBreak™ Lunch, Half-Price Wing Tuesdays®, and our Blazin' Rewards® loyalty program, have driven positive traffic so far in the first quarter."
Ms. Smith concluded, "Our focus for the year is to gain momentum on sales, improve our cost structure, grow internationally, optimize our domestic restaurant portfolio, and lower our cost of capital. The Buffalo Wild Wings brand remains differentiated, healthy, and strong and with operating income growing throughout the year. In 2017, we anticipate earnings per diluted share in the range of $5.60 to $6.00. We also recently announced an expanded share repurchase program with an accelerated timeline to achieve our target of 1.5x net debt to EBITDA by year-end."
Revenue
Restaurant-level costs and expenses
Other Expenses
Earnings
Balance Sheet
Cash Flow
2017 Outlook
The company expects the following approximate new unit development in 2017:
The company expects the following in 2017:
Buffalo Wild Wings will be hosting a conference call today, February 7, 2017 at 4:00 p.m. Central Standard Time to discuss these results. There will be a simultaneous webcast conducted at our investor website IR.BuffaloWildWings.com.
A replay of the call will be available until February 14, 2017. To access this replay, please dial 1.844.512.2921 password 8999778.
About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, is a growing owner, operator and franchisor of Buffalo Wild Wings® restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings menu specializes in 21 mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ™ to Blazin’®. Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the recipient of hundreds of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently more than 1,220 Buffalo Wild Wings locations around the world.
To stay up-to-date on all the latest events and offers for sports fans and wing lovers, like Buffalo Wild Wings on Facebook, follow @BWWings on Twitter and visit www.BuffaloWildWings.com.
Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on current expectations or beliefs and can be identified by the use of terminology such as “anticipate,” “continue,” “could,” “estimate,” “expect,” “goal,” “may,” “ongoing,” “plan,” “predict,” “project,” “should,” “will,” and similar words or expressions. Forward-looking statements in this press release include those relating to our future financial and restaurant performance measures, including but not limited to those relating to sales trends and projected unit and earnings growth, our growth strategy, planned sales efforts, unit development and expansion, costs, share repurchase activity and cash requirements. Actual results may vary materially from those contained in forward-looking statements based on a number of factors, including, but not limited to, our ability to achieve and manage our planned expansion, the ability of our franchisees to open and manage new restaurants, market acceptance in the new geographic regions we enter (particularly non-U.S. locations), success of acquired restaurants, success of investments in new or emerging concepts, unforeseen obstacles in developing nontraditional sites or non-U.S. locations, our ability to obtain and maintain licenses and permits necessary to operate our existing and new restaurants, our franchisees’ adherence to our system standards, the cost of commodities such as traditional chicken wings and supply chain consistency, the success of our key initiatives and our advertising and marketing campaigns, our ability to control restaurant labor and other restaurant operating costs, the continued service of key management personnel, our ability to protect our name and logo and other proprietary information, economic conditions (including changes in consumer preferences or consumer discretionary spending), the impact of federal, state or local government regulations relating to our employees, the sale of food and alcoholic beverages, the effect of competition in the restaurant industry, our capital allocation plans, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission, including the factors described under “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 27, 2015, as updated by subsequent reports filed with the SEC. Investors should take such risks into account when making investment decisions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statement.
BUFFALO WILD WINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF EARNINGS(Dollar and share amounts in thousands except per share data)(unaudited)
Three months ended Twelve months ended December 25, 2016 December 27, 2015 December 25, 2016 December 27, 2015 Revenue: Restaurant sales $ 470,474 466,405 1,891,616 1,715,000 Franchise royalties and fees 23,717 23,818 95,177 97,722 Total revenue 494,191 490,223 1,986,793 1,812,722 Costs and expenses: Restaurant operating costs: Cost of sales 146,199 137,414 564,687 507,812 Labor 149,675 144,262 598,992 542,847 Operating 73,847 72,039 285,142 250,755 Occupancy 27,535 26,015 108,859 94,569 Depreciation and amortization 38,293 36,616 152,140 127,503 General and administrative 29,359 31,196 123,109 129,133 Pre-opening 3,539 4,903 8,730 14,154 Loss on asset disposals and impairment 3,945 3,282 8,434 7,462 Total costs and expenses 472,392 455,727 1,850,093 1,674,235 Income from operations 21,799 34,496 136,700 138,487 Interest expense 1,589 839 4,160 1,685 Other expense (income) (1,268 ) 73 (1,464 ) 661 Earnings before income taxes 21,478 33,584 134,004 136,141 Income tax expense 5,992 8,292 39,791 41,265 Net earnings including noncontrolling interests 15,486 25,292 94,213 94,876 Net earnings (loss) attributable to noncontrolling interests (133 ) 21 (532 ) (193 ) Net earnings attributable to Buffalo Wild Wings $ 15,619 25,271 94,745 95,069 Earnings per common share – basic $ 0.87 1.33 5.14 5.00 Earnings per common share – diluted $ 0.87 1.32 5.12 4.97 Weighted average shares outstanding – basic 17,955 19,036 18,445 19,013 Weighted average shares outstanding – diluted 18,014 19,173 18,491 19,131The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:
Three months ended Twelve months endedDecember 25,2016
December 27,2015
December 25,2016
December 27,2015
Revenue: Restaurant sales 95.2 % 95.1 % 95.2 % 94.6 % Franchise royalties and fees 4.8 4.9 4.8 5.4 Total revenue 100.0 100.0 100.0 100.0 Costs and expenses: Restaurant operating costs: Cost of sales 31.1 29.5 29.9 29.6 Labor 31.8 30.9 31.7 31.7 Operating 15.7 15.4 15.1 14.6 Occupancy 5.9 5.6 5.8 5.5 Depreciation and amortization 7.7 7.5 7.7 7.0 General and administrative 5.9 6.4 6.2 7.1 Pre-opening 0.7 1.0 0.4 0.8 Loss on asset disposals and impairment 0.8 0.7 0.4 0.4 Total costs and expenses 95.6 93.0 93.1 92.4 Income from operations 4.4 7.0 6.9 7.6 Interest expense 0.3 0.2 0.2 0.1 Other expense (income) (0.3 ) 0.0 (0.1 ) 0.0 Earnings before income taxes 4.3 6.9 6.7 7.5 Income tax expense 1.2 1.7 2.0 2.3 Net earnings including noncontrolling interests 3.1 5.2 4.7 5.2 Net earnings (loss) attributable to noncontrolling interests (0.0 ) 0.0 (0.0 ) (0.0 ) Net earnings attributable to Buffalo Wild Wings 3.2 % 5.2 % 4.8 % 5.2 %BUFFALO WILD WINGS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEET(Dollar amounts in thousands) (unaudited)
December 25,2016
December 27,2015
Assets Current assets: Cash $ 49,266 11,220 Marketable securities — 9,043 Accounts receivable, net of allowance of $251 and $25 34,225 34,087 Inventory 16,532 15,351 Prepaid expenses 9,075 6,386 Refundable income taxes 1,018 21,591 Restricted assets 66,471 100,073 Total current assets 176,587 197,751 Property and equipment, net 592,806 604,712 Reacquired franchise rights, net 118,973 129,282 Other assets 41,625 26,536 Goodwill 117,228 114,101 Total assets $ 1,047,219 1,072,382 Liabilities and Stockholders’ Equity Current liabilities: Deferred revenue $ 3,089 2,144 Accounts payable 45,797 44,760 Accrued compensation and benefits 47,304 55,578 Accrued expenses 32,347 21,678 Current portion of long-term debt and capital lease obligations 3,745 2,147 Current portion of deferred lease credits 873 59 System-wide payables 108,814 137,257 Total current liabilities 241,969 263,623 Long-term liabilities: Other liabilities 16,109 16,473 Deferred income taxes 21,588 23,726 Long-term debt and capital lease obligations, net of current portion 205,312 70,954 Deferred lease credits, net of current 44,341 41,869 Total liabilities 529,319 416,645 Commitments and contingencies Stockholders’ equity: Undesignated stock, 1,000,000 shares authorized, none issued — — Common stock, no par value. Authorized 44,000,000 shares; issued and outstanding 17,462,465 and 18,917,776, respectively 147,234 160,353 Retained earnings 374,683 499,085 Accumulated other comprehensive loss (3,878 ) (4,094 ) Total stockholders’ equity 518,039 655,344 Noncontrolling interest (139 ) 393 Total equity 517,900 655,737 Total liabilities and equity $ 1,047,219 1,072,382BUFFALO WILD WINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Dollar amounts in thousands)(unaudited)
Twelve months endedDecember 25,2016
December 27,2015
Cash flows from operating activities: Net earnings including noncontrolling interests $ 94,213 94,876 Adjustments to reconcile net earnings to net cash provided by operations: Depreciation and amortization 152,140 127,503 Loss on asset disposals and impairment 8,434 7,462 Deferred lease credits 4,284 4,052 Deferred income taxes (2,138 ) (281 ) Stock-based compensation 325 13,647 Excess tax benefit from stock issuance (204 ) (5,455 ) Change in fair value of contingent consideration (3,691 ) — Loss on investments in affiliates 2,805 687 Provision for bad debt expense 226 — Change in operating assets and liabilities, net of effect of acquisitions: Trading securities — (495 ) Accounts receivable 4,358 (4,313 ) Inventory (1,148 ) (2,407 ) Prepaid expenses (2,677 ) (691 ) Other assets (7,778 ) (6,381 ) Deferred revenue 945 100 Accounts payable 4,462 4,445 Income taxes 20,777 (6,356 ) Accrued expenses 7,256 10,867 Net cash provided by operating activities 282,589 237,260 Cash flows from investing activities: Acquisition of property and equipment (141,699 ) (172,548 ) Acquisition of businesses/investments in affiliates (3,862 ) (203,642 ) Purchase of marketable securities (488 ) (12,301 ) Proceeds from sale of marketable securities 1,205 23,300 Net cash used in investing activities (144,844 ) (365,191 ) Cash flows from financing activities: Proceeds from revolving credit facility 668,377 352,678 Repayments of revolving credit facility (532,907 ) (318,148 ) Proceeds from related party borrowing 6,365 36,179 Repurchases of common stock (232,696 ) (25,000 ) Other financing activities (3,901 ) (3,173 ) Issuance of common stock 4,209 5,355 Excess tax benefit from stock issuance 204 5,455 Tax payments for restricted stock units (9,317 ) (7,847 ) Net cash provided by (used in) financing activities (99,666 ) 45,499 Effect of exchange rate changes on cash and cash equivalents (33 ) 323 Net increase (decrease) in cash and cash equivalents 38,046 (82,109 ) Cash and cash equivalents at beginning of year 11,220 93,329 Cash and cash equivalents at end of year $ 49,266 11,220BUFFALO WILD WINGS, INC. AND SUBSIDIARIESSupplemental Information
Restaurant Count
Company-owned Restaurants (includes Buffalo Wild Wings, R Taco, and Buffalo Wild Wings-owned PizzaRev locations):
Q1
Q2
Q3
Q4
2016 603 609 617 631 2015 501 517 573 596 2014 443 449 463 491 2013 397 407 415 434 2012 327 330 343 381Franchised Restaurants (includes Buffalo Wild Wings and R Taco locations):
Q1
Q2
Q3
Q4
2016 587 596 602 609 2015 593 593 569 579 2014 569 579 588 591 2013 514 525 534 559 2012 505 505 511 510Restaurant Count Rollforward:
Twelve months ended December 25, 2016 December 27, 2015 Corporate Franchise Total Corporate Franchise Total Buffalo Wild Wings Beginning of period 590 573 1,163 487 584 1,071 Opened 34 36 70 51 50 101 Acquired 1 (1 ) — 54 (54 ) — Closed/Relocated (4 ) (6 ) (10 ) (2 ) (7 ) (9 ) End of period 621 602 1,223 590 573 1,163 R Taco Beginning of period 4 6 10 2 7 9 Opened 5 1 6 1 — 1 Acquired — — — 1 (1 ) — Closed/Relocated (1 ) — (1 ) — — — End of period 8 7 15 4 6 10 PizzaRev Beginning of period 2 n/a 2 2 n/a 2 Opened — n/a — — n/a — Acquired — n/a — — n/a — Closed/Relocated — n/a — — n/a — End of period 2 n/a 2 2 n/a 2 Consolidated End of the period 631 609 1,240 596 579 1,175BUFFALO WILD WINGS, INC. AND SUBSIDIARIESSupplemental Information
Same-Store Sales at Buffalo Wild Wings locations in United States and Canada
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2016 (1.7%) (2.1%) (1.8%) (4.0%) (2.4%) 2015 7.0% 4.2% 3.9% 1.9% 4.2% 2014 6.6% 7.7% 6.0% 5.9% 6.5% 2013 1.4% 3.8% 4.8% 5.2% 3.9% 2012 9.2% 5.3% 6.2% 5.8% 6.6%Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2016 (2.4%) (2.6%) (1.6%) (3.9%) (2.7%) 2015 6.0% 2.5% 1.2% 0.1% 2.5% 2014 5.0% 6.5% 5.7% 5.1% 5.6% 2013 2.2% 4.1% 3.9% 3.1% 3.3% 2012 7.3% 5.5% 5.8% 7.4% 6.5%Average Weekly Sales Volumes at Buffalo Wild Wings locations in United States and Canada
Company-owned Restaurants:
Q1
Q2
Q3
Q4
Year
2016$
62,829
59,894 59,690 59,120 60,366 2015 64,851 61,960 61,831 61,971 62,529 2014 60,966 59,403 59,643 62,119 60,470 2013 56,953 54,759 55,592 58,204 56,392 2012 55,131 51,524 52,561 55,595 53,783Franchised Restaurants:
Q1
Q2
Q3
Q4
Year
2016$
65,636
62,454 61,497 61,397 62,662 2015 67,075 63,904 62,819 64,032 64,474 2014 63,852 61,845 61,586 63,949 62,595 2013 60,050 58,186 58,926 61,167 59,594 2012 57,282 54,766 55,608 58,490 56,570Restaurant-Level Profit and Restaurant-Level Margin
Restaurant-level profit and restaurant-level margin are neither required by, nor presented in accordance with U.S. GAAP and are non-GAAP financial measures. Restaurant-level profit is defined restaurant sales less restaurant operating costs (cost of sales, labor, operating, and occupancy expense). Restaurant-level margin is defined as restaurant-level profit as a percentage of restaurant sales. Restaurant-level profit and restaurant-level margin have limitations as analytical tools, and should not be evaluated in isolation or as substitutes for analysis of results as reported under U.S. GAAP. Management believes the restaurant-level profit and restaurant-level margin are important tools for investors because they are widely-used metrics within the restaurant industry to evaluate restaurant-level productivity, efficiency and performance. Management uses restaurant-level profit and restaurant-level margin as key performance indicators to evaluate the profitability of company-owned restaurants.
A reconciliation of restaurant sales to restaurant-level margin is provided below:
Three months ended Twelve months endedDecember 25,2016
December 27,2015
December 25,2016
December 27,2015
Restaurant sales $ 470,474 466,405 1,891,616 1,715,000 Restaurant operating costs 397,256 379,730 1,557,680 1,395,983 Restaurant-level profit 73,218 86,675 333,936 319,017 Restaurant-level margin 15.6 % 18.6 % 17.7 % 18.6 %EBITDA
EBITDA is not required by, nor presented in accordance with U.S. GAAP and is a non-GAAP financial measure. The Company defines EBITDA as net earnings including non-controlling interests plus interest expense, income tax expense, and depreciation and amortization. EBITDA has limitations as an analytical tool, and should not be evaluated in isolation or as a substitute for analysis of results as reported under U.S. GAAP. Management believes investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations, without the effects of interest, taxes, and depreciation and amortization.
A reconciliation of net earnings including noncontrolling interests to EBITDA is provided below:
Three months ended Twelve months endedDecember 25,2016
December 27,2015
December 25,2016
December 27,2015
Net earnings including noncontrolling interests $ 15,486 25,292 94,213 94,876 Income tax expense 5,992 8,292 39,791 41,265 Interest expense 1,589 839 4,160 1,685 Depreciation and amortization 38,293 36,616 152,140 127,503 EBITDA $ 61,360 71,039 290,304 265,329
View source version on businesswire.com: http://www.businesswire.com/news/home/20170207006431/en/
Buffalo Wild Wings, Inc.Investor Relations Contact:Heather Pribyl, 952-540-2095
1 Year Buffalo Wild Wings, Inc. (delisted) Chart |
1 Month Buffalo Wild Wings, Inc. (delisted) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions