Bravo Brio Restaurant Group, Inc. Provides Business Update
June 08 2017 - 5:42PM
Obtains Waiver Agreement for Credit Agreement
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 provided a business
update.
Current PerformanceBrian
O'Malley, President and Chief Executive Officer, said, “We continue
to see sequential quarterly sales improvement in our core
restaurant base and remain cautiously optimistic that we will see
that improvement continue as the year progresses. Guests are
reacting positively to our enhanced menus, expanded banquet
facilities, and are also taking greater advantage of our
off-premise to-go and delivery options. We are further encouraged
by the traction we are gaining through our updated training program
test which is centered around elevating the dining experience.”
Waiver AgreementThe Company and
Wells Fargo Bank, and certain lenders under the Company’s credit
agreement entered into a waiver agreement. The waiver agreement
provides a limited waiver of certain events of default by the
Company under the credit agreement relating to the Company’s
non-compliance with the consolidated lease-adjusted leverage ratio
contained in the credit agreement which arose out of the Company’s
requests for, and borrowings of, loans made during the second
quarter. Pursuant to and subject to the terms of the waiver
agreement, the required lenders waived such existing events of
default.
Jim O'Connor, Chief Financial Officer, said, "We
just obtained a waiver to our credit agreement and we are working
diligently with our lender to amend our existing credit agreement,
which we expect to have completed by the second quarter earnings
call. While we expect to be in full compliance with our current
credit agreement by the end of the second quarter, the amendment
should provide us additional financial flexibility as we continue
to see our operating performance improve.”
Investor ConferencesThe Company
will be participating at the following upcoming conferences:
- On Tuesday, June 13, 2017, the Company will present at the 37th
Annual Piper Jaffray Consumer Conference at The Lotte New York
Palace Hotel in New York City. The presentation will begin at 2:55
PM ET.
- On Wednesday, June 21, 2017, the Company will present at the
Jefferies 2017 Global Consumer Conference in Nantucket,
Massachusetts. The presentation will begin at 10:30 AM
ET.
Please visit the Company's investor relations
website at http://investors.bbrg.com in the ‘Presentations
& Events’ section for webcast information.
About Bravo Brio Restaurant Group,
Inc.Bravo Brio Restaurant Group, Inc. is a leading owner
and operator of two distinct Italian restaurant brands, BRAVO!
Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its
brands as multifaceted culinary destinations that deliver the
ambiance, design elements and food quality reminiscent of fine
dining restaurants at a value typically offered by casual dining
establishments, a combination known as the upscale affordable
dining segment. Each of BBRG's brands provides its guests with a
fine dining experience and value by serving affordable cuisine
prepared using fresh flavorful ingredients and authentic Italian
cooking methods, combined with attentive service in an attractive,
lively atmosphere. BBRG strives to be the best Italian restaurant
company in America and is focused on providing its guests an
excellent dining experience through consistency of execution.
Forward-Looking StatementsSome
of the statements in this release contain forward-looking
statements, which involve risks and uncertainties. These statements
relate to future events or Bravo Brio Restaurant Group, Inc.'s
future financial performance. The Company has attempted to identify
forward-looking statements by terminology including “anticipates,”
“believes,” “can,” “continue,” “could,” “estimates,” “expects,”
“intends,” “may,” “plans,” “potential,” “predicts,” “should” or
“will” or the negative of these terms or other comparable
terminology. These statements are only predictions and involve
known and unknown risks, uncertainties, and other factors,
including those discussed under the heading “Risk Factors” in the
Annual Report on Form 10-K filed by the Company with the Securities
and Exchange Commission on March 6, 2017.
Although Bravo Brio Restaurant Group, Inc.
believes that the expectations reflected in the forward-looking
statements are reasonable based on its current knowledge of the
business and operations, it cannot guarantee future results, levels
of activity, performance or achievements. The Company assumes no
obligation to provide revisions to any forward-looking statements
should circumstances change.
Contacts
Don Duffy/Raphael Gross
(203) 682-8200
investors@bbrg.com
Bravo Brio Restaurant Grp., Inc. (delisted) (NASDAQ:BBRG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bravo Brio Restaurant Grp., Inc. (delisted) (NASDAQ:BBRG)
Historical Stock Chart
From Apr 2023 to Apr 2024