Bravo Brio Restaurant Group, Inc. Reports Second Quarter Comparable Restaurant Sales
July 17 2017 - 9:23AM
Company to Release Second Quarter
Financial Results on August 3, 2017
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 announced total
comparable restaurant sales decreased 1.0% for the thirteen week
period ended June 25, 2017 consisting of a decrease of 1.1% at
BRAVO! and a decrease of 0.9% at BRIO.
Brian O'Malley, President and Chief Executive
Officer, said, “Comparable restaurant sales have now improved
sequentially for two consecutive quarters. We are gaining traction
with our new menus and service orientation, our enhanced banquet
facilities, and our off-premise capabilities.”
The Company will host a conference call to
discuss second quarter 2017 financial results on Thursday, August
3, 2017 at 4:30 PM ET. A press release will be issued after the
market close that same day. The conference call can be accessed
live over the phone by dialing (719) 457-2652. A replay will be
available two hours after the call and can be accessed by dialing
(412) 317-6671; the conference ID is 3194806. The replay will be
available until Thursday, August 10, 2017. The call will also be
webcast live and later archived on the Company's investor relations
website at http://investors.bbrg.com in the ‘Presentations
& Events’ section.
The Company has received an extension to August
25, 2017 of its previously announced waiver for its credit
agreement with Wells Fargo Bank and certain lenders. The waiver
extension 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 amended waiver
agreement, the required lenders waived such existing events of
default.
Jim O'Connor, Chief Financial Officer, said,
“The waiver extension provides us with more time to amend our
existing credit agreement, which we had originally expected to be
completed by mid-July. Although we were in full compliance with our
current credit agreement by the end of the second quarter, our
intention is to secure greater financial flexibility via an
amendment in tandem with an improvement in our operating
performance.”
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 Statements
Some 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:
Investor Relations
Don Duffy / Raphael Gross
(203) 682-8200
Bravo Brio Restaurant Grp., Inc. (delisted) (NASDAQ:BBRG)
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