Buffalo Wild Wings, Inc. Announces Completion of Purchase of Nine Las Vegas Franchised Restaurants
September 24 2008 - 4:51PM
Business Wire
Buffalo Wild Wings, Inc. (Nasdaq: BWLD), today announced the
completion of the $23 million asset acquisition of nine Buffalo
Wild Wings� franchised restaurants in the Las Vegas, Nevada area.
The transaction was funded with available cash and marketable
securities. �We have completed the lengthy gaming license process
and are very pleased to announce the long-awaited acquisition of
the nine Las Vegas restaurants,� commented Sally Smith, President
and Chief Executive Officer.��We have an experienced team on the
ground in Las Vegas welcoming our new team members and actively
implementing our transition plan to ensure a smooth conversion of
these units to company-owned restaurants. We are excited to
continue building the Buffalo Wild Wings brand in Nevada.� Average
weekly sales for these restaurants, which includes net restaurant
sales from food, beverage, and gaming, was approximately $53,300
for the twelve months ending June 2008, compared to average weekly
sales of $54,900 during the similar period a year ago. Comparable
units will be included in the calculation of same-store sales for
company-owned restaurants in the fourth quarter of 2008. The
Company expects the transaction to be neutral to earnings in the
fourth quarter and accretive to earnings in 2009. About the Company
Buffalo Wild Wings, Inc., founded in 1982 and headquartered in
Minneapolis, Minnesota, is a growing owner, operator and franchisor
of restaurants featuring a variety of boldly-flavored,
made-to-order menu items including Buffalo-style chicken wings spun
in one of 14 signature sauces. Buffalo Wild Wings is an inviting
neighborhood destination with widespread appeal and is the
recipient of dozens of �Best Wings� and �Best Sports Bar� awards
from across the country. There are currently over 530 Buffalo Wild
Wings locations across 38 states. Forward-looking Statements
Certain statements in this release that are not historical facts,
including, without limitation, those relating to our growth
expectations and the anticipated effect of the acquisition of
franchised restaurants on earnings, are forward-looking statements
that involve risks and uncertainties. Such statements are based
upon the current beliefs and expectations of our management. Actual
results may vary materially from those contained in forward-looking
statements based on a number of factors including, without
limitation, our ability to integrate the acquired restaurants and
operate them as expected; transitioning employees from franchised
to company-owned restaurants; accounting treatment for the
acquisition; and other factors disclosed from time to time in our
filings with the U.S. Securities and Exchange Commission. Investors
should consider such risks when making investment decisions.
Shareholders and other readers 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 do not intend to update any
forward-looking statements.
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