Famous Dave's of America, Inc. (NASDAQ: DAVE) today reported
financial results for the second fiscal quarter ended July 1, 2018
compared to the second fiscal quarter ended July 2, 2017.
Highlights for the second quarter of
2018 include the following:
- Net income from continuing operations of $1.4 million, or $0.16
per share, compared to net loss from continuing operations of $1.6
million, or ($0.24) per share in the prior year.
- Consolidated Adjusted EBITDA, a non-GAAP measure, increased
5.5% to $2.7 million.
- General and administrative expenses decreased to $2.1 million
from $3.5 million in the second quarter 2017.
- Repaid $5.8 million of long-term debt and financing lease
obligations.
- Company-owned comparable restaurant sales increased 1.2%, with
traffic up 1.3%.
- Franchise-operated comparable restaurant sales declined
1.9%.
Highlights subsequent to the close of
the second quarter of 2018 include the following:
- UAE-based Tablez amended the existing area development
agreement to develop four new units over the next two years.
- Repaid an additional $740,000 in long-term debt.
- Executed agreements with Travis Clark to launch the Clark Crew
BBQ restaurant concept.
- Reacquired the Janesville, Wisconsin restaurant from a
franchisee, which we will refresh.
Key Operating Metrics
|
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|
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|
Three Months Ended |
|
|
Six Months Ended |
|
|
July 1, 2018 |
|
July 2, 2017 |
|
|
July 1, 2018 |
|
July 2, 2017 |
Restaurant count: |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated |
|
|
135 |
|
|
|
139 |
|
|
|
135 |
|
|
|
139 |
|
Company-owned |
|
|
15 |
|
|
|
37 |
|
|
|
15 |
|
|
|
37 |
|
Total |
|
|
150 |
|
|
|
176 |
|
|
|
150 |
|
|
|
176 |
|
Comparable restaurant
sales %: |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated |
|
|
(1.9 |
)% |
|
|
(5.1 |
)% |
|
|
(1.6 |
)% |
|
|
(4.2 |
)% |
Company-owned |
|
|
1.2 |
% |
|
|
(2.2 |
)% |
|
|
3.2 |
% |
|
|
(0.6 |
)% |
Total |
|
|
(1.6 |
)% |
|
|
(4.5 |
)% |
|
|
(1.1 |
)% |
|
|
(3.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, expect
per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System-wide restaurant
sales(1) |
|
$ |
97,296 |
|
|
$ |
110,906 |
|
|
$ |
184,462 |
|
|
$ |
204,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations |
|
$ |
1,392 |
|
|
$ |
(1,640 |
) |
|
$ |
2,390 |
|
|
$ |
(3,068 |
) |
Adjusted net income
from continuing operations(2) |
|
|
1,701 |
|
|
|
796 |
|
|
|
2,653 |
|
|
|
(34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations, per share |
|
$ |
0.16 |
|
|
$ |
(0.24 |
) |
|
$ |
0.29 |
|
|
$ |
(0.44 |
) |
Adjusted net income
from continuing operations, per share(2) |
|
|
0.19 |
|
|
|
0.11 |
|
|
|
0.33 |
|
|
|
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(2) |
|
$ |
2,700 |
|
|
$ |
2,560 |
|
|
$ |
4,494 |
|
|
$ |
2,923 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
(1) |
System-wide
restaurant sales include sales for all Company-owned and
franchise-operated restaurants, as reported by franchisees.
Restaurant sales for franchise-operated restaurants are not
revenues of the Company and are not included in the Company’s
consolidated financial statements. |
(2) |
Adjusted
net (loss) income from continuing operations and adjusted EBITDA
are non-GAAP measures. A reconciliation of all non-GAAP measures to
the most directly comparable GAAP measure is included in the
accompanying financial tables. See “Non-GAAP
Reconciliation.” |
|
|
Second Quarter 2018 Review
Total revenue for the second quarter of 2018 was
$14.5 million, down 23.7% from the second quarter of 2017. The
decrease in Company-owned net restaurant sales revenue was
primarily a result of the closure of nine Company-owned
restaurants. The impact of these closures was partially offset by a
1.2% increase in same-store sales. The declines in franchise
royalty and fee revenue were driven by a decline in
franchise-operated same store sales of 1.9% and royalty abatements
agreed upon to facilitate the transfer of certain of our
franchise-operated restaurants to new operators, who have committed
to investing necessary resources to refresh these transferred
stores. Additionally, the adoption of ASC 606 – Revenue From
Contracts with Customers resulted in approximately $585,000 of
additional revenue during the second quarter of 2018.
Restaurant-level operating margin, as a
percentage of restaurant sales, net, for Company-owned restaurants
was 6.0%, flat to the second quarter of fiscal 2017.
General and administrative expenses decreased to
$2.1 million from $3.5 million in the second quarter of fiscal
2017. The year over year decline was primarily a result of the
alignment of our general and administrative expense structure to be
commensurate with that of a more dedicated franchisor, lowering
overhead strategically as we reduced our Company-owned restaurant
count from 32 restaurants as of July 2, 2017 to 15 restaurants as
of July 1, 2018.
We recognized net income from continuing
operations of approximately $1.4 million, or $0.16 per share, in
the second quarter of fiscal 2018 compared to a loss from
continuing operations of $1.6 million, or ($0.24) per share, in the
second quarter of fiscal 2017. We recognized a net income from
discontinued operations of $379,000, or $0.05 per share, in the
second quarter of fiscal 2017.
Adjusted net income from continuing operations,
a non-GAAP measure, was approximately $1.7 million, or $0.19 per
share, compared to approximately $796,000, or $0.11 per share, in
the second quarter of fiscal 2017. A reconciliation between
adjusted net loss and its most directly comparable GAAP measure is
included in the accompanying financial tables.
Executive Comments
Jeff Crivello, CEO, commented, “We look forward
to implementing throughout the system many of the improvements from
the successful refresh of our Coon Rapids restaurant. We increased
Company-owned same store sales by 1.2%, despite losing 1.0% in
sales due to weather-related closures in April in the Minneapolis
market. Although catering sales continued to be a challenge, we
launched several initiatives during the quarter aimed at growing
this line of business. We look forward to opening the first
Clark Crew BBQ in Oklahoma City, and finalizing the design of our
new drive through concept.”
About Famous Dave’s
Famous Dave’s develops, owns, operates and
franchises barbeque restaurants. Its menu features award-winning
barbequed and grilled meats, a selection of salads, sandwiches,
side items, and made-from-scratch desserts. As of August 13, 2018,
the Company owns 16 locations and franchises an additional 134
restaurants in 33 states, the Commonwealth of Puerto Rico, Canada,
and United Arab Emirates.
Non-GAAP Financial Measures
To supplement its consolidated financial
statements, which are prepared and presented in accordance with
accounting principles generally accepted in the United States
(“GAAP”), the Company uses non-GAAP measures including those
indicated below. These non-GAAP measures exclude significant
expenses and income that are required by GAAP to be recorded in the
Company’s consolidated financial statements and are subject to
inherent limitations. By providing non-GAAP measures, together with
a reconciliation to the most comparable GAAP measure, the Company
believes that it is enhancing investors’ understanding of the
Company’s business and results of operations. These measures are
not intended to be considered in isolation of, as substitutes for,
or superior to, financial measures prepared and presented in
accordance with GAAP. The non-GAAP measures presented may be
different from the measures used by other companies. The Company
urges investors to review the reconciliation of its non-GAAP
measures to the most directly comparable GAAP measure, included in
the accompanying financial tables.
Adjusted net (loss) income from continuing
operations is net (loss) income from continuing operations, plus
asset impairment, estimated lease termination and other closing
costs, settlement agreements, net (loss) gain on disposal of
equipment, stock-based compensation, severance, and the related tax
impact. This number is divided by the weighted-average number of
basic shares of common stock outstanding during each period
presented to arrive at adjusted net (loss) income from continuing
operations, per share. Adjusted EBITDA is net (loss) income,
including discontinued operations, plus asset impairment, estimated
lease termination and other closing costs, settlement agreements,
depreciation and amortization, interest expense, net, net (loss)
gain on disposal of equipment, stock-based compensation, severance
and provision (benefit) for income taxes.
Forward-Looking Statements
Statements in this press release that are not
strictly historical, including but not limited to statements
regarding the timing of the Company’s restaurant openings and the
timing or success of refranchising plans, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve known
and unknown risks, which may cause the Company’s actual results to
differ materially from expected results. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, it can give no
assurance that its expectation will be attained. Factors that could
cause actual results to differ materially from Famous Dave’s
expectation include financial performance, restaurant industry
conditions, execution of restaurant development and construction
programs, franchisee performance, changes in local or national
economic conditions, availability of financing, governmental
approvals and other risks detailed from time to time in the
Company’s SEC reports.
|
|
Contact: |
Jeff
Crivello – Chief Executive Officer |
|
952-294-1300 |
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1, 2018 |
|
July 2, 2017 |
|
July 1, 2018 |
|
July 2, 2017 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales, net |
$ |
9,955 |
|
|
$ |
14,714 |
|
|
$ |
18,668 |
|
|
$ |
27,663 |
|
Franchise
royalty and fee revenue |
|
3,753 |
|
|
|
4,039 |
|
|
|
7,161 |
|
|
|
7,821 |
|
Franchisee national advertising fund contributions |
|
529 |
|
|
|
— |
|
|
|
998 |
|
|
|
— |
|
Licensing
and other revenue |
|
301 |
|
|
|
297 |
|
|
|
555 |
|
|
|
514 |
|
Total revenue |
|
14,538 |
|
|
|
19,050 |
|
|
|
27,382 |
|
|
|
35,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Food and
beverage costs |
|
3,099 |
|
|
|
4,404 |
|
|
|
5,816 |
|
|
|
8,338 |
|
Labor and
benefits costs |
|
3,361 |
|
|
|
5,176 |
|
|
|
6,557 |
|
|
|
9,984 |
|
Operating
expenses |
|
2,894 |
|
|
|
4,256 |
|
|
|
5,735 |
|
|
|
8,362 |
|
Depreciation and amortization |
|
309 |
|
|
|
541 |
|
|
|
702 |
|
|
|
1,104 |
|
General
and administrative expenses |
|
2,111 |
|
|
|
3,494 |
|
|
|
3,985 |
|
|
|
8,042 |
|
National
advertising fund expenses |
|
529 |
|
|
|
— |
|
|
|
998 |
|
|
|
— |
|
Asset
impairment, estimated lease termination charges and other closing
costs, net |
|
216 |
|
|
|
3,473 |
|
|
|
112 |
|
|
|
4,606 |
|
Net loss
on disposal of property |
|
30 |
|
|
|
15 |
|
|
|
29 |
|
|
|
16 |
|
Total costs and expenses |
|
12,549 |
|
|
|
21,359 |
|
|
|
23,934 |
|
|
|
40,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from operations |
|
1,989 |
|
|
|
(2,309 |
) |
|
|
3,448 |
|
|
|
(4,454 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(197 |
) |
|
|
(170 |
) |
|
|
(342 |
) |
|
|
(357 |
) |
Interest
income |
|
20 |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
Total other expense |
|
(177 |
) |
|
|
(170 |
) |
|
|
(317 |
) |
|
|
(357 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
before income taxes |
|
1,812 |
|
|
|
(2,479 |
) |
|
|
3,131 |
|
|
|
(4,811 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense) benefit |
|
(420 |
) |
|
|
839 |
|
|
|
(741 |
) |
|
|
1,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) from continuing operations |
|
1,392 |
|
|
|
(1,640 |
) |
|
|
2,390 |
|
|
|
(3,068 |
) |
Net income from
discontinued operations, net of tax |
|
— |
|
|
|
379 |
|
|
|
— |
|
|
|
561 |
|
Net income
(loss) |
$ |
1,392 |
|
|
$ |
(1,261 |
) |
|
$ |
2,390 |
|
|
$ |
(2,507 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
per common share: |
|
|
|
|
|
|
|
|
|
|
|
Basic net
income (loss) per share - continuing operations |
$ |
0.16 |
|
|
$ |
(0.24 |
) |
|
$ |
0.29 |
|
|
$ |
(0.44 |
) |
Basic net
income per share - discontinued operations |
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.08 |
|
Basic net
income (loss) per share |
$ |
0.16 |
|
|
$ |
(0.18 |
) |
|
$ |
0.29 |
|
|
$ |
(0.36 |
) |
Diluted net
income (loss) per share - continuing operations |
$ |
0.16 |
|
|
$ |
(0.24 |
) |
|
$ |
0.29 |
|
|
$ |
(0.44 |
) |
Diluted net
income per share - discontinued operations |
|
— |
|
|
|
0.05 |
|
|
|
— |
|
|
|
0.08 |
|
Diluted net
income (loss) per share |
$ |
0.16 |
|
|
$ |
(0.18 |
) |
|
$ |
0.29 |
|
|
$ |
(0.36 |
) |
Weighted
average shares outstanding - basic |
|
8,809 |
|
|
|
6,955 |
|
|
|
8,108 |
|
|
|
6,955 |
|
Weighted
average shares outstanding - diluted |
|
8,835 |
|
|
|
6,955 |
|
|
|
8,131 |
|
|
|
6,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIESOPERATING
RESULTS(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
July 1, 2018 |
|
July 2, 2017 |
|
|
July 1, 2018 |
|
July 2, 2017 |
Food and beverage
costs(1) |
|
31.1 |
% |
|
29.9 |
% |
|
|
31.2 |
% |
|
30.1 |
% |
Labor and benefits
costs(1) |
|
33.8 |
% |
|
35.2 |
% |
|
|
35.1 |
% |
|
36.1 |
% |
Operating
expenses(1) |
|
29.1 |
% |
|
28.9 |
% |
|
|
30.7 |
% |
|
30.2 |
% |
Restaurant level operating margin(1)(3) |
|
6.0 |
% |
|
6.0 |
% |
|
|
3.0 |
% |
|
3.5 |
% |
Depreciation and
amortization expenses (2) |
|
2.1 |
% |
|
2.8 |
% |
|
|
2.6 |
% |
|
3.1 |
% |
General and
administrative(2) |
|
14.5 |
% |
|
18.3 |
% |
|
|
14.6 |
% |
|
22.3 |
% |
Income (loss) from
continuing operations(2) |
|
13.7 |
% |
|
(12.1 |
)% |
|
|
12.6 |
% |
|
(12.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
As a
percentage of restaurant sales, net |
(2) |
As a
percentage of total revenue |
(3) |
Restaurant
level margins are equal to restaurant sales, net, less restaurant
level food and beverage costs, labor and benefit costs, and
operating expenses. |
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current
assets: |
July 1, 2018 |
|
December 31, 2017 |
Cash and
cash equivalents |
$ |
10,309 |
|
$ |
8,836 |
Restricted cash |
|
1,269 |
|
|
1,590 |
Accounts
receivable, net of allowance for doubtful accounts of $478,000 and
$592,000, respectively |
|
4,091 |
|
|
3,768 |
Inventories |
|
602 |
|
|
633 |
Prepaid
income taxes and income taxes receivable |
|
— |
|
|
689 |
Prepaid
expenses and other current assets |
|
964 |
|
|
793 |
Assets
held for sale |
|
— |
|
|
475 |
Total current
assets |
|
17,235 |
|
|
16,784 |
|
|
|
|
|
|
Property,
equipment and leasehold improvements, net |
|
10,229 |
|
|
11,442 |
|
|
|
|
|
|
Other
assets: |
|
|
|
|
|
Intangible assets, net |
|
1,422 |
|
|
1,840 |
Deferred
tax asset, net |
|
6,402 |
|
|
5,823 |
Other
assets |
|
1,499 |
|
|
1,018 |
|
$ |
36,787 |
|
$ |
36,907 |
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current
portion of long-term debt and financing lease obligations |
$ |
1,516 |
|
$ |
1,307 |
Accounts
payable |
|
3,514 |
|
|
4,365 |
Accrued
compensation and benefits |
|
861 |
|
|
1,545 |
Other
current liabilities |
|
2,586 |
|
|
3,118 |
Total current liabilities |
|
8,477 |
|
|
10,335 |
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
Long-term
debt, less current portion |
|
3,252 |
|
|
7,932 |
Financing
lease obligation, less current portion |
|
— |
|
|
1,196 |
Other
liabilities |
|
5,099 |
|
|
3,963 |
Total liabilities |
|
16,828 |
|
|
23,426 |
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
Common
stock, $.01 par value, 100,000 shares authorized, 9,087 and 7,376
shares issued and outstanding at July 1, 2018 and
December 31, 2017, respectively |
|
91 |
|
|
70 |
Additional paid-in capital |
|
7,249 |
|
|
1,460 |
Retained
earnings |
|
12,619 |
|
|
11,951 |
Total
shareholders’ equity |
|
19,959 |
|
|
13,481 |
|
$ |
36,787 |
|
$ |
36,907 |
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
Six Months Ended |
|
July 1, 2018 |
|
July 2, 2017 |
Cash flows from
operating activities: |
|
|
|
|
|
Net
income (loss) from continuing operations |
$ |
2,390 |
|
|
$ |
(3,068 |
) |
Adjustments to reconcile net income (loss) to cash flows provided
by operations: |
|
|
|
|
|
Depreciation and amortization |
|
702 |
|
|
|
1,104 |
|
(Gain)
loss from asset impairment and estimated lease termination and
other closing costs |
|
(268 |
) |
|
|
3,900 |
|
Net loss
on disposal of property |
|
29 |
|
|
|
16 |
|
Amortization of deferred financing costs |
|
90 |
|
|
|
16 |
|
Amortization of lease interest assets |
|
18 |
|
|
|
18 |
|
Deferred
income taxes |
|
— |
|
|
|
240 |
|
Deferred
rent |
|
(338 |
) |
|
|
280 |
|
Bad debts
(recovery) expense |
|
(25 |
) |
|
|
313 |
|
Stock-based compensation |
|
167 |
|
|
|
131 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
Restricted cash |
|
321 |
|
|
|
74 |
|
Accounts
receivable, net |
|
(298 |
) |
|
|
(236 |
) |
Inventories |
|
31 |
|
|
|
43 |
|
Prepaid
income taxes and income taxes receivable |
|
689 |
|
|
|
(1,493 |
) |
Prepaid
expenses and other current assets |
|
(171 |
) |
|
|
(531 |
) |
Other
assets |
|
167 |
|
|
|
— |
|
Accounts
payable |
|
(851 |
) |
|
|
619 |
|
Accrued
compensation and benefits |
|
(762 |
) |
|
|
527 |
|
Other
current liabilities |
|
(202 |
) |
|
|
(763 |
) |
Other
liabilities |
|
(334 |
) |
|
|
70 |
|
Cash
flows provided by continuing operating activities |
|
1,355 |
|
|
|
1,260 |
|
Cash
flows provided by discontinued operating activities |
|
— |
|
|
|
894 |
|
Cash
flows provided by operating activities |
|
1,355 |
|
|
|
2,154 |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Proceeds
from the sale of assets |
|
1,187 |
|
|
|
— |
|
Advances
on notes receivable |
|
(648 |
) |
|
|
— |
|
Purchases
of property, equipment and leasehold improvements |
|
(290 |
) |
|
|
(234 |
) |
Cash
flows provided by (used for) continuing investing activities |
|
249 |
|
|
|
(234 |
) |
Cash
flows used for discontinued investing activities |
|
— |
|
|
|
(42 |
) |
Cash
flows provided by (used for) investing activities |
|
249 |
|
|
|
(276 |
) |
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Payments
for debt issuance costs |
|
— |
|
|
|
(15 |
) |
Payments
on long-term debt and financing lease obligations |
|
(5,757 |
) |
|
|
(913 |
) |
Proceeds
from sale of common stock |
|
5,132 |
|
|
|
— |
|
Proceeds
from exercise of stock options |
|
494 |
|
|
|
— |
|
Cash
flows used for financing activities |
|
(131 |
) |
|
|
(928 |
) |
|
|
|
|
|
|
Increase in
cash and cash equivalents |
|
1,473 |
|
|
|
950 |
|
Cash and cash
equivalents, beginning of period |
|
8,836 |
|
|
|
4,450 |
|
Cash and cash
equivalents, end of period |
$ |
10,309 |
|
|
$ |
5,400 |
|
|
|
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIES |
NON-GAAP RECONCILIATION |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
(dollars in
thousands) |
July 1, 2018 |
|
July 2, 2017 |
|
|
July 1, 2018 |
|
|
July 2, 2017 |
Net income (loss) from
continuing operations |
$ |
1,392 |
|
|
$ |
(1,640 |
) |
|
|
2,390 |
|
|
|
(3,068 |
) |
Asset impairment and
estimated lease termination and other closing costs |
|
216 |
|
|
|
3,473 |
|
|
|
112 |
|
|
|
4,606 |
|
Net loss on disposal of
equipment |
|
30 |
|
|
|
15 |
|
|
|
29 |
|
|
|
16 |
|
Stock-based
compensation |
|
120 |
|
|
|
24 |
|
|
|
167 |
|
|
|
131 |
|
Severance |
|
36 |
|
|
|
170 |
|
|
|
36 |
|
|
|
4 |
|
Tax adjustment |
|
(93 |
) |
|
|
(1,246 |
) |
|
|
(81 |
) |
|
|
(1,723 |
) |
Adjusted net income
(loss) from continuing operations |
$ |
1,701 |
|
|
$ |
796 |
|
|
$ |
2,653 |
|
|
$ |
(34 |
) |
Basic adjusted net
income (loss) per common share from continuing operations |
$ |
0.19 |
|
|
$ |
0.11 |
|
|
$ |
0.33 |
|
|
$ |
(0.00 |
) |
Diluted adjusted net
income (loss) per common share from continuing operations |
$ |
0.19 |
|
|
$ |
0.11 |
|
|
$ |
0.33 |
|
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
share outstanding - basic |
|
8,809 |
|
|
|
6,955 |
|
|
|
8,108 |
|
|
|
6,955 |
|
Weighted average common
share outstanding - diluted |
|
8,835 |
|
|
|
6,955 |
|
|
|
8,131 |
|
|
|
6,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
1,392 |
|
|
$ |
(1,261 |
) |
|
$ |
2,390 |
|
|
$ |
(2,507 |
) |
Asset impairment and
estimated lease termination and other closing costs |
|
216 |
|
|
|
3,473 |
|
|
|
112 |
|
|
|
4,606 |
|
Depreciation and
amortization |
|
309 |
|
|
|
733 |
|
|
|
702 |
|
|
|
1,488 |
|
Interest expense,
net |
|
177 |
|
|
|
170 |
|
|
|
317 |
|
|
|
357 |
|
Net loss on disposal of
equipment |
|
30 |
|
|
|
17 |
|
|
|
29 |
|
|
|
18 |
|
Stock-based
compensation |
|
120 |
|
|
|
24 |
|
|
|
167 |
|
|
|
131 |
|
Severance |
|
36 |
|
|
|
31 |
|
|
|
36 |
|
|
|
385 |
|
Provision (benefit) for
income taxes |
|
420 |
|
|
|
(627 |
) |
|
|
741 |
|
|
|
(1,555 |
) |
Adjusted EBITDA |
$ |
2,700 |
|
|
$ |
2,560 |
|
|
$ |
4,494 |
|
|
$ |
2,923 |
|
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