Famous Dave's of America, Inc. (NASDAQ: DAVE), an innovating owner
and operator of barbeque restaurants, globally, today reported
financial results for the second fiscal quarter ended June 30,
2019.
Second Quarter 2019
Highlights:
- Company-owned same store net sales
decreased 0.8%, driven by traffic decreases in Dine-In, partially
offset by a 6.8% increase in To-Go same store net sales.
- Domestic franchise-operated same
store net sales increased 0.7% year-over-year. Franchise-operated
system, including international units, increased by 0.5%.
- Reacquired eight Famous Dave’s
franchise stores at attractive valuations, which are slated for
upgrades and relaunches.
- Generated over $800,000 in
operating cash flow.
- Launched 2,300 square foot
small-footprint restaurant in Tucson, Arizona through a Famous
Dave’s franchisee.
- Approximately 102,000 downloads of
loyalty app since it was launched in December 2018.
Highlights Subsequent to the Second Quarter
2019:
- Reacquired five restaurants in
Arizona and Kentucky from franchisees.
- Announced agreement with Beyond
Meat to add innovative and delicious non-meat items to the Famous
Dave’s menu.
Executive Comments
Jeff Crivello, CEO, commented, “For the second
time since 2011, our franchise community posted positive same store
net sales, driven by a 0.7% increase from domestic franchisees,
partially offset by a 5.8% decline from our international
community. During the first half of fiscal 2019, we have
reinvested approximately $5.7 million into our system, including
repurchasing franchise restaurants, and refreshes of company owned
restaurants. In addition, we refinanced our credit facility
in preparation of our growth initiatives. We have also begun
the process to open new, small footprint restaurants in select
markets.”
Key Operating Metrics
|
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|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2019 |
|
July 1, 2018 |
|
|
June 30, 2019 |
|
|
July 1, 2018 |
|
Restaurant count: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated |
|
|
107 |
|
|
|
135 |
|
|
|
107 |
|
|
|
135 |
|
|
Company-owned |
|
|
29 |
|
|
|
15 |
|
|
|
29 |
|
|
|
15 |
|
|
Total |
|
|
136 |
|
|
|
150 |
|
|
|
136 |
|
|
|
150 |
|
|
Same store net restaurant
sales %: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-operated, domestic |
|
|
0.7 |
|
% |
|
(1.4 |
) |
% |
|
0.6 |
|
% |
|
(1.4 |
) |
% |
Franchise-operated, international(1) |
|
|
(5.8 |
) |
% |
|
(17.8 |
) |
% |
|
(14.8 |
) |
% |
|
(9.3 |
) |
% |
Franchise-operated total |
|
|
0.5 |
|
% |
|
(2.0 |
) |
% |
|
0.2 |
|
% |
|
(1.5 |
) |
% |
Company-owned |
|
|
(0.8 |
) |
% |
|
1.2 |
|
% |
|
1.0 |
|
% |
|
3.2 |
|
% |
Total |
|
|
0.4 |
|
% |
|
(1.6 |
) |
% |
|
0.3 |
|
% |
|
(1.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands, expect per
share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
System-wide restaurant
sales(2) |
|
$ |
90,647 |
|
|
$ |
97,262 |
|
|
$ |
173,386 |
|
|
$ |
184,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,040 |
|
|
$ |
1,392 |
|
|
$ |
1,122 |
|
|
$ |
2,390 |
|
|
Adjusted net income(3) |
|
|
1,439 |
|
|
|
1,701 |
|
|
|
2,060 |
|
|
|
2,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, per diluted
share |
|
$ |
0.11 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
$ |
0.29 |
|
|
Adjusted net income, per
diluted share(3) |
|
|
0.16 |
|
|
|
0.19 |
|
|
|
0.22 |
|
|
|
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(3) |
|
$ |
2,446 |
|
|
$ |
2,700 |
|
|
$ |
3,477 |
|
|
$ |
4,494 |
|
|
___________________________________(1)
International franchise comparable sales declines are primarily
related to Puerto Rico, which is still yet to recover from the
effects of recent hurricanes.(2) 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.(3) Adjusted net income (loss) 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 2019 Review
Total revenue for the second quarter of 2019 was
$21.1 million, up 45.3% from the second quarter of 2018. The
increase in year-over-year restaurant sales, net for the three
months ended June 30, 2019 was driven primarily by the
acquisition of Famous Dave’s stores in Colorado, Michigan, Ohio,
Wisconsin, Indiana and Iowa and a 0.5% increase in
franchise-operated same store net sales.
On a weighted basis, same store net sales for
our To-Go line of business increased 2.2% in the second quarter of
fiscal 2019 as compared to the prior year period, partially offset
by a decline in Dine In and Catering lines of business of 2.7% and
0.3%, respectively. During the second quarter of fiscal 2019, Dine
In represented approximately 51% of our total restaurant sales,
net, while To Go and Catering represented 36% and 13% of restaurant
sales, net, respectively.
Restaurant-level operating margin, as a
percentage of restaurant sales, net, for Company-owned restaurants
was 3.4% compared to 6.0% in the second quarter of fiscal 2018.
This decline in restaurant-level operating margin was primarily a
result of acquisitions of new stores in 2019, which we believe will
stabilize over the remainder of fiscal 2019.
General and administrative expenses for the
three months ended June 30, 2019 and July 1, 2018 represented
approximately 11.3% and 14.5% of total revenues, respectively. The
increase to general and administrative expenses primarily related
to acquisition costs incurred related to our completed and pending
acquisitions.
Net income was approximately $1.0 million, or
$0.11 per share, in the second quarter of fiscal 2019 compared to
net income of approximately $1.4 million, or $0.16 per share, in
the second quarter of fiscal 2018. Adjusted net income, a
non-GAAP measure, was approximately $1.4 million, or $0.16 per
share, compared to adjusted net income of approximately $1.7
million, or $0.19 per share, in the second quarter of fiscal 2018.
A reconciliation between adjusted net income and its most directly
comparable GAAP measure is included in the accompanying financial
tables.
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 12, 2019,
the Company owns 33 locations and franchises an additional 101
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 income (loss) is net income (loss),
plus asset impairment, estimated lease termination charges and
other closing costs, settlement agreements, net (loss) gain on
disposal of equipment, stock-based compensation, severance,
acquisition costs, and the related tax impact. This number is
divided by the weighted-average number of diluted shares of common
stock outstanding during each period presented to arrive at
adjusted net income (loss), per share. Adjusted EBITDA is net
income (loss), plus asset impairment, estimated lease termination
charges and other closing costs, settlement agreements,
depreciation and amortization, interest expense, net, net (loss)
gain on disposal of equipment, stock-based compensation, severance,
acquisition costs 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, the
timing of refreshes 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.
|
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Contact: |
|
Jeff Crivello – Chief Executive Officer |
|
|
952-294-1300 |
|
|
|
|
|
Darrow Associates, Inc. |
|
|
Peter Seltzberg – Managing Director |
|
|
516-419-9915 |
|
|
pseltzberg@darrowir.com |
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales, net |
|
$ |
16,898 |
|
|
$ |
9,955 |
|
|
$ |
27,212 |
|
|
$ |
18,668 |
|
|
Franchise royalty and fee revenue |
|
|
3,447 |
|
|
|
3,753 |
|
|
|
6,651 |
|
|
|
7,161 |
|
|
Franchisee national advertising fund contributions |
|
|
471 |
|
|
|
529 |
|
|
|
880 |
|
|
|
998 |
|
|
Licensing and other revenue |
|
|
312 |
|
|
|
301 |
|
|
|
578 |
|
|
|
555 |
|
|
Total revenue |
|
|
21,128 |
|
|
|
14,538 |
|
|
|
35,321 |
|
|
|
27,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage costs |
|
|
5,325 |
|
|
|
3,099 |
|
|
|
8,685 |
|
|
|
5,816 |
|
|
Labor and benefits costs |
|
|
5,819 |
|
|
|
3,361 |
|
|
|
9,776 |
|
|
|
6,557 |
|
|
Operating expenses |
|
|
5,187 |
|
|
|
2,894 |
|
|
|
8,356 |
|
|
|
5,735 |
|
|
Depreciation and amortization expenses |
|
|
515 |
|
|
|
309 |
|
|
|
779 |
|
|
|
702 |
|
|
General and administrative expenses |
|
|
2,377 |
|
|
|
2,111 |
|
|
|
4,894 |
|
|
|
3,985 |
|
|
National advertising fund expenses |
|
|
471 |
|
|
|
529 |
|
|
|
880 |
|
|
|
998 |
|
|
Asset impairment, estimated lease termination charges and other
closing costs, net |
|
|
97 |
|
|
|
216 |
|
|
|
504 |
|
|
|
112 |
|
|
Net (gain) loss on disposal of property |
|
|
(140 |
) |
|
|
30 |
|
|
|
(146 |
) |
|
|
29 |
|
|
Total costs and expenses |
|
|
19,651 |
|
|
|
12,549 |
|
|
|
33,728 |
|
|
|
23,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
|
1,477 |
|
|
|
1,989 |
|
|
|
1,593 |
|
|
|
3,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(288 |
) |
|
|
(197 |
) |
|
|
(359 |
) |
|
|
(342 |
) |
|
Interest income |
|
|
33 |
|
|
|
20 |
|
|
|
87 |
|
|
|
25 |
|
|
Total other expense |
|
|
(255 |
) |
|
|
(177 |
) |
|
|
(272 |
) |
|
|
(317 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
|
1,222 |
|
|
|
1,812 |
|
|
|
1,321 |
|
|
|
3,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
(182 |
) |
|
|
(420 |
) |
|
|
(199 |
) |
|
|
(741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
1,040 |
|
|
$ |
1,392 |
|
|
$ |
1,122 |
|
|
$ |
2,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share |
|
$ |
0.11 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
$ |
0.29 |
|
|
Diluted net income per
share |
|
$ |
0.11 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
$ |
0.29 |
|
|
Weighted average
shares outstanding - basic |
|
|
9,093 |
|
|
|
8,809 |
|
|
|
9,089 |
|
|
|
8,108 |
|
|
Weighted average
shares outstanding - diluted |
|
|
9,278 |
|
|
|
8,835 |
|
|
|
9,191 |
|
|
|
8,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIESOPERATING
RESULTS(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
|
Food and beverage
costs(1) |
|
31.5 |
% |
31.1 |
% |
31.9 |
% |
31.2 |
% |
Labor and benefits
costs(1) |
|
34.4 |
% |
33.8 |
% |
35.9 |
% |
35.1 |
% |
Operating expenses(1) |
|
30.7 |
% |
29.1 |
% |
30.7 |
% |
30.7 |
% |
Restaurant level operating margin(1)(3) |
|
3.4 |
% |
6.0 |
% |
1.5 |
% |
3.0 |
% |
Depreciation and amortization
expenses(2) |
|
2.4 |
% |
2.1 |
% |
2.2 |
% |
2.6 |
% |
General and administrative
expenses(2) |
|
11.3 |
% |
14.5 |
% |
13.9 |
% |
14.6 |
% |
Income from operations(2) |
|
7.0 |
% |
13.7 |
% |
4.5 |
% |
12.6 |
% |
_____________________________(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
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS (in thousands, except per share
data)(unaudited) |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
assets: |
|
June 30, 2019 |
|
December 30, 2018 |
Cash and cash equivalents |
|
$ |
8,220 |
|
|
$ |
11,598 |
|
Restricted cash |
|
|
800 |
|
|
|
842 |
|
Accounts receivable, net of allowance for doubtful accounts of
$87,000 and $192,000, respectively |
|
|
4,470 |
|
|
|
4,300 |
|
Inventories |
|
|
1,250 |
|
|
|
722 |
|
Prepaid income taxes and income taxes receivable |
|
|
379 |
|
|
|
377 |
|
Prepaid expenses and other current assets |
|
|
1,238 |
|
|
|
1,363 |
|
Assets held for sale |
|
|
2,842 |
|
|
|
— |
|
Total current
assets |
|
|
19,199 |
|
|
|
19,202 |
|
|
|
|
|
|
|
|
|
|
Property, equipment and leasehold improvements,
net |
|
|
10,468 |
|
|
|
10,385 |
|
|
|
|
|
|
|
|
|
|
Other
assets: |
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
24,745 |
|
|
|
— |
|
Goodwill |
|
|
435 |
|
|
|
61 |
|
Intangible assets, net |
|
|
3,488 |
|
|
|
1,428 |
|
Deferred tax asset, net |
|
|
5,753 |
|
|
|
5,747 |
|
Other assets |
|
|
1,699 |
|
|
|
1,533 |
|
|
|
$ |
65,787 |
|
|
$ |
38,356 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,114 |
|
|
$ |
3,765 |
|
Current portion of lease liabilities |
|
|
3,294 |
|
|
|
— |
|
Current portion of long-term debt and financing lease
obligations |
|
|
166 |
|
|
|
1,369 |
|
Accrued compensation and benefits |
|
|
1,685 |
|
|
|
808 |
|
Other current liabilities |
|
|
3,461 |
|
|
|
2,970 |
|
Total current liabilities |
|
|
12,720 |
|
|
|
8,912 |
|
|
|
|
|
|
|
|
|
|
Long-term
liabilities: |
|
|
|
|
|
|
|
|
Lease liabilities, less current portion |
|
|
23,932 |
|
|
|
— |
|
Long-term debt, less current portion |
|
|
2,404 |
|
|
|
2,411 |
|
Other liabilities |
|
|
2,869 |
|
|
|
4,492 |
|
Total liabilities |
|
|
41,925 |
|
|
|
15,815 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 100,000 shares authorized, 9,274 and
9,085 shares issued and outstanding at June 30, 2019 and
December 30, 2018, respectively |
|
|
93 |
|
|
|
91 |
|
Additional paid-in capital |
|
|
7,596 |
|
|
|
7,375 |
|
Retained earnings |
|
|
16,173 |
|
|
|
15,075 |
|
Total shareholders’
equity |
|
|
23,862 |
|
|
|
22,541 |
|
|
|
$ |
65,787 |
|
|
$ |
38,356 |
|
|
|
|
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands)(unaudited) |
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
June 30, 2019 |
|
July 1, 2018 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net income |
|
$ |
1,122 |
|
|
$ |
2,390 |
|
Adjustments to reconcile net income to cash flows provided by
operations: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
779 |
|
|
|
702 |
|
Stock-based compensation |
|
|
223 |
|
|
|
167 |
|
Net (gain) loss on disposal of property |
|
|
(146 |
) |
|
|
29 |
|
Asset impairment and estimated lease termination charges
(gain) |
|
|
469 |
|
|
|
(268 |
) |
Bad debts recovery |
|
|
(87 |
) |
|
|
(25 |
) |
Other non-cash items |
|
|
124 |
|
|
|
(230 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(422 |
) |
|
|
(298 |
) |
Other assets |
|
|
(411 |
) |
|
|
716 |
|
Accounts payable |
|
|
321 |
|
|
|
(851 |
) |
Accrued and other liabilities |
|
|
481 |
|
|
|
(1,298 |
) |
Cash flows provided by operating activities |
|
|
2,453 |
|
|
|
1,034 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Proceeds from the sale of assets |
|
|
6 |
|
|
|
1,187 |
|
Purchases of property, equipment and leasehold improvements |
|
|
(1,242 |
) |
|
|
(290 |
) |
Payments for acquired restaurants |
|
|
(4,265 |
) |
|
|
— |
|
Advances on notes receivable |
|
|
(150 |
) |
|
|
(648 |
) |
Payments received on note receivable |
|
|
8 |
|
|
|
— |
|
Cash flows (used for) provided by investing activities |
|
|
(5,643 |
) |
|
|
249 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments for debt issuance costs |
|
|
(54 |
) |
|
|
— |
|
Payments on long-term debt and financing lease obligations |
|
|
(176 |
) |
|
|
(5,757 |
) |
Proceeds from sale of common stock, net of offering costs |
|
|
— |
|
|
|
5,132 |
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
494 |
|
Cash flows used for financing activities |
|
|
(230 |
) |
|
|
(131 |
) |
|
|
|
|
|
|
|
(Decrease) increase in
cash, cash equivalents and restricted cash |
|
|
(3,420 |
) |
|
|
1,152 |
|
Cash, cash equivalents
and restricted cash, beginning of period |
|
|
12,440 |
|
|
|
10,426 |
|
Cash, cash equivalents
and restricted cash, end of period |
|
$ |
9,020 |
|
|
$ |
11,578 |
|
|
|
|
|
|
|
|
|
|
|
FAMOUS DAVE’S OF AMERICA, INC. AND
SUBSIDIARIESNON-GAAP RECONCILIATION(in
thousands, except per share data)(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(dollars in thousands) |
|
June 30, 2019 |
|
July 1, 2018 |
|
June 30, 2019 |
|
July 1, 2018 |
Net income |
|
$ |
1,040 |
|
|
$ |
1,392 |
|
|
|
1,122 |
|
|
|
2,390 |
|
Asset impairment and estimated
lease termination charges and other closing costs |
|
|
97 |
|
|
|
216 |
|
|
|
504 |
|
|
|
112 |
|
Net gain on disposal of
equipment |
|
|
(140 |
) |
|
|
30 |
|
|
|
(146 |
) |
|
|
29 |
|
Stock-based compensation |
|
|
140 |
|
|
|
120 |
|
|
|
223 |
|
|
|
167 |
|
Acquisition costs |
|
|
357 |
|
|
|
— |
|
|
|
521 |
|
|
|
— |
|
Severance |
|
|
— |
|
|
|
36 |
|
|
|
3 |
|
|
|
36 |
|
Tax adjustment |
|
|
(55 |
) |
|
|
(93 |
) |
|
|
(167 |
) |
|
|
(81 |
) |
Adjusted net income |
|
$ |
1,439 |
|
|
$ |
1,701 |
|
|
$ |
2,060 |
|
|
$ |
2,653 |
|
Basic adjusted net income per
common share |
|
$ |
0.16 |
|
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.33 |
|
Diluted adjusted net income
per common share |
|
$ |
0.16 |
|
|
$ |
0.19 |
|
|
$ |
0.22 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common share
outstanding - basic |
|
|
9,093 |
|
|
|
8,809 |
|
|
|
9,089 |
|
|
|
8,108 |
|
Weighted average common share
outstanding - diluted |
|
|
9,278 |
|
|
|
8,835 |
|
|
|
9,191 |
|
|
|
8,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,040 |
|
|
$ |
1,392 |
|
|
$ |
1,122 |
|
|
$ |
2,390 |
|
Asset impairment and estimated
lease termination charges and other closing costs |
|
|
97 |
|
|
|
216 |
|
|
|
504 |
|
|
|
112 |
|
Depreciation and
amortization |
|
|
515 |
|
|
|
309 |
|
|
|
779 |
|
|
|
702 |
|
Interest expense, net |
|
|
255 |
|
|
|
177 |
|
|
|
272 |
|
|
|
317 |
|
Net (gain) loss on disposal of
equipment |
|
|
(140 |
) |
|
|
30 |
|
|
|
(146 |
) |
|
|
29 |
|
Stock-based compensation |
|
|
140 |
|
|
|
120 |
|
|
|
223 |
|
|
|
167 |
|
Acquisition costs |
|
|
357 |
|
|
|
— |
|
|
|
521 |
|
|
|
— |
|
Severance |
|
|
— |
|
|
|
36 |
|
|
|
3 |
|
|
|
36 |
|
Provision for income
taxes |
|
|
182 |
|
|
|
420 |
|
|
|
199 |
|
|
|
741 |
|
Adjusted EBITDA |
|
$ |
2,446 |
|
|
$ |
2,700 |
|
|
$ |
3,477 |
|
|
$ |
4,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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