Correction -- Bourbon Brothers Reports Record Quarter
April 03 2014 - 12:27PM
In the press release, released by the Company at 9:30 am EDT on
April 3, 2014, average weekly revenues at Bourbon Brothers Southern
Kitchen in Colorado Springs have been corrected to $75,600
throughout the first quarter beginning January 27, 2014, through
March 30, 2014. The number originally released was an average that
included the week of January 20, 2014 – January 26, 2014, a soft
opening week where the store generated $13,200 in revenue, and
should have been excluded from the weekly averages since opening to
the public on January 27, 2014. Below is a corrected press release
with a correction in the average weekly sales at Bourbon Brothers
Southern Kitchen in Colorado Springs.
Bourbon Brothers Holding Corporation (OTC:RIBS) announced first
quarter unaudited revenues of $1,269,000. Bourbon Brothers has
begun the year well ahead of its first quarter 2013 pace, and is
showing strong signs of growth. During the first quarter, Southern
Hospitality in Denver reported weekly average revenues of $44,300
over the thirteen-week quarter. Bourbon Brothers Southern Kitchen
in Colorado Springs posted weekly revenues of $75,600 over ten
weeks, since its opening on January 27th. Management is very
excited about surpassing the $1,000,000 milestone early in the
first quarter, and looks forward to the growth potential in terms
of quarter-over-quarter same-store sales for both locations.
During the first quarter 2013, the Company was operating a
single restaurant, but has since successfully become a
multiple-concept restaurant group with two locations and counting.
The year 2014 will be a big year for the Company as Bourbon
Brothers Southern Kitchen continues to make progress on three
additional locations in Colorado set to break ground in 2014. The
completion of these stores will bring the total number of
restaurants in the Bourbon Brothers collection to five, which
includes four Bourbon Brothers Southern Kitchen's throughout
Colorado and Southern Hospitality in Denver. Growth, in terms of
new corporately owned stores, will continue to drive the overall
growth of the business beyond 2014 as well, as the Company has
begun discussions with land owners and developers across the
country, where new Bourbon Brothers restaurants are being
considered, to great reception. Management feels confident that the
company will be able to hit its projections for another four
corporate locations in 2015.
While growth will be primarily driven by new locations,
management is focused on growing same-store sales for its current
locations as well.
Throughout the first quarter, Southern Hospitality served an
average of 350 guests per day at its downtown Denver location.
Southern Hospitality's growth in the second and third quarters will
be fueled by the expected effects from a major media buy with 850
KOA, the radio home for the Colorado Rockies, as referenced in a
prior press release. Management also expects the re-opening of
Union Station, Denver's main mass transit hub, as well as current
and imminent plans to develop new residential space within
immediate proximity to the restaurant, to catalyze same-store sales
growth beginning in the third quarter. Union Station is located
only three blocks from Southern Hospitality, and is expected to
increase foot traffic in the area dramatically.
Management expects Bourbon Brothers Southern Kitchen in Colorado
Springs to grow its quarter-over-quarter same-store sales in
Colorado Springs, catalyzed by seasonal changes. On average,
Bourbon Brothers Southern Kitchen in Colorado Springs is serving
upwards of 650 guests per day, with peak days exceeding 1,000
guests. Although, the first quarter is historically slow for the
restaurant industry, management expects higher sales throughout the
second and third quarters as the store tracks the industry.
However, Bourbon Brothers expects to garner additional seasonally
adjusted business from an increase in activity at Bass Pro Shops
during the next two quarters. "We are really excited about the
prospects that come along with being located near Bass Pro Shops in
our Colorado Springs location, and Cabela's or Bass Pro Shops at
future locations. The third and fourth quarter are especially
strong for outdoor retailers and we think that shopping activity
will lead to an increase in sales at our restaurants," said JW
Roth, Chairman of Bourbon Brothers Holding Corporation. Bass Pro
Shops in Colorado Springs is expected to serve 3,000,000 guests in
2014. Additionally, Cabela's, Bass Pro Shops closest competitor,
has historically reported tremendous increases in retail revenues
throughout the third and fourth quarter. During 2014, Cabela's
second half revenue increase by 80% versus quarters one and two.
This is particularly important for Bourbon Brothers Southern
Kitchen as its Colorado Springs location is adjacent to the largest
Bass Pro Shops in Southern Colorado.
More information about Bourbon Brothers Holding Corporation can
be found on the company's website, www.BourbonBrothers.com.
Forward-Looking Statements
The information in this news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. These forward-looking statements involve risks
and uncertainties, including statements regarding the company's
business strategy and expectations. Any statements contained herein
that are not statements of historical facts may be deemed to be
forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may," "will,"
"should," "expect," "plan," "intend," "anticipate," "believe,"
"estimate," "predict," "potential," or "continue," the negative of
such terms or other comparable terminology. Actual events or
results may differ materially. The company disclaims any obligation
to publicly update these statements, or disclose any difference
between its actual results and those reflected in these statements.
The information constitutes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995.
CONTACT: IR Contact:
Mitchell Roth
Email: mroth@bourbonbrothers.com
Phone: (719) 265-5821
PR Contact:
Brandy Fugate
Email: brandy@bourbonbrothers.com
Phone: (719) 265-5821
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