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Actionable news in BWLD: Buffalo Wild Wings, Inc.,

Buffalo Wild Wings, Inc. Announces

The following excerpt is from the company's SEC filing.

Quarter Earnings per Share of

- 2016 Earnings Per Diluted Share Outlook of $5.65 to $5.85 -

Minneapolis, Minnesota,

Buffalo Wild Wings, Inc.

(NASDAQ: BWLD) announced today financial results for the

quarter ended

March 27, 2016

. Highlights for the

quarter versus the same period a year ago were:

Total revenue

increased

$508.3 million

Company

owned restaurant sales

$483.9 million

store sales

decreased

at company

owned restaurants and

at franchised restau rants

Net earnings

$32.8 million

$29.0 million

, and earnings per diluted share

Sally Smith, President and Chief Executive Officer, commented, “Our total revenue in the first quarter increased

, when compared to the prior year, resulting from continued unit development and franchise acquisitions over the last 12 months. We are dissatisfied to report a same-store sales decline and we're undertaking several sales-driving initiatives to regain momentum. We were able to manage costs and improve our restaurant-level margin, and earnings per diluted share increased

year-over-year to

quarter, compared to

$440.6 million

quarter of

. Company

owned restaurant sales for the quarter

over the same period in

, driven by

additional Buffalo Wild Wings

restaurants at the end of the

, partially offset by a same-store sales decrease of

. Franchise royalties and fees

$24.3 million

for the quarter, versus

$25.6 million

. This decrease is attributed to seven fewer franchised Buffalo Wild Wings locations

and a same-store sales decrease of

at franchised Buffalo Wild Wings restaurants in operation at the end of the period, compared to the same period in

Average weekly sales for company-owned Buffalo Wild Wings restaurants were

$62,829

$64,851

for the same quarter last year, a

. Franchised Buffalo Wild Wings restaurants in the United States averaged

$65,636

for the period, versus

$67,075

quarter a year ago, a

Other income in

consisted primarily of a gain related to the valuation of contingent consideration for a franchise acquisition of

$1.1 million

, partially offset by interest expense of $0.9 million.

Under the previously announced share repurchase authorization, 173,892 shares were repurchased during the first quarter of 2016 for a total of

$25 million

For the

quarter, net earnings

. Earnings per diluted share were

earnings per diluted share of

2016 Outlook

Ms. Smith remarked, "We are focused on sales-driving initiatives to regain momentum in 2016. To strengthen our FastBreak™ lunch program, we're piloting a speed of service guarantee. We're promoting Wing Tuesdays

while evaluating different pricing and bundling options for this value day. Soccer is a growing sport in the United States and we'll be the place to watch all the action on the pitch for the major tournaments this summer."

Ms. Smith concluded, "The Buffalo Wild Wings brand remains strong and poised to deliver long-term earnings growth. In 2016, we're continuing our development of new company-owned and franchised Buffalo Wild Wings restaurants in the United States and we are aggressively remodeling locations. Given our recent sales trends and an increasing outlook for the cost of traditional chicken wings, we believe earnings per diluted share in 2016 should be $5.65 to $5.85.”

For 2016, the company expects the following new unit development:

Approximately 40 company-owned Buffalo Wild Wings restaurants

30 to 35 franchised Buffalo Wild Wings locations in the United States

12 to 15 franchised Buffalo Wild Wing locations internationally

6 company-owned and 4 franchised R Taco restaurants

Continued unit expansion by PizzaRev

For 2016, the company expects the following:

Improving same-store sales

Deflationary food costs, excluding traditional chicken wings

Depreciation and amortization expense of $150 to $155 million

Share repurchase activity of approximately $100 million

Earnings per diluted share of $5.65 to $5.85

Capital expenditures of approximately $190 million, excluding additional franchise acquisitions or emerging brand investments

will be hosting a conference call today,

at 4:00 p.m. Central Daylight Time to discuss these results. There will be a simultaneous webcast conducted at our investor website

IR.BuffaloWildWings.com

A replay of the call will be available until May 3, 2016. To access this replay, please dial 1.858.384.5517 password 5721467.

About the Company

Buffalo Wild Wings, Inc., founded in 1982 and headquartered in Minneapolis, is a growing owner, operator and franchisor of Buffalo Wild Wings

restaurants featuring a variety of boldly-flavored, made-to-order menu items including its namesake Buffalo, New York-style chicken wings. The Buffalo Wild Wings menu specializes in 21 mouth-watering signature sauces and seasonings with flavor sensations ranging from Sweet BBQ™ to Blazin’

. Guests enjoy a welcoming neighborhood atmosphere that includes an extensive multi-media system for watching their favorite sporting events. Buffalo Wild Wings is the recipient of hundreds of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently more than 1,180 Buffalo Wild Wings locations around the world.

To stay up-to-date on all the latest events and offers for sports fans and wing lovers, like Buffalo Wild Wings on Facebook, follow @BWWings on Twitter and visit

www.BuffaloWildWings.com

Forward-looking Statements

Various remarks we make about future expectations, plans, and prospects for the company constitute forward

looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements relate to our future financial and restaurant performance measures and growth goals, including but not limited to those relating to our

second

quarter trends and projected unit and net earnings growth rates for

, and beyond. All statements other than statements of historical fact are statements that could be deemed forward

looking statements and are based upon the current beliefs and expectations of our management. We have attempted to identify forward

looking statements by terminology, including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “goal,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” “scheduled,” or “will” or the negative of these terms or other comparable terminology. Actual results may vary materially from those contained in forward

looking statements based on a number of factors, including, but not limited to, our ability to achieve and manage our planned expansion, the ability of our franchisees to open and manage new restaurants, market acceptance in the new geographic regions we enter (particularly international locations), success of acquired restaurants, success of investments in new or emerging concepts, unforeseen obstacles in developing nontraditional sites or non

U.S. locations, our ability to obtain and maintain licenses and permits necessary to operate our existing and new restaurants, our franchisees’ adherence to our system standards, the cost of commodities such as traditional chicken wings and supply chain consistency, the success of our key initiatives and our advertising and marketing campaigns, our ability to control restaurant labor and other restaurant operating costs, the continued service of key management personnel, our ability to protect our name and logo and other proprietary information, economic conditions (including changes in consumer preferences or consumer discretionary

spending), the impact of federal, state or local government regulations relating to our employees, the sale of food and alcoholic beverages, the effect of competition in the restaurant industry, and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission, including the factors described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10

K for the fiscal year ended

December 27, 2015

, as updated in subsequent reports filed with the SEC. Investors should take such risks into account 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 undertake no obligation to update any forward

looking statements.

BUFFALO WILD WINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

(Dollar and share amounts in thousands except per share data)

(unaudited)

Three months ended

March 29,

Revenue:

Restaurant sales

483,911

414,972

24,346

25,614

508,257

440,586

Costs and expenses:

Restaurant operating costs:

Cost of sales

143,823

125,677

149,129

130,394

Operating

69,680

58,551

Occupancy

26,723

21,990

37,549

28,069

General and administrative

31,665

30,522

Preopening

Loss on asset disposals

Total costs and expenses

461,654

397,078

Income from operations

46,603

43,508

Interest and other income (expense)

Earnings before income taxes

46,630

43,433

Income tax expense

13,952

14,448

Net earnings including noncontrolling interests

32,678

28,985

Net loss attributable to noncontrolling interests

Net earnings attributable to Buffalo Wild Wings

32,773

29,063

Earnings per common share – basic

Earnings per common share – diluted

Weighted average shares outstanding – basic

18,922

18,993

Weighted average shares outstanding – diluted

18,957

19,074

The following table expresses results of operations as a percentage of total revenue for the periods presented, except for restaurant operating costs which are expressed as a percentage of restaurant sales:

CONSOLIDATED BALANCE SHEETS

(Dollar amounts in thousands)

Assets

Current assets:

Cash and cash equivalents

11,693

11,220

Marketable securities

Accounts receivable, net of allowance of $25

33,873

34,087

Inventory

14,583

15,351

Prepaid expenses

Refundable income taxes

21,591

Restricted assets

22,880

100,073

Total current assets

97,685

197,751

Property and equipment, net

593,670

604,712

Reacquired franchise rights, net

128,175

129,282

Other assets

36,122

26,536

Goodwill

115,823

114,101

Total assets

971,475

1,072,382

Liabilities and Stockholders’ Equity

Current liabilities:

Unearned franchise fees

Accounts payable

40,762

44,760

Accrued compensation and benefits

31,943

55,578

Accrued expenses

19,675

21,678

Income tax payable

Current portion of long-term debt and capital lease obligations

Current portion of deferred lease credits

System-wide payables

81,220

137,257

Total current liabilities

181,615

263,623

Long-term liabilities:

Other liabilities

16,168

16,473

Deferred income taxes

24,585

23,726

Long-term debt and capital lease obligations, net of current portion

42,423

70,954

Deferred lease credits

42,636

41,869

Total liabilities

307,427

416,645

Commitments and contingencies

Stockholders’ equity:

Undesignated stock, 1,000,000 shares authorized, none issued

Common stock, no par value. Authorized 44,000,000 shares; issued and outstanding 18,750,276 and 18,917,776, respectively

159,265

160,353

Retained earnings

508,332

499,085

Accumulated other comprehensive loss

(3,847

(4,094

Total stockholders’ equity

663,750

655,344

Noncontrolling interests

Total equity

664,048

655,737

Total liabilities and equity

CONSOLIDATED STATEMENTS OF CASH FLOWS

Cash flows from operating activities:

Adjustments to reconcile net earnings to net cash provided by operations:

34,552

26,851

Amortization

(5,508

Stock-based compensation

Excess tax benefit from stock issuance

Change in fair value of contingent consideration

(1,106

Loss on investments in affiliates

Change in operating assets and liabilities, net of effect of acquisitions:

Trading securities

(1,297

(2,053

(5,619

(1,037

Income taxes

22,813

17,796

(19,488

(18,374

Net cash provided by operating activities

77,101

47,361

Cash flows from investing activities:

Acquisition of property and equipment

(34,094

(25,788

Acquisition of businesses

(3,860

(13,894

Purchase of marketable securities

(12,297

Proceeds from marketable securities

11,155

Net cash used in investing activities

(37,954

(40,824

Cash flows from financing activities:

Proceeds from line of credit

108,633

Repayments of line of credit

(135,514

Borrowings from restricted funds

22,622

Repurchases of common stock

(25,000

Other financing activities

Issuance of common stock

Tax payments for restricted stock units

(9,172

(7,627

Net cash used in financing activities

(38,464

(7,330

Effect of exchange rate changes on cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of period

93,329

Cash and cash equivalents at end of period

92,601

Supplemental Information

Restaurant Count

Company-owned Restaurants (includes Buffalo Wild Wings, R Taco, and Buffalo Wild Wings-owned PizzaRev locations)

Franchised Restaurants (includes Buffalo Wild Wings and R Taco locations):

Restaurant Count Rollforward:

Three Months Ended

March 29, 2015

Corporate

Beginning of period

Opened

Acquired

Closed/Relocated

End of period

Consolidated

End of the period

Same-Store Sales at Buffalo Wild Wings locations in United States and Canada

Company-owned Restaurants:

(1.7%)

Franchised Restaurants:

(2.4%)

Average Weekly Sales Volumes at Buffalo Wild Wings locations in United States and Canada

61,960

61,831

61,971

62,529

60,966

59,403

59,643

62,119

60,470

56,953

54,759

55,592

58,204

56,392

55,131

51,524

52,561

55,595

53,783

63,904

62,819

64,032

64,474

63,852

61,845

61,586

63,949

62,595

60,050

58,186

58,926

61,167

59,594

57,282

54,766

55,608

58,490

56,570

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Buffalo Wild Wings makes a similar move, sign up!

Other recent filings from the company include the following:

Buffalo Wild Wings's CEO & President just disposed of 1,000 shares - April 19, 2016
Interim PFO of Buffalo Wild Wings was just granted 1,050 options - April 1, 2016
Buffalo Wild Wings's SVP-Talent Management was just granted 1,705 options - April 1, 2016
SVP of Buffalo Wild Wings just disposed of 100 shares - April 1, 2016