MINNEAPOLIS, March 27, 2020 (GLOBE NEWSWIRE) -- BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants today reported financial results for the fourth fiscal quarter and year ended December 29, 2019.
On March 9, 2020, the acquisition of the assets of Granite City Food & Brewery became official and BBQ Holdings now owns and operates 18 Granite City restaurants in 10 states. The price for the assets purchased was $3,650,000 plus assumed liabilities.
Fourth Quarter 2019 Highlights:
- Company-owned same store net sales increased 4.7%, driven by a 6.4% increase in To-Go same store net sales and a 26.0% increase in Catering, marking nine of the ten prior quarters experiencing positive comparable sales.
- Franchise-operated same store net sales increased 0.4% year-over-year.
- Achieved 54% of restaurant sales, net in growing off-premise lines of business and 46% dine-in.
- Net loss of $1.8 million, driven by acquisition and pre-opening costs.
- Formed a subsidiary with Clark Championship Products LLC with an exclusive license to sell Clark Crew BBQ sauces, rubs and other consumer packaged goods, and opened the first Clark Crew BBQ restaurant in Oklahoma City, Oklahoma.
- Opened a 3,000 square foot Famous Dave’s restaurant in Minneapolis, Minnesota.
Full Year 2019 Highlights 2019:
- Company-owned same store net sales increased 2.0%, driven by a 6.9% increase in To-Go same store net sales and a 13.7% increase in Catering.
- Franchise-operated same store net sales increased 1.0% year-over-year.
- 51% of net restaurant revenue was generated from off-premise sales with 49% from dine-in sales.
- Net loss of $649,000, driven by acquisition and pre-opening costs.
- Adjusted EBITDA of $3.8 million.
- Approximately 167,178 signups for our loyalty app since it was launched in December 2018, which generated $4.6 million of system-wide sales in 2019.
- Reacquired 17 Famous Dave’s franchise stores
Executive Comments
Jeff Crivello, CEO, commented, “The fourth quarter and full year 2019 was focused on moving our growth initiatives forward. We expect a twelve-month transition period to make all necessary improvements to the Famous Dave’s restaurants that we reacquired. In December, we opened the first Clark Crew BBQ in Oklahoma City, which is seeing an enormous amount of demand. Also in December, we opened a 3,000 sqft, bar-centric Famous Dave’s in Uptown Minneapolis, which is tracking toward our goals.
Our company-owned restaurants have generated positive comparable sales for nine of the last ten quarters, a statistic that separates us from almost every other multi-location restaurant operator within our industry, and our franchisees have sustained their positive comparable sales trend for this year.
Subsequently, we closed on the acquisition of eighteen Granite City Food and Brewery locations and one Real Urban BBQ.
The effect of the Coronavirus on our business, and restaurant industry will be drastic, but we have taken operational and financial measures to help navigate through the next few difficult months. The ultimate financial impairment is unknown without knowing the duration of the forced dining room closures. We remain committed to our Famous guests and staff members that we will get through this tough period.”
Key Operating Metrics
| Three Months Ended | Year Ended | |||||||||||||||||
| December 29, 2019 | December 30, 2018 | December 29, 2019 | December 30, 2018 | |||||||||||||||
| Restaurant count: | ||||||||||||||||||
| Franchise-operated | 96 | 127 | 96 | 127 | ||||||||||||||
| Company-owned | 32 | 17 | 32 | 17 | ||||||||||||||
| Total | 128 | 144 | 128 | 144 | ||||||||||||||
| Same store net restaurant sales %: | ||||||||||||||||||
| Franchise-operated, domestic | 0.7 | % | (1.0 | ) | % | 1.2 | % | (1.9 | ) | % | ||||||||
| Franchise-operated, international(1) | (9.9 | ) | % | (25.8 | ) | % | (7.3 | ) | % | (12.0 | ) | % | ||||||
| Franchise-operated total | 0.4 | % | (1.8 | ) | % | 1.0 | % | (2.9 | ) | % | ||||||||
| Company-owned | 4.7 | % | 2.2 | % | 2.0 | % | 2.7 | % | ||||||||||
| Total | 0.9 | % | (1.3 | ) | % | 1.1 | % | (1.5 | ) | % | ||||||||
| (in thousands, expect per share data) | ||||||||||||||||||
| System-wide restaurant sales(2) | $ | 76,940 | $ | 83,412 | $ | 333,695 | $ | 358,073 | ||||||||||
| Net income attributable to shareholders | $ | (1,788 | ) | $ | 1,070 | $ | (649 | ) | $ | 4,862 | ||||||||
| Adjusted net income attributable to shareholders(3) | (729 | ) | 1,138 | 1,410 | 5,304 | |||||||||||||
| Net (loss) income attributable to shareholders, per diluted share | $ | (0.20 | ) | $ | 0.12 | $ | (0.07 | ) | $ | 0.57 | ||||||||
| Adjusted net income attributable to shareholders, per diluted share(3) | (0.08 | ) | 0.13 | 0.15 | 0.62 | |||||||||||||
| Adjusted EBITDA(3) | $ | (754 | ) | $ | 1,226 | $ | 3,751 | $ | 7,736 | |||||||||
(1) International franchise comparable sales declines are primarily related to Puerto Rico, which closed as a result of effects of the 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.”
Fourth Quarter 2019 Review
Total revenue for the fourth quarter of 2019 was $23.3 million, up 73.2% from the fourth quarter of 2018. The increase in year-over-year restaurant net sales for the quarter ended December 29, 2019 was driven primarily by the acquisition of Famous Dave’s stores in Colorado, Michigan, Ohio, Wisconsin, Indiana, Kentucky, Iowa, and Arizona and a 4.7% increase in company-owned same store net sales.
On a weighted basis, same store net sales for our To-Go and Catering lines of business increased 6.4% and 26.0%, respectively, in the fourth quarter of fiscal 2019 as compared to the prior year period, partially offset by a decline net sales, while To Go and Catering represented 36% and 18% of restaurant net sales, respectively.
Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was (3.1)% in the fourth quarter of fiscal 2019 compared to (2.9)% in the fourth quarter of fiscal 2018. This decline in restaurant-level operating margin was primarily a result of acquisitions of new stores in 2019.
General and administrative expenses for the quarter ended December 29, 2019 and December 30, 2018 represented approximately 14.8% and 15.4% of total revenues, respectively. While as a percentage of revenues general and administrative expenses decreased year over year, we incurred additional expenditures for acquisition costs and ongoing oversight of our new restaurants.
Net loss attributable to shareholders was approximately $1.8 million, or $0.20 per share, in the fourth quarter of fiscal 2019 compared to net income attributable to shareholders of approximately $1.1 million, or $0.12 per share, in the fourth quarter of fiscal 2018. Adjusted net loss attributable to shareholders, a non-GAAP measure, was approximately $729,000, or $0.08 per share, compared to adjusted net income attributable to shareholders of approximately $1.1 million, or $0.12 per diluted share, in the fourth quarter of fiscal 2018. A reconciliation between adjusted net income attributable to shareholders and its most directly comparable GAAP measure is included in the accompanying financial tables.
Fiscal Year 2019 Review
Total revenue for fiscal year 2019 was $82.3 million, up 49.9% from fiscal year 2018. The increase in year-over-year restaurant net sales for the year ended December 29, 2019 was driven primarily by the acquisition of Famous Dave’s stores in Colorado, Michigan, Ohio, Wisconsin, Indiana, Kentucky, Iowa, and Arizona and an increase in company-owned same store net sales of 2.0%, partially offset by corporate restaurant closures.
On a weighted basis, same store net sales for our To-Go and Catering lines of business increased 6.9% and 13.7%, respectively, in fiscal 2019 as compared to fiscal 2018, partially offset by a decline in our Dine In line of business of 4.3%. During fiscal 2019, Dine In represented approximately 49% of our total restaurant net sales, while To Go and Catering represented 36% and 15% of restaurant net sales, respectively.
Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was (0.1)% in fiscal 2019 compared to 1.3% in fiscal 2018. This decline in restaurant-level operating margin in 2019 was primarily a result of the acquisitions of new restaurants which our company committed additional expenditures in order to improve operations.
General and administrative expenses for the fiscal years ended December 29, 2019 and December 30, 2018 represented approximately 13.4% and 14.6% of total revenues, respectively. While as a percentage of revenues general and administrative expenses decreased year over year, we incurred additional expenditures for acquisition costs and ongoing oversight of our new restaurants.
Net loss attributable to shareholders was approximately $649,000, or $0.07 per share, in fiscal 2019 compared to net income attributable to shareholders of approximately $4.9 million, or $0.56 per diluted share, in fiscal 2018. Adjusted net income attributable to shareholders, a non-GAAP measure, was approximately $1.4 million, or $0.15 per diluted share, compared to adjusted net income attributable to shareholders of approximately $5.3 million, or $0.62 per diluted share, in fiscal 2018. A reconciliation between adjusted net income attributable to shareholders and its most directly comparable GAAP measure is included in the accompanying financial tables.
About BBQ Holdings
BBQ Holdings, Inc. (NASDAQ: BBQ) BBQ Holdings is a national restaurant company engaged in the ownership and operation of casual and fast dining restaurants. As of March 27, 2020, BBQ Holdings had four brands with 139 overall locations in 28 states and three countries, including 48 company-owned and 91 franchise-operated restaurants. While BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded with the principle of combining the “art and science” of barbecue to serve up the very best of the best to barbecue lovers everywhere. BBQ Holdings, through partnerships, has extended Travis Clark’s award winning line of barbecue sauces, rubs and seasonings into the retail market. Along with a wide variety of BBQ favorites served at their BBQ restaurants, BBQ Holdings newest addition, Granite City Food and Brewery, offers award winning craft beer and a made-from-scratch, chef driven menu featuring contemporary American cuisine.
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 attributable to shareholders is net income attributable to shareholders, 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, 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 the Company’s expectation include the impact of the COVID-19 virus pandemic, 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.
Darrow Associates, Inc.
Peter Seltzberg – Managing Director
516-419-9915
pseltzberg@darrowir.com
BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||
| December 29, 2019 | December 30, 2018 | December 29, 2019 | December 30, 2018 | |||||||||||||
| Revenue: | ||||||||||||||||
| Restaurant sales, net | $ | 19,952 | $ | 9,480 | $ | 67,278 | $ | 38,051 | ||||||||
| Franchise royalty and fee revenue | 2,566 | 3,248 | 12,126 | 13,871 | ||||||||||||
| Franchisee national advertising fund contributions | 341 | 437 | 1,616 | 1,932 | ||||||||||||
| Licensing and other revenue | 410 | 268 | 1,249 | 1,034 | ||||||||||||
| Total revenue | 23,269 | 13,433 | 82,269 | 54,888 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Food and beverage costs | 6,473 | 3,066 | 21,541 | 11,973 | ||||||||||||
| Labor and benefits costs | 7,312 | 3,505 | 24,565 | 13,663 | ||||||||||||
| Operating expenses | 6,780 | 3,186 | 21,269 | 11,932 | ||||||||||||
| Depreciation and amortization expenses | 876 | 281 | 2,231 | 1,264 | ||||||||||||
| General and administrative expenses | 3,445 | 2,066 | 10,992 | 7,988 | ||||||||||||
| National advertising fund expenses | 341 | 437 | 1,616 | 1,932 | ||||||||||||
| Asset impairment, estimated lease termination charges and other closing costs, net | 578 | 2 | 1,296 | 145 | ||||||||||||
| Pre-opening expenses | 366 | — | 460 | — | ||||||||||||
| (Gain) loss on disposal of property and bargain purchases, net | 100 | — | (74 | ) | 29 | |||||||||||
| Total costs and expenses | 26,271 | 12,543 | 83,896 | 48,926 | ||||||||||||
| (Loss) income from operations | (3,002 | ) | 890 | (1,627 | ) | 5,962 | ||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (102 | ) | (71 | ) | (494 | ) | (493 | ) | ||||||||
| Interest income | 101 | 43 | 215 | 122 | ||||||||||||
| Total other expense | (1 | ) | (28 | ) | (279 | ) | (371 | ) | ||||||||
| (Loss) income before income taxes | (3,003 | ) | 862 | (1,906 | ) | 5,591 | ||||||||||
| Income tax benefit (expense) | 684 | 208 | 659 | (729 | ) | |||||||||||
| Net (loss) income | (2,319 | ) | 1,070 | (1,247 | ) | 4,862 | ||||||||||
| Less: Net loss attributable to non-controlling interest | 531 | — | 598 | — | ||||||||||||
| Net (loss) income attributable to shareholders | $ | (1,788 | ) | $ | 1,070 | $ | (649 | ) | $ | 4,862 | ||||||
| Basic net (loss) income per share attributable to shareholders | $ | (0.20 | ) | $ | 0.12 | $ | (0.07 | ) | $ | 0.57 | ||||||
| Diluted net (loss) income per share attributable to shareholders | $ | (0.20 | ) | $ | 0.12 | $ | (0.07 | ) | $ | 0.56 | ||||||
| Weighted average shares outstanding - basic | 9,117 | 9,092 | 9,099 | 8,599 | ||||||||||||
| Weighted average shares outstanding - diluted | 9,117 | 9,098 | 9,099 | 8,624 | ||||||||||||
BBQ HOLDINGS, INC. AND SUBSIDIARIES
OPERATING RESULTS
(unaudited)
| Three Months Ended | Year Ended | |||||||||||||
| December 29, 2019 | December 30, 2018 | December 29, 2019 | December 30, 2018 | |||||||||||
| Food and beverage costs(1) | 32.4 | % | 32.3 | % | 32.0 | % | 31.5 | % | ||||||
| Labor and benefits costs(1) | 36.6 | % | 37.0 | % | 36.5 | % | 35.9 | % | ||||||
| Operating expenses(1) | 34.0 | % | 33.6 | % | 31.6 | % | 31.4 | % | ||||||
| Restaurant level operating margin(1)(3) | (3.1 | ) | % | (2.9 | ) | % | (0.1 | ) | % | 1.3 | % | |||
| Depreciation and amortization expenses(2) | 3.8 | % | 2.1 | % | 2.7 | % | 2.3 | % | ||||||
| General and administrative expenses(2) | 14.8 | % | 15.4 | % | 13.4 | % | 14.6 | % | ||||||
| (Loss) income from operations(2) | (12.9 | ) | % | 6.6 | % | (2.0 | ) | % | 10.9 | % | ||||
(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.
BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
| ASSETS | |||||||
| Current assets: | December 29, 2019 | December 30, 2018 | |||||
| Cash and cash equivalents | $ | 5,325 | $ | 11,598 | |||
| Restricted cash | 761 | 842 | |||||
| Accounts receivable, net of allowance for doubtful accounts of $132,000 and $192,000, respectively | 4,379 | 4,300 | |||||
| Inventories | 1,346 | 722 | |||||
| Prepaid income taxes and income taxes receivable | 264 | 377 | |||||
| Prepaid expenses and other current assets | 1,356 | 1,363 | |||||
| Assets held for sale | 2,842 | — | |||||
| Total current assets | 16,273 | 19,202 | |||||
| Property, equipment and leasehold improvements, net | 19,756 | 10,385 | |||||
| Other assets: | |||||||
| Operating lease right-of-use assets | 25,962 | — | |||||
| Goodwill | 640 | 61 | |||||
| Intangible assets, net | 2,213 | 1,428 | |||||
| Deferred tax asset, net | 6,646 | 5,747 | |||||
| Other assets | 1,591 | 1,533 | |||||
| $ | 73,081 | $ | 38,356 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,967 | $ | 3,765 | |||
| Current portion of lease liabilities | 4,230 | — | |||||
| Current portion of long-term debt and financing lease obligations | 616 | 1,369 | |||||
| Accrued compensation and benefits | 2,694 | 808 | |||||
| Other current liabilities | 4,975 | 2,970 | |||||
| Total current liabilities | 16,482 | 8,912 | |||||
| Long-term liabilities: | |||||||
| Lease liabilities, less current portion | 26,957 | — | |||||
| Long-term debt, less current portion | 6,258 | 2,411 | |||||
| Other liabilities | 1,610 | 4,492 | |||||
| Total liabilities | 51,307 | 15,815 | |||||
| Shareholders’ equity: | |||||||
| Common stock, $.01 par value, 100,000 shares authorized, 9,272 and 9,085 shares issued and outstanding at December 29, 2019 and December 30, 2018, respectively | 93 | 91 | |||||
| Additional paid-in capital | 7,856 | 7,375 | |||||
| Retained earnings | 14,423 | 15,075 | |||||
| Total shareholders’ equity | 22,372 | 22,541 | |||||
| Non-controlling interest | (598 | ) | — | ||||
| Total equity | 21,774 | 22,541 | |||||
| $ | 73,081 | $ | 38,356 | ||||
BBQ HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Year Ended | ||||||||
| December 29, 2019 | December 30, 2018 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (1,247 | ) | $ | 4,862 | |||
| Adjustments to reconcile net income to cash flows provided by operations: | ||||||||
| Depreciation and amortization | 2,231 | 1,264 | ||||||
| Stock-based compensation | 463 | 278 | ||||||
| Net (gain) loss on disposal of property and bargain purchases | (74 | ) | 29 | |||||
| Asset impairment, estimated lease termination charges and other closing costs (gain), net | 1,273 | (46 | ) | |||||
| Bad debts recovery | 239 | (30 | ) | |||||
| Deferred income taxes | (688 | ) | 639 | |||||
| Other non-cash items | 291 | (515 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (1,582 | ) | (225 | ) | ||||
| Other assets | (449 | ) | (389 | ) | ||||
| Accounts payable | 258 | (600 | ) | |||||
| Accrued and other liabilities | 1,867 | (1,390 | ) | |||||
| Cash flows provided by operating activities | 2,582 | 3,877 | ||||||
| Cash flows from investing activities: | ||||||||
| Proceeds from the sale of assets | 33 | 1,187 | ||||||
| Purchases of property, equipment and leasehold improvements | (6,755 | ) | (953 | ) | ||||
| Payments for acquired restaurants | (6,188 | ) | (229 | ) | ||||
| Advances on notes receivable | (150 | ) | (750 | ) | ||||
| Purchases of held to maturity securities | — | (6,995 | ) | |||||
| Maturity of held to maturity securities | — | 6,995 | ||||||
| Payments received on note receivable | 31 | — | ||||||
| Cash flows used for investing activities | (13,029 | ) | (745 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt | 4,300 | — | ||||||
| Payments for debt issuance costs | (54 | ) | — | |||||
| Payments on long-term debt and financing lease obligations | (175 | ) | (6,758 | ) | ||||
| Proceeds from sale of common stock, net of offering costs | — | 5,120 | ||||||
| Proceeds from exercise of stock options | 22 | 520 | ||||||
| Cash provided by (used for) financing activities | 4,093 | (1,118 | ) | |||||
| (Decrease) increase in cash, cash equivalents and restricted cash | (6,354 | ) | 2,014 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 12,440 | 10,426 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 6,086 | $ | 12,440 | ||||
BBQ HOLDINGS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATION
(in thousands, except per share data)
(unaudited)
| Three Months Ended | Year Ended | ||||||||||||||||
| (dollars in thousands) | December 29, 2019 | December 30, 2018 | December 29, 2019 | December 30, 2018 | |||||||||||||
| Net income attributable to shareholders | $ | (1,788 | ) | $ | 1,070 | (649 | ) | 4,862 | |||||||||
| Asset impairment and estimated lease termination charges and other closing costs | 578 | 2 | 1,296 | 145 | |||||||||||||
| Net gain on disposal of equipment | 100 | — | (74 | ) | 29 | ||||||||||||
| Stock-based compensation | 109 | 53 | 463 | 278 | |||||||||||||
| Acquisition costs | 301 | — | 1,071 | — | |||||||||||||
| Pre-opening costs | 284 | — | 378 | — | |||||||||||||
| Severance | — | — | 13 | 58 | |||||||||||||
| Tax adjustment | (312 | ) | 13 | (1,088 | ) | (68 | ) | ||||||||||
| Adjusted net income | $ | (729 | ) | $ | 1,138 | $ | 1,410 | $ | 5,304 | ||||||||
| Basic adjusted net income per common share | $ | (0.08 | ) | $ | 0.13 | $ | 0.15 | $ | 0.62 | ||||||||
| Diluted adjusted net income per common share | $ | (0.08 | ) | $ | 0.13 | $ | 0.15 | $ | 0.62 | ||||||||
| Weighted average common share outstanding - basic | 9,117 | 9,092 | 9,099 | 8,599 | |||||||||||||
| Weighted average common share outstanding - diluted | 9,117 | 9,098 | 9,099 | 8,624 | |||||||||||||
| Net income | $ | (2,319 | ) | $ | 1,070 | $ | (1,247 | ) | $ | 4,862 | |||||||
| Asset impairment and estimated lease termination charges and other closing costs | 578 | 2 | 1,296 | 145 | |||||||||||||
| Depreciation and amortization | 876 | 281 | 2,231 | 1,264 | |||||||||||||
| Interest expense, net | 1 | 28 | 279 | 371 | |||||||||||||
| Net (gain) loss on disposal of equipment | 100 | — | (74 | ) | 29 | ||||||||||||
| Stock-based compensation | 109 | 53 | 463 | 278 | |||||||||||||
| Acquisition costs | 301 | — | 1,071 | — | |||||||||||||
| Pre-opening costs | 284 | — | 378 | — | |||||||||||||
| Severance | — | — | 13 | 58 | |||||||||||||
| Provision for income taxes | (684 | ) | (208 | ) | (659 | ) | 729 | ||||||||||
| Adjusted EBITDA | $ | (754 | ) | $ | 1,226 | $ | 3,751 | $ | 7,736 | ||||||||