Diversified Restaurant Holdings (BAGR) Misses Q3 EPS by 15c

Diversified Restaurant Holdings (NASDAQ: BAGR) reported Q3 EPS of ($0.14), $0.15 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $47.1 million versus the consensus estimate of $47.06 million.

Comps rose 1.3%.

The company also a ticker symbol change for its common stock. Effective upon the opening of trading on November 9, 2015, Diversified Restaurant Holdings' ticker symbol, as quoted on the NASDAQ stock exchange, will change to SAUC from BAGR.

Michael Ansley, President and CEO of Diversified Restaurant Holdings noted, "Our new symbol SAUC better aligns with our strategic direction and pays tribute to BWW's New York-style chicken wings prepared in 21 signature sauces and seasonings. As we announced in today's earnings release, going forward we will be concentrating on expanding our BWW portfolio because the BWW brand offers us a significantly greater opportunity to grow our top-line and profitability while strengthening our balance sheet. We currently operate 62 BWW restaurants across major metropolitan areas such as Detroit, St. Louis, Chicago, and Florida's West Coast with plans to open another 16 locations under our amended area development agreement. We have also halted further development of Bagger Dave's beyond the remaining location currently under construction as we digest the numerous investments and changes made there over the past 18 months. Focusing on BWW provides us the best means to improve our business and grow shareholder value over time from current levels."

For earnings history and earnings-related data on Diversified Restaurant Holdings (BAGR) click here.

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