Form 8-K Bravo Brio Restaurant For: Nov 05
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________
FORM 8-K
________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 5, 2015
________________________________
Bravo Brio Restaurant Group, Inc.
(Exact name of registrant as specified in its charter)
________________________________
Ohio | 001-34920 | 34-1566328 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
777 Goodale Boulevard, Suite 100, Columbus, Ohio | 43212 | |
(Address of principal executive offices) | (Zip Code) | |
Registrant’s telephone number, including area code: 614-326-7944
Not Applicable
Former name or former address, if changed since last report
________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition.
The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.
In a press release dated November 5, 2015, Bravo Brio Restaurant Group, Inc. (the "Company") announced financial results for the Company’s thirteen and thirty-nine weeks ended September 27, 2015. The full text of the press release is furnished herewith as Exhibit 99.1 to this report.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In a press release dated November 5, 2015, the Company announced that Chief Executive Officer Saed Mohseni notified the Company's Board of Directors (the "Board") that he will be resigning from his positions as Chief Executive Officer and director of the Company, effective December 27, 2015. Mr. Mohseni will be succeeded as Chief Executive Officer by current President and Chief Operating Officer Brian O’Malley, effective December 28, 2015. The Company also announced that Connie Collins, Vice President of Operations, will be promoted to the role of Senior Vice President, Chief Operating Officer, effective December 28, 2015. Additionally, James J. O'Connor, Chief Financial Officer, Treasurer and Secretary has been promoted to Executive Vice President, Chief Financial Officer, Treasurer and Secretary, effective December 28, 2015.
Effective December 28, 2015, the Board has also appointed Mr. O’Malley to fill the vacancy created by Mr. Mohseni’s resignation from the Board. Mr. O’Malley will serve as a Class I director until the 2017 annual meeting of the Company’s shareholders or his earlier death, resignation or removal. Mr. O’Malley will not serve on any committees of the Board.
Mr. O’Malley, 47, was appointed President in August 2014, Chief Operating Officer in October 2010 and earlier served as Senior Vice President of Operations, BRIO from 2006 until October 2010. He joined the Company in 1996 as the General Manager of BRAVO! Dayton, was promoted to District Partner in 1999, Director of Operations in 2000 and to Vice President of Operations in 2004. Prior to that, he was employed with Sante Fe Steakhouse, where he held positions as a general manager, director of training and regional manager. Mr. O’Malley earned a Bachelor of Sciences degree in Speech Communications and Hospitality Management from the University of Wisconsin-Stout.
In connection with Mr. O'Malley's promotion, the Compensation Committee of the Board approved an annualized base salary for fiscal 2016 of $400,000 and a target bonus award for 2016 of $200,000. There were no other changes made to Mr. O'Malley's compensation and benefits or his existing employment agreement.
Ms. Collins, 52, was appointed Vice President of Operations in January 2014 and joined BBRG in February 2013 when she was named District Partner. Prior to joining the Company, Ms. Collins held management level positions at Starr Restaurants from September 2012 to February 2013. For the twelve years prior to that, she was employed with McCormick and Schmick's, where she held the position of regional director and various other management level positions. Ms. Collins began her career at Clyde’s Restaurant Group in Washington, DC followed by Copeland’s of New Orleans.
In connection with Ms. Collins's promotion, the Compensation Committee of the Board approved an annualized base salary for fiscal 2016 of $200,000 and a target bonus award for fiscal 2016 of $100,000. There were no other changes made to Ms. Collins's compensation and benefits.
Mr. O'Connor, 54, joined the Company as Chief Financial Officer, Treasurer and Secretary in February 2007. For the six years prior to joining the Company, Mr. O’Connor held various senior level financial positions, including Chief Financial Officer of the Wendy’s Brand, at Wendy’s International, Inc.
In connection with Mr. O'Connor's promotion, the Compensation Committee of the Board approved an annualized base salary for fiscal 2016 of $265,000. There were no other changes made to Mr. O'Connor's compensation and benefits or his existing employment agreement.
None of Mr. O’Malley, Ms. Collins or Mr. O’Connor has a family relationship that is required to be disclosed under Item 401(d) of Regulation S-K or is a party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
A copy of the press release announcing the events described in this Item 5.02 is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated November 5, 2015 entitled, “Bravo Brio Restaurant Group, Inc. Reports Third Quarter Financial Results-Announces $15 Million Share Repurchase Program”
99.2 Press release dated November 5, 2015 entitled, “Bravo Brio Restaurant Group, Inc. Announces Officer Succession Plan-Brian O'Malley to Succeed Saed Mohseni Beginning in Fiscal 2016"
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Bravo Brio Restaurant Group, Inc. | ||||||
November 5, 2015 | By: | /s/ James J. O’Connor | ||||
Name: | James J. O’Connor | |||||
Title: | Chief Financial Officer, Treasurer and Secretary | |||||
Exhibit Index
Exhibit No. | Description | |
99.1 | Bravo Brio Restaurant Group, Inc. Reports Third Quarter Financial Results-Announces $15 Million Share Repurchase Program | |
99.2 | Bravo Brio Restaurant Group, Inc. Announces Officer Succession Plan-Brian O'Malley to Succeed Saed Mohseni Beginning in Fiscal 2016 | |
Bravo Brio Restaurant Group, Inc. Reports Third Quarter Financial Results
Announces $15 Million Share Repurchase Program
Columbus, Ohio - November 5, 2015 - Bravo Brio Restaurant Group, Inc. (NASDAQ: BBRG) (the Company) owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today reported financial results for the thirteen and thirty-nine week periods ended September 27, 2015. The Company also updated some of the parameters of its 2015 outlook, provided 2016 development guidance, and announced a new $15 million share repurchase program.
Selected Third Quarter 2015 Highlights Compared to the Third Quarter 2014:
▪ | Revenues increased 3.9% to $98.3 million from $94.6 million. |
▪ | Total comparable restaurant sales decreased 3.5%. |
▪ | Comparable restaurant sales decreased 3.1% at BRAVO! and 3.8% at BRIO. |
▪ | Restaurant-level operating profit increased 9.5% to $12.7 million from $11.6 million. |
▪ | Net income was $0.9 million, or $0.06 per diluted share, compared to net income of $1.1 million, or $0.06 per diluted share. |
Saed Mohseni, Chief Executive Officer, said, “A more favorable commodity environment and effective cost controls enabled us to improve restaurant-level operating profit and deliver diluted earnings per share on par with the year-ago period. Similar to recent quarters, we also continue to attract a more affluent guest to our restaurants despite negative comparable sales which has enabled us to increase our average check and thereby help mitigate lower guest counts.”
Mohseni added, “During the fourth quarter, our marketing efforts have focused on celebrating National Pasta Month in October with prix fixe meals. We have also reached an agreement with a larger retailer to sell BRAVO! gift cards which we believe will provide a boost to the brand’s guest counts and comparable sales trends heading into the new year. On the development front, we opened a BRIO in Miami, Florida during the third quarter and in late October opened a BRIO in Liberty, Ohio. Additionally, we expect our franchise partner will open a BRIO in San Juan, Puerto Rico later in the fourth quarter. In 2016, we are planning to open three restaurants, two BRAVO!s and one BRIO."
Mohseni concluded, "Our Board of Directors has approved a $15 million share repurchase program in a clear demonstration of confidence in the future of the Company. Our capital allocation plan will continue to use free cash flow to reduce debt and repurchase shares under this newly established $15 million authorization.”
Third Quarter 2015 Financial Results
Revenues increased $3.7 million, or 3.9%, to $98.3 million in the third quarter of 2015, from $94.6 million in the third quarter of 2014. The increase in revenues was primarily due to a net additional 108 operating weeks that was partially offset by a 3.5% decrease in comparable restaurant sales. The comparable restaurant sales decrease consisted of a 7.1% decrease in guest counts partially offset by a 4.6% increase in average check.
Total restaurant operating costs, which include costs of sales, labor costs, operating costs and occupancy costs, increased $2.7 million, or 3.2%, to $85.6 million in the third quarter of 2015, from $82.9 million in the third quarter of 2014. Total restaurant-level operating profit increased $1.1 million, or 9.5%, to $12.7 million from $11.6 million in the same period last year. As a percentage of revenues, total restaurant-level operating profit increased to 13.0% in the third quarter of 2015 from 12.3% in the third quarter of 2014.
Net income in the third quarter of 2015 was $0.9 million, or $0.06 per diluted share, compared to net income of $1.1 million, or $0.06 per diluted share, in the same period last year.
Third Quarter 2015 Brand Operating Highlights
Comparable restaurant sales decreased 3.1% at BRAVO! and 3.8% at BRIO. Average weekly sales for BRAVO! and BRIO were $56,400 and $73,300, respectively.
During the third quarter of 2015, the Company opened a BRIO restaurant in Miami, Florida. As of September 27, 2015, the Company operated 52 BRAVO! restaurants, 63 BRIO restaurants, and one Bon Vie restaurant across 33 states. Included in this total is one BRIO restaurant that is operated under a management agreement.
2015 Outlook
The Company is reiterating the parameters of its outlook for the 52-week period ending December 27, 2015 to be as follows:
▪ | Revenues of $422 million to $424 million (previously $423 million to $430 million). |
▪ | Total comparable restaurant sales of approximately minus 2.5% (previously minus 2.5% to 0.0%). |
▪ | Development of six Company-operated restaurants. |
▪ | Development of one franchise restaurant. |
▪ | General and administrative costs of approximately $24.0 million. |
▪ | Pre-opening costs of approximately $3.5 million. |
▪ | Diluted earnings per share of $0.65 to $0.70. |
▪ | Capital expenditures of $15 million to $17 million (previously $16 million to $18 million). |
▪ | Diluted share count of approximately 16.0 million. |
▪ | Estimated annual tax rate of 18% to 20% (previously 22% to 24%). |
The Company is also providing preliminary guidance for the development of three Company-operated restaurants in 2016.
Share Repurchase Program
On October 20, 2015, the Board of Directors approved the terms of a new share repurchase program, which authorizes the Company to repurchase up to $15 million of its common shares through the end of fiscal year 2016, subject to the Company's pre-existing blackout periods. The Company may repurchase shares on the open market or through privately negotiated transactions at times and prices considered appropriate by the Company at the discretion of management and subject to its assessment of market conditions and other economic factors.
Investor Conference Call and Webcast
The Company will host an investor conference call to discuss third quarter 2015 financial results today at 5:30 PM ET. Hosting the call will be Saed Mohseni, Chief Executive Officer; Jim O'Connor, Chief Financial Officer; and Brian O'Malley, President and Chief Operating Officer.
The conference call can be accessed live over the phone by dialing (877) 852-6543, or for international callers (719) 325-4893. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers; the conference ID is 215307. The replay will be available until Thursday, November 12, 2015.
The call will also be webcast live and later archived on the Company's investor relations website at http://investors.bbrg.com in the ‘Presentations & Events’ section.
About Bravo Brio Restaurant Group, Inc.
Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.
Forward-Looking Statements
Some of the statements in this release contain forward-looking statements, which involve risks and uncertainties. These statements relate to future events or Bravo Brio Restaurant Group, Inc.'s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 6, 2015.
Although Bravo Brio Restaurant Group, Inc. believes that the expectations reflected in the forward-looking statements are reasonable based on its current knowledge of the business and operations, it cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change.
Contacts:
Investor Relations
Don Duffy / Raphael Gross
(203) 682-8200
BRAVO BRIO RESTAURANT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THIRTEEN AND THIRTY-NINE WEEKS ENDED SEPTEMBER 27, 2015 AND SEPTEMBER 28, 2014
(in thousands except per share data)
Thirteen Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended | ||||||||||||||||||||
September 27, 2015 | September 28, 2014 | September 27, 2015 | September 28, 2014 | ||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Revenues | $ | 98,294 | $ | 94,576 | $ | 316,709 | $ | 301,679 | |||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 24,463 | 24.9 | % | 25,038 | 26.5 | % | 79,905 | 25.2 | % | 78,799 | 26.1 | % | |||||||||||
Labor | 36,274 | 36.9 | % | 34,643 | 36.6 | % | 114,271 | 36.1 | % | 107,902 | 35.8 | % | |||||||||||
Operating | 16,905 | 17.2 | % | 16,292 | 17.2 | % | 52,445 | 16.6 | % | 49,370 | 16.4 | % | |||||||||||
Occupancy | 7,913 | 8.1 | % | 6,965 | 7.4 | % | 24,012 | 7.6 | % | 21,433 | 7.1 | % | |||||||||||
General and administrative expenses | 5,401 | 5.5 | % | 5,053 | 5.3 | % | 17,231 | 5.4 | % | 16,701 | 5.5 | % | |||||||||||
Restaurant preopening costs | 628 | 0.6 | % | 668 | 0.7 | % | 2,383 | 0.8 | % | 1,694 | 0.6 | % | |||||||||||
Depreciation and amortization | 5,637 | 6.0 | % | 5,054 | 5.3 | % | 16,532 | 5.2 | % | 15,099 | 5.0 | % | |||||||||||
Total costs and expenses | 97,221 | 98.9 | % | 93,713 | 99.1 | % | 306,779 | 96.9 | % | 290,998 | 96.5 | % | |||||||||||
Income from operations | 1,073 | 1.1 | % | 863 | 0.9 | % | 9,930 | 3.1 | % | 10,681 | 3.5 | % | |||||||||||
Interest expense, net | 353 | 0.4 | % | 238 | 0.3 | % | 1,142 | 0.4 | % | 730 | 0.2 | % | |||||||||||
Income before income taxes | 720 | 0.7 | % | 625 | 0.7 | % | 8,788 | 2.8 | % | 9,951 | 3.3 | % | |||||||||||
Income tax expense (benefit) | (190 | ) | (0.2 | )% | (514 | ) | (0.5 | )% | 1,506 | 0.5 | % | 1,963 | 0.7 | % | |||||||||
Net income | $ | 910 | 0.9 | % | $ | 1,139 | 1.2 | % | $ | 7,282 | 2.3 | % | $ | 7,988 | 2.6 | % | |||||||
Net income per basic share | $ | 0.06 | $ | 0.06 | $ | 0.48 | $ | 0.42 | |||||||||||||||
Net income per diluted share | $ | 0.06 | $ | 0.06 | $ | 0.46 | $ | 0.40 | |||||||||||||||
Weighted average shares outstanding-basic | 15,202 | 18,853 | 15,174 | 19,084 | |||||||||||||||||||
Weighted average shares outstanding-diluted | 15,948 | 19,768 | 15,917 | 19,977 | |||||||||||||||||||
Certain percentage amounts may not sum due to rounding. | |||||||||||||||||||||||
BRAVO BRIO RESTAURANT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 27, 2015 AND DECEMBER 28, 2014
(Dollars in thousands)
September 27, 2015 | December 28, 2014 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 379 | $ | 427 | |||
Accounts receivable | 6,781 | 7,079 | |||||
Tenant improvement allowance receivable | 1,227 | 1,613 | |||||
Inventories | 2,703 | 3,132 | |||||
Deferred income taxes, net | 3,799 | 3,459 | |||||
Prepaid expenses and other current assets | 1,212 | 2,179 | |||||
Total current assets | 16,101 | 17,889 | |||||
Property and equipment — net | 181,561 | 178,877 | |||||
Deferred income taxes — net | 50,252 | 50,872 | |||||
Other assets — net | 4,203 | 4,125 | |||||
Total assets | $ | 252,117 | $ | 251,763 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Trade and construction payables | $ | 14,007 | $ | 13,238 | |||
Accrued expenses | 23,780 | 25,975 | |||||
Deferred lease incentives | 8,048 | 7,694 | |||||
Deferred gift card revenue | 9,276 | 12,783 | |||||
Total current liabilities | 55,111 | 59,690 | |||||
Deferred lease incentives | 60,519 | 59,475 | |||||
Long-term debt | 51,500 | 56,000 | |||||
Other long-term liabilities | 23,240 | 22,814 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Common shares, no par value per share— authorized 100,000,000 shares; 20,290,695 shares issued at September 27, 2015 and 20,177,174 shares issued at December 28, 2014 | 200,399 | 199,718 | |||||
Preferred shares, no par value per share— authorized 5,000,000 shares; issued and outstanding, 0 shares at September 27, 2015 and December 28, 2014 | — | — | |||||
Treasury shares, 5,083,281 shares at September 27, 2015 and December 28, 2014 | (72,997 | ) | (72,997 | ) | |||
Retained deficit | (65,655 | ) | (72,937 | ) | |||
Total stockholders’ equity | 61,747 | 53,784 | |||||
Total liabilities and stockholders’ equity | $ | 252,117 | $ | 251,763 | |||
Bravo Brio Restaurant Group, Inc. Announces Officer Succession Plan
Brian O'Malley to Succeed Saed Mohseni Beginning in Fiscal 2016
Columbus, Ohio - November 5, 2015 - Bravo Brio Restaurant Group, Inc. (NASDAQ: BBRG) (the Company) owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO Tuscan Grille (BRIO) restaurant concepts, today announced the appointment of Brian O'Malley as Chief Executive Officer and President, effective December 28, 2015. Mr. O'Malley, who currently serves as BBRG’s President and Chief Operating Officer, will succeed Saed Mohseni, who has served in the role since February 2007. Mr. Mohseni will also resign his position on the Board of Directors effective December 27, 2015 and will be replaced by Mr. O’Malley. Connie Collins, who currently serves as Vice President of Operations, will be promoted to Chief Operating Officer.
Alton F. (“Rick”) Doody III, Chairman of the Board of Directors, said “On behalf of the Board, I would like to congratulate Brian on this appointment as our incoming Chief Executive Officer. Brian is not only a true restaurateur as well as a long standing and dedicated team member, but also a results-driven executive with proven strategic and operational expertise. He is ideally suited to lead our Company into the future and further position us as the recognized leader in upscale affordable Italian dining. I would also like to congratulate Connie on her well-deserved promotion.”
Mr. Doody continued, “On behalf of the Board of Directors and the entire BBRG family, I would like to express our deep gratitude to Saed for all he has accomplished at BBRG over the past nine years. He is a man of high integrity and passionate leadership and we will miss his wisdom and counsel.”
Saed Mohseni, Chief Executive Officer, commented, “I have greatly enjoyed my tenure here and am proud of what we have been able to accomplish together. While my decision to leave the BBRG family was difficult, we are fortunate to have a deeply talented team of executive management and field leadership and I am highly confident that the Company will be in exceptional hands with Brian as the new Chief Executive Officer and Connie as the new Chief Operating Officer.
Brian O’Malley, President and Chief Operating Officer, stated, “It has been my privilege to partner with Saed at BBRG and I am grateful for the opportunity to serve as incoming Chief Executive Officer. I am committed to delivering great experiences for our guests and value to our shareholders, and with the support of our entire team, I know that we will have an exceptional future.”
Connie Collins commented, “I am excited to be taking on additional responsibilities as incoming Chief Operating Officer. I appreciate the Board’s confidence in me and look forward to working with the entire team to deliver exceptional hospitality to our guests, each and every day.”
Mr. O’Malley was appointed President in August 2014, Chief Operating Officer in October 2010 and earlier served as Senior Vice President of Operations, BRIO from 2006 until October 2010. He joined the Company in 1996 as the General Manager of BRAVO! Dayton, was promoted to District Partner in 1999, Director of Operations in 2000 and to Vice President of Operations in 2004. Prior to that, he was employed with Sante Fe Steakhouse, where he held positions as a general manager, director of training and regional manager.
Ms. Collins was appointed Vice President of Operations in January 2014 and joined BBRG in February 2013 when she was named District Partner. Ms. Collins began her career at Clyde’s Restaurant Group in Washington, DC followed by Copeland’s of New Orleans, McCormick and Schmick’s and Starr Restaurants where she held several restaurant management level positions.
About Bravo Brio Restaurant Group, Inc.
Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG's brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.
Forward-Looking Statements
Some of the statements in this release contain forward-looking statements, which involve risks and uncertainties. These statements relate to future events or Bravo Brio Restaurant Group, Inc.'s future financial performance. The Company has attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including those discussed under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission on March 6, 2015.
Although Bravo Brio Restaurant Group, Inc. believes that the expectations reflected in the forward-looking statements are reasonable based on its current knowledge of the business and operations, it cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change.
Contacts:
Investor Relations
Don Duffy / Raphael Gross
(203) 682-8200
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