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BBQ Holdings, Inc. (BBQ)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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13.70-1.14 (-7.68%)
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Neutralpattern detected
Previous Close14.84
Open14.92
Bid13.41 x 1000
Ask13.70 x 1000
Day's Range13.41 - 14.70
52 Week Range2.92 - 16.52
Volume40,073
Avg. Volume110,487
Market Cap127.512M
Beta (5Y Monthly)1.87
PE Ratio (TTM)59.05
EPS (TTM)0.23
Earnings DateAug 10, 2021 - Aug 16, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est20.00
  • Here's 1 Stock to Heat Up Your Portfolio for an Excellent Summer Cookout
    Motley Fool

    Here's 1 Stock to Heat Up Your Portfolio for an Excellent Summer Cookout

    Famous Dave's, from parent company BBQ Holdings (NASDAQ: BBQ), should benefit from some pent-up desire for a barbecue-style meal. BBQ Holdings -- a line of company-owned and franchisee-owned restaurants -- also owns Granite City Brewery, Clark Crew BBQ, and Chicago's Original Real Urban Barbecue. In early 2020, Granite City Brewery was on the verge of filing for Chapter 11 bankruptcy protection.

  • BBQ Holdings, Inc. Reports Results for First Quarter 2021
    GlobeNewswire

    BBQ Holdings, Inc. Reports Results for First Quarter 2021

    Updates Revenue and Earnings Guidance for 2021MINNEAPOLIS, May 19, 2021 (GLOBE NEWSWIRE) -- BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants, today reported financial results for the first fiscal quarter ended April 4, 2021. First Quarter 2021 Highlights: Adjusted EBITDA, a non-GAAP measure, was $3.1mm which includes $0.4mm of COVID-related expenses vs a loss of $.4mm Q1 last year.Net income of $799,000.Company-owned Famous Dave’s 2021 first quarter same store net sales increased 17.7% compared to 2020.Franchise-operated Famous Dave’s SSS increased 16.0% in the first quarter 2021 compared to 2020.Granite City first quarter same store net sales increased 3.0% compared to first quarter 2020.Restaurant level margins of 9.1% vs -1.9% last year.Famous Dave’s franchisee to open its first line-service model restaurant in Coon Rapids, Minnesota with an expected opening date of September 2021.Famous Dave’s franchisee to open its first drive-thru prototype restaurant in Salt Lake City, Utah with an expected opening date of July 2021. Based on the results to date through the first quarter 2021, and including the uncertainty related to COVID-19, the Company has updated its 2021 guidance as follows: Net Revenue from $150 - $155 mm to $155 - $160 mmNet Income from $1.7 - $2.1 mm to $2.8 – $3.2 mm Cash EBITDA from $8.5 - $9.0 mm to $10.0 - $10.5 mm Sales highlights for the four months of 2021 compared to the same period 2020 are as follows: Comparable sales for Famous Dave’s decreased 3.2% in January, decreased 2.9% in February, increased 60.6% in March, and increased 54.3% in April.Comparable sales for Granite City decreased 29.0% in January, decreased 26.3% in February, increased 117.4% in March, and increased 371.2% in April. Sales highlights for the four months of 2021 compared to the same period 2019 are as follows: Comparable sales for Famous Dave’s increased 1.9% in January, decreased 1.2% in February, increased 9.5% in March, and increased 9.5% in April. Comparable sales for Granite City decreased 33.1% in January, decreased 28.4% in February, decreased 16.9% in March, and decreased 19.6% in April. Executive Comments Jeff Crivello, CEO, commented, “While we still operate under certain state capacity and distancing restrictions throughout the country, we were pleased to see those restriction begin to ease in mid-late January as business began to return to a more normal environment. This has been especially helpful to Granite City as a brand that relies on dine-in customers and we have seen their sales quickly move closer to 2019 levels. Famous Dave’s continues to accelerate its overall sales as it has through the pandemic with its strong to-go business. We are excited to move into a new growth phase as construction has begun on two new prototypes, a cafeteria style line-serve, and a counter-serve drive thru. We currently have 15 new ghost kitchens, and 5 brick and mortar Famous Dave’s in the pipeline to open this year. Our M&A opportunities are robust. While we have seen a lot of movement in the commodity markets, we believe we can navigate this challenging time with over 90% of our spend under contract at favorable prices through Q3 2021. Given the overall momentum to date, we have increased our revenue and earning guidance for 2021. We will continue to review these metrics on a quarterly basis. While we realize that COVID is still a fluid issue, we are feeling very positive about 2021 and what it means for all of our stakeholders.” Our key corporate initiatives are as follows: 1)Continue to drive earnings contribution through revenue growth, including dual concepting to absorb excess capacity at existing large box restaurants. 2)Prove out a high ROI, with our new small box line service prototype with the goal of increasing our capital light franchised Famous Dave’s stores and increasing our high margin recurring royalty revenue. 3)Continue to be opportunistic with accretive M&A. Key Operating Metrics Three Months Ended April 4, 2021 March 29, 2020Restaurant count: Franchise-operated 100 95 Company-owned 47 50 Total 147 145 Same store net restaurant sales %: Franchise-operated 16.0% (13.1)%Company-owned 17.7% (5.5)%Total 13.1% (11.6)% (in thousands, expect per share data) System-wide restaurant sales(1)$87,040 $65,264 Net income attributable to shareholders$799 $13,707 Net (loss) income attributable to shareholders, per diluted share$0.09 $1.50 Adjusted EBITDA(2)$3,120 $(457) ______________________________________(1) 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.(2) Adjusted EBITDA is a 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.” First Quarter 2021 Review Total revenue for the first quarter of 2021 was $37.3 million, up 56.4% from the first quarter of 2020. The increase in year-over-year restaurant net sales for the quarter ended April 4, 2021 was driven primarily by a full quarter of the 18 Granite City restaurants and the one Real Urban Barbecue restaurant acquired in March 2020, as well as the easing of dining restrictions in the first quarter of 2021. To-go sales, which were 58.9% of our same store sales at Company-owned Famous Dave’s restaurants, increased 61.7% in the first quarter of fiscal 2021 compared to the prior year period. This increase in same store sales was offset by a decrease of 12.1% of our dine-in sales which made up 36.7% of our business and a decrease in catering sales of 35.2% which made up 4.4% of our business. This decline in dine-in and catering same store sales and increase in to-go same store sales was due primarily to federal, state and local mandates prohibiting large group gatherings and in-store dining in an attempt to reduce the spread of COVID-19 beginning in the first quarter of 2020. Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was 9.1% in the first quarter of fiscal 2021 compared to (1.9%) in the first quarter of fiscal 2020. This increase in restaurant-level operating margin was primarily a result of the reduction of labor and food costs as our restaurant operators adjusted to the increase in to-go sales and reduction of dine-in customers because of COVID-19 concerns. General and administrative expenses for the quarter ended April 4, 2021 and March 29, 2020 represented approximately 10.8% and 12.7% of total revenues, respectively. The decrease in general and administrative expenses as a percentage of revenue in the first quarter of 2021 was due in part to the increase in the revenue base with the addition of 19 locations during the first quarter of 2020. Net income attributable to shareholders was approximately $799,000, or $0.09 per share, in the first quarter of fiscal 2021 compared to $13.7 million, or $1.50 per share, in the first quarter of fiscal 2020. Of the $13.7 million of net income, $13.3 million was related to the gain on the bargain purchase of the 18 Granite City restaurants. Adjusted EBITDA, a non-GAAP measure, was approximately $3.1 million, or $0.34 per share, compared to adjusted EBITDA of approximately $(457,000), or $(0.05) per share, in the first quarter of fiscal 2020. A reconciliation between adjusted EBITDA 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 April 4, 2021, BBQ Holdings had four brands with 136 “brick and mortar” locations in 31 states and three countries, including 47 company-owned and 100 franchise-operated restaurants. In addition to these locations, the Company opened eight Company-owned Famous Dave’s ghost kitchens operating within its Granite City locations, and 11 Famous Dave’s franchisee ghost kitchens operating out of the kitchen of another restaurant location or a shared kitchen space. 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 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, COVID-19-related expense 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. Contact:Jeff Crivello – Chief Executive Officer jeff.crivello@bbq-holdings.com BBQ HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)(Unaudited) Three Months Ended April 4, 2021 March 29, 2020Revenue: Restaurant sales, net $33,603 $20,703 Franchise royalty and fee revenue 2,374 2,524 Franchisee national advertising fund contributions 328 282 Licensing and other revenue 1,014 346 Total revenue 37,319 23,855 Costs and expenses: Food and beverage costs 10,057 6,754 Labor and benefits costs 10,254 7,721 Operating expenses 10,249 6,626 Depreciation and amortization expenses 1,552 1,045 General and administrative expenses 4,038 3,032 National advertising fund expenses 328 282 Asset impairment, estimated lease termination charges and other closing costs, net 12 173 Pre-opening expenses 28 25 Gain on disposal of property, net (8) (477)Total costs and expenses 36,510 25,181 Income (loss) from operations 809 (1,326) Other (expense) income : Interest expense (54) (119)Interest income 24 43 Gain on bargain purchase — 14,364 Total other (expense) income (30) 14,288 Income before income taxes 779 12,962 Income tax (expense) benefit (82) 349 Net income 697 13,311 Net loss attributable to non-controlling interest 102 396 Net income attributable to shareholders $799 $13,707 Income per common share: Basic net income per share attributable to shareholders $0.09 $1.50 Diluted net income per share attributable to shareholders $0.08 $1.49 Weighted average shares outstanding - basic 9,208 9,121 Weighted average shares outstanding - diluted 9,501 9,202 BBQ HOLDINGS, INC. AND SUBSIDIARIESOPERATING RESULTS(unaudited) Three Months Ended April 4, 2021 March 29, 2020Food and beverage costs(1) 29.9% 32.6 %Labor and benefits costs(1) 30.5% 37.3 %Operating expenses(1) 30.5% 32.0 %Restaurant level operating margin(1)(2) 9.1% (1.9)%Depreciation and amortization expenses(3) 4.2% 4.4 %General and administrative expenses(3) 10.8% 12.7 %Income (loss) from operations(3) 2.2% (5.6)% ______________________________________(1) As a percentage of restaurant sales, net(2) Restaurant level margins are equal to restaurant sales, net, less restaurant level food and beverage costs, labor and benefit costs, and operating expense.(3) As a percentage of total revenue BBQ HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS (in thousands, except per share data)(unaudited) ASSETS Current assets: April 4, 2021 January 3, 2021Cash and cash equivalents $21,224 $18,101 Restricted cash 1,361 1,502 Accounts receivable, net of allowance for doubtful accounts of $289,000 and $132,000, respectively 4,176 4,823 Inventories 2,380 2,271 Prepaid income taxes and income taxes receivable — — Prepaid expenses and other current assets 2,417 1,252 Assets held for sale 1,070 1,070 Total current assets 32,628 29,019 Property, equipment and leasehold improvements, net 31,508 32,389 Other assets: Operating lease right-of-use assets 59,920 61,634 Goodwill 601 601 Intangible assets, net 9,850 9,967 Deferred tax asset, net 4,935 4,934 Other assets 1,669 1,724 $141,111 $140,268 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $8,020 $6,385 Current portion of lease liabilities 6,332 6,185 Current portion of long-term debt 2,138 2,111 Accrued compensation and benefits 4,068 2,390 Other current liabilities 8,156 9,766 Total current liabilities 28,714 26,837 Long-term liabilities: Lease liabilities, less current portion 61,445 63,105 Long-term debt, less current portion 21,628 22,169 Other liabilities 1,376 1,224 Total liabilities 113,163 113,335 Shareholders’ equity: Common stock, $.01 par value, 100,000 shares authorized, 9,307 and 9,307 shares issued and outstanding at April 4, 2021 and January 3, 2021, respectively 93 93 Additional paid-in capital 9,066 8,748 Retained earnings 20,169 19,370 Total shareholders’ equity 29,328 28,211 Non-controlling interest (1,380) (1,278)Total equity 27,948 26,933 $141,111 $140,268 BBQ HOLDINGS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)(unaudited) Three Months Ended April 4, 2021 March 29, 2020Cash flows from operating activities: Net income (loss) $697 $13,311 Adjustments to reconcile net income (loss) to cash flows provided by operations: Depreciation and amortization 1,552 1,045 Stock-based compensation 318 137 Net gain on disposal (8) (477)Gain on bargain purchase — (14,364)Deferred income taxes 82 (399)Other non-cash items 186 (19)Changes in operating assets and liabilities: Accounts receivable, net 598 (720)Other assets (2,579) 781 Accounts payable 1,635 3,130 Accrued and other liabilities 323 (2,687) Cash flows provided by (used for) operating activities 2,804 (262) Cash flows from investing activities: Purchases of property, equipment and leasehold improvements 691 (949)Payments for acquired restaurants — (3,969)Payments received on note receivable 6 12 Cash flows provided by (used for) investing activities 697 (4,906) Cash flows from financing activities: Proceeds from long-term debt — 8,101 Payments for debt issuance costs — (35)Payments on long-term debt (519) — Cash (used for) provided by financing activities (519) 8,066 Increase in cash, cash equivalents and restricted cash 2,982 2,898 Cash, cash equivalents and restricted cash, beginning of period 19,603 6,086 Cash, cash equivalents and restricted cash, end of period $22,585 $8,984 BBQ HOLDINGS, INC. AND SUBSIDIARIESNON-GAAP RECONCILIATION(in thousands, except per share data)(unaudited) Three Months Ended(dollars in thousands) April 4, 2021 March 29, 2020Net income $697 $13,311 Asset impairment and estimated lease termination charges and other closing costs 12 173 Depreciation and amortization 1,552 1,045 Interest expense, net 30 76 Net (gain) loss on disposal of equipment (8) (477)Stock-based compensation 318 137 Acquisition costs — (62)Pre-opening costs 28 25 Severance — 28 Gain on bargain purchase — (14,364)Provision for income taxes 82 (349)COVID-19-related expense (1) 409 — Adjusted EBITDA $3,120 $(457) (1) COVID-19 expenses consisted primarily of cleaning and sanitation supplies, payments to employees for unemployment related costs, inventory waste, rent and rent-related costs for limited-operations restaurants from the day that the restaurant dining room partially or fully closed. Cash EBITDA Guidance Range(dollars in thousands) FY 2021 FY 2021Net income $2,838 $3,213 Depreciation and amortization 4,690 4,690 Interest expense, net 500 500 Non-cash rent (266) (266)Stock-based compensation 1,129 1,129 Provision for income tax 1,112 1,237 Cash EBITDA $10,003 $10,503

  • Mobivity Drives 26% Lift in Guest Frequency for BBQ Holdings’ Famous Dave’s Brand and Announces Expansion to All Granite City Food & Brewery Locations
    GlobeNewswire

    Mobivity Drives 26% Lift in Guest Frequency for BBQ Holdings’ Famous Dave’s Brand and Announces Expansion to All Granite City Food & Brewery Locations

    PHOENIX, May 17, 2021 (GLOBE NEWSWIRE) -- Mobivity Holdings Corp. (OTCQB: MFON) a global provider of personalized guest engagement solutions that drive customer frequency and spend, announces a two-year partnership with BBQ Holdings (NASDAQ: BBQ) across all Famous Dave’s and Granite City Food & Brewery locations to power the restaurants’ mobile engagement programs. BBQ Holdings partnership with Mobivity is due to its success with Famous Dave’s prior to and during the pandemic. For the last two years, Famous Dave’s successfully utilized Mobivity’s Unified Messaging platform, purpose-built to solve the unique challenges of restaurants. For Famous Dave’s, Mobivity’s personalized text message marketing showed an attributable lift of 26% in customer frequency with messaging (compared to non-messaging guests) and nearly a 50X Return on Marketing Spend (ROMS™). COVID-19 requirements across the country created spikes in restaurant delivery and takeout business. For Famous Dave’s, success in both areas of business coupled with dining room re-openings in 2021, increased the restaurant’s messaging subscriber base by 17.5% in Q1 – a solid indicator of the effectiveness of text messaging. “Mobivity used its unique experience in building successful text marketing programs for restaurants to help make text messaging our top digital engagement channel that continues to drive meaningful increases in guest frequency and spend,” said Al Hank, Chief Operating Officer at BBQ Holdings. “Text messaging is a critical channel which we own and control, thanks to Mobivity. It not only enabled us to improve guest engagement, but was instrumental in helping us navigate various business interruptions and challenges during the pandemic. Messaging has also elevated our guest experience and strengthened customer loyalty, enabling us to grow our customer base across the board. We had an advantage out of the gate with Mobivity and I am glad we embraced their restaurant technology early.” BBQ Holdings evaluated other text message marketing providers and chose Mobivity due to its patented technology platform, purpose-built for the foodservice industry. It effectively engaged guests through its personalized campaigns driving customer frequency and spend for Famous Dave’s. Additionally, Mobivity’s platform segments, targets and seamlessly integrates into the restaurant portfolio’s entire customer experience ̶ positioning BBQ Holdings as a leader in restaurant marketing technology.“We are proud to continue our work with Famous Dave’s and add Granite City to our portfolio of forward-thinking restaurants,” said Dennis Becker, Mobivity Chairman and CEO. “This partnership is a testament to BBQ Holdings belief in our ability to help drive guest frequency and spend that is measurable and data-driven. Leading restaurant brands are turning to more targeted, one-to-one engagement that text messaging makes uniquely possible and provides an unfair advantage over restaurants that have yet to embrace the channel.” BBQ Holdings is among the more than 30,000 other restaurant locations that utilize Mobivity’s platform. This roster of forward-thinking brands understand the importance of building owned media channels they control and that leverage first-party data to personalize the guest experience ̶ driving guest frequency. Cementing value and staying top-of-mind is becoming increasingly important for restaurants as consumers have embraced digital ordering and engagement, and favor personalized digital marketing experiences over less-personalized, traditional marketing approaches. To learn more about how Mobivity can put the power of messaging to work for multi-unit franchise brands, visit mobivity.com/messaging or call (877) 282-7660. 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 January 3, 2021, BBQ Holdings had four brands with 145 “brick and mortar” locations in 31 states and three countries, including 47 company-owned and 98 franchise-operated restaurants. In addition to these locations, the Company opened five Company-owned Famous Dave’s ghost kitchens operating out of its Granite City locations, and six Famous Dave’s franchisee ghost kitchens operating out of the kitchen of another restaurant location or a shared kitchen space. 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. About MobivityBrick and mortar stores struggle to manage customer connections in a digital world. Mobivity provides a platform to connect national restaurants, retailers, personal care brands, and their partners with customers to increase retention, visits, and spend. Mobivity’s Recurrency platform increases customer engagement and frequency by capturing detailed POS transaction data, analyzing customer habits, and motivating customers and employees through data-driven messaging applications and rewards. For more information about Mobivity, visit mobivity.com or call (877) 282-7660. Media Contacts:Jennifer Qotb • Young & Associates for Mobivityjennifermq@yapr.com • (513) 281-2772 Julie Green • No Limit Agency (on behalf of Famous Dave’s)jgreen@nolimitagency.com • (312) 526-3996 Investor Relations Contacts:Lisa Brennan • Chief Financial Officer, Mobivity(877) 282-7660 Brett Maas • Managing Partner, Hayden IRbrett@haydenir.com • (646) 536-7331