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BBQ Holdings, Inc. (BBQ)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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4.2200+0.0700 (+1.69%)
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Chart Events
Neutralpattern detected
Previous Close4.1500
Open4.2000
Bid4.0600 x 900
Ask5.0000 x 800
Day's Range4.1200 - 4.2200
52 Week Range1.5100 - 5.2400
Volume593
Avg. Volume50,700
Market Cap39.17M
Beta (5Y Monthly)1.94
PE Ratio (TTM)18.19
EPS (TTM)0.2320
Earnings DateMay 13, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Famous Dave's Continues to Gain Momentum Signing a 25-Unit Development Deal
    PR Newswire

    Famous Dave's Continues to Gain Momentum Signing a 25-Unit Development Deal

    Famous Dave's recently signed a 25-unit development agreement to grow the BBQ brand in select locations across the U.S. — adding to its 125 existing locations. The BBQ franchise is partnering with Bluestone Hospitality Group to open both Famous Dave's ghost kitchens and dual restaurant concepts with the group's Italian brand, Johnny Carino's.

  • GlobeNewswire

    BBQ Holdings, Inc. Reports Results for Second Quarter of Fiscal Year 2020

    MINNEAPOLIS, Aug. 12, 2020 (GLOBE NEWSWIRE) -- BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global owner and operator of restaurants, today reported financial results for the second fiscal quarter ended June 28, 2020.  Note: The second quarter results were affected by the COVID-19 pandemic as well as federal and state level mandates requiring restaurants to limit or eliminate in-store dining. Second Quarter 2020 Highlights: * Company-owned Famous Dave’s second quarter same store net sales decreased 22.9% compared to second quarter 2019. * Franchise-operated same store net sales decreased 31.5%. * Same store to-go sales increased 106.0% at Company-owned Famous Dave’s restaurants. * Granite City second quarter same store net sales decreased 65.5% compared to second quarter 2019, however, Granite City same store sales grew from $0.9 million in the month of April 2020 to $3.4 million in the month of June 2020 as dine-in restrictions have eased. * Net loss of $6.3 million, driven by reduced sales due to COVID-related restrictions and a one-time impairment charge of $4.8 million. * Adjusted EBITDA, a non-GAAP measure was ($1.1) million. * Same store sales at our Famous Dave’s restaurants decreased 7.4% while same store sales at our Granite City restaurants decreased 33% during the four weeks ended July 26, 2020 compared to the same four week period in 2019. * Entered into two franchise agreements with existing franchisee, PDX Partners, to offer Famous Dave’s food via delivery service providers and take-out in their Johnny Carino’s locations in Downey, CA and Modesto, CA. * Entered into a franchising agreement with a new franchisee, DCI Colorado Springs 2, Inc. to co-brand their Texas T-Bone Steakhouse in Colorado Springs, CO with Famous Dave’s.Executive CommentsJeff Crivello, CEO, commented, “The quarter has been challenging with the continual changes in state and local dining restrictions.  I am proud of how our team has worked to navigate these changes in a quick and responsible manner for our guests and our shareholders.  Famous Dave’s stores have been performing well through the numerous changes and have continued to increase our to-go business through strong social media marketing as well as the use of our delivery service providers.  We are hopeful that dine-in sales at the Famous Dave’s stores will provide incremental sales as restrictions are lifted and override catering sales which are slowly coming back.  Granite City Food & Brewery is a concept that relies much more heavily on dine-in sales and the initial to-go-only restrictions severely hampered sales at these locations.  The Granite City brand has seen a significant increase in sales as dine-in restrictions have lifted and we believe that the uptick in sales will continue so long as restrictions continue to ease.  In most of the locations in which we operate, we are able to operate at 50% legal capacity.  While we have been prudent in managing our cash as the stores reopen, we continue to be concerned about the future direction of the Covid-19 pandemic and will, therefore, continue to manage our cash appropriately.  We are very pleased to see the resiliency of Famous Dave’s during this pandemic and that other restaurant groups are looking to team with us based on our recently executed franchise agreements.”Key Operating Metrics            Three Months Ended    Six Months Ended    June 28, 2020  June 30, 2019    June 28, 2020  June 30, 2019   Restaurant count:                  Franchise-operated  95    107     95    107   Company-owned  50    29     50    29   Total  145    136     145    136   Same store net restaurant sales %:                  Franchise-operated, domestic  (31.0)%   0.7%    (22.3)%   0.7%  Franchise-operated, international  (54.4)%   (5.8)%    (37.9)%   (9.4)%  Franchise-operated total  (31.5)%   0.5%    (22.7)%   0.5%  Company-owned  (22.9)%   0.6%    (11.5)%   2.6%  Total  (30.0)%   0.5%    (20.6)%   1.0%                     (in thousands, expect per share data)                                     System-wide restaurant sales(1) $66,753   $90,623    $136,666   $173,363                      Net income attributable to shareholders $(6,252)   $1,040    $7,455   $1,122   Adjusted net income attributable to shareholders(2)  (1,902)    1,426     (3,740)    2,061                      Net (loss) income attributable to shareholders, per diluted share $(0.68)   $0.11    $0.82   $0.12   Adjusted net income attributable to shareholders, per diluted share(2)  (0.21)    0.15     (0.41)    0.22                      Adjusted EBITDA(2) $(1,070)   $2,446    $(1,527)   $3,477   (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 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.” Second Quarter 2020 ReviewTotal revenue for the second quarter of 2020 was $27.1 million, up 28.2% from the second quarter of 2019. The increase in year-over-year restaurant net sales for the quarter ended June 28, 2020 was driven primarily by the addition of 18 Granite City restaurants and a Clark Crew BBQ and Real Urban Barbecue restaurant. On a weighted basis, Company-owned Famous Dave’s same-store net sales for our to-go line of business increased 106.0% in the second quarter of fiscal 2020 as compared to the prior year period, offset by a decrease in of 77.8% in net catering sales and 86.8% in dine-in sales due to federal, state and local mandates prohibiting large group gatherings and in-store dining in an attempt to reduce the spread of  COVID-19.   Restaurant-level operating margin, as a percentage of restaurant net sales, for Company-owned restaurants was 0.4 in the second quarter of fiscal 2020 compared to 3.4% in the second quarter of fiscal 2019. This decline in restaurant-level operating margin was primarily a result of acquisitions of new stores and the decline in same store sales in the second quarter of 2020.General and administrative expenses for the quarter ended June 28, 2020 and June 30, 2019 represented approximately 14.0% and 11.3% of total revenues, respectively. The increase in general and administrative expenses as a percentage of revenue in the second quarter of 2020 was due primarily to the decrease in sale as a result of COVID-19 as well as the integration of the operations of the 18 Granite City restaurants we acquired in March 2020.Net loss attributable to shareholders was approximately $6.3 million, or $0.68 per share, in the second quarter of fiscal 2020 compared to net income of 1.0 million, or $0.11 per share, in the second quarter of fiscal 2019.  Adjusted net loss attributable to shareholders, a non-GAAP measure, was approximately $3.3 million, or $0.36 per share, compared to adjusted net income attributable to shareholders of approximately $1.4 million, or $0.16 per share, in the second quarter of fiscal 2019. 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 HoldingsBBQ 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 August 12, 2020, BBQ Holdings had four brands with 145 overall locations in 33 states and three countries, including 50 company-owned and 95 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 MeasuresTo 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 StatementsStatements 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  952-294-1300     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 Six Months Ended   June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019  Revenue:             Restaurant sales, net$ 24,306  $ 16,898  $ 44,624  $ 27,212   Franchise royalty and fee revenue  1,951    3,447    4,475    6,651   Franchisee national advertising fund contributions  242    471    524    880   Licensing and other revenue  580    312    926    578   Total revenue  27,079    21,128    50,549    35,321                 Costs and expenses:             Food and beverage costs  7,717    5,325    14,471    8,685   Labor and benefits costs  8,066    5,819    15,787    9,776   Operating expenses  8,421    5,187    14,662    8,356   Depreciation and amortization expenses  1,378    515    2,423    779   General and administrative expenses  3,803    2,377    6,835    4,894   National advertising fund expenses  242    471    524    880   Asset impairment, estimated lease termination charges and other closing costs, net  4,779    97    4,952    504   Pre-opening expenses  2    —    27    —   Gain on disposal of property, net  (100)   (140)   (577)   (146)  Total costs and expenses  34,308    19,651    59,104    33,728                 (Loss) income from operations  (7,229)   1,477    (8,555)   1,593                 Other income (expense):             Interest expense  (330)   (288)   (540)   (359)  Interest income  152    33    286    87   Gain on bargain purchase  (689)   —    13,675    —   Total other (expense) income  (867)   (255)   13,421    (272)                (Loss) income before income taxes  (8,096)   1,222    4,866    1,321                 Income tax benefit (expense)  1,897    (182)   2,246    (199)                Net (loss) income   (6,199)   1,040    7,112    1,122   Net (income) loss attributable to non-controlling interest  (53)   —    343    —   Net (loss) income attributable to shareholders$ (6,252) $ 1,040  $ 7,455  $ 1,122                               (Loss) income per common share:             Basic net (loss) income per share attributable to shareholders$ (0.68) $ 0.11  $ 0.82  $ 0.12   Diluted net (loss) income per share attributable to shareholders$ (0.68) $ 0.11  $ 0.82  $ 0.12   Weighted average shares outstanding - basic  9,138    9,093    9,132    9,089   Weighted average shares outstanding - diluted  9,138    9,278    9,132    9,191   BBQ HOLDINGS, INC. AND SUBSIDIARIES OPERATING RESULTS (unaudited)                  Three Months Ended  Six Months Ended    June 28, 2020  June 30, 2019   June 28, 2020  June 30, 2019   Food and beverage costs(1) 31.7%  31.5%  32.4%  31.9%  Labor and benefits costs(1) 33.2%  34.4%  35.4%  35.9%  Operating expenses(1) 34.6%  30.7%  32.9%  30.7%  Restaurant level operating margin(1)(3)  0.4%  3.4%  (0.7)%  1.5%  Depreciation and amortization expenses(2) 5.1%  2.4%  4.8%  2.2%  General and administrative expenses(2) 14.0%  11.3%  13.5%  13.9%  (Loss) income from operations(2) (26.7)%  7.0%  (16.9)%  4.5%  (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:  June 28, 2020 December 29, 2019 Cash and cash equivalents $ 19,919  $ 5,325  Restricted cash   758    761  Accounts receivable, net of allowance for doubtful accounts of $137,000 and $132,000, respectively   4,619    4,379  Inventories   2,596    1,346  Prepaid income taxes and income taxes receivable   285    264  Prepaid expenses and other current assets   1,503    1,356  Assets held for sale   3,911    2,842  Total current assets    33,591    16,273          Property, equipment and leasehold improvements, net   33,645    19,756          Other assets:       Operating lease right-of-use assets   66,540    25,962  Goodwill   651    640  Intangible assets, net   10,231    2,213  Deferred tax asset, net   4,061    6,646  Other assets   1,670    1,591    $ 150,389  $ 73,081          LIABILITIES AND SHAREHOLDERS’ EQUITY               Current liabilities:        Accounts payable $ 6,259  $ 3,967  Current portion of lease liabilities   6,068    4,230  Current portion of long-term debt   8,854    616  Accrued compensation and benefits   2,341    2,694  Other current liabilities   8,798    4,975  Total current liabilities   32,320    16,482          Long-term liabilities:       Lease liabilities, less current portion   67,598    26,957  Long-term debt, less current portion   20,037    6,258  Other liabilities   1,300    1,610  Total liabilities   121,255    51,307          Shareholders’ equity:        Common stock, $.01 par value, 100,000 shares authorized, 9,282 and 9,272 shares issued and outstanding at June 28, 2020 and December 29, 2019, respectively   93    93  Additional paid-in capital   8,104    7,856  Retained earnings   21,878    14,423  Total shareholders’ equity   30,075    22,372  Non-controlling interest   (941)   (598) Total equity   29,134    21,774    $ 150,389  $ 73,081  BBQ HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS  (in thousands) (unaudited)          Six Months Ended   June 28, 2020 June 30, 2019 Cash flows from operating activities:       Net income $ 7,112  $ 1,122  Adjustments to reconcile net income to cash flows provided by operations:       Depreciation and amortization   2,423    779  Stock-based compensation   248    223  Net gain on disposal   (577)   (146) Asset impairment, estimated lease termination charges and other closing costs, net   4,710    469  Gain on bargain purchase   (13,675)   —  Deferred income taxes   (2,295)   (6) Other non-cash items   547    43  Changes in operating assets and liabilities:       Accounts receivable, net   (240)   (422) Other assets   (1,991)   (411) Accounts payable   2,292    321  Accrued and other liabilities   964    481  Cash flows (used for) provided by operating activities   (482)   2,453          Cash flows from investing activities:       Proceeds from the sale of assets   —    6  Purchases of property, equipment and leasehold improvements   (2,000)   (1,242) Payments for acquired restaurants   (4,952)   (4,265) Advances on notes receivable   —    (150) Payments received on note receivable   12    8  Cash flows used for investing activities   (6,940)   (5,643)         Cash flows from financing activities:       Proceeds from long-term debt   22,058    —  Payments for debt issuance costs   (45)   (54) Payments on long-term debt   —    (176) Cash provided by (used for) financing activities   22,013    (230)         Increase (decrease) in cash, cash equivalents and restricted cash   14,591    (3,420) Cash, cash equivalents and restricted cash, beginning of period   6,086    12,440  Cash, cash equivalents and restricted cash, end of period $ 20,677  $ 9,020  BBQ HOLDINGS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATION (in thousands, except per share data) (unaudited)                 Three Months Ended   Six Months Ended (dollars in thousands) June 28, 2020 June 30, 2019   June 28, 2020  June 30, 2019 Net income attributable to shareholders $ (6,252) $ 1,040     7,455    1,122  Asset impairment and estimated lease termination charges and other closing costs   4,779    97     4,952    504  Net gain on disposal of equipment   (100)   (140)    (577)   (146) Stock-based compensation   111    140     248    223  Acquisition costs   (13)   357     (75)   521  Pre-opening costs   2    -     27    -  Severance   2    —     30    3  Gain on bargain purchase   689    —     (13,675)   —  Tax adjustment   (1,120)   (68)    (2,125)   (166) Adjusted net income $ (1,902) $ 1,426   $ (3,740) $ 2,061  Basic adjusted net income per common share $ (0.21) $ 0.16   $ (0.41) $ 0.23  Diluted adjusted net income per common share $ (0.21) $ 0.15   $ (0.41) $ 0.22                 Weighted average common share outstanding - basic   9,138    9,093     9,132    9,089  Weighted average common share outstanding - diluted   9,138    9,278     9,132    9,191                 Net income $ (6,199) $ 1,040   $ 7,112  $ 1,122  Asset impairment and estimated lease termination charges and other closing costs   4,779    97     4,952    504  Depreciation and amortization   1,378    515     2,423    779  Interest expense, net   178    255     254    272  Net (gain) loss on disposal of equipment   (100)   (140)    (577)   (146) Stock-based compensation   111    140     248    223  Acquisition costs   (13)   357     (75)   521  Pre-opening costs   2    —     27    —  Severance   2    —     30    3  Gain on bargain purchase   689    —     (13,675)   —  Provision for income taxes   (1,897)   182     (2,246)   199  Adjusted EBITDA $ (1,070) $ 2,446   $ (1,527) $ 3,477

  • Is BBQ Holdings, Inc. (BBQ) A Good Stock To Buy According To Hedge Funds?
    Insider Monkey

    Is BBQ Holdings, Inc. (BBQ) A Good Stock To Buy According To Hedge Funds?

    Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial […]