Financials – April 2021

Good Times Restaurants Reports Second Quarter Same Store Sales

April 08, 2021 04:05 PM Eastern Daylight Time

GOLDEN, Colo.–(BUSINESS WIRE)–Good Times Restaurants Inc. (Nasdaq: GTIM), operator of Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard, today announced that year-over-year same store sales for its Good Times brand increased 22.9% for its second fiscal quarter ended March 30, 2021. Year-over-year same store sales at its Bad Daddy’s brand increased 9.1% during the quarter compared to its fiscal 2020 second quarter, driven by reductions in COVID-19-related restrictions late in the quarter and the rollover of initial prior-year impacts of the pandemic during the last half of March. Same store sales and average weekly sales at Bad Daddy’s and Good Times for each month of the quarter are as follows:

	Good Times Burgers & Frozen Custard		Bad Daddy’s Burger Bar
Fiscal Period	Same Store Sales¹	Average Weekly Sales²	Same Store Sales¹	Average Weekly Sales²

January (4 weeks)	24.2%	25,833	-8.3%	40,297
February (4 weeks)	22.4%	25,165	-4.2%	42,159
March (5 weeks)	22.2%	25,969	41.6%	47,457
Second Quarter 2021	22.9%	25,680	9.1%	43,624
YTD 2021	22.5%	26,065	-1.8%	41,240

¹		Same store sales include all company-owned restaurants currently open with at least 18 full fiscal periods of operating history.
²		Average weekly sales include all company-owned restaurants.

Ryan Zink, President & CEO, said: “We are pleased to report strong sales for both brands in our second fiscal quarter. We continue to see sequential improvement in average weekly sales at Bad Daddy’s as customers return to on-premises dining and our Good Times concept continues to post impressive sales in spite of reduced pandemic-related restrictions and increased consumer confidence in on-premise dining, which we attribute to improved awareness generated during the pandemic, and our laser-focus on accuracy and speed of service.

“We continue to focus on staffing our restaurants and operating safely in consideration of the impacts of COVID-19. To that end, we have implemented an incentive program that provides financial incentives for each employee who receives up to two COVID-19 vaccinations between March and June of this year. Further, we are not immune to staffing challenges facing restaurants, and other industries, and we continue to focus efforts toward programs that will allow us to aggressively compete with other companies and concepts for talented employees that are the heart and soul of each restaurant.”

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, franchises and licenses 39 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of local and craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, Good Times Restaurants Inc. operates and franchises a regional quick-service drive-thru restaurant chain consisting of 32 Good Times Burgers & Frozen Custard restaurants located primarily in Colorado.

View source version at Good Times Restaurants

Tropical Smoothie Cafe® Announces Outstanding First Quarter Results With +29.7 Same-Store-Sales Increase

– Award Winning Fast-Casual Concept Signs 95 New Franchise Agreements with New and Existing Multi-Unit Operators –

ATLANTA, April 7, 2021 /PRNewswire/ — Tropical Smoothie Cafe, a leading national fast-casual cafe franchise known for both its better-for-you smoothies and food with a tropical twist, announced today its stellar first quarter results with a same-store-sales increase of +29.7% during the quarter, including +15.8% in January and February before the rollover sales impact from the pandemic in March of 2020. Increases were largely driven by a very successful limited-time-offer (LTO) spanning 11 weeks of the quarter. Additionally, the brand announced the signing of 95 new franchise agreements with a number of new and existing multi-unit operators, and the opening of 25 new cafes nationwide in Q1.

Tropical Smoothie Cafe launched three limited-time menu items in the quarter. The new Hurricane Smoothie became the brand’s third best-selling LTO smoothie in company history, and was featured with two new Cajun Shrimp items, a new protein added to the company’s menu. The Cajun Shrimp menu items represented the most successful food introduction in recent history.

“We’re thrilled to have hit the ground running in Q1 with strong results across the board,” said Charles Watson, CEO of Tropical Smoothie Cafe, LLC. “The incredible demand for select menu items continues to drive strong same-store-sales, and the record number of franchise agreements provides a very healthy pipeline for our future growth. Tropical Smoothie Cafe is on track for another strong year with 130 new cafe openings planned, as we continue to elevate the brand to new heights.”

Among the 95 new franchise signings, industry veteran and experienced Hardee’s multi-unit franchisee Rob Schmidt signed an agreement to develop 16 locations with Tropical Smoothie Cafe in Mississippi and one in Alabama over the next several years. Schmidt, a five-time Hardee’s Franchisee of the Year award winner, currently owns and operates 36 Hardee’s locations across multiple states and has more than 25 years of experience in the restaurant industry.

“It’s been an incredibly rewarding experience franchising with Hardee’s over the past two decades, and I’m very excited to diversify my franchise portfolio with a high-caliber brand like Tropical Smoothie Cafe,” said Schmidt. “The first time I visited a Tropical Smoothie Cafe location nearly four years ago, I was immediately impressed with the healthier menu items and found myself craving the brand’s smoothies regularly. Once I began looking into the franchising opportunity, I learned about the exceptional culture and how the brand’s values of putting people first aligned with mine, and the rest was history.

In addition to Schmidt expanding his portfolio, Tropical Smoothie Cafe also signed multi-unit agreements with an experienced Moe’s and Burger King franchisee in New York for eight locations, and an existing franchisee in Texas for an additional 16 locations which will bring the franchisee’s cafe count to 30 restaurants.

During the first quarter, Tropical Smoothie Cafe was also recognized with leading industry awards and rankings for its exemplary franchisee support and the strength of the overall franchise opportunity. The brand ranked No. 14 in Entrepreneur magazine’s Franchise 500® ranking and was also recognized on the magazine’s esteemed Fastest Growing Franchises list. Additionally, Tropical Smoothie Cafe was recognized as a finalist in Franchise Time’s annual “Zor Awards,” a ranking that highlights the best franchise to buy among 10 categories. The brand was also listed on Franchise Time’s Fast & Serious ranking at No. 20 and was included on Franchise Gator’s Top 10 Franchises list.

Tropical Smoothie Cafe continues to seek qualified franchisees to join the growing brand and currently has franchise opportunities in markets throughout the U.S. Interested candidates should have business experience, along with a minimum net worth of $350,000, which includes $125,000 in liquid assets. Candidates who meet these preliminary qualifications will need to make an initial investment ranging between $198,500 and $543,500. The franchise currently boasts an average unit volume (AUV) of more than $768,000 — the highest in the company’s 24-year-history — with the top 50% reporting an AUV of more than $982,000.

For more information about Tropical Smoothie Cafe, visit www.tropicalsmoothiefranchise.com or call 770-821-1900.

About Tropical Smoothie Cafe^®️Tropical Smoothie Cafe is a national fast-casual cafe concept inspiring a healthier lifestyle with more than 940 locations nationwide. Serving better-for-you smoothies, wraps, sandwiches, and flatbreads, Tropical Smoothie Cafe also offers upgraded app technology and enhanced mobile ordering capabilities to further elevate the digital and dine-in cafe experience and emphasize the brand’s focus on convenience. The rapidly growing franchise has received numerous accolades including rankings in Entrepreneur‘s Franchise 500, Forbes‘ Best Franchises and Franchise Times‘ Fast & Serious list, as well as the Franchise Times‘ Top 200+ ranking. Notably, the franchise was also recognized on Fast Casual‘s Top 100 Movers and Shakers, Nation’s Restaurant News‘ Top 200 and Top 10 Fastest Growing Chains, and Restaurant Business‘ America’s Favorite Chains.

View source version at Tropical Smoothie Cafe

BBQ Holdings, Inc. Reports Sales Update for Fourth Quarter 2020 and First Quarter 2021

March 29, 2021 09:00 ET

MINNEAPOLIS, March 29, 2021 (GLOBE NEWSWIRE) — BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), today reported its sales results for Q4 2020 and provided an update for Q1 2021 through March 25, 2021. The Company will announce Q4 2020 earnings on April 2.

Sales highlights for the fourth quarter 2020 ended January 3^rd, 2021 compared to the prior year are as follows.

Comparable sales for Famous Dave’s with 59% of dining rooms fully closed at some point during the quarter, decreased 5.5%: Sales increased 2.0% in October, decreased 5.4% in November, and decreased 10.4% in December.
Comparable sales for Granite City with 50% of dining rooms fully closed at some point during the quarter, decreased 40.7%: Sales decreased 23.8% in October, decreased 38.7% in November, and decreased 52.3% in December.

Sales highlights for the partial first quarter 2021 (Jan 4 – March 25, 2021) compared to the same period 2020 are as follows.

Comparable sales for Famous Dave’s increased 9.3%. Sales decreased 3.2% in January, decreased 2.9% in February, and increased 43.9% in March.
Comparable sales for Granite City decreased 10.6%. Sales decreased 29.0% in January, decreased 26.3% in February, and increased 60.8% in March.

Jeff Crivello, CEO, commented, “As we emerge from the effects of the pandemic, we are beginning to see sales ramp up to levels at or above pre-pandemic levels. We are thankful that our customers have remained faithful to our brands and are beginning to return to our restaurants as regulations ease. I am also pleased with the fortitude of our team as they have pushed through this difficult time and continue to provide a great customer experience to all of our loyal customers.”

Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 12-month period.

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.

View source version at BBQ Holdings

FAT BRANDS INC. REPORTS FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS

March 25, 2021 16:05 ET

Conference call and webcast today at 5:00 p.m. ET

LOS ANGELES, March 25, 2021 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported fourth quarter and full year 2020 financial results for the fiscal year ended December 27, 2020.

Andy Wiederhorn, President and CEO of FAT Brands, commented, “We are proud of our franchise partners and employees who have worked incredibly hard and shown impressive versatility throughout this difficult year. We are very hopeful that with the widespread availability of vaccines and accelerated reopening plans in many locations, we will be able to put the COVID-19 pandemic in the rear-view mirror.”

“The fourth quarter proved very productive at FAT Brands and continued our strong rebound during the pandemic. While the initial virus impacts were harsh, this marks another report with improving successive quarterly improvements. Amongst the improving results we have continued to develop our powerful engine for organic growth. We had further new store openings, in addition to more units under construction. We have a solid development pipeline of new franchise locations. And as of today, we have fully integrated Johnny Rockets with plans for the reopening of special venues sometime during the second and third quarters of this year.”

Wiederhorn continued, “We are very excited for the year ahead as we continue our bounce back from the pandemic. In 2021, we will continue to pursue additional accretive acquisition opportunities as well as organic growth of our existing brands.”

“Our existing whole business securitization facility, along with our publicly traded preferred stock and common stock, give us many levers to pull to fund potential acquisitions, reduce our cost of capital further, and drive shareholder value.”

Fiscal Fourth Quarter 2020 Highlights

Total revenues improved 24% to $6.5 million compared to the fourth quarter of 2019
Excluding revenues attributable to Johnny Rockets which was acquired on September 21, 2020, revenues declined 19% compared to the fourth quarter of 2019, showing sequential improvement compared to a decline in the prior quarter of 39%

- System-wide sales growth of 46.0% q/q
  - United States sales growth of 25.0% q/q
  - Rest of world sales growth of 119.7% q/q
- System-wide same-store sales decline of 7.6% q/q
  - United States same-store sales decline of 8.4% q/q
  - Rest of world sales decline of 3.8% q/q
- 29 new franchised store openings during the fourth quarter 2020
  - Store count as of December 27, 2020: 679 stores system-wide
Net Loss of $7.7 million or $0.64 per share on a basic and fully diluted basis, as compared to net loss of $1.0 million or $0.08 per share on a basic and fully diluted basis in the fourth quarter of 2019
EBITDA⁽¹⁾ loss of $7.9 million as compared to EBITDA of $726,000 in the fourth quarter of 2019
Adjusted EBITDA⁽¹⁾ of $1.7 million as compared to $1.8 million in the fourth quarter of 2019. Adjusted EBITDA excludes expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations. The reconciliation of EBITDA to Adjusted EBITDA can be found in the accompanying financial tables.

⁽¹⁾EBITDA and Adjusted EBITDA are non-GAAP measures defined below, under “Non-GAAP Measures”. A reconciliation of GAAP net income to EBITDA and adjusted EBITDA is included in the accompanying financial tables.

Summary of Fourth Quarter 2020 Financial Results

Total revenues were $6.5 million in the fourth quarter of 2020 and as compared to $5.2 million in the fourth quarter of 2019. Excluding Johnny Rockets which was acquired on September 21, 2020 as well as advertising revenues, revenues were $3.4 million, down from $4.3 million in the fourth quarter of 2019. The revenue performance overwhelmingly reflects a decline in royalty revenue related to the impact of COVID-19.

Costs and expenses increased to $14.4 million in the fourth quarter of 2020 compared to $5.0 million in the fourth quarter of 2019. These costs and expenses included an impairment charge in 2020 of $5.4 million without comparable activity in the prior year, advertising expenses of $2.9 million in 2020 compared to $1.0 million in 2019 reflecting expenditures in excess of collections recognized in the fourth quarter of 2020, and refranchising losses of $2.0 million in 2020 and $1.1 million in 2019. Total general and administrative expenses were $4.3 million in the fourth quarter of 2020 compared to $3.0 million in the prior period. This increase of $1.3 million was attributed to increases in occupancy costs and legal expenses, additional amortization expense related to the intangible assets of Johnny Rockets, and bad debt expenses related to the COVID-19 global pandemic marginally offset by decreases in travel and entertainment expenses.

Other expense was $2.0 million in the fourth quarter of 2020, compared to other expense of $900,000 in the fourth quarter of 2019, and consisted primarily of net interest expense of $1.6 million in 2020 compared to $1.2 million in the prior period as well as $535,000 of expenses related to the acquisition of Fog Cutter Capital Group Inc in the fourth quarter of 2020 without comparable activity in 2019. The $400,000 increase in net interest expense related primarily to the additional interest expense associated with the $40 million of Series 2020-2 Fixed Rate Asset-Backed Notes sold in September 2020, the proceeds of which were used to fund our acquisition of Johnny Rockets as well as for general corporate purposes.

The combination of the aforementioned revenue and expenses resulted in a net loss of $7.7 million in the fourth quarter of 2020, compared to a net loss of $1.0 million in the fourth quarter of 2019.

View full version at FAT Brands

Darden Restaurants Reports Fiscal 2021 Third Quarter Results; Announces Team Member Investments; Declares Quarterly Dividend; Authorizes New $500 Million Share Repurchase Program; And Provides Fiscal 2021 Fourth Quarter Outlook

Mar 25, 2021, 07:00 ET

ORLANDO, Fla., March 25, 2021 /PRNewswire/ — Darden Restaurants, Inc., (NYSE: DRI) today reported its financial results for the third quarter ended February 28, 2021.

Statement from Gene Lee, Chairman and CEO.

It is hard to believe that it has been a year since the pandemic began to significantly impact our business. The strategy we developed six years ago — focused on executing our Back-to-Basics operating philosophy and strengthening our competitive advantages — has provided a strong foundation to help us navigate this period of unprecedented change and uncertainty.

Our people are our greatest competitive advantage, which is why we have invested approximately $200 million since March 2020 in programs benefiting our team members including Paid Sick Leave, Emergency Pay, and paid time off to receive the COVID-19 vaccine. And today, I am proud to announce two additional investments. First, we are investing approximately $17 million to provide a one-time bonus for our hourly restaurant team members in recognition of their hard work and dedication.

Second, while we are proud that, on average, our hourly restaurant team members earn more than $17 per hour today, starting Monday, every hourly restaurant team member will earn at least $10 per hour, which includes tip income — increasing to $11 an hour in January 2022 and $12 an hour in January 2023. Continuing to attract and retain the best talent in the industry will be critical to our success, and this commitment further solidifies our position as the employer of choice in full-service dining.

After all we have been through, our winning strategy, combined with our team members’ resilience and passion, has allowed Darden and our brands to emerge stronger as evidenced by our solid performance this quarter. Once again we were able to deliver strong profitability in a constantly changing environment while keeping our guests and team members safe.

Third Quarter 2021 Financial Highlights, Comparisons to Third Quarter Last Year

Total sales of $1.73 billion, a decrease of 26.1% driven by negative blended same-restaurant sales of 26.7%, partially offset by the addition of 10 net new restaurants
Same-restaurant sales by segment:

	(25.8)% for Olive Garden		(45.2)% for Fine Dining
	(12.6)% for LongHorn Steakhouse		(36.9)% for Other Business

Reported diluted net earnings per share from continuing operations were $0.98 as compared to last year’s reported diluted net earnings per share of $1.90
Reported net earnings from continuing operations were $129 million
EBITDA of $236 million*

* See the “Non-GAAP Information” below for more details

Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses.

	Q3 Sales				Q3 Segment Profit
($ in millions)	2021	2020	% Change		2021	2020	% Change
Consolidated Darden	$1,733.0	$2,346.5	(26.1)	%
Olive Garden	$872.0	$1,169.3	(25.4)	%	$202.3	$246.7	(18.0)	%
LongHorn Steakhouse	$454.3	$510.7	(11.0)	%	$82.1	$104.6	(21.5)	%
Fine Dining	$104.4	$188.4	(44.6)	%	$16.4	$46.7	(64.9)	%
Other Business	$302.3	$478.1	(36.8)	%	$31.8	$69.5	(54.2)	%
	YTD Sales				YTD Segment Profit
($ in millions)	2021	2020	% Change		2021	2020	% Change
Consolidated Darden	$4,916.9	$6,536.8	(24.8)	%
Olive Garden	$2,489.7	$3,283.0	(24.2)	%	$551.2	$665.9	(17.2)	%
LongHorn Steakhouse	$1,238.4	$1,408.2	(12.1)	%	$205.4	$251.0	(18.2)	%
Fine Dining	$295.6	$479.4	(38.3)	%	$46.6	$97.5	(52.2)	%
Other Business	$893.2	$1,366.2	(34.6)	%	$106.8	$181.6	(41.2)	%

Business Update
Same-restaurant sales performance relative to fiscal 2019¹ for Darden, Olive Garden and LongHorn Steakhouse for the weeks listed below are as follows:

Weeks Ended	2/28/21		3/7/21		3/14/21		3/21/21
Darden	(15.9)	%	(13.9)	%	(11.1)	%	5.4	%
Olive Garden	(17.4)	%	(15.3)	%	(11.6)	%	5.7	%
LongHorn Steakhouse	(3.4)	%	0.3	%	3.8	%	23.2	%

Percentage of restaurants open with at least limited dining room capacity:

Weeks Ended	2/28/21		3/7/21		3/14/21		3/21/21
Darden	94	%	94	%	95	%	99	%

To Go sales as a percentage of total sales for all Olive Garden and LongHorn Steakhouse restaurants:

Weeks Ended	2/28/21		3/7/21		3/14/21		3/21/21
Olive Garden	37	%	35	%	35	%	33	%
LongHorn Steakhouse	21	%	21	%	21	%	21	%

Dividend Declared
Darden’s Board of Directors declared a quarterly cash dividend of $0.88 per share on the Company’s outstanding common stock. The dividend is payable on May 3, 2021 to shareholders of record at the close of business on April 9, 2021.

View full version at Darden Restaurants

Delight Restaurant Group Announces Acquisition Of 54 Wendy’s Restaurants From NPC International

Mar 25, 2021, 08:55 ET

RALEIGH, N.C., March 25, 2021 /PRNewswire/ — Delight Restaurant Group announced today the acquisition of 54 Wendy’s® restaurants in the Raleigh metropolitan area. As part of the transaction, Delight Restaurant Group plans to build several new restaurants in the area and remodel certain acquired restaurants in Wendy’s new Image Activation format.

The 54 restaurants produce $85+ million in gross annual revenue and have over 1,500 employees. The acquisition was completed with a subsidiary of NPC International, Inc.

Delight Restaurant Group is a high performing and growth-oriented restaurant franchisee founded by Managing Partners Andrew and Richard Krumholz in 2016. Delight Restaurant Group is one of the Restaurant Finance Monitor’s Top 200 Largest Franchisees in the United States with total revenue of $185+ million and 111 restaurants across Wendy’s and Taco Bell. The company plans to continue expanding through acquisitions and new unit development.

Andrew and Richard Krumholz, Managing Partners of Delight Restaurant Group: “We are excited to grow our Wendy’s business with this highly coveted portfolio. This is a great outcome from a large and complex bankruptcy with multiple parties involved.”

About Delight Restaurant Group

Delight Restaurant Group is a high performing and growth-oriented franchisee of Wendy’s and Taco Bell restaurants with a total of 111 locations and $185+ million in gross annual revenue. The company was founded in 2016 by Managing Partners Andrew and Richard Krumholz.

About NPC International

NPC International, Inc. is the largest franchisee of any restaurant concept in the U.S., based on unit count, and the fifth largest restaurant unit operator, based on unit count, in the U.S. The Company which is headquartered in Leawood, Kansas has a shared services center located in Pittsburg, Kansas, has more than 30,000 full and part time employees at both Pizza Hut and Wendy’s, and operates in 30 states and District of Columbia.

View source version at Delight Restaurant Group

NPC International Completes Sale of Substantially All Assets

Pizza Hut and Wendy’s Restaurant Locations Remain Open Under New Ownership

March 24, 2021 01:31 PM Eastern Daylight Time

LEAWOOD, Kan.–(BUSINESS WIRE)–NPC International, Inc. (“NPC” or the “Company”) announced today that it has closed the sale transactions contemplated by its previously announced agreements with Flynn Restaurant Group (“Flynn”) and Wendy’s International, LLC (“Wendy’s”), which together have resulted in the sale of substantially all of NPC’s assets to Flynn and five current Wendy’s franchisees. The Company’s separate asset purchase agreements with Flynn and Wendy’s were previously approved by the United States Bankruptcy Court for the Southern District of Texas (the “Court”) on January 20, 2021.

“I’d like to offer my sincere thanks to our employees across our shared services, Pizza Hut and Wendy’s teams for their incredible hard work, dedication and support, especially during the past year,” said Jon Weber, CEO of NPC’s Pizza Hut and Wendy’s divisions. “I have been so proud of the way our entire NPC team rose to the occasion time after time to keep our operations running smoothly and to continue serving our guests with excellence during a restructuring process in the midst of a global pandemic. I also want to express my deep appreciation and gratitude to the NPC management team and Board of Directors for their outstanding leadership and many contributions during this time. Finally, I’d also like to thank our team of capable advisors for their expert guidance and counsel, which along with the steadfast commitment and support of our creditors, was instrumental to our ability to successfully and efficiently complete the Chapter 11 process. Looking ahead, I’m confident that our Pizza Hut and Wendy’s teams are in capable hands with their new owners. I wish them great success with both brands.”

NPC currently expects that the Company’s previously confirmed Second Amended Joint Chapter 11 Plan will be consummated and become effective in the coming days.

Additional Information

The asset purchase agreements and all relevant Court filings and other documents related to the sale process and the restructuring process are available at http://dm.epiq11.com/NPC; or by calling NPC’s restructuring information line at (855) 917-3563 (Toll free U.S.) or +1 (503) 502-4403 for (Non-U.S. Parties) or sending an email to NPCInquiries@epiqglobal.com.

Weil, Gotshal & Manges LLP is acting as NPC’s legal counsel, Greenhill & Co., LLC is acting as financial advisor, AlixPartners LLP is serving as restructuring advisor, A&G Realty is acting as real estate advisor to the Company, and The Cypress Group is acting as quick-service restaurant M&A advisor in connection with the transaction.

Gibson, Dunn & Crutcher LLP, Houlihan Lokey Capital, Inc., and Beyond Development Group are respectively acting as legal counsel, financial advisor, and quick-service restaurant development advisor to NPC’s senior secured lender group in connection with NPC’s restructuring.

About NPC International

NPC International, Inc., headquartered in Leawood, Kansas, was the largest franchisee of both Pizza Hut and Wendy’s as well as the second largest restaurant franchisee overall in the U.S., operating over 1,300 restaurants in 30 states and the district of Columbia.

View source version at NPC International

The ONE Group Reports Fourth Quarter and Full Year 2020 Financial Results

March 19, 2021 08:00 AM Eastern Daylight Time

DENVER–(BUSINESS WIRE)–The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 31, 2020.

Business Update:

Fourth quarter consolidated comparable sales* decreased 14.8%, which was comprised of a 4.2% increase in October, a 18.4% decrease in November, and a 26.4% decrease in December. Due to local mandated restrictions, the Company’s indoor seating capacity decreased through the quarter. Indoor capacity was 51% in October, 44% in November, and 38% in December.

For STK, fourth quarter consolidated comparable sales* decreased 20.7%, which was comprised of a 0.3% increase in October, a 20.8% decrease in November, and a 36.0% decrease in December. STK comparable sales* were negatively impacted by state and local mandates which restricted private and group dining events for the quarter.

For Kona Grill, fourth quarter consolidated comparable sales* decreased 8.0%, which was comprised of an 8.6% increase in October, a 15.8% decrease in November, and a 14.4% decrease in December.

Year to date through March 14, 2021, two-year consolidated comparable sales* increased 0.5%, comparable sales* for STK decreased 3.0% and comparable sales* for Kona Grill increased 4.3%. For STK, excluding Las Vegas where capacity averaged less than 30%, two-year comparable sales* from January 1, 2021 through March 14, 2021 increased 10.8%.

Takeout and delivery were approximately 15% of sales in the fourth quarter of 2020 (2.7 times higher than in the first quarter of 2020) and will continue to be a meaningful layer of the business going forward.

As of December 31, 2020, the Company had $24.4 million in cash and cash equivalents, $47.4 million in term loan debt, and $10.7 million available on its revolving credit facility, subject to restrictions.

*Comparable sales represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-month period. This measure includes total revenue from our owned and managed locations. Revenues from locations where we do not directly control the event sales force (The W Hotel Westwood, CA) are excluded from this measure. Two-year comparable sales relates to the comparison of comparable sales for the period of 1/1/2021 through 3/14/2021 to the period of 1/1/2019 through 3/14/2019. The Company has presented two-year comparable sales to illustrate how sales at its restaurant base before the COVID-19 pandemic compare to sales as COVID-19 restrictions have eased and the Company has begun to recover lost sales.

Fourth Quarter 2020 Financial Results:

Total GAAP revenues decreased 13.8% to $45.0 million in the fourth quarter of 2020 from $52.2 million in the fourth quarter of 2019. The decrease was primarily due to effects of the COVID-19 pandemic, including occupancy limitations in locations resuming in person dining due to state and local mandates.

Total owned restaurant net revenues decreased 10.0% to $43.7 million in the fourth quarter of 2020 from $48.6 million in the fourth quarter of 2019. The decrease in revenue was primarily attributable to limited in-person seating due to state and local mandates. Consolidated comparable restaurant sales decreased 14.8% in the fourth quarter of 2020.

Management, license and incentive fee revenues were $1.3 million in the fourth quarter of 2020 compared to $3.6 million in the fourth quarter of 2019. Management and license fee revenue decreased primarily as a result of temporary closures for managed locations due to COVID-19.

Restaurant Operating Profit** was $7.0 million, or 16.0% of company-owned restaurant net revenues, in the fourth quarter of 2020 compared to $6.8 million, or 14.0% of company-owned restaurant net revenues, in the fourth quarter of 2019. The 200 basis point improvement was primarily driven by the strong management of operating costs coupled with menu development and optimizations as restaurants re-opened.

GAAP net loss attributable to The ONE Group Hospitality, Inc. in the fourth quarter of 2020 was $4.5 million, or $0.15 net loss per share, compared to GAAP net income of $19.8 million, or $0.66 per share, in the fourth quarter of 2019. Fourth quarter 2020 net loss includes $1.7 million of incremental costs related to COVID-19 and $2.9 million for lease exit costs for restaurants never built and still under dispute with landlords.

Adjusted EBITDA*** decreased to $4.1 million in the fourth quarter of 2020 from $6.9 million in the fourth quarter of 2019.

“Our teams did an exceptional job managing through decreased capacity and maximizing revenues while containing operating costs. This resulted in a 200 basis point increase to restaurant operating profit. In addition, we generated almost $9.0 million in Adjusted EBITDA for the second half of the year at an average indoor capacity of 45%,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

View source version at The ONE Group

FAST Acquisition Corp. II Announces Closing of $200 Million Initial Public Offering

Mar 18, 2021, 16:05 ET

NEW YORK, March 18, 2021 /PRNewswire/ — FAST Acquisition Corp. II (the “Company”) today announced that it had closed its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units are listed on the New York Stock Exchange (the “NYSE”) and began trading under the ticker symbol “FZT.U” on March 16, 2021. Each unit consists of one share of Class A common stock of the Company and one-quarter of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the NYSE under the symbols “FZT” and “FZT WS,” respectively.

FAST Acquisition Corp. II is the third special purpose acquisition company formed by the principals of &vest with the business purpose to effect a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, the Company intends to focus its search on the restaurant, hospitality, consumer and related sectors in North America with an enterprise value of $800 million or greater. &vest is an investment platform led by founder and CEO Doug Jacob.

Jefferies LLC acted as sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388 or by e-mail at prospectus_department@jefferies.com.

A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

View source version at FAST Acquisition Corp.