LAFAYETTE, La., Dec. 8, 2015 /PRNewswire/ -- ARC Group, Inc. (OTCQB: ARCK), the owner, operator and franchisor of the award-winning Dick's Wings & Grill® concept, announced its financial results for its third fiscal quarter of 2015. Financial results continued to improve as the Company achieved record revenue and generated net income from operations for a second consecutive quarter.
The Company achieved the following financial results for its fiscal quarter ended September 30, 2015:
- Revenue increased 76% to $249,363 for Q3 2015 from $141,911 for Q3 2014.
- Revenue increased 76% to $717,369 for the nine months ended September 30, 2015 from $406,976 for the nine months ended September 28, 2014.
- The Company generated net income of $23,688 for Q3 2015 compared to a net loss of $(47,562) for Q3 2014.
- The Company generated net income of $39,722 for the nine months ended September 30, 2015 compared to a net loss of $(195,773) for the nine months ended September 28, 2014.
- Total assets were $1,043,869 at September 30, 2015 compared to $887,776 at September 28, 2014.
- The Company had stockholders' equity of $63,769 at September 30, 2015 compared to a stockholders' deficit of $(153,909) at September 28, 2014.
"I am very pleased with our financial results for the third fiscal quarter," stated Richard W. Akam, Chief Executive Officer of ARC Group. "Our record revenue and second consecutive quarter of net income are a direct reflection of our company's continued focus on revenue generation and cost containment. These results, along with the Company's minimal debt and continued growth in stockholders' equity, are remarkable achievements that position us well for 2016."
"We expect our financial results for Q4 2015 to remain strong," stated Akam. "We have a total of three new restaurants in various stages of development that, when coupled with the four new restaurants already opened during 2015, will drive continued growth in our royalties during 2016. We also expect to continue benefiting from the 2015 NFL and NCAA football seasons, the 2015-2016 NBA and NCAA basketball seasons, and several new advertising and promotional campaigns that will be implemented during the upcoming months."
Akam continued, "While we have been growing aggressively in Florida and Georgia, we are actively evaluating locations in other states. Additionally, we are in ongoing discussions with larger operating groups that are interested in opening several restaurants within the southeastern US. Each of these growth opportunities has the potential to benefit our performance during 2016."
About ARC Group, Inc.
ARC Group, Inc., headquartered in Lafayette, Louisiana, is the owner, operator and franchisor of the Dick's Wings & Grill concept, and the co-owner of the owner, operator and franchisor of the Wing Nutz® concept. Now in its 20th year of operation, Dick's Wings® prides itself on its award-winning chicken wings, hog wings and duck wings spun in its signature sauces and seasonings. Wing Nutz offers a large selection of premium baked chicken wings and other baked products. Wing Nutz also offers its own proprietary line of craft beers under the name "Nut Job Beers". Dick's Wings has 16 restaurants in Florida and four restaurants in Georgia. It also has two concession stands at EverBank Field, home of the NFL's Jacksonville Jaguars. Wing Nutz has nine restaurants in Utah, one restaurant in Las Vegas, Nevada and one restaurant in Nampa, Idaho.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors set forth in the Company's Annual Report on Form 10-K for the year ended December 28, 2014 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
SOURCE ARC Group, Inc.