Red Robin Announces Acquisition of Franchised Restaurant in Clifton, N.J.
GREENWOOD VILLAGE, Colo., June 19, 2012 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced that its wholly-owned subsidiary, Red Robin International, Inc., has acquired an existing Red Robin® franchised restaurant in Clifton, N.J., from Parsippany, N.J.-based UBA Enterprises for approximately $3.2 million.
The restaurant, located at 265 New Jersey Route 3 East in Clifton, is expected to generate annual sales of approximately $3.9 million.
"We're pleased that we were able to make an opportunistic purchase of an existing and established Red Robin restaurant location from a single-unit franchisee," said Steve Carley, Red Robin chief executive officer. "The acquisition brings the number of corporate-owned Red Robin locations in New Jersey to four and supports our continued growth to serve guests in the New Jersey market, which we entered in 2004."
With this acquisition, Red Robin now has company-owned restaurants in Clifton, Rockaway, South Plainfield and Mays Landing, N.J., and has an additional restaurant under construction in Woodbridge, N.J. Red Robin also has an existing franchised restaurant in Hamilton, N.J.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., is the gourmet burger expert, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries® in a fun environment welcoming to guests of all ages. In addition to its many burger offerings, Red Robin serves a wide variety of salads, soups, appetizers, entrees, desserts and signature Mad Mixology® Beverages. There currently are 467 Red Robin® restaurants located across the United States and Canada, including 328 company-owned full-size restaurants and two Red Robin's Burger Works® locations, and 136 restaurants operating under franchise agreements.
Forward-looking statements in this press release regarding new restaurant growth, future economic performance and other statements that are not historical facts are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. We undertake no obligation to update such statements to reflect events or circumstances arising after such date, and we caution investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements, as set forth from time to time in the risk factors described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission.
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