JACKSONVILLE, Fla., Aug. 30, 2012 /PRNewswire/ -- American Restaurant Concepts, Inc. (OTCBB: ANPZ), the operator and franchisor of America's award-winning Dick's Wings® restaurants, announced today its financial results for its first fiscal quarter ended March 25, 2012. The Company's operating results continued to improve as revenue from active restaurants increased 4% over the same period in 2011 and total cash flows from operating, investing and financing activities were $1,300, compared to $(1,606) for the year ended December 25, 2011.
Q1 2012 Financial Highlights
- Excluding revenue from restaurants closed for renovations, revenue increased 4% to $98,083 in Q1 2012, compared to $94,424 in Q1 2011.
- Total cash flows from operating, investing and financing activities were $1,300 during Q1 2012, compared to $(1,606) for the year ended December 25, 2011.
- Net loss per share was $0.00 for Q1 2012 and Q1 2011.
In furtherance of the Company's growth plan, the Company temporarily closed two restaurants during the first quarter of 2012 for renovations and expansion to enable them to generate greater revenue in the future. As a result, the Company's total revenue decreased 7% from Q1 2011. However, excluding sales from these two restaurants during both Q1 2012 and Q1 2011, sales from all restaurants that were active during both periods increased 4%.
"We are very pleased with the financial results that we achieved during the first quarter of 2012," stated Michael Rosenberger, CEO of American Restaurant Concepts. "We continued implementing aspects of our growth plan by temporarily closing two restaurants for the purpose of renovating and expanding them. While this resulted in a small decrease in revenue as compared to last year, we expect this investment to produce substantially greater revenue for the Company during the remainder of the year."
The Company also announced today that it expects to announce its results for the second fiscal quarter ended June 24, 2012 within the next 2-3 weeks. Once the Company files this report with the SEC, it will be current with its SEC reporting obligations.
Mr. Rosenberger added, "I am looking forward to American Restaurant Concepts becoming current with its SEC filings once more and continuing to execute upon its high-growth strategy. Our first quarter was very active given the renovation activity, the increased interest from customers and potential franchisees, and the transaction that was previously announced with Seenu Kasturi of Blue Victory Holdings. I expect all of this to contribute to the Company's revenue during the remainder of the year."
About American Restaurant Concepts, Inc.
American Restaurant Concepts, Inc., headquartered in Jacksonville, Florida, is the operator and franchisor of the Dick's Wings & Grill® full-service restaurants and Dick's Wing Express® express restaurants. The company prides itself on the 365 original mouth-watering flavors it has created for its premium grade chicken wings. Dick's Wings® offers customers the freshest wings, sandwiches, burgers, wraps, salads and signature waffle fries, all in a unique setting that combines a family-friendly environment with a sports-themed restaurant. Dick's Wings & Grill's® chicken wings have won numerous awards in Florida and Georgia, including having been voted "Best Chicken Wings in Northeast Florida" 12 consecutive years by Folioweekly magazine. Dick's Wings® currently has 16 full-service restaurants and 2 express restaurants. Fifteen of the restaurants are located in Florida, with one located in Georgia and two located in Canada. For more information on the company, please visit its website at www.dickswingsandgrill.com.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the company's future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, 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 25, 2011 and its other filings and submissions with the Securities and Exchange Commission. 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 of the information contained in this press release.
SOURCE American Restaurant Concepts, Inc.