LAFAYETTE, La., Oct. 21, 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 second fiscal quarter of 2015. Its financial results continued to improve, highlighted by the Company's achievement of net income from operations.
The Company achieved the following financial results for its fiscal quarter ended June 30, 2015:
- Revenue increased 78% to $244,990 for Q2 2015 from $137,306 for Q2 2014.
- Revenue increased 77% to $468,006 for the six months ended June 30, 2015 from $265,065 for the six months ended June 29, 2014.
- The Company generated net income of $40,398 for Q2 2015 compared to a net loss of $(52,548) for Q2 2014.
- The Company generated net income of $16,034 for the six months ended June 30, 2015 compared to a net loss of $(148,211) for the six months ended June 29, 2014.
- Total debt decreased 97% to $7,000 at June 30, 2015 compared to $248,411 at June 29, 2014.
- The Company generated stockholders equity of $20,879 at June 30, 2015 compared to stockholders deficit of $(288,812) at December 29, 2014.
"Our first six months of 2015 have been terrific," commented Richard W. Akam, Chief Executive Officer of ARC Group. "Royalties from our franchisees, supported by several new restaurant openings, continue to drive revenue growth. Our revenue growth, combined with stabilized operating expenses, helped us achieve net income from operations of $40,398 – a tremendous accomplishment for the Company."
Akam continued, "We have also significantly improved the strength of our balance sheet as we virtually eliminated our debt and generated positive stockholders equity. We will continue to focus on revenue generation and cost containment so as to further improve the financial health of the Company."
"We expect Q3 2015 to be another strong quarter for us," stated Akam. "We have opened four new restaurants thus far during 2015 and will continue to execute upon our growth plans by opening additional restaurants through low-cost conversions, like our Dick's Wings & Grill at Panama City Beach. This will help drive our growth into the future. I am very excited about what the remainder of the year has in store for us."
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.