Preferred Restaurant Brands Reports Third Quarter Results

LAS VEGAS, Sept. 8, 2015 /PRNewswire/ -- Preferred Restaurant Brands Inc (OTCQB: PRBI; the "Company"), recently reported financial results for the fiscal third quarter ended May 31, 2015.

"We are gaining operating momentum with our operating units while progressing on our development pipeline for our Papa John's master plan," said Ken Antos, Chairman & CEO of PRBI. 

Key results for 3Q15 include: 

• Net Revenue of $2.2 million … which is an 18% increase compared to the prior year quarter … primarily driven by net store additions in particular Papa John's locations.
• Restaurant Operations Profit of $225,780 … which is a 591% increase compared to the prior year quarter … primarily driven by profit improvement initiatives kicked off during the quarter.
• Profit Improvement Plan was introduced in the final month of the quarter … and includes a more streamlined approach to product procurement, reductions in promotional spending not tied to sales lift, improved store labor management, driving top-line UPT (Units per Transaction).  The annualized benefit approximates 10-13 incremental EBITDA points.

"We are positioning the Company for future growth, and it is imperative that we create incremental sales dollars … while keeping more of every incremental sales dollar generated," said Lance Garrick, Senior VP Corporate Controller of PRBI.  Added Garrick, "Our Profit Improvement Plan was introduced with about 5 weeks left in the quarter and it immediately took hold; we look forward to realizing the full potential in the months and quarters ahead … as we look to further enhance our profitability."

Headquartered in Las Vegas NV, Preferred Restaurant Brands is a multi-brand, multi-unit restaurant development and operating company … and currently operates:

• 6 Papa John's Pizza franchised locations in the Fresno / Sacramento corridor. Also, the company has an additional 6 Papa John's in various stages of buildout and lease which the company expects to open in the next 4 to 6 months.  In addition, 9 leases have been executed which after completion will bring our total Papa John's locations to 21.  Papa John's Pizza is the #1 Recognized Pizza Brand of the avid NFL fan.  PRBI thru its Master Development Agreement with Papa John's International has exclusive rights to buildout over 25 locations by the end of 2017 in the Fresno / Sacramento areas.
• Capriotti's:  As previously reported in our SEC reports we are in the process of finalizing a Mutual Termination Agreement with Capriotti's which will result in the sale of most of the existing units to the Franchisor or an approved franchisee; other units will be rebranded as a PRBI proprietary brand.
• ELEMENTS Fine Casual Dining & Cocktails – Las Vegas   
• SOCIAL Bistro & Wine Bar in Tivoli Village – Las Vegas.  Tivoli Village is a high-end retail and dining destination located in one of the most affluent sections of Southern Nevada, near the master planned community of Summerlin...and is currently in Phase 2 development.

   

In addition, the Company has other restaurant concepts in various stages of development.

For information contact:
Lance Garrick
Senior VP Corporate Controller
Preferred Restaurant Brands Inc
[email protected] 
702 834-7101
www.socialbistrowinebar.com 
www.elementscasualdining.com

SOURCE Preferred Restaurant Brands Inc