US-based restaurant franchising company FAT Brands has reported total revenues of $3.9m in this year’s second quarter ending 1 July 2018.
The company currently owns FatBurger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa & Bonanza Steakhouses restaurant brands.
The franchise company reported a net income of $373,000, $0.04 per share, as well as an EBITDA of $825,000 for the second quarter this year.
System-wide same-store sales of its FatBurger & Buffalo’s Express brands increased by 9.5% in the core domestic market, whereas total revenues were at $2m.
Buffalo’s Café has reported a 10.2% increase in system-wide same-store sales and total revenues of $511,000.
The company’s Ponderosa & Bonanza Steakhouse brand reported a 0.9% increase in system-wide same-store sales, as well as total revenues of $1.4m.
FAT Brands president and CEO Andy Wiederhorn said: “Our flagship FatBurger brand continued to achieve particularly impressive results, with same-store sales growth of 9.5% inclusive of 4.2% transaction growth.
“Strong FatBurger results continue to be driven by momentum in delivery, as well as by increased traction of the plant-based Impossible Burger. We also saw positive trends in our casual dining brands, supported by the tests of a new media campaign, to-go packaging, and third party delivery.
“Over the last few months we secured significant financing, which enabled the closing of our previously announced acquisition of Hurricane Grill & Wings, a brand best known for its jumbo fresh wings.
“The integration of the Hurricane restaurants onto our platform has been smooth, and we now expect to achieve an annualised revenue run-rate of $19m to $20m and an annualised EBITDA run-rate of $10m to $11m, inclusive of synergies beginning in the fourth quarter of 2018. The financing we secured provides dry powder for future accretive acquisitions; our pipeline of franchise brands is robust, and we are actively working to complete additional transactions.”
FAT Brands also opened four FatBurger & Buffalo’s Express stores during the second quarter.