Global multi-brand restaurant company FAT Brands has reported a total revenue of $3.6m in the first quarter ending 31 March 2018.
The US-based company currently owns restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa & Bonanza Steakhouses.
The franchise company reported a net income of $509,000, $0.05 per share, as well as an Ebitda of $940,000 for the first quarter this year.
System-wide same-store sales of its Fatburger & Buffalo’s Express brands increased by 9.6% in the core domestic market, whereas total revenues were at $2m.
Buffalo’s Café has reported a 0.9% increase in system-wide same-store sales and a total revenue of $457,000.
The company’s Ponderosa & Bonanza Steakhouse brand reported a 1.2% increase in system-wide same-store sales as well as total revenues of $1.1m.
FAT Brands president and CEO Andy Wiederhorn said: “First quarter results provided a strong start to 2018, with particularly impressive momentum at our flagship Fatburger brand, where same-store sales grew 6.3%, inclusive of 2.1% transaction growth.
“Additionally, we have taken significant steps towards closing the previously announced acquisition of Hurricane Grill & Wings, a brand known for its jumbo fresh wings, which has over 60 restaurants open or under construction across eight states.
“We expect to complete the Hurricane acquisition in the next 30 days. Pro forma for this acquisition, and after full integration of anticipated synergies, we continue to expect to achieve an annualised revenue run-rate of over $18.5m, and an annualised EBITDA run-rate of $11m, $1.10 per share, beginning in the third quarter of 2018.”
The company opened two Fatburger & Buffalo’s Express stores and one Buffalo’s Café location during the first quarter.