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As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

brazil fast food corp (BOBS) Key Developments

Brazil Fast Food Corp. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Capital Expenditure Guidance for 2014

Brazil Fast Food Corp. announced unaudited consolidated financial results for the second quarter and six months ended June 30, 2014. Total revenue for the second quarter of 2014 was BRL 71.9 million, an increase of 26% as compared to BRL 57 million in the second quarter of 2013, due to higher revenues from franchisees and own-operated restaurants. Operating income for the second quarter of 2014 was BRL 9.5 million, an increase of 51.3% from BRL 6.3 million in the second quarter of 2013. EBITDA in the second quarter of 2014 was BRL 11.5 million, up by 49% as compared to BRL 7.7 million in the second quarter of 2013. This growth rate is a result of a favorable comparison between 2013 and 2014, as Second Quarter 2013 EBITDA was negatively impacted by certain non-recurring items that took place in the second quarter of 2013. Net income attributable to the company in the second quarter of 2014 was BRL 7.0 million, or BRL 0.86 per basic and diluted share, as compared to BRL 4.4 million, or BRL 0.54 per basic and diluted share in the second quarter of 2013. Net income before income tax was BRL 8.504 million against BRL 6.038 million for the same period of last year. During the first six months of 2014, total revenues grew by 20.1% to BRL 138.4 million, from BRL 115.3 million in the prior year period. EBITDA for the first six months was BRL 20.1 million, up by 5.6% from EBITDA of BRL 19.1 million in the first half of 2013. Operating income for the first six months was BRL 16.1 million, down 2.4% from BRL 16.5 million in the first half of 2013. Net income attributable to the company for the first six months of 2014 was BRL 11.6 million, or BRL 1.42 per diluted share, up from BRL 11.2 million, or BRL 1.37 per diluted share in the first half of 2013. Net income before income tax was BRL 14.077 million against BRL 16.198 million for the same period of last year. Cash flows provided by operating activities was BRL 6.867 million against BRL 7.826 million for the same period of last year. Additions to property and equipment, net of proceed of sales was BRL 13.567 million. In 2014, the company expects to continue to incur in a higher level of capital expenditures due to the ongoing level of investment in facilities, advertising and promotion required in order to support the growth of its brands in Brazil and respond to growing competitive pressures in the marketplace by international competitors.

Bob's Invests $90.8 Million in Restructuring

Bob's invested BRL 200 million (USD 90.8 million/EUR 66.4 million) in restructuring, including changes in its restaurants design, meals and self-service. The funds were spent on 1,091 restaurants across Brazil, 55 of which are own and the remainder franchised. The investment is part of Bob's expansion plan which foresees 140 new restaurants in 2014, of which 37 launched by April. Most recently, the chain opened four restaurants under its new concept in Rio de Janeiro city and also at Guarulhos airport, in Sao Paulo, where the company plans to launch two more this year. With the planned five restaurants at airports, Bob's will become the fast-food chain with the large presence at Brazilian airports. Bob's decided to change the decoration of its restaurants to approach the kitchen environment of the customers' homes. Also, the chain adapted its business to the self-service model used by airlines. The restructuring also included the diversification of meals and their offer in different sizes.

Brazil Fast Food Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Full Year of 2014

Brazil Fast Food Corp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, total revenues from restaurants and franchisees were $66,544,000 against $58,279,000 a year ago. Total revenue increased due to higher revenues from franchisees and own-operated restaurants. Operating income was $6,630,000 against $10,243,000 a year ago. Net income before income tax was $5,576,000 against $10,160,000 a year ago. Net income attributable to the company was $4,590,000 against $6,746,000 a year ago. Net income per common share basic and diluted was $0.56 against $0.83 a year ago. Cash flows provided by operating activities were $7,753,000 against $10,098,000 a year ago. Additions to property and equipment, net of proceed of sales was $4,724,000. EBITDA was $8,689,000 against $11,393,000 a year ago. For the full year of 2014, the company expects to continue a higher level of investment in facilities, advertising and promotion in order to support the growth of its brands in Brazil and respond to international competitors. This will continue to put pressure in profitability and operating results in the near future.

Brazil Fast Food Corp. Announces Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2013

Brazil Fast Food Corp. announced consolidated financial results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenues from restaurants and franchisees of BRL 74.124 million against BRL 65.275 million a year ago. Operating income was BRL 8.989 million against BRL 10.842 million a year ago. Net income before income tax was BRL 6.648 million against BRL 11.041 million a year ago. Net income attributable to the company was BRL 3.572 million or BRL 0.44 per diluted share against BRL 7.737 million or BRL 0.95 per diluted share a year ago. EBITDA was BRL 10.648 against BRL 11.642 million a year ago. The change in Revenue was due to higher revenues from franchisees and own-operated restaurants. For the year, the company reported total revenues from restaurants and franchisees of BRL 259.240 million against BRL 223.422 million a year ago. Operating income was BRL 33.298 million against BRL 28.890 million a year ago. Net income before income tax was BRL 30.867 million against BRL 28.423 million a year ago. Net income attributable to the company was BRL 19.923 million or BRL 2.45 per diluted share against BRL 20.708 million or BRL 2.55 per diluted share a year ago. Cash flows provided by operating activities were BRL 35.408 million against BRL 24.703 million a year ago. Additions to property and equipment were BRL 24.241 million against BRL 17.974 million a year ago. EBITDA was BRL 39.144 against BRL 32.906 million a year ago.

Brazil Fast Food Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Brazil Fast Food Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported operating income of BRL 7,791,000, net income before income tax of BRL 8,021,000, net income attributable to Brazil Fast Food Corp. of BRL 5,192,000 or BRL 0.64 per share on total revenues from restaurants and franchisees of BRL 69,855,000 against operating income of BRL 7,496,000, net income before income tax of BRL 7,203,000, net income attributable to Brazil Fast Food Corp. of BRL 5,924,000 or BRL 0.73 per share on total revenues from restaurants and franchisees of BRL 54,596,000 for the same period a year ago. EBITDA of BRL 9,958,000 against BRL 8,948,000 for the same period a year ago. For the nine months, the company reported operating income of BRL 24,309,000, net income before income tax of BRL 24,219,000, net income attributable to Brazil Fast Food Corp. of BRL 16,351,000 or BRL 2.01 per share on total revenues from restaurants and franchisees of BRL 185,116,000 against operating income of BRL 18,048,000, net income before income tax of BRL 17,382,000, net income attributable to Brazil Fast Food Corp. of BRL 12,971,000 or BRL 1.60 per share on total revenues from restaurants and franchisees of BRL 158,147,000 for the same period a year ago. Cash flow provided by operating activities of BRL 29,924,000, additions to property and equipment, net of proceed of sales of BRL 13,079,000 against cash flow provided by operating activities of BRL 8,495,000, additions to property and equipment, net of proceed of sales of BRL 8,286,000 for the same period a year ago. EBITDA of BRL 30,041,000 against BRL 22,737,000 for the same period a year ago.

 

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