Red Robin Gourmet Burgers Inc. Announces Executive Appointments
Aug 18 14
Red Robin Gourmet Burgers Inc. announced the appointment of Jeff Melnick as senior vice president of Operations. Melnick will be responsible for leading regional restaurant management teams overseeing the operational performance of more than 380 company-owned Red Robin(R) restaurants in the U.S. Melnick has more than 25 years of experience in the casual dining industry and has served as a regional vice president of Operations for Red Robin since 2006. In this role, Melnick was responsible for the results of company-owned Red Robin restaurants in the southwestern U.S., including locations in California, Nevada, Arizona and Texas. In addition to promoting Melnick to senior vice president of Operations, the company appointed five new Red Robin regional vice presidents (RVPs) as part of the company's efforts to align the Operations organization to better serve the current and future needs of the business. The five new Red Robin RVPs are Amanda Busby, Mid-Pacific Division; Al Hansen, Midwest Division; Amy Jones, Southwest Division; Daniel Lett, Gulf Coast Division; and Tim Mei, Northwest Division. They join four additional Red Robin RVPs for a total of nine regional operations leaders who will report to Melnick.
Red Robin Gourmet Burgers Inc. Opens New Restaurant in New Hampshire
Aug 14 14
Red Robin Gourmet Burgers Inc. has announced the opening of a new restaurant in New Hampshire. Located in Salem, N.H. at The Mall at Rockingham Park, between I-93 and Route 28, the newest Red Robin restaurant will open on August 18, 2014. The Gourmet Burger Authority offers more than two dozen innovative gourmet burgers served with Bottomless Steak Fries (which means free refills!) and more than 100 different toppings for guests to customize their favorite burger.
Red Robin Gourmet Burgers Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended July 13, 2014; Provides Earnings Guidance for the Year 2014; Plans to Open New Stores in 2014
Aug 14 14
Red Robin Gourmet Burgers Inc. reported unaudited consolidated earnings results for the second quarter and twenty eight weeks ended July 13, 2014. For the quarter, the company’s total revenues were $256,133,000 compared to $238,299,000 a year ago. Income from operations was $13,466,000 compared to $15,389,000 a year ago. Income before income taxes was $12,991,000 compared to $14,715,000 a year ago. Net income was $9,470,000 compared to $11,139,000 a year ago. Diluted earnings per share were $0.65 compared to $0.77 a year ago. Adjusted net income was $9,831,000 or $0.68 per share diluted against $11,139,000 or $0.77 per share diluted a year ago.
For the twenty eight weeks, the company’s total revenues were $596,617,000 compared to $544,648,000 a year ago. Income from operations was $30,508,000 compared to $28,935,000 a year ago. Income before income taxes was $29,359,000 compared to $27,172,000 a year ago. Net income was $21,414,000 compared to $20,619,000 a year ago. Diluted earnings per share were $1.47 compared to $1.43 a year ago. Adjusted net income was $21,775,000 or $1.50 per share diluted against $20,619,000 or $1.43 per share diluted a year ago. The company generated EBITDA of $66.2 million, which compares to $62.2 million in 2013. Year-to-date capital investments totaled $56.6 million, including approximately $28 million in new restaurants, almost $13 million in remodeled and expanded restaurants, and $8 million in maintenance and corporate systems.
In fiscal year 2014, the company expects comparable restaurant revenue growth in the low single digits. Capital investments in fiscal year 2014 are expected to exceed $100 million, excluding approximately $51 million related to acquisitions. Restaurant-level operating profit margins in fiscal year 2014 are expected to be approximately 21.3%. Depreciation and amortization is projected to be approximately $64 million, an increase from previous expectations due to the acquisition. Interest expense is expected to be approximately $3 million while the income tax rate in fiscal year 2014 is expected to be approximately 26%.
For the year 2014, the company plans to open 20 new Red Robin restaurants and four to five Red Robin Burger Works resulting in operating week growth of approximately 6.5% for fiscal year 2014. In addition to the new restaurant openings, the company also plans to remodel at least 65 Red Robin restaurants as part of its brand transformation initiative as well as expand patio seating in a few locations.