COLORADO SPRINGS, Colo., May 18, 2015 (GLOBE NEWSWIRE) -- Southern Concepts Restaurant Group, Inc. (SCRG) (OTCQB:RIBS) released its 10-Q for the three months ended March 31, 2015.
During the quarter the Company generated $1,241,000 out of its two full-service restaurants. The Company leveraged the infrastructure of these two stores to train the roughly 50 new employees who later opened the Company's third full-service restaurant in Lone Tree, Colo. on May 1.
Southern Concepts Restaurant Group also announced plans to develop a Southern Hospitality-branded fast casual concept, which will serve the same fresh, high-quality barbecue its full service stores are known for, in a more convenient format aimed at a younger demographic. The Company spent much of the quarter leveraging its current infrastructure for menu testing among other functions specific to its fast casual stores.
"This quarter was certainly interesting in terms of realizing benchmark sales out of our Denver and Colorado Springs stores, as both stores have begun to mature and normalize," said Mitchell Roth, President of SCRG. "As a growing business, we obviously saw some unusual expenses at the stores, like training labor for our new staff in Lone Tree and all the expenses associated with our fast casual concept, which isn't being offset by revenues yet."
During the quarter the company lost $0.02 per share, as anticipated. This year the Company will open another two locations in addition to the store it opened during the second quarter in Lone Tree. Management believes the growth planned for the balance of the year will increase profitability, making the holding company cash flow positive during the third quarter of the year on a run rate basis.
Each of the two new stores the company has planned for this year are fast casual units, with the first opening during the third quarter on South Colorado Boulevard in Glendale, Colo.
For more information about Southern Concepts Restaurant Group visit www.southernconcepts.com.
FORWARD-LOOKING STATEMENTS
The information in this news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements involve risks and uncertainties, including statements regarding the company's business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms or other comparable terminology. Actual events or results may differ materially. The company disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
CONTACT: IR Contact: Mitchell Roth
Email: mroth@southernconcepts.com
Phone: (719) 265-5821
PR Contact: Lexie Runge
Email: lexie@southernconcepts.com
Phone: (719) 265-5821
