CHARLOTTE, NC --(Marketwired - March 28, 2017) - Chanticleer Holdings, Inc. (NASDAQ: HOTR)
("Chanticleer," or the "Company"), owner, operator and franchisor of multiple branded restaurants in the U.S. and abroad, today
announced financial results for the fourth quarter and year ended December 31, 2016.
Annual Revenue Growth of 18.0%; First Full Year of Positive Adjusted EBITDA
- Total revenue for year increased 18.0% to $41.7 million, primarily resulting from growth in the Fast Casual Better Burger
segment.
- Cost of sales as a percentage of restaurant sales improved to 33.0%, compared to 34.4% in the comparable period last
year.
- Operating expenses as a percentage of restaurant sales improved to 55.7% compared to 57.5% in the comparable period last
year.
- General and administrative expenses as a percentage of total revenue decreased to 13.9% from 19.2% of sales in the
comparable period last year.
- Loss from continuing operations improved to $(4.3) million or $(0.20) per share, compared to $(8.1) million or $(0.57) in
the comparable period last year.
- Net cash used in operating activities of continuing operations improved to $0.4 million compared to $4.2 million in the
prior year.
- Restaurant EBITDA improved 60.9% to $5.0 million compared to $3.1 million for the year.
- Adjusted EBITDA improved to positive $82 thousand for the current year compared to a loss of $(1.8) million last year, with
2016 being the Company's first year of positive Adjusted EBITDA.
Fourth Quarter Revenue Decreased 9.7%, Margins Improved, Quarterly Comparisons Impacted by Strong
Dollar and Investment Management Revenue decline
- Total revenue for the fourth quarter decreased 9.7% to $9.9 million from $10.9 million in the prior year, primarily due to
the absence of non-recurring investment management revenue related to the Hooters dividend that was included in prior year
revenue, as well as the impact of the stronger dollar on our foreign operations.
- Cost of sales as a percentage of restaurant sales improved to 32.8% compared to 34.3% in the comparable quarter last
year.
- Operating expenses as a percentage of restaurant sales increased to 57.5% compared to 56.6% in the comparable quarter last
year.
- General and administrative expenses as a percentage of total revenue decreased to 14.2% from 15.0% in the comparable
quarter last year.
- Net loss from continuing operations increased to $(1.9) million or $(0.09) per share, compared to $(1.8) million or $(0.08)
in the comparable quarter last year.
- Restaurant EBITDA was relatively unchanged at $1.1 million compared to $1.0 million for the comparable quarter of last
year.
- Adjusted EBITDA was negative $(0.1) million compared to positive $0.1 million in the comparable quarter last year. The
decline in quarterly Adjusted EBITDA was primarily due to the prior year including investment management revenue related to
Hooters dividends, which did not recur in the fourth quarter of 2016.
Mike Pruitt, Chairman and CEO of Chanticleer, commented, "We made great progress in fiscal 2016 and our annual results
demonstrate the efforts to build scale and drive efficiencies in our business over the past two years. We achieved our first year
of EBITDA profitability, while establishing our regional brand strategy and laying the foundation to begin to accelerate
growth.
"We have three Little Big Burger stores opening in the first four months of 2017 and are on track to open 8-12 new company and
franchise stores by the end of this year. That's a significant change coming out of a year where we opened no new company stores
as we shift our focus from internal integration projects to external growth and franchising initiatives."
Mr. Pruitt continued, "Given our increased emphasis on high returning assets and expanding our core brands, we are also
committed to taking actions to strengthen our balance sheet and improve liquidity as we prepare to accelerate our growth in
2017."
Conference Call
The Company will hold a conference call on Tuesday March 28, 2017 at 4:30 pm. Eastern Time.
To access the call, dial (877) 407-8133 approximately five minutes prior to the scheduled start time. International callers
please dial (201) 689-8040. To access the webcast, including the quarterly slide presentation, log onto the Chanticleer website
at: http://www.chanticleerholdings.com/
A replay of the teleconference will be available until April 28, 2017 and may be accessed by dialing (877) 481-4010.
International callers may dial (919) 882-2331. Callers should use conference ID: 10289.
Use of Non-GAAP Measures
Chanticleer Holdings, Inc. prepares its condensed consolidated financial statements in accordance with United States generally
accepted accounting principles ("GAAP"). In addition to disclosing financial results prepared in accordance with GAAP, the
Company discloses information regarding Adjusted EBITDA and Restaurant EBITDA, which differ from the term EBITDA as it is
commonly used. In addition to adjusting net income (loss) from continuing operations to exclude taxes, interest, and depreciation
and amortization, Adjusted EBITDA also excludes pre-opening and closing costs for our restaurants, non-cash expenses, transaction
and severance related expenses, change in fair value of derivative liability and other income and expenses.
In addition, Restaurant EBITDA also excludes management fee income, franchise revenue and general and administrative expenses.
Adjusted EBITDA and restaurant EBITDA are not measures of performance defined in accordance with GAAP. However, adjusted EBITDA
and restaurant EBITDA are used internally in planning and evaluating the company's operating performance and by the Company's
creditors. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an
additional view of the company's operations that, when coupled with the GAAP results, provides a more complete understanding of
the Company's financial results.
Adjusted EBITDA and Restaurant EBITDA should not be considered as alternatives to net loss or to net cash used in operating
activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other
companies, and it excludes financial information that some may consider important in evaluating the company's performance. A
reconciliation of GAAP net income (loss) to Adjusted EBITDA and Restaurant EBITDA is included in the accompanying financial
schedules.
For further information, please refer to Chanticleer's Quarterly Report on Form 10-K to be filed with the SEC on or about
March 29, 2017 available online at www.sec.gov.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings (HOTR), owns, operates and franchises fast casual and full service
restaurant brands, including American Burger Company, BGR - Burgers Grilled Right, Little Big Burger, Just Fresh and Hooters.
For further information, please visit www.chanticleerholdings.com
Facebook: www.Facebook.com/ChanticleerHOTR
Twitter: http://Twitter.com/ChanticleerHOTR
Google+: https://plus.google.com/u/1/b/118048474114244335161/118048474114244335161/posts
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of
1995. These statements include projections, predictions, expectations or statements as to beliefs or future events or results or
refer to other matters that are not historical facts. Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that could cause the actual results to differ materially from those contemplated by these
statements. The forward-looking statements contained in this press release are based on various factors and were derived using
numerous assumptions. In some cases, you can identify these forward-looking statements by the words "anticipate", "estimate",
"plan", "project", "continuing", "ongoing", "target", "aim", "expect", "believe", "intend", "may", "will", "should", "could", or
the negative of those words and other comparable words.
Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination
of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be
correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's
expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook,
increased sales and marketing expenses, and the expected results from the integration of our acquisitions.
Forward-looking statements are only current predictions and are subject to known and unknown risks, uncertainties, and other
factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from those
anticipated by such statements. These factors include, but are not limited to, the Company's ability to manage growth; integrate
acquisitions; manage debt; meet development goals; and other important risks and uncertainties referenced and discussed under the
heading titled "Risk Factors" in the Company's filings with the Securities and Exchange Commission. Although we believe that the
expectations reflected in the forward-looking statements contained in this press release are reasonable, we cannot guarantee
future results, levels of activity, performance, or achievements.
The statements in this press release are made as of the date of this press release, even if subsequently made available by the
Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements
provided to reflect events that occur or circumstances that exist after the date on which they were made.
| |
|
| |
|
| Chanticleer Holdings, Inc. and Subsidiaries |
|
| Consolidated Balance Sheets |
|
| |
|
|
|
|
|
|
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| |
Cash |
|
$ |
268,575 |
|
|
$ |
1,224,415 |
|
| |
Accounts and other receivables |
|
|
524,481 |
|
|
|
862,935 |
|
| |
Inventories |
|
|
539,550 |
|
|
|
569,545 |
|
| |
Prepaid expenses and other current assets |
|
|
461,074 |
|
|
|
568,251 |
|
| |
Assets of discontinued operations, current |
|
|
- |
|
|
|
593,430 |
|
| |
|
|
TOTAL CURRENT ASSETS |
|
|
1,793,680 |
|
|
|
3,818,576 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
11,513,693 |
|
|
|
12,144,064 |
|
| Goodwill |
|
|
12,405,770 |
|
|
|
12,702,139 |
|
| Intangible assets, net |
|
|
6,530,243 |
|
|
|
6,776,936 |
|
| Investments |
|
|
800,000 |
|
|
|
800,000 |
|
| Deposits and other assets |
|
|
442,737 |
|
|
|
574,192 |
|
| Assets of discontinued operations |
|
|
- |
|
|
|
5,389,300 |
|
| |
|
TOTAL ASSETS |
|
$ |
33,486,123 |
|
|
$ |
42,205,207 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
|
| |
Accounts payable and accrued expenses |
|
$ |
5,553,068 |
|
|
$ |
4,740,131 |
|
| |
Current maturities of long-term debt and notes payable, net of discount of of $0 and
$171,868, respectively |
|
|
6,171,649 |
|
|
|
5,383,003 |
|
| |
Current maturities of convertible notes payable, net of debt discount of $0 and $914,724,
respectively |
|
|
- |
|
|
|
2,810,276 |
|
| |
Current maturities of capital leases payable |
|
|
18,449 |
|
|
|
39,303 |
|
| |
Due to related parties |
|
|
194,350 |
|
|
|
12,963 |
|
| |
Deferred rent |
|
|
173,775 |
|
|
|
683,793 |
|
| |
Derivative liabilities |
|
|
- |
|
|
|
1,231,608 |
|
| |
Liabilities of discontinued operations, current |
|
|
- |
|
|
|
1,279,955 |
|
| |
|
TOTAL CURRENT LIABILITIES |
|
|
12,111,291 |
|
|
|
16,181,032 |
|
| Long-term debt, less current portion |
|
|
287,445 |
|
|
|
1,098,641 |
|
| Convertible notes payable, net of debt discount of $46,936 and $0, respectively |
|
|
3,678,064 |
|
|
|
- |
|
| Redeemable preferred stock: no par value, 19,050 and 0 issued and outstanding,
respectively |
|
|
257,175 |
|
|
|
- |
|
| Capital leases payable, less current maturities |
|
|
- |
|
|
|
15,969 |
|
| Deferred rent |
|
|
1,961,751 |
|
|
|
1,740,012 |
|
| Liabilities of discontinued operations |
|
|
- |
|
|
|
58,648 |
|
| Deferred tax liabilities |
|
|
1,485,554 |
|
|
|
1,353,771 |
|
| |
|
TOTAL LIABILITIES |
|
|
19,781,280 |
|
|
|
20,448,073 |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Common stock subject to repurchase obligation, 562,900 shares issued and outstanding |
|
|
349,000 |
|
|
|
- |
|
| Stockholders' equity: |
|
|
|
|
|
|
|
|
| |
Preferred stock: no par value; authorized 5,000,000 shares; 19,050 and 0 issued and
outstanding, respectively |
|
|
- |
|
|
|
- |
|
| |
Common stock: $0.0001 par value; authorized 45,000,000 shares; issued and outstanding
21,394,247 and 21,337,247 shares, respectively |
|
|
2,140 |
|
|
|
2,134 |
|
| |
Additional paid in capital |
|
|
55,924,269 |
|
|
|
55,365,597 |
|
| |
Accumulated other comprehensive loss |
|
|
(1,155,658 |
) |
|
|
(987,695 |
) |
| |
Accumulated deficit |
|
|
(42,206,325 |
) |
|
|
(33,012,712 |
) |
| |
|
Total Chanticleer Holdings, Inc, Stockholder's Equity |
|
|
12,564,426 |
|
|
|
21,367,324 |
|
| |
Non-Controlling Interests |
|
|
791,417 |
|
|
|
389,810 |
|
| |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
13,355,843 |
|
|
|
21,757,134 |
|
| |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
33,486,123 |
|
|
$ |
42,205,207 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Chanticleer Holdings, Inc. and Subsidiaries |
|
| Consolidated Statements of Operations and Comprehensive Loss |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
Year Ended |
|
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
|
December 31, 2016 |
|
|
December 31, 2015 |
|
| Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Restaurant sales, net |
|
$ |
9,571,879 |
|
|
$ |
10,374,165 |
|
|
$ |
40,640,159 |
|
|
$ |
34,201,668 |
|
| |
|
Gaming income, net |
|
|
125,973 |
|
|
|
107,236 |
|
|
|
441,620 |
|
|
|
367,666 |
|
| |
|
Management fee income |
|
|
25,000 |
|
|
|
349,829 |
|
|
|
100,000 |
|
|
|
424,829 |
|
| |
|
Franchise income |
|
|
138,741 |
|
|
|
88,476 |
|
|
|
520,222 |
|
|
|
359,424 |
|
| |
|
|
Total revenue |
|
|
9,861,593 |
|
|
|
10,919,706 |
|
|
|
41,702,001 |
|
|
|
35,353,587 |
|
| Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Restaurant cost of sales |
|
|
3,143,308 |
|
|
|
3,562,882 |
|
|
|
13,392,078 |
|
|
|
11,754,515 |
|
| |
Restaurant operating expenses |
|
|
5,501,259 |
|
|
|
5,873,416 |
|
|
|
22,641,951 |
|
|
|
19,677,617 |
|
| |
Restaurant pre-opening and closing expenses |
|
|
27,143 |
|
|
|
24,453 |
|
|
|
145,130 |
|
|
|
505,098 |
|
| |
General and administrative expenses |
|
|
1,400,207 |
|
|
|
1,634,716 |
|
|
|
5,801,033 |
|
|
|
6,798,642 |
|
| |
Depreciation and amortization |
|
|
602,882 |
|
|
|
724,140 |
|
|
|
2,341,697 |
|
|
|
1,697,514 |
|
| |
|
Total expenses |
|
|
10,674,799 |
|
|
|
11,819,607 |
|
|
|
44,321,889 |
|
|
|
40,433,386 |
|
| Operating loss from continuing operations |
|
|
(813,206 |
) |
|
|
(899,901 |
) |
|
|
(2,619,888 |
) |
|
|
(5,079,799 |
) |
| Other (expense) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
|
|
(642,463 |
) |
|
|
(729,999 |
) |
|
|
(2,347,019 |
) |
|
|
(3,466,554 |
) |
| |
Change in fair value of derivative liabilities |
|
|
- |
|
|
|
35,453 |
|
|
|
1,231,608 |
|
|
|
868,592 |
|
| |
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(315,923 |
) |
| |
Other income (expense) |
|
|
(424,660 |
) |
|
|
49,209 |
|
|
|
(412,272 |
) |
|
|
99,399 |
|
| |
|
Total other (expense) income |
|
|
(1,067,123 |
) |
|
|
(645,337 |
) |
|
|
(1,527,683 |
) |
|
|
(2,814,486 |
) |
| Loss from continuing operations before income taxes |
|
|
(1,880,329 |
) |
|
|
(1,545,238 |
) |
|
|
(4,147,571 |
) |
|
|
(7,894,285 |
) |
| |
|
Income tax benefit (expense) |
|
|
(60,596 |
) |
|
|
(217,867 |
) |
|
|
(198,463 |
) |
|
|
(187,568 |
) |
| Loss from continuing operations |
|
|
(1,940,925 |
) |
|
|
(1,763,105 |
) |
|
|
(4,346,034 |
) |
|
|
(8,081,853 |
) |
| |
Discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loss from operation of discontinued operations, net of tax |
|
|
- |
|
|
|
(795,040 |
) |
|
|
(1,304,627 |
) |
|
|
(6,373,790 |
) |
| |
Loss on write down of net assets |
|
|
113,907 |
|
|
|
- |
|
|
|
(3,762,253 |
) |
|
|
- |
|
| Consolidated net loss |
|
|
(1,827,018 |
) |
|
|
(2,558,145 |
) |
|
|
(9,412,914 |
) |
|
|
(14,455,643 |
) |
| |
Less: Net loss (income) attributable to non-controlling interest of continuing
operations |
|
|
21,805 |
|
|
|
4,162 |
|
|
|
75,417 |
|
|
|
(9,088 |
) |
| |
Less: Net loss (income) attributable to non-controlling interest of discontinued
operations |
|
|
- |
|
|
|
148,386 |
|
|
|
260,925 |
|
|
|
2,328,206 |
|
| Net loss attributable to Chanticleer Holdings, Inc. |
|
$ |
(1,805,213 |
) |
|
$ |
(2,405,597 |
) |
|
$ |
(9,076,572 |
) |
|
$ |
(12,136,525 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to Chanticleer Holdings, Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Loss from continuing operations |
|
$ |
(1,919,120 |
) |
|
$ |
(1,758,943 |
) |
|
$ |
(4,270,617 |
) |
|
$ |
(8,090,941 |
) |
| |
Loss from discontinued operations |
|
|
113,907 |
|
|
|
(646,654 |
) |
|
|
(4,805,955 |
) |
|
|
(4,045,584 |
) |
| Net loss attributable to Chanticleer Holdings, Inc. |
|
$ |
(1,805,213 |
) |
|
$ |
(2,405,597 |
) |
|
$ |
(9,076,572 |
) |
|
$ |
(12,136,525 |
) |
| |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Unrealized loss on available-for-sale securities, net of tax |
|
$ |
- |
|
|
$ |
(4,039 |
) |
|
$ |
(24,501 |
) |
|
$ |
(4,039 |
) |
| |
|
Reclassification of loss recognized in net loss, net of tax |
|
|
223,743 |
|
|
|
- |
|
|
|
223,743 |
|
|
|
- |
|
| |
|
Foreign currency translation |
|
|
(131,613 |
) |
|
|
(71,757 |
) |
|
|
(271,452 |
) |
|
|
(963,528 |
) |
| |
|
|
Total other comprehensive loss |
|
|
92,130 |
|
|
|
(75,796 |
) |
|
|
(72,210 |
) |
|
|
(967,567 |
) |
| |
|
|
|
Comprehensive loss |
|
$ |
(1,713,083 |
) |
|
$ |
(2,481,393 |
) |
|
$ |
(9,148,782 |
) |
|
$ |
(13,104,092 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to Chanticleer Holdings, Inc. per common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| share, basic and diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Continuing operations attributable to common stockholders, basic and
diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.57 |
) |
| |
Discontinued operations attributable to common stockholders, basic and
diluted |
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.28 |
) |
| Weighted average shares outstanding, basic and diluted |
|
|
21,957,147 |
|
|
|
21,337,247 |
|
|
|
21,695,030 |
|
|
|
14,245,437 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chanticleer Holdings, Inc. and Subsidiaries |
|
| Consolidated Statements of Cash Flows |
|
| |
|
|
|
|
|
|
| |
|
December 31, 2016 |
|
|
December 31, 2015 |
|
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(9,412,914 |
) |
|
$ |
(14,455,643 |
) |
| Net loss from discontinued operations |
|
|
5,066,880 |
|
|
|
6,373,790 |
|
| Net loss from continuing operations |
|
|
(4,346,034 |
) |
|
|
(8,081,853 |
) |
| Adjustments to reconcile net loss from continuing operations to net cash provided by (used
in) operating activities: |
|
|
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
|
2,341,697 |
|
|
|
1,697,514 |
|
| |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
315,923 |
|
| |
|
Loss on disposal of property and equipment |
|
|
- |
|
|
|
514,522 |
|
| |
|
Loss (gain) on sales of investments |
|
|
- |
|
|
|
169,639 |
|
| |
|
Common stock and warrants issued for services |
|
|
24,510 |
|
|
|
279,362 |
|
| |
|
Common stock and warrants issued for interest |
|
|
349,000 |
|
|
|
- |
|
| |
|
Amortization of debt discount |
|
|
1,039,656 |
|
|
|
2,379,951 |
|
| |
|
Amortization of warrants |
|
|
- |
|
|
|
22,375 |
|
| |
|
Change in assets and liabilities: |
|
|
|
|
|
|
|
|
| |
|
|
|
Accounts and other receivables |
|
|
(336,546 |
) |
|
|
96,261 |
|
| |
|
|
|
Prepaid and other assets |
|
|
113,633 |
|
|
|
(78,236 |
) |
| |
|
|
|
Inventory |
|
|
33,217 |
|
|
|
6,016 |
|
| |
|
|
|
Accounts payable and accrued liabilities |
|
|
1,540,463 |
|
|
|
(235,283 |
) |
| |
|
|
|
Change in amounts payable to related parties |
|
|
194,350 |
|
|
|
(198,669 |
) |
| |
|
|
|
Derivative liabilities |
|
|
(1,231,608 |
) |
|
|
(868,592 |
) |
| |
|
|
|
Deferred income taxes |
|
|
131,783 |
|
|
|
94,527 |
|
| |
|
|
|
Deferred rent |
|
|
(288,279 |
) |
|
|
(300,259 |
) |
| |
|
|
Net cash used in operating activities from continuing operations |
|
|
(434,158 |
) |
|
|
(4,186,802 |
) |
| |
|
|
Net cash used in operating activities from discontinued operations |
|
|
(75,000 |
) |
|
|
(1,064,363 |
) |
| |
|
|
Net cash used in operating activities |
|
|
(509,158 |
) |
|
|
(5,251,165 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|
| |
Purchase of property and equipment |
|
|
(1,191,174 |
) |
|
|
(1,798,221 |
) |
| |
Cash paid for acquisitions, net of cash acquired |
|
|
(72,215 |
) |
|
|
(9,022,791 |
) |
| |
Proceeds from sale of investments |
|
|
8,902 |
|
|
|
330,361 |
|
| |
|
|
Net cash used in investing activities from continuing operations |
|
|
(1,254,487 |
) |
|
|
(10,490,651 |
) |
| |
|
|
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|
| |
Proceeds from sale of common stock and warrants |
|
|
- |
|
|
|
14,921,903 |
|
| |
Proceeds from sale of preferred stock |
|
|
257,175 |
|
|
|
- |
|
| |
Loan proceeds |
|
|
275,000 |
|
|
|
2,813,074 |
|
| |
Loan repayments |
|
|
(513,523 |
) |
|
|
(891,529 |
) |
| |
Capital lease payments |
|
|
(40,636 |
) |
|
|
(52,807 |
) |
| |
Contribution of non-controlling interest |
|
|
823,671 |
|
|
|
- |
|
| |
|
|
Net cash provided by financing activities from continuing operations |
|
|
801,687 |
|
|
|
16,790,641 |
|
| |
Effect of exchange rate changes on cash |
|
|
6,118 |
|
|
|
(4,944 |
) |
| Net increase (decrease) in cash |
|
|
(955,840 |
) |
|
|
1,043,881 |
|
| Cash, beginning of period |
|
|
1,224,415 |
|
|
|
180,534 |
|
| Cash, end of period |
|
$ |
268,575 |
|
|
$ |
1,224,415 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Chanticleer Holdings, Inc. and Subsidiaries |
| Reconcilation of Net Loss to EBITDA |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
|
Year Ended |
| |
December 31, 2016 |
|
December 31, 2015 |
|
December 31, 2016 |
|
December 31, 2015 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated net loss |
$ |
(1,940,925 |
) |
|
$ |
(1,763,105 |
) |
|
$ |
(4,346,034 |
) |
|
$ |
(8,081,853 |
) |
| Interest expense |
|
642,463 |
|
|
|
729,999 |
|
|
|
2,347,019 |
|
|
|
3,466,554 |
|
| Income tax |
|
60,596 |
|
|
|
217,867 |
|
|
|
198,463 |
|
|
|
187,568 |
|
| Depreciation and amortization |
|
602,882 |
|
|
|
724,140 |
|
|
|
2,341,697 |
|
|
|
1,697,514 |
|
| |
|
EBITDA |
$ |
(634,984 |
) |
|
$ |
(91,099 |
) |
|
$ |
541,145 |
|
|
$ |
(2,730,217 |
) |
| Restaurant pre-opening and closing expenses |
|
27,143 |
|
|
|
24,453 |
|
|
|
145,130 |
|
|
|
505,098 |
|
| Change in fair value of derivative liabilities |
|
- |
|
|
|
(35,453 |
) |
|
|
(1,231,608 |
) |
|
|
(868,592 |
) |
| Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
315,923 |
|
| Transaction and severence related expenses |
|
68,292 |
|
|
|
283,034 |
|
|
|
214,905 |
|
|
|
1,103,179 |
|
| Other income |
|
424,660 |
|
|
|
(49,209 |
) |
|
|
412,272 |
|
|
|
(99,399 |
) |
| |
|
Adjusted EBITDA |
$ |
(114,889 |
) |
|
$ |
131,726 |
|
|
$ |
81,844 |
|
|
$ |
(1,774,008 |
) |
| General and administrative expenses |
|
1,331,915 |
|
|
|
1,351,682 |
|
|
|
5,586,128 |
|
|
|
5,695,463 |
|
| Franchise revenues |
|
(138,741 |
) |
|
|
(88,476 |
) |
|
|
(520,222 |
) |
|
|
(359,424 |
) |
| Management fee revenue |
|
(25,000 |
) |
|
|
(349,829 |
) |
|
|
(100,000 |
) |
|
|
(424,829 |
) |
| |
|
Restaurant EBITDA |
$ |
1,053,285 |
|
|
$ |
1,045,103 |
|
|
$ |
5,047,750 |
|
|
$ |
3,137,202 |
|