The acclaimed culinary chef and Masters of Meat join forces to support military, veteran, and first responder personnel.
Plantation, Fla., Oct. 31, 2023 (GLOBE NEWSWIRE) — Smokey Bones today announces that world-class culinary personality and philanthropist, Chef Robert Irvine, will join the Masters of Meat to introduce a limited-time menu, Robert’s Ribfeast, starting on October 31, 2023. Fans are asked to bring their appetites to try this delicious new menu, which will benefit the Robert Irvine Foundation, dedicated to transforming the lives of service members, veterans, first responders and their families. Smokey Bones has committed to donate 10 percent of sales from “Robert’s Ribfeast” promotion, up to $100,000.
As a Smokey Bones fan and loyalist, particularly of its award-winning ribs, Chef Irvine is working with the brand to share good food with guests while supporting and showing appreciation for the country’s military and veterans. Robert’s Ribfeast includes:
Robert’s Ribfeast for One ($19.99): A half-rack of Smokey Bones’ signature house-smoked St. Louis ribs, two sides, a piece of garlic bread, and choice of appetizer or dessert.
Ribfeast for Two ($29.99): A full rack of St. Louis ribs, four sides, two pieces of garlic bread, and choice of appetizer or dessert.
“We are honored to partner with Chef Irvine, who shares our appreciation for not only our ribs but also for our active-duty military and veterans,” said Cole Robillard, Chief Marketing Officer at Smokey Bones. “Chef Irvine is a frequent guest at Smokey Bones and a natural fit for our brand as he has made a significant impact on both the restaurant industry and military community. We are excited to not only offer guests a terrific deal on his favorite meal, but to bring our communities together to support this important cause.”
Chef Irvine is an acclaimed chef, entrepreneur, and longtime philanthropic supporter of America’s military. He’s also the host of Food Network’s hit show “Restaurant: Impossible,” where he gives struggling restaurateurs a second chance to turn their lives and businesses around.
“We are thankful for the generosity of Smokey Bones in their efforts to support the Robert Irvine Foundation,” said Chef Irvine. “These funds will go towards our Food, Wellness, Community, and Financial-Support programs which impact thousands of service members, veterans and their families. We look forward to kicking off this partnership with the Masters of Meat in supporting America’s heroes.”
Robert’s Ribfeast will be available at all Smokey Bones locations until January 1, 2024, while supplies last.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Smokey Bones, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Smokey Bones
The ‘Masters of Meat,’ Smokey Bones is a full-service restaurant delivering great barbecue, award-winning ribs, crave-worthy cocktails and memorable moments in 61 locations across 16 states. Smokey Bones serves lunch, dinner, and late night every day. Smokey Bones also has a full bar featuring a variety of bourbons and whiskeys; a selection of domestic, import and local craft beers; and signature, handcrafted cocktails. Smokey Bones offers a 10 percent discount to active duty and veterans with ID.
About the Robert Irvine Foundation
The Robert Irvine Foundation was established by chef, entrepreneur and TV personality Robert Irvine. The Robert Irvine Foundation supports and strengthens the physical and mental well-being of our service members, veterans, first responders, and their families. They provide these heroes with life-changing opportunities that unlock the potential in their personal and professional lives through food, wellness, community, and financial support. For more information, please visit: www.robertirvinefoundation.org.
LOS ANGELES, Oct. 26, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal third quarter ended September 24, 2023.
Andy Wiederhorn, Chairman of FAT Brands, commented, “With the acquisition of Smokey Bones early in the fourth quarter, we have grown the FAT Brands portfolio to 18 iconic restaurant brands with annualized system wide sales of $2.4 billion. Year to date through the third quarter, we have opened 96 restaurants, including 30 that opened in the third quarter, and are on track to open 150 new restaurants in 2023. We are seeing strong franchisee interest in development opportunities, having signed over 200 development agreements in 2023, bringing our total pipeline to over 1,100 units. This represents the potential for over 50% EBITDA growth over the next several years.”
Rob Rosen, Co-Chief Executive Officer of FAT Brands, commented, “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year, we plan to open 15 to 17 new lodges, of which 11 have been opened so far. We expect to end the year with over 110 lodges, a 35% increase since acquiring the brand in 2021. Our growth pipeline includes over 125 lodges and Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert over 40 locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”
Ken Kuick, Co-Chief Executive Officer of FAT Brands, commented, “We believe there are significant opportunities on the horizon for FAT Brands. Our seasoned leadership team and strong brand management platform allow us to efficiently integrate new brands while maintaining a healthy and evolving pipeline for organic growth. These strengths position us for continued growth in the future, which will help deleverage our balance sheet.”
Fiscal ThirdQuarter 2023Highlights
• Total revenue improved 6.0% to $109.4 million compared to $103.2 million in the fiscal third quarter of 2022
◦ System-wide sales growth of 0.8% in the fiscal third quarter of 2023 compared to the prior year fiscal quarter ◦ Year-to-date system-wide same-store sales growth of 1.3% in the fiscal third quarter of 2023 compared to the prior year ◦ 30 new store openings during the fiscal third quarter of 2023
• Net loss of $24.7 million, or $1.59 per diluted share, compared to $23.4 million, or $1.52 per diluted share, in the fiscal third quarter of 2022 • Adjusted EBITDA(1) of $21.9 million compared to $24.6 million in the fiscal third quarter of 2022 • Adjusted net loss(1) of $17.1 million, or $1.14 per diluted share, compared to adjusted net loss of $16.3 million, or $1.08 per diluted share, in the fiscal third quarter of 2022
(1) EBITDA, Adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.
Summary of Fiscal ThirdQuarter 2023Financial Results
Total revenue increased $6.2 million, or 6.0%, in the third quarter of 2023 to $109.4 million compared to $103.2 million in the same period of 2022, driven by a 4.8% increase in royalties, a 2.0% increase in company-owned restaurant revenues, a 228.5% increase in franchise fees and an 18.9% increase in revenues from our manufacturing facility.
Costs and expenses consist of general and administrative expense, cost of restaurant and factory revenues, depreciation and amortization, refranchising net loss and advertising fees. Costs and expenses remained largely unchanged in the third quarter, increasing 0.5% in the third quarter of 2023 compared to the same period in the prior year.
General and administrative expense decreased $4.3 million, or 14.9%, in the third quarter of 2023 compared to the same period in the prior year, primarily due to the recognition of $1.0 million related to Employee Retention Credits during the third quarter of 2023 and lower professional fees related to certain litigation matters.
Cost of restaurant and factory revenues increased $3.9 million, or 7.1%, in the third quarter of 2023 compared to the same period in the prior year, primarily due to Employee Retention Credits recognized during the third quarter of 2022 and higher company-owned restaurant and dough factory revenues.
Depreciation and amortization increased $0.1 million, or 2.1% in the third quarter of 2023 compared to the same period in the prior year, primarily due to depreciation of new property and equipment at company-owned restaurant locations.
Advertising expenses in the third quarter of 2023 increased $0.5 million compared to the prior year period. These expenses vary in relation to advertising revenues.
Total other expense, net, for the third quarter of 2023 and 2022 was $32.6 million and $23.9 million, respectively, which is inclusive of interest expense of $29.7 million and $24.5 million, respectively. Total other expense, net for the third quarter of 2023 also included a $2.7 million net loss on extinguishment of debt.
Adjusted net loss(1) of $17.1 million, or $1.14 per diluted share, compared to adjusted net loss of $16.3 million, or $1.08 per diluted share, in the fiscal third quarter of 2022.
Key Financial Definitions
New store openings – The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of stores openings has, and will continue to have, an impact on our results.
Same-store sales growth – Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year.
System-wide sales growth – System wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period.
Conference Call and Webcast
FAT Brands will host a conference call and webcast to discuss its fiscal third quarter 2023 financial results today at 4:30 PM ET. Hosting the conference call and webcast will be Andy Wiederhorn, Chairman of the Board, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 1-844-826-3035 from the U.S. or 1-412-317-5195 internationally. A replay will be available after the call until Thursday, November 16, 2023, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 10183290. The webcast will be available at www.fatbrands.com under the “Investors” section and will be archived on the site shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Smokey Bones, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, estimates of future EBITDA, the timing and performance of new store openings, future reductions in cost of capital and leverage ratio, our ability to conduct future accretive acquisitions and our pipeline of new store locations. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Non-GAAP Measures (Unaudited)
This press release includes the non-GAAP financial measures of EBITDA, adjusted EBITDA and adjusted net loss.
EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors, and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles (“GAAP”), and should not be considered as an alternative to net loss as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP.
Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising loss, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.
Adjusted net loss is a supplemental measure of financial performance that is not required by or presented in accordance with GAAP. Adjusted net loss is defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non-GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results.
Reconciliations of net loss presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the tables below.
Legendary Chains Merge for the First Time to Serve Up Burgers and Pizzas Under One Roof in Lantana, Texas
LOS ANGELES, Oct. 25, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Fatburger, Round Table Pizza, and 16 other restaurant concepts, announces that it has officially opened its first-ever co-branded Fatburger and Round Table Pizza location in Dallas. Situated in the vibrant Lantana neighborhood, the 3,500 sq. foot restaurant offers a full-service, full-bar casual dining experience great for game day. It is the first of four co-branded Fatburger and Round Table Pizza locations planned for the greater Dallas area operated by SNM Management Group.
“We are beyond thrilled to introduce our first co-branded Fatburger and Round Table Pizza concept to Dallas,” says Taylor Wiederhorn, Chief Development Officer of FAT Brands. “This new restaurant will allow guests to enjoy the best of both brands in one space, creating a seamless experience that caters to a range of tastes. With the success Fatburger has seen co-branding with Buffalo’s Cafe and Express, we’re eager to see this new venture with Round Table Pizza flourish.”
Ever since the first Fatburger opened in Los Angeles 70 years ago, the chain has been known for its delicious, grilled-to-perfection and cooked-to-order burgers. Founder Lovie Yancey believed that a big burger with everything on it is a meal in itself; at Fatburger “everything” is not just the usual roster of toppings. Burgers can be customized with everything from bacon and eggs to chili and onion rings. In addition to its famous burgers, the Fatburger menu also includes Fat and Skinny Fries, sweet potato fries, scratch-made onion rings, Impossible™ Burgers, turkeyburgers, hand-breaded crispy chicken sandwiches, and hand-scooped milkshakes made from 100 percent real ice cream.
Since its founding, Round Table Pizza has been recognized as “Pizza Royalty™” for its homemade dough, signature three-cheese blend, and gold-standard ingredients topped to the edge. Customers can enjoy the chain’s proprietary handmade pizzas, salads, baked-to-perfection Garlic Parmesan Twists, classic and boneless wings, and more.
The new co-branded Fatburger and Round Table Pizza location is located at 3701 FM 407 Suite 600, Bartonville, Texas 76226. It is open Sunday to Thursday, 11 a.m. to 10 p.m., and Fridays and Saturdays 11 a.m. to 12 a.m. – perfect for late-night cravings.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Fatburger
An all-American, Hollywood favorite, Fatburger is a fast-casual restaurant serving big, juicy, tasty burgers, crafted specifically to each customer’s liking. With a legacy spanning 70 years, Fatburger’s extraordinary quality and taste inspire fierce loyalty amongst its fan base, which includes a number of A-list celebrities and athletes. Featuring a contemporary design and ambiance, Fatburger offers an unparalleled dining experience, demonstrating the same dedication to serving gourmet, homemade, custom-built burgers as it has since 1952 – The Last Great Hamburger Stand™. For more information, visit www.fatburger.com.
About Round Table Pizza
Inspired by the honor, valor, and revelry of the Knights of the Round Table, Round Table Pizza’s® superior pizza and commitment to quality and authenticity have earned the reputation of “Pizza Royalty™” for over 60 years. With more than 410 restaurants across the United States, Round Table celebrates community, family, and making merry. For more information, visit www.roundtablepizza.com.
LOS ANGELES, Oct. 23, 2023 (GLOBE NEWSWIRE) — FAT(Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 13 other restaurant concepts, today announced that the Company will host a conference call to review its third quarter 2023 financial results on Thursday, October 26, 2023 at 4:30 PM ET. A press release with third quarter 2023 financial results will be issued prior to the conference call that day.
The conference call can be accessed live over the phone by dialing 1-844-826-3035 from the U.S. or 1-412-317-5195 internationally. A replay will be available after the call until Thursday, November 16, 2023, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 10183290. Hosting the call will be Andy Wiederhorn, Chairman, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.
The conference call will also be webcast live from the corporate website at www.fatbrands.com, under the “Investors” section. A replay of the webcast will be available through the corporate website shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Smokey Bones, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Classic Burger Concept Celebrates Nine International Openings This Year
LOS ANGELES, Oct. 16, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Johnny Rockets and 17 other restaurant concepts, announces nine openings for Johnny Rockets. The most recent new opening, in Baghdad, marks the first Iraqi location, and is operated by Alanwar Alarabiya.
Since February, Johnny Rockets has also opened international locations in the following cities: Fortaleza, Brazil, Cumbica International Airport in Sao Paulo, Brazil, Santiago, Chile, Lima, Peru, Dubai, United Arab Emirates, Abu Dhabi, United Arab Emirates, Talca, Chile, and one ghost kitchen in the United Arab Emirates. Johnny Rockets around the world serve the classic fare that put the brand on the map over 35 years ago, including juicy, made-to-order burgers and hand-spun shakes.
“Johnny Rockets is a timeless concept that we are proud to see succeed across many borders and formats,” said Jake Berchtold, COO of FAT Brands’ Fast Casual Division. “We look forward to continued growth in Iraq, where we see the opportunity to capitalize on an impressive customer base.”
The first Johnny Rockets restaurant opened June 6, 1986, on Melrose Avenue in Los Angeles. Since that time, the chain’s timeless all-American brand has connected with customers across the U.S. and in more than 25 other countries around the globe. The Johnny Rockets team’s passion for delivering fresh, classic American fare is only equaled by their commitment to providing a superb guest experience.
The new Johnny Rockets in Baghdad is located in the Alyarmouk neighborhood at The Four Streets, Allay 616, Ste. 17 Bldg. 105 Baghdad, Iraq and is open 12 p.m. to 12 a.m. seven days a week. The new location’s menu includes halal-friendly cooked-to-order burgers, indulgent, hand-spun real ice cream shakes, crispy fries, chicken options and more.
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, quick-service, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Smokey Bones, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Johnny Rockets Founded in 1986 on Melrose Avenue in Los Angeles, Johnny Rockets is a world-renowned international franchise that offers high-quality, innovative menu items including Certified Angus Beef® cooked-to-order hamburgers, veggie burgers, chicken sandwiches, crispy fries, and rich, delicious hand-spun shakes and malts. With over 325 locations in over 25 countries around the globe, this dynamic lifestyle brand offers friendly service and upbeat music contributing to the chain’s signature atmosphere of relaxed, casual fun. For more information, visit www.johnnyrockets.com.
Original Pretzel Bite Franchise Expands Canadian Footprint
LOS ANGELES, Oct. 11, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Pretzelmaker and 17 other restaurant concepts, announces a development deal to open 25 new franchised locations in Canada in partnership with Canadian Cookie Enterprises, Inc. The Pretzelmaker locations will open throughout the country over the next 10 years.
“Canadian Cookie Enterprises, Inc. has proven to be an integral expansion partner for Pretzelmaker in Canada throughout the past two decades,” said Taylor Wiederhorn, Chief Development Officer of FAT Brands. “Building on their existing footprint of 52 Canadian units, we are pleased to finalize a new development agreement to build 25 additional locations throughout the country. This growth underscores our dedication to international growth as we continue to scale the Pretzelmaker brand.”
Since getting its start in 1991 as a single pretzel stand, fans have loved snacking on fresh-baked, hand-rolled Pretzel Bites and sipping on fresh-squeezed, all-natural lemonade.
About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Smokey Bones, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Pretzelmaker® Since its first stand opened in 1991, Pretzelmaker has been the home of Bite-Sized Fun and Full-Sized Flavor. Best known as the innovator of Pretzel Bites, fresh goes into Pretzelmaker’s entire philosophy – from hand-rolled snacks to all-natural lemonade. Whether swinging by to grab a to-go order or having a sit-down meal, Pretzelmaker is where joy gets made. Pretzelmaker has grown into the second-largest soft pretzel concept in the U.S., with over 280 locations worldwide, and continues to innovate with breakfast, late-night and standalone drive-thru concepts. For more information, visit www.pretzelmaker.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings. Forward-looking statements reflect expectations of FAT Brands Inc. (“we”, “our” or the “Company”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Dessert Duo’s New Co-Branded Location Marks FAT Brands’Continued Expansion into Non-Traditional Venues
LOS ANGELES, Oct. 02, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc., parent company of Great American Cookies, Marble Slab Creamery and 16 other restaurant concepts, announces the opening of a co-branded Great American Cookies and Marble Slab Creamery location at Cook Children’s Medical Center in Fort Worth, Texas. Situated in the first floor of the newly expanded Dodson Specialty Clinics, the new store underscores FAT Brands’ strategic approach to broadening its footprint in non-traditional spaces.
“The opening of our co-branded Great American Cookies and Marble Slab Creamery location at Cook Children’s reinforces FAT Brands’ commitment to executing a diverse growth strategy that brings our 18 restaurant brands to a wider audience,” said Taylor Wiederhorn, Chief Development Officer at FAT Brands. “With this new opening, FAT Brands continues to demonstrate adaptability and a forward-thinking approach in the ever-evolving franchise landscape.”
For nearly 40 years, Marble Slab Creamery has been an innovator in the ice cream space, dreaming up the frozen slab technique and offering homemade, small-batch ice cream with free unlimited mix-ins, shakes in a variety of flavors, and ice cream cakes.
Since 1977, Great American Cookies has baked up a reputation for not only being the creator of the Original Cookie Cake, but also for its famous chocolate chip cookie recipe. Other craveable menu items include decadent Double Doozies™, made with delectable icing sandwiched between two cookies.
Great American Cookies and Marble Slab Creamery at Cook Children’s Medical Center is located in the Dodson Specialty Clinics, which is found at 1500 Cooper St., Fort Worth, TX 76104. The store will be open from 8 a.m. to 5 p.m. Monday through Friday to hospital guests, staff and patients. For more information on Great American Cookies, visit www.greatamericancookies.com. For more information on Marble Slab Creamery, visit www.marbleslab.com.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Smokey Bones, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
About Great American Cookies
Founded on a family chocolate chip cookie recipe in 1977, Great American Cookies believes that pure, simple delight is part of living a full life. Serving the Original Cookie Cake, fresh baked cookies in a variety of flavors, brownies, and Double Doozies™, we promise to treat you to bites of bliss that prove how sweet life can be. With more than 400 bakeries across the country and internationally in Bahrain, Guam, Saudi Arabia, and treats available to ship right to your door, the sweet spot is always close to home. For more information, visit www.greatamericancookies.com.
About Marble Slab Creamery
Since dreaming up the frozen slab technique and serving fresh homemade, small-batch Ice Cream in-store since 1983, Marble Slab Creamery has always known how to dream big. We sprinkle our customers with imagination and promise to inspire with infinite Ice Cream possibilities to feed your curiosity and capture cravings. With our always free mix-in philosophy, delicious Ice Cream and Shakes in a variety of flavors, hand-rolled waffle cones, and Ice Cream Cakes, imagination has no limits. Today, Marble Slab Creamery is enjoyed by consumers across the globe with locations in Bahrain, Canada, Kuwait, Saudi Arabia, Guam, Puerto Rico, and the United States. For more information, visit www.marbleslab.com.
About Cook Children’s Medical Center
Cook Children’s is more than a health care system: we strive to be an extension of your family, growing with your child from their first steps to adulthood. By collaborating to deliver on our Promise—to improve the well-being of every child in our care and our communities, we connect the dots for our patients. Between primary and specialty. Between home and medical home. Between short-term care and long-term health.
Based in Fort Worth, Texas, we’re 8,000+ dedicated team members strong, passionately caring for over 1.5 million patient encounters each year. Our integrated, not-for-profit organization spans two medical centers (including our new, state-of-the-art location in Prosper), two surgery centers, a physician network, home health services and a health plan. It also includes Child Study Center at Cook Children’s, Cook Children’s Health Services Inc., and Cook Children’s Health Foundation.
And our impact extends beyond the borders of Texas. We proudly treat children from virtually every state in the nation and 32 countries. By seeing the world through the eyes of children and their families from all backgrounds, we’re able to shape health care suited to them: connected by kindness, imagination and respect—with an extra dose of magical wonder.
LOS ANGELES, Sept. 28, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. announces the appointment of two new Directors to its Board, James G. Ellis and John M. Allen. With the additions, the Board size will increase from 12 to 14. Mr. Ellis and Mr. Allen will serve as independent directors, with Mr. Ellis also joining the Audit Committee of the Board.
Mr. Ellis served as the Dean of the Marshall School of Business at the University of Southern California from 2007 until June 2019. Prior to his appointment as Dean in April 2007, Mr. Ellis was the Vice Provost, Globalization, for USC and prior to that was Vice Dean, External Relations. Mr. Ellis was also a professor in the Marketing Department of the Marshall School of Business from 1997 until his retirement in 2021. Mr. Ellis continues to serve on the boards of directors of a number of other public and private companies. Mr. Ellis received a Bachelor of Business Administration degree from the University of New Mexico and an MBA from Harvard Business School.
Mr. Allen is a retired restaurant operator, having served as the founder, owner and operator of Pacific Way Bakery & Café. Mr. Allen received a Bachelor of Arts degree from the University of Illinois.
“Jim and John bring valuable insight and are both deeply respected in their communities,” said Andy Wiederhorn, Chairman of FAT Brands. “We are grateful to have them on the team and look forward to leveraging their insights to continue growth for our franchisees and returns for our shareholders.”
About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Smokey Bones, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit fatbrands.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s expectations concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies. These risks, uncertainties and contingencies are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that the Company files from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Global Franchisor Doubles Down on Polished Dining Segment
LOS ANGELES, Sept. 25, 2023 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today announces it has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners, Inc. The acquisition marks the Company’s first foray into barbecue and expands FAT Brands’ portfolio of polished dining chains, which currently includes Twin Peaks. The purchase is expected to increase annual adjusted EBITDA by approximately $10 million, and bring 61 new corporate locations under FAT Brands’ umbrella. The $30 million transaction was funded from the Company’s existing securitization facilities.
“We continue to be selective and opportunistic in our acquisition strategy, targeting brands that are both scalable and synergistic with our existing platform,” said Rob Rosen, Co-CEO of FAT Brands. “We are pleased to add another polished dining brand, which will provide more options for our sales team to offer our franchise partners to further their new unit development.”
“As we have spent the year focusing on digesting past acquisitions, we’ve also been amplifying the explosive growth in our polished dining vertical,” said Andy Wiederhorn, Chairman and Founder of FAT Brands. “Having a strong player in the barbecue space provides another arrow in our quiver for the polished dining segment and opens the door for additional growth strategies for our sister brands. We look forward to generating impressive results, similar to our Johnny Rockets integration, which we also acquired from an affiliate of Sun Capital Partners.”
“We are excited to become a part of the FAT Brands family and benefit from their purchasing power and scale,” said Hal Lawlor, President of Smokey Bones. “Additionally, we see great opportunity in being a part of a leading global franchising company to further our growth with new franchised locations.”
Kroll Investment Banking acted as exclusive sell-side M&A advisor to Smokey Bones and Sun Capital Partners on the transaction.
About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com.
About Smokey Bones The Masters of Meat. Smokey Bones Bar & Fire Grill is a full-service restaurant chain delivering great barbecue, award-winning ribs, perfectly seared steaks and memorable moments in 61 locations across 16 states. Smokey Bones serves lunch, dinner, and late night, and has a full bar featuring a variety of bourbons and whiskeys, a selection of domestic, import and local craft beers, and several signature handcrafted cocktails. Smokey Bones offers a variety of meats that are slow-smoked, fire-grilled, and available for dine-in, pick-up, online ordering, catering, and delivery. Smokey Bones offers a 10 percent discount to active duty and veterans with ID. For additional information and a list of locations nationwide, please visit www.SmokeyBones.com. Smokey Bones, Meat is What We Do!
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s future financial performance and growth following the acquisition of Smokey Bones, including expectations of changes in the Company’s adjusted EBITDA, and the Company’s ability to conduct future accretive and successful acquisitions. Forward-looking statements reflect the Company’s expectations concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies including, but not limited to, the Company’s ability to successfully integrate and exploit the synergies of the acquisition of Smokey Bones, and the Company’s ability to grow and expand sales and earnings following the acquisition. These risks, uncertainties and contingencies are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that the Company files from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
About Non-GAAP Projected Financial Measures This press release includes projections of changes in future EBITDA, a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). EBITDA is defined as net income (loss), before interest expense, income tax expense (benefit), depreciation and amortization expense. EBITDA is not a measurement of the Company’s financial performance under GAAP, and should not be considered in isolation or as an alternative to net income (loss) as a measure of financial performance, cash flows from operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. The Company believes that EBITDA is an important supplemental measure of its operating performance because it eliminates the impact of expenses that do not relate to business performance. The Company also believes that this non-GAAP measure is useful to investors because it and similar measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry and provide additional information regarding growth rates on a more comparable basis than would be provided without such adjustments.
The Company prepared the information included in this press release based upon available information and assumptions and estimates that it believes are reasonable. The Company cannot assure you that its estimates and assumptions will prove to be accurate. Additionally, to the extent that forward-looking non-GAAP financial measures are provided, they are presented on a non-GAAP basis without reconciliations of such forward-looking non-GAAP financial measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation.
Fans Celebrate Arrival of Favorite Fast Casual Italian
LOS ANGELES, Sept. 07, 2023 (GLOBE NEWSWIRE) — Fazoli’s, America’s favorite fast and fresh Italian chain, is officially open in Orlando. Located at 4201 E. Colonial Dr., the location is owned by local operator Keys Restaurants Inc., and is now serving up its beloved hot and buttery breadsticks and signature Italian dishes including pasta, subs, salads, pizzas and more.
“We couldn’t be happier to reintroduce our mouthwatering, freshly made food back into the Orlando market,” said Doug Bostick, President at Fazoli’s. “We’ve been humbled by the nonstop excitement from fans and have spent countless hours preparing for the large crowds we expect at our drive-thru and can confidently say, we are ready!”
“We are excited to have fulfilled our promise to return Fazoli’s to Orlando,” said Keys Restaurants Inc. CEO Rodney Keys. “We have a long history of excellence building franchises and local businesses in the Orlando area and are more committed than ever to our customers. When they walk into a Keys Restaurant Inc. location, they know they can expect nothing but the best.”
The Orlando Fazoli’s is located at 4201 E. Colonial Dr., Orlando, FL. 32803. The drive-thru and dine-in is open 10:30 a.m. to 10 p.m., Sunday-Thursday, and 10:30 a.m. to 11 p.m. Friday-Saturday. For more information, visit Fazolis.com.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit fatbrands.com.
About Fazoli’s
Fast. Fresh. Italian. Founded in 1988 in Lexington, Ky., Fazoli’s owns and operates nearly 220 restaurants in 27 states, making it the largest QSR Italian chain in America. Fazoli’s prides itself on serving quality Italian food, fast, fresh and friendly. Menu offerings include freshly prepared pasta entrees, sub sandwiches, salads, pizza and desserts – along with its unlimited signature breadsticks. For more information, visit www.Fazolis.com.
LOS ANGELES, Jan. 03, 2023 (GLOBE NEWSWIRE) — FAT(Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT), a leading global franchising company and parent company of iconic brands including Round Table Pizza, Fatburger, Johnny Rockets, Twin Peaks, Fazoli’s and 12 other restaurant concepts, today announced their participation in the 2023 ICR Conference. Andy Wiederhorn, President and CEO, and Jim Neuhauser, Executive Chairman of the Board of Directors, will host a fireside chat on Monday, January 9th, 2023 at 4:00 PM ET. Institutional investors interested in scheduling a 1×1 meeting with management should contact their ICR representative.
The fireside chat will be webcast live and available for replay for 90 days. It can be accessed under the Events & Presentations section of the FAT Brands Investor Relations website at https://ir.fatbrands.com/.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.
FAT Brands Inc. (FAT) A Tuck-in Acquisition to Improve Factory Utilization and Expand Market Share
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Acquisition. Yesterday, FAT Brands announced that it agreed to acquire the franchised chain of stores known as Nestlé Toll House Café by Chip from Crest Foods, Inc. While the acquisition increases the Company’s presence in the cookie segment, we believe the driving force to be the opportunity to increase the capacity utilization of the manufacturing business, which currently manufactures cookie dough and pretzel mix for FAT Brands, as well as conducts distribution services for other products used in those operations. Recall, the factory is currently operating at roughly one-third of capacity. At full capacity, the factory could more than double its EBITDA contribution.
Who, and What, Is Nestlé Toll House Café by Chip from Crest Foods, Inc.? While terms of the acquisition were not released, Nestle Toll House Café currently franchises approximately 85 cafés across the U.S., with a concentration in Texas. The very first Nestle Toll House Café by Chip opened in August 2000, in Frisco, Texas and the brand touches over 60 million customers per year. Cafes are commonly found in shopping malls or shopping centers….
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
