Higher one-time general and administrative expenses widened a net loss for Bravo Brio Restaurant Group in the fourth quarter of 2010, although sales and unit growth for the quarter and full year were positive.
For the fourth quarter ended Dec. 26, 2010, Columbus, Ohio-based Bravo Brio, the owner and operator of 47 Bravo! Cucina Italiana and 38 Brio Tuscan Grille restaurants, posted a net loss of $6.5 million, or 42 cents per share, compared with a net loss of $3.8 million, or 52 cents a share, a year earlier.
Excluding special items, the majority of which were associated with Bravo Brio’s initial public offering in October, net income totaled $5.5 million, or 27 cents per share, a 20-percent increase from adjusted net income a year earlier.
Revenue grew 8.6 percent to $88.3 million. Same-store sales rose 2.2 percent for the quarter, reflecting a 0.3-percent decrease at Bravo and a 4.7-percent increase at Brio.
The company narrowed its full-year net loss to $5 million, or 54 cents per share, compared with a net loss of $8.2 million, or $1.13 per share, in fiscal 2009, when Bravo Brio was still a private company.
Excluding one-time charges from its IPO, net income for the full year totaled $15.5 million, or 75 cents per share, compared with $8.1 million, or 39 cents per share, a year earlier. Revenue increased 10 percent to $343 million.
Total comparable-sales rose 1.6 percent for 2010, reflecting a full-year decline of 0.1 percent at Bravo and an increase of 3.2 percent at Brio.
For 2011, the company is projecting six or seven new openings and same-store sales increases between 1 percent and 3 percent. Capital expenditures are expected to total between $22 million and $24 million, Bravo Brio said.
Bravo Brio operates 86 restaurants, including one Bon Vie location, in 29 states.
Contact Mark Brandau at [email protected] .