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J. Alexander’s Holdings, Inc. Reports Results For Fourth Quarter And Full Year 2017

Same Store Sales Continue To Increase In Final Quarter of 2017 – Net Sales Increase 7% for the Fourth Quarter of 2017

J. Alexander’s Holdings, Inc. (NYSE: JAX) (the Company), owner and operator of the J. Alexander’s, Redlands Grill, Stoney River Steakhouse and Grill and Lyndhurst Grill collection of restaurants, yesterday reported financial results for the fourth quarter and fiscal year ended December 31, 2017.

 

Fourth Quarter 2017 Highlights Compared To The Fourth Quarter Of 2016

(1) Average weekly same store sales per restaurant is computed by dividing total restaurant same store sales for the period by the total number of days all same store restaurants were open for the period to obtain a daily sales average. The daily same store sales average is then multiplied by seven to arrive at average weekly same store sales per restaurant. Days on which restaurants are closed for business for any reason other than scheduled closures on Thanksgiving and Christmas are excluded from this calculation. Sales and sales days used in this calculation and amounts of other “same store” figures in this release include only those for restaurants in operation at the end of the period which have been open for more than 18 months. Revenue associated with reduction in liabilities for gift cards which are considered to be only remotely likely to be redeemed (based on historical redemption rates) is not included in the calculation of average weekly same store sales per restaurant.Average weekly same store sales is computed from sales amounts that have been determined in accordance with U.S. generally accepted accounting principles (GAAP).

(2) Please refer to the financial information accompanying this release for our definition of and a reconciliation of the non‐GAAP financial measure Adjusted EBITDA to net income. Management uses Adjusted EBITDA to evaluate operating performance and the effectiveness of its business strategies.

(3) “Restaurant Operating Profit Margin” is the ratio of Restaurant Operating Profit, a non‐GAAP financial measure, to net sales. Please refer to the financial information accompanying this release for our definition of and a reconciliation of the non‐GAAP financial measure Restaurant Operating Profit to Operating Income. Management uses Restaurant Operating Profit to measure operating performance at the restaurant level.

For the fourth quarter of 2017, the Company’s restaurant labor and related costs as a percentage of net sales were 29.5% as compared to 29.7% of net sales in the fourth quarter of 2016. Other restaurant operating expenses were 19.4% of net sales in the fourth quarter of 2017 as compared to 19.1% of net sales in the last quarter of 2016.

The Company’s consolidated operating income for the fourth quarter of 2017 was $4,507,000 compared to consolidated operating income of $3,794,000 recorded in the comparable quarter a year earlier.

The average weekly guest counts within the same store base of the Company’s J. Alexander’s/Grills collection were down 0.3% in the fourth quarter of 2017 compared to the corresponding quarter a year earlier. Guest counts within the same store base at the Company’s Stoney River Steakhouse and Grill restaurants were up 8.7% for the fourth quarter of 2017 compared to the final quarter of 2016. With respect to average guest checks, which include alcoholic beverage sales, the average guest check within the J. Alexander’s/Grills same store base of restaurants during the fourth quarter of 2017 was $31.86, up 2.7% from $31.03 during the fourth quarter of 2016. The average guest check within the same store base of Stoney River Steakhouse and Grill restaurants totaled $44.32 during the fourth quarter of the most recent year, down 1.3% from $44.90 recorded in the last quarter of 2016.

On a consolidated basis, average weekly guest counts within the Company’s J. Alexander’s/Grills locations in the fourth quarter of 2017 were even with the fourth quarter of the prior year while average weekly guest counts within the Company’s Stoney River Steakhouse and Grill locations were up 7.2% for the final quarter of 2017 compared to the final quarter of 2016. Average guest checks for the combined J. Alexander’s/Grills concepts rose 2.6% from $31.10 in the fourth quarter of 2016 to $31.90 for the fourth quarter of 2017. Average guest checks for the Stoney River Steakhouse and Grill restaurants decreased 1.8% from $44.90 in the last quarter of 2016 to $44.09 in the final quarter of 2017.

The effect of menu pricing for the last quarter of 2017 was estimated to be a 1.6% increase for the J. Alexander’s/Grills restaurants and a 0.8% increase for the Stoney River Steakhouse and Grill restaurants compared to the corresponding quarter of 2016. Inflation in food costs for the fourth quarter of 2017 was estimated to total 4.9% for the J. Alexander’s/Grills restaurants, with beef costs increasing by an estimated 5.9% compared to the fourth quarter of 2016. For the Stoney River Steakhouse and Grill restaurants, inflation for the fourth quarter of 2017 was estimated to total 5.9%, with beef costs up by approximately 6.9% over the last quarter of 2016.

Chief Executive Officer’s Comments

“We were pleased with our sales performance in both restaurant groups,” said Lonnie J. Stout II, President and Chief Executive Officer of J. Alexander’s Holdings, Inc. “However we were under considerable cost of sales pressure during the quarter, primarily related to beef costs.”

“When you eliminate the impact of transaction costs, the non-cash expense or income associated with the Black Knight profits interest valuation and the pre-opening expense related to the timing of our new restaurant openings on income from continuing operations before income taxes, our results for the fourth quarter of 2017 came in below the fourth quarter of 2016, primarily due to the impact of higher cost of sales,” Stout continued.

“Looking ahead, we expect our cost of sales in the first quarter of 2018 to be more in line with our expectations. We took a small price increase in the fourth quarter of 2017 and our input costs relative to our beef program, while still up compared to the first quarter of 2017, which had unusually favorable beef input costs, have returned to a more normalized level thus far.”

“We entered 2018 with overall positive momentum in most key trends,” Stout said. “While we were encouraged with these indicators, harsh winter weather in restaurants located in certain Midwestern markets has impacted our sales during the first quarter of 2018. Through Valentine’s Day 2018, we found it necessary to close our restaurants for a total of 24 days, representing lost revenue of approximately $370,000 during the first six weeks of 2018. For the same period of 2017, we were closed a total of two days which accounted for estimated lost revenue of $33,000.”

“As mentioned in our recent news release, we were disappointed that the proposed merger agreement with Ninety Nine Restaurant and Pub was not approved,” Stout observed. “We were, however, appreciative of the level of participation and support from many shareholders in connection with this proposed transaction.”

“We continue to be firmly committed to providing our guests with the finest dining experiences in our upscale restaurant segment. This has been and will continue to be our mission since opening the first J. Alexander’s restaurant in 1991. In the year ahead,” Stout added, “we will remain sharply focused on building our restaurant business organically and strengthening our competitive position through the delivery of outstanding food and professional service.”

Full Year Highlights For 2017

For fiscal 2017, the Company posted net sales of $233,255,000, up 6.2% from $219,582,000 recorded in fiscal 2016. Within the J. Alexander’s/Grill restaurants, average weekly same store sales per restaurant were $114,500 for 2017, an increase of 3.0% from $111,200 achieved in the previous year. For the Stoney River Steakhouse and Grill restaurants, average weekly same store sales reached $74,700, a gain of 3.8% from $72,000 reported in 2016.

Income from continuing operations before income taxes was $6,426,000 in 2017, down 32.6% from $9,539,000 recorded in 2016. The downturn for 2017 was due to a combination of several factors, including non-recurring transaction and integration expenses from the proposed acquisition of Ninety Nine Restaurant and Pub, and the impact of Hurricane Irma, which forced the closing of our Florida restaurants for a total of 36 days. The restaurant closings in the third quarter resulted in lost revenue estimated at $650,000 and a decrease to income from continuing operations of approximately $400,000.

The Company had non-recurring transaction and integration expenses of $3,529,000 related to the proposed acquisition of Ninety Nine Restaurant and Pub concept in 2017. Excluding these non-recurring transaction and integration expenses, income from continuing operations before income taxes would have reached $9,955,000 for 2017.

During 2017, the Black Knight profits interest grant resulted in non-cash profits interest expense of $942,000, a decrease of $1,097,000, or 53.8%, from profits interest expense of $2,039,000 in 2016. Also in 2017, the Company had consulting fees of $809,000 from its management agreement with Black Knight compared to $700,000 of expense in 2016.

The Company recorded net income of $7,334,000 for 2017, up 4.1% from $7,043,000 for 2016. The results for 2017 included an income tax benefit of $1,347,000 compared to an income tax provision of $2,062,000 in 2016. Adjusted EBITDA for 2017 totaled $24,969,000, up from $24,303,000 recorded in 2016. Basic earnings per share totaled $0.50 for 2017 and $0.48 for 2016, while diluted earnings per share totaled $0.50 for 2017 and $0.47 for 2016. See attached “Adjusted EBITDA Reconciliation” for a definition of Adjusted EBITDA and a reconciliation to net income.

Guest counts within the same store base of restaurants increased by 0.3% within the J. Alexander’s/Grill restaurants for 2017, and increased 5.5% within the Stoney River Steakhouse and Grill restaurants during the same period. The average guest check within the same store base at the combined J. Alexander’s/Grill locations increased by 2.6% from $30.35 for 2016 to $31.15 for 2017, while the Stoney River average guest check decreased by 2.2%, from $44.13 in 2016 to $43.17 in 2017. The effect of menu price changes for 2017 was estimated to be a 1.9% increase at the J. Alexander’s/Grill locations and even at the Stoney River restaurants compared to 2016.

Cost of sales as a percentage of net sales for 2017 was 32.0% compared to 31.6% for 2016. Inflation in food costs for the year ended December 31, 2017 was estimated to total 1.6% for the J. Alexander’s/Grill restaurants, with beef costs declining by approximately 0.6% compared to 2016. For the Stoney River Steakhouse and Grill restaurants, inflation for 2017 was an estimated 2.0%, including an estimated increase of 1.5% in beef costs on a comparative basis.

Restaurant Development

J. Alexander’s Holdings, Inc. opened a new Stoney River Steakhouse and Grill in Chapel Hill, NC in February 2017 and a new J. Alexander’s restaurant in Lexington, KY in March 2017.

The Company also announced plans and began construction on one new J. Alexander’s restaurant in King of Prussia, PA near Philadelphia during 2017. Additionally, plans were announced and construction started on a new Stoney River Steakhouse and Grill restaurant in Troy, MI. The new J. Alexander’s restaurant is scheduled to open in the second quarter of 2018 while the new Stoney River Steakhouse and Grill is expected to open in the fourth quarter of 2018.

Guidance For 2018

The following performance outlook is based on current information as of March 7, 2018. The Company does not expect to update the guidance provided as follows before next quarter’s earnings release. However, the information on which the outlook is based is subject to change and the Company may update its full business outlook or any portion thereof at any time for any reason.

Based upon current information, the guidance for the 2018 fiscal year is as follows:

     

Same Store Sales Increase:

   
J. Alexander’s/Grills   2.0% – 3.0%
     
Stoney River Steakhouse and Grill   3.5% – 4.5%
     
Capital Expenditures   $18MM ‐ $20MM
     
Total Revenue   $245MM ‐ $247MM
     
Net Income   $7.7MM ‐ $8.7MM
     
Adjusted EBITDA   $26.6MM ‐ $27.6MM
     
Effective tax rate   10% – 16%
     
Basic EPS Range   $0.53 ‐ $0.60
     

About J. Alexander’s Holdings, Inc.

J. Alexander’s Holdings, Inc. is a collection of restaurants that focus on providing high quality food, outstanding professional service and an attractive ambiance. The Company presently operates four complementary restaurant concepts: J. Alexander’s, Redlands Grill, Lyndhurst Grill and Stoney River Steakhouse and Grill.

J. Alexander’s Holdings, Inc. presently operates 44 restaurants in 15 states.

                 
J. Alexander’s Holdings, Inc. and Subsidiaries                
Condensed Consolidated Statements of Income                
(Unaudited in thousands, except per share amounts)                
            Quarter Ended   Year Ended
            December 31   January 1   December 31   January 1
            2017   2017   2017   2017
                         
Net sales         $ 61,338     $ 57,323     $ 233,255     $ 219,582  
Costs and expenses:                    
Cost of sales           19,670       17,625       74,548       69,320  
Restaurant labor and related costs       18,085       17,015       71,541       67,102  

Depreciation and amortization of restaurant property and equipment

        2,554       2,198       9,999       8,834  
Other operating expenses         11,917       10,964       46,590       43,873  
Total restaurant operating expenses     52,226       47,802       202,678       189,129  
Transaction and integration expenses     1,094       2       3,529       64  
General and administrative expenses     3,407       4,889       18,886       18,852  
Pre-opening expense         104       836       1,038       1,443  
Total operating expenses         56,831       53,529       226,131       209,488  
Operating income         4,507       3,794       7,124       10,094  
Other income (expense):                    
Interest expense           (191 )     (148 )     (816 )     (662 )
Other, net           24       33       118       107  
Total other expense         (167 )     (115 )     (698 )     (555 )

Income from continuing operations before income taxes

        4,340       3,679       6,426       9,539  
Income tax benefit (expense)       1,105       (852 )     1,347       (2,062 )
Loss from discontinued operations, net     (105 )     (106 )     (439 )     (434 )
Net income         $ 5,340     $ 2,721     $ 7,334     $ 7,043  
                         
Basic earnings per share:                    
Income from continuing operations, net of tax   $ 0.37     $ 0.19     $ 0.53     $ 0.50  
Loss from discontinued operations, net     (0.01 )     (0.01 )     (0.03 )     (0.03 )
Basic earnings per share       $ 0.36     $ 0.19     $ 0.50     $ 0.48  
                         
Diluted earnings per share:                  
Income from continuing operations, net of tax   $ 0.37     $ 0.19     $ 0.53     $ 0.50  
Loss from discontinued operations, net     (0.01 )     (0.01 )     (0.03 )     (0.03 )
Diluted earnings per share     $ 0.36     $ 0.18     $ 0.50     $ 0.47  
                         
Weighted average common shares outstanding:                
Basic             14,695       14,698       14,695       14,821  
Diluted             14,695       14,751       14,768       14,840  
                         
                   
J. Alexander’s Holdings, Inc. and Subsidiaries                  
Condensed Consolidated Statements of Income Data as a Percentage of Net Sales and              
Other Financial and Performance Data (Unaudited)                  
              Quarter Ended   Year Ended  
              December 31   January 1   December 31   January 1  
              2017   2017   2017   2017  
Net sales               100.0

%

 

  100.0

%

 

  100.0

%

 

  100.0

%

 

Costs and expenses:                        
Cost of sales             32.1       30.7       32.0       31.6    
Restaurant labor and related costs         29.5       29.7       30.7       30.6    

Depreciation and amortization of restaurant property and equipment

          4.2       3.8       4.3       4.0    
Other operating expenses           19.4       19.1       20.0       20.0    
Total restaurant operating expenses       85.1       83.4       86.9       86.1    
Transaction and integration expenses       1.8       0.0       1.5       0.0    
General and administrative expenses       5.6       8.5       8.1       8.6    
Pre-opening expense           0.2       1.5       0.4       0.7    
Total operating expenses           92.7       93.4       96.9       95.4    
Operating income             7.3       6.6       3.1       4.6    
Other income (expense):                        
Interest expense             (0.3 )     (0.3 )     (0.3 )     (0.3 )  
Other, net             0.0       0.1       0.1       0.0    
Total other expense           (0.3 )     (0.2 )     (0.3 )     (0.3 )  

Income from continuing operations before income taxes

          7.1       6.4       2.8       4.3    
Income tax benefit (expense)         1.8       (1.5 )     0.6       (0.9 )  
Loss from discontinued operations, net       (0.2 )     (0.2 )     (0.2 )     (0.2 )  
Net income             8.7

%

 

  4.7

%

 

  3.1

%

 

  3.2

%

 

                             

Note: Certain percentage totals do not sum due to rounding.

                             
Other Financial and Performance Data:                      
                             
Adjusted EBITDA(1)         $ 8,177     $ 8,256     $ 24,969     $ 24,303    
As a % of net sales           13.3

%

 

  14.4

%

 

  10.7

%

 

  11.1

%

 

                             
Average weekly sales per restaurant:                      
                             
J. Alexander’s Restaurant/ Grills       $ 115,500     $ 112,800     $ 112,900     $ 109,800    
Percent change             2.4 %         2.8 %      
                             
Stoney River Steakhouse and Grill       $ 83,400     $ 79,300     $ 75,400     $ 74,200    
Percent change             5.2 %         1.6 %      
                             
Average weekly same store sales per restaurant:                    
                             
J. Alexander’s Restaurant/ Grills       $ 117,200     $ 114,600     $ 114,500     $ 111,200    
Percent change             2.3 %         3.0 %      
                             
Stoney River Steakhouse and Grill       $ 85,100     $ 79,300     $ 74,700     $ 72,000    
Percent change             7.3 %        

3.8

%

     
                             
(1) See definitions and reconciliation attached.
                     

           
J. Alexander’s Holdings, Inc. and Subsidiaries          
Condensed Consolidated Balance Sheets          
(Unaudited in thousands)              
              December 31   January 1
              2017   2017
Assets                  
Current assets:                
Cash and cash equivalents         $ 10,711   $ 6,632
Other current assets           8,019     7,741
Total current assets           18,730     14,373
                   
Other assets             6,183     6,012
Property and equipment, net         103,615     101,470
Goodwill             15,737     15,737
Tradename and other indefinite-lived intangibles     25,202     25,155
Deferred Charges, net           184     291
              $ 169,651   $ 163,038
                   
Liabilities and Stockholders’ Equity            
                   
Current liabilities           $ 30,027   $ 27,704

Long-term debt, net of portion classified as current and unamortized deferred loan costs

      10,781     15,418
Deferred compensation obligations         6,451     6,010
Deferred income taxes           2,075     4,031
Other long-term liabilities           6,456     5,555
Stockholders’ equity           113,861     104,320
              $ 169,651   $ 163,038
                   
           
J. Alexander’s Holdings, Inc. and Subsidiaries          
Condensed Consolidated Statements of Cash Flows        
(Unaudited in thousands)         Year Ended
                December 31   January 1
                2017   2017
                     
Cash flows from operating activities:            
Net income             $ 7,334     $ 7,043  
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization of property and equipment     10,287       9,110  
Equity-based compensation expense         2,207       2,996  
Other, net               (1,706 )     (304 )
Changes in assets and liabilities, net         3,138       (2,428 )
Net cash provided by operating activities       21,260       16,417  
                     
Cash flows from investing activities:            
Purchase of property and equipment         (13,312 )     (20,777 )
Other investing activities             (256 )     (239 )
Net cash used in investing activities         (13,568 )     (21,016 )
                     
Cash flows from financing activities:            
Proceeds from borrowing under debt agreement             4,000  
Payments on long-term debt and obligations under capital leases     (3,611 )     (1,667 )
Purchases of common stock                 (3,203 )
Other financing activities             (2 )     (1,323 )
Net cash used in financing activities         (3,613 )     (2,193 )
Increase (decrease) in cash and cash equivalents       4,079       (6,792 )
Cash and cash equivalents at beginning of year       6,632       13,424  
Cash and cash equivalents at end of year       $ 10,711     $ 6,632  
                     
Supplemental disclosures:              
Property and equipment obligations accrued at beginning of year   $ 2,587     $ 1,845  
Property and equipment obligations accrued at end of year     1,854       2,587  
Cash paid for interest             797       691  
Cash paid for income taxes           850       4,986  
               
 
J. Alexander’s Holdings, Inc. and Subsidiaries
Non-GAAP Financial Measures and Reconciliations
(Unaudited in thousands)
   
Non-GAAP Financial Measures
Within this press release, we present the following non-GAAP financial measures which we believe are useful to investors as key measures of our operating performance:
   
We define Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, or “Adjusted EBITDA”, as net income (loss) before interest expense, income tax expense (benefit), depreciation and amortization, and adding asset impairment charges and restaurant closing costs, loss on disposals of fixed assets, transaction and integration costs, non-cash compensation, loss from discontinued operations, gain on debt extinguishment and pre-opening costs.
   
Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors because it provides information regarding certain financial and business trends relating to our operating results and excludes certain items that are not indicative of our operations. Adjusted EBITDA does not fully consider the impact of investing or financing transactions as it specifically excludes depreciation and interest charges, which should also be considered in the overall evaluation of our results of operations.
   
We define “Restaurant Operating Profit” as net sales less restaurant operating costs, which are cost of sales, restaurant labor and related costs, depreciation and amortization of restaurant property and equipment, and other operating expenses. Restaurant Operating Profit is a non-GAAP financial measure that we believe is useful to investors because it provides a measure of profitability for evaluation that does not reflect corporate overhead and other non-operating or unusual costs. “Restaurant Operating Profit Margin” is the ratio of Restaurant Operating Profit to net sales.
   
Our management uses Adjusted EBITDA and Restaurant Operating Profit to evaluate the effectiveness of our business strategies. We caution investors that amounts presented in accordance with the above definitions of Adjusted EBITDA or Restaurant Operating Profit may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP financial measures in the same manner. Adjusted EBITDA and Restaurant Operating Profit should not be assessed in isolation from, or construed as a substitute for, net income or other measures presented in accordance with GAAP.
 
         
A reconciliation of these non-GAAP financial measures to the closest GAAP measure is set forth in the following tables:
                           
              Quarter Ended   Year Ended
              December 31   January 1   December 31   January 1
              2017   2017   2017   2017
                           
Net income           $ 5,340     $ 2,721   $ 7,334     $ 7,043
                           
Income tax expense (benefit)       (1,105 )     852     (1,347 )     2,062
Interest expense           191       148     816       662
Depreciation and amortization       2,638       2,281     10,339       9,170
                           
EBITDA             7,064       6,002     17,142       18,937
                           
Transaction and integration expenses       1,094       2     3,529       64
Loss on disposal of fixed assets       28       87     147       251

Asset impairment charges and restaurant closing costs

      (3 )     1     132       3
Non-cash compensation         (215 )     1,222     2,542       3,171
Loss from discontinued operations, net       105       106     439       434
Pre-opening expense         104       836     1,038       1,443
                           
Adjusted EBITDA         $ 8,177     $ 8,256   $ 24,969     $ 24,303
                       
Note: For purposes of computing Adjusted EBITDA, the $(773) and $881 for the quarters ended December 31, 2017 and January 1, 2017, respectively, and $942 and $2,039 for the years ended December 31, 2017 and January 1, 2017, respectively, in non-cash compensation associated with a profits interest grant issued to Black Knight Advisory Services, LLC (“BKAS”) on October 6, 2015 has been included in “Non-cash compensation” above. Additional expenses associated with the Company’s management agreement with BKAS totaling $250 and $249 for the quarters ended December 31, 2017 and January 1, 2017, respectively, and totaling $809 and $700 for the years ended December 31, 2017 and January 1, 2017, respectively, are included in general and administrative expenses and have not been included in the reconciliation set forth above.
                                 
J. Alexander’s Holdings, Inc. and Subsidiaries                                
Non-GAAP Financial Measures and Reconciliations                                
(Unaudited in thousands)                                
            Quarter Ended   Year Ended
            December 31   January 1   December 31   January 1
            2017   2017   2017   2017
                Percent of Net       Percent of Net       Percent of Net       Percent of Net
            Amount   Sales   Amount   Sales   Amount   Sales   Amount   Sales
                                         
Operating income     $ 4,507   7.3 %   $ 3,794   6.6 %   $ 7,124   3.1 %   $ 10,094   4.6 %
                                         
General and administrative expenses     3,407   5.6 %     4,889   8.5 %     18,886   8.1 %     18,852   8.6 %
Transaction and integration expenses     1,094   1.8 %     2   0.0 %     3,529   1.5 %     64   0.0 %
Pre-opening expense       104   0.2 %     836   1.5 %     1,038   0.4 %     1,443   0.7 %
                                         
Restaurant Operating Profit   $ 9,112   14.9 %   $ 9,521   16.6 %   $ 30,577   13.1 %   $ 30,453   13.9 %
                                                 

         
J. Alexander’s Holdings, Inc. and Subsidiaries        
Reconciliation of Guidance Range for 2018 Adjusted EBITDA        
(Unaudited in thousands)            
              2018 Guidance Range
              Low   High
                   
Net income (estimated)       $ 7,700   $ 8,700
                   
Income tax expense           1,520     1,570
Interest expense           725     725
Depreciation and amortization       11,255     11,255
                   
EBITDA             21,200     22,250
                   
Loss on disposal of fixed assets       250     250
Transaction Costs           835     835
Non-cash compensation         2,500     2,500
Loss from discontinued operations, net     430     430
Pre-opening expense           1,335     1,335
                   
Adjusted EBITDA         $ 26,550   $ 27,600
                   

 

Posted by on March 8, 2018.

Categories: Financial

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