Diversified Restaurant Holdings, Inc. Annual Report: Year Ended December 25, 2011

April 11, 2012

Diversified Restaurant Holdings, Inc. (OTCQB: DFRH.OB) reported total revenues for its year ended December 25, 2011 increased 34.2% to $60.71 million compared to total revenues of $45.25 million for the prior year.  For the fourth quarter of 2011, total revenues increased 29.5% to $16.09 million versus total revenues of $12.43 million for the fourth quarter of 2010.  Revenues during 2011 benefited from higher same store sales from some of the company’s restaurants as well as an increase in the number of stores open and improved economic conditions.

Net income for 2011 increased 998% to $1.84 million or $0.10 per diluted share compared to net income of $168 thousand or $0.01 per diluted share for 2010.  For the fourth quarter of 2011, net income was flat at $467 thousand or $0.02 per diluted share when compared to net income of $466 thousand or $0.02 per diluted share for the fourth quarter of 2010.  The higher revenues achieved during the fourth quarter of 2011 were offset by higher operating expenses due to the initial costs associated with opening new stores.

As of December 25, 2011, the balance sheet reflected current assets of $2.37 million, total assets of $27.35 million, current liabilities of $6.24 million and total liabilities of $25.45 million.  Stockholders’ equity at the end of 2011 was $1.91 million versus a stockholders’ deficit of $124 thousand at the end of 2010.

Diversified Restaurant Holdings, Inc. is engaged in owning, operating and franchising of Bagger Dave’s Legendary Burgar Tavern® and is also a franchisee of Buffalo Wild Wings® restaurants.

Source: Diversified Restaurant Holdings, Inc.


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