Business
The ONE Group Reports Fourth Quarter and Full Year 2019 Results
Provides Update on Developments as a Result of Coronavirus Disease (COVID-19) DENVER--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group” or
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nProvides Update on Developments as a Result of Coronavirus Disease (COVID-19)\n\n DENVER--(BUSINESS WIRE)--\nThe ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 31, 2019 and provided an update related to developments as a result of coronavirus disease (COVID-19).\n\n\nHighlights for the fourth quarter ended December 31, 2019 compared to the same period last year are as follows:\n\n\n\nTotal GAAP revenues increased 102.2% to $52.2 million from $25.8 million;\n\n\nComparable sales* at STK Restaurants rose 8.9%;\n\n\nSales for Kona Grill were approximately $23.7 million since October 4, 2019, the date the Company acquired Kona Grill;\n\n\nComparable sales at Kona Grill restaurants rose 3.9%;\n\n\nGAAP income attributable to The ONE Group was $19.8 million, or $0.66 net income per share, compared to GAAP net income of $3.2 million, or $0.11 net income per share;\n\n\nAdjusted EBITDA** increased 65.0% to $6.9 million compared to $4.2 million;\n\n\nTotal restaurant expenses increased 340 basis points to 86.0% from 82.6% as a percentage of revenues; and,\n\n\nTotal G&A decreased 510 basis points to 7.2% from 12.3% as a percentage of revenues.\n\n\n\nHighlights for the full year ended December 31, 2019 compared to the same period last year are as follows:\n\n\n\nTotal GAAP revenues increased 41.0% to $120.7 million from $85.6 million;\n\n\nComparable sales* at STK Restaurants rose 8.3%;\n\n\nGAAP income attributable to The ONE Group was $20.8 million, or $0.70 net income per share, compared to GAAP net income of $3.3 million, or $0.12 net income per share;\n\n\nAdjusted EBITDA** increased 36.0% to $14.3 million compared to $10.5 million;\n\n\nTotal restaurant expenses increased 80 basis points to 88.2% from 87.4% as a percentage of revenues; and,\n\n\nTotal G&A decreased 350 basis points to 9.5% from 13.0% as a percentage of revenues.\n\n\n\n*Comparable sales or same store sales (“SSS”) represent total U.S. food and beverage sales at owned and managed units opened for at least a full 18-month period. This metric includes total revenue from our owned and managed locations. Revenues from locations where we do not directly control the event sales force (The W Hotel Westwood, CA) are excluded from this metric. \n\n\n** Ad...