Financial Data and Key Metrics Changes - Total revenue increased by 42.4% to $152 million compared to $106.8 million in the prior year quarter, driven by the acquisition of Smoky Bones [4][22] - Adjusted EBITDA was $15.7 million, down from $23.1 million in the same quarter last year, but increased by 30.8% when excluding employee retention tax credits [5][25] - Net loss was $39.4 million or $2.43 per diluted share, compared to a net loss of $7.1 million or $0.53 per diluted share in the prior year quarter [23][24] Business Line Data and Key Metrics Changes - System-wide sales grew to $614.7 million, a 7.3% increase compared to the prior year quarter [4] - The franchisee base consisted of approximately 790 franchisees operating around 2,100 restaurants, with 24 new locations opened in Q2 2024 [7] - Twin Peaks is the fastest-growing concept with average unit volumes at company-operated locations of $6 million, with some locations in Florida generating sales between $9 million and $12 million [9] Market Data and Key Metrics Changes - Round Table Pizza opened a second location in San Antonio, Texas, as part of a strategic partnership to establish 40 locations across the state [12] - Fazoli's brand opened its second location in Tampa, Florida, bringing its total presence in the state to six restaurants [12] - Same-store sales were down only 1.6%, maintaining flat performance sequentially versus the first quarter [33] Company Strategy and Development Direction - The company aims to open 120 new units in total for the year, comparable to the number of new stores opened in 2023 [7] - The development pipeline includes over 1,100 additional units slated to open in the coming years, potentially generating $50 million to $60 million in incremental adjusted EBITDA [8] - The company is assessing several new potential acquisitions to add strategic value, focusing on scalable and synergistic brands [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that the refinancing of Twin Peaks and the potential public listing could significantly reduce debt and interest expenses [27][28] - The company is optimistic about the second half of the year, particularly for the polished casual segment, as they anticipate improved performance post-summer [36] - Management highlighted that they are seeing more acquisition opportunities with reasonable seller expectations in the current market [31] Other Important Information - The company was recognized on Time Magazine's and Statista's America's best midsized companies of 2024 list, factoring in revenue growth, employee satisfaction, and sustainability transparency [6] - The Georgia-based manufacturing facility contributed $3.8 million to adjusted EBITDA, with plans for expansion to boost capacity [19][20] - The FAT Brand Foundation made 36 grants through June, surpassing the total number of grants awarded in the full year of 2023 [21] Q&A Session Summary Question: When will revenue growth exceed expense growth? - Management indicated that several factors contribute to the net loss, including interest expense and tax credits, and they expect refinancing and new store builds to help improve the situation [26][27] Question: What caused the slowdown in store openings? - Management noted that franchisees have been slower in execution but are on track to meet the annual target of 120 new openings [29] Question: Are there new acquisition opportunities? - Management confirmed that they are seeing more deals than ever and sellers are more open to reasonable pricing [31] Question: What factors contributed to maintaining same-store sales? - Management highlighted strong performance in the burger, fast casual, and snack segments, with specific brands like Ponderosa and Bonanza Steakhouse showing mid to high single-digit growth [34][35] Question: How is the conversion of Smoky Bones to Twin Peaks progressing? - Management expressed confidence in the conversion process, with the first location expected to be operational in under nine months [38][39]

Frozen Slab Franchise Offering Back to School Happy Hour with Buy One, Get One Deal LOS ANGELES, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Marble Slab Creamery, FAT Brands' small-batch ice cream franchise that never fails to dream up the ultimate flavor combinations, is drawing up the perfect after-school plans. Starting Monday, Aug. 5 and running through Sunday, Aug. 18, participating stores are offering a special Back to School Happy Hour featuring a sweet deal: guests can receive a free small Ice Cream cup with ...

Frozen Slab Franchise Offering Back to School Happy Hour with Buy One, Get One Deal LOS ANGELES, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Marble Slab Creamery, FAT Brands' small-batch ice cream franchise that never fails to dream up the ultimate flavor combinations, is drawing up the perfect after-school plans. Starting Monday, Aug. 5 and running through Sunday, Aug. 18, participating stores are offering a special Back to School Happy Hour featuring a sweet deal: guests can receive a free small Ice Cream cup with ...

Beloved Cookie Cake Franchise Rolls Out Sweet Deal LOS ANGELES, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Great American Cookies, home of the Original Cookie Cake, is slicing up a freshly baked deal in honor of National Chocolate Chip Cookie Day! To celebrate the sweet holiday, which falls on Sunday, August 4, the chain will offer a deal - buy one Original Chocolate Chip Cookie Cake slice, get one Original Chocolate Chip Cookie Cake slice free! This promotion is available in-store only at participating locations; c ...

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 Wednesday, August 31, 2024, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 10189773. Hosting the call will be Andy Wiederhorn, Chairman, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer. About FAT (Fresh. Authentic. Tasty.) Brands Investor Relatio ...

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. FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and developsfast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Piz ...

If you suffered losses exceeding $75,000 in FAT Brands between March 24, 2022 and May 10, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/FAT. Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its f ...

Fast and Fresh Italian Chain Continues to Roll Out Value-Driven Offers for Loyal Fans Since 1988, Fazoli's has been committed to serving quality Italian food, fast, fresh and friendly. From unlimited signature breadsticks to freshly prepared pasta entrees, the chain prides itself on serving high-quality menu offerings, all at an affordable price. About Fazoli's "The Fazoli's brand was built around providing not only great value, but also high-quality food offerings," said Tisha Bartlett, Vice President of M ...

Land Free Wings with Fatburger Meal, Plus Chance to Score Custom Gold Chicken Wing Bling LOS ANGELES, July 22, 2024 (GLOBE NEWSWIRE) -- Fatburger and Buffalo's Express, the beloved cobranded burger and wing concept owned by FAT Brands Inc., is bringing the bling this National Chicken Wing Day. Starting on July 29 (National Chicken Wing Day) and shining through Aug. 4, fans can scoop up a FREE order of three-piece wings with the purchase of any Fatburger Meal when ordering online through order.fatburger.com ...

NEW YORK, July 19, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against FAT Brands Inc. ("FAT Brands" or the "Company") (NASDAQ: FAT, FATBB, FATBP, FATBW) and reminds investors of the August 6, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. On May 10, 2024, the United States Attorney's Office for the Central District of California issued a press release enti ...