Award-Winning Senior Marketing Leader Joins High-Growth Specialty Casual Dining Company DALLAS, Texas, Oct. 08, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Twin Peaks and Smokey Bones, today announced the appointment of Melissa Fry as Chief Marketing Officer, effective immediately. Fry brings over 25 years of proven marketing expertise across the restaurant and hospitality industries, most recently serving as Senior Director of Marketing fo ...

Group 1: Company Commitment and Contributions - Twin Peaks Restaurant has donated over $530,000 to the Tunnel to Towers Foundation since 2022, demonstrating a strong commitment to supporting U.S. military members, veterans, and first responders [1][2] - From September 11 to November 11, Twin Peaks will donate a portion of lunch sales every Monday through Friday to the Tunnel to Towers Foundation [1] Group 2: Partnership with Tunnel to Towers Foundation - The Tunnel to Towers Foundation, founded in honor of FDNY firefighter Stephen Siller, provides mortgage-free homes for Gold Star families and specially adapted smart homes for injured veterans and first responders [2][7] - Twin Peaks aims to build a community that supports military and first responders through its partnership with the Tunnel to Towers Foundation [3] Group 3: Additional Support for Military and First Responders - Many Twin Peaks locations offer a 20% food discount daily to military veterans and first responders, with some locations featuring special promotions like Military Mondays [3] - On Veterans Day, November 11, 2025, all veterans and active-duty service members can enjoy a free lunch from a select menu [3] Group 4: Company Overview - Twin Hospitality Group Inc. operates Twin Peaks, which has 114 locations in the U.S. and Mexico, focusing on redefining the casual dining experience with an emphasis on sports and hospitality [5][6]

Experiential Restaurant Franchisor Leans into Synergies with Twin Peaks Veteran Taking on Human Resources and Organizational Development Responsibilities for Sister Chain, Smokey Bones DALLAS, Texas, Sept. 08, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Twin Peaks and Smokey Bones, today announces the appointment of Lexi Burns as Chief People Officer, effective immediately. With over 25 years of human resources and organizational developmen ...

Core Insights - Twin Hospitality Group Inc. has appointed Ken Brendemihl as President of Smokey Bones, effective immediately, bringing over 25 years of restaurant leadership experience [2][3] - The company is undergoing a strategic review to eliminate inefficiencies and refocus on high-return initiatives, including the closure of underperforming units and conversion of select locations [3][4] Company Strategy - Twin Hospitality has identified 19 Smokey Bones restaurants for conversion into Twin Peaks lodges, with two conversions already completed, generating average unit volumes (AUVs) of approximately $7.8 million compared to $3.5 million as Smokey Bones [4] - The company has closed ten underperforming Smokey Bones locations and plans to close five more by the end of the fiscal third quarter, which is expected to enhance EBITDA performance by removing approximately $1.5 million in corporate overhead [5] Financial Performance - The remaining 26 Smokey Bones locations are generating positive cash flow, contributing approximately $3.0 million to total EBITDA on a trailing 12-month basis, with AUVs ranging from $1.3 million to $7.1 million [6] - The company plans to leverage FAT Brands' franchise model to begin franchising a portion of the remaining Smokey Bones locations, aiming to create a more balanced corporate-to-franchise mix and unlock additional growth potential [6]

Core Insights - Twin Hospitality Group Inc. has appointed Andrew Wiederhorn as Chairman of the Board of Directors, effective immediately [1][3] - The company was formed through a strategic spin-out from FAT Brands Inc., which separated the Twin Peaks and Smokey Bones restaurant brands into Twin Hospitality Group [2] - Wiederhorn expressed his commitment to enhancing operations and guest experience while aiming for sustained growth and strong returns for shareholders [3] Company Overview - Twin Hospitality Group Inc. is focused on developing and operating specialty casual dining restaurant concepts, aiming to redefine the casual dining category with experiential-driven brands [4]

Core Insights - Twin Hospitality Group Inc. is expanding its Twin Peaks brand with a new lodge opening in Fayetteville, NC, this fall, marking the brand's 115th location [1][3] - The Fayetteville lodge will be the third conversion from a former Smokey Bones location, allowing for lower build-out costs and faster market entry [2][3] - The new lodge will feature 70 TVs, 32 beers on tap, and a high-energy atmosphere, aiming to attract local sports fans [3] Company Strategy - The conversion strategy from Smokey Bones locations is part of Twin Peaks' broader growth strategy, focusing on operational efficiency and market expansion [2] - The company expects the Fayetteville location to achieve high average unit volumes similar to previous conversions [3] Hiring and Operations - The Fayetteville lodge is hiring for over 100 positions, including various roles in front and back of house [4] - Once operational, the lodge will serve guests from 11 a.m. to midnight on weekdays and until 1 a.m. on weekends, offering a diverse menu and signature drinks [5] Company Background - Twin Hospitality Group Inc. operates specialty casual dining concepts, aiming to redefine the casual dining experience [7] - Founded in 2005, Twin Peaks has grown to 114 locations across the U.S. and Mexico, known for its made-from-scratch food and extensive beer selection [8]

Core Points - Twin Peaks Restaurant has launched a nationwide online draft party table reservation system for fantasy football, offering exclusive perks for league commissioners [1][2] - The initiative aims to enhance the fantasy football experience, providing a stylish home base for leagues to draft [2] - Guests at Twin Peaks can win $1,000 in cash during the football season [2] Company Overview - Twin Hospitality Group Inc. operates specialty casual dining restaurant concepts, focusing on redefining the casual dining category with experiential brands [4] - Founded in 2005, Twin Peaks has 114 locations across the U.S. and Mexico, known for its made-from-scratch food and extensive beer selection [5] Promotions and Offers - Reservations can be made until September 4, with perks including a draft kit, food and drink specials, and kickback cards for commissioners and guests [2][7] - The kickback cards provide discounts on future visits, with a $50 card for commissioners and a $5 card for each guest [7]

Financial Data and Key Metrics Changes - System-wide sales decreased by 3.3% to $181.9 million compared to the previous year [19] - Total revenue for the quarter was $87.8 million, a 4.1% decrease from $91.6 million in the prior year [20] - Net loss for the quarter was $20.8 million, compared to a loss of $10.7 million in the previous year [26] - Adjusted EBITDA decreased to $5.2 million from $7 million in the prior year [26] Business Line Data and Key Metrics Changes - Twin Peaks revenue increased by 5.8% to $51.1 million, driven by new lodge openings, despite a decline in same-store sales [20] - Smoky Bones revenue decreased by 15.2% to $36.7 million due to strategic conversions and temporary closures [21] - Restaurant level contribution margin for Twin Peaks decreased to 17.7% from 18% in the prior year [25] - Smoky Bones restaurant level contribution margin decreased to 4.9% from 9% in the prior year [25] Market Data and Key Metrics Changes - The second quarter experienced softer sales and traffic due to less favorable sports calendaring, impacting engagement [20] - The absence of key market teams in the NBA and NHL playoffs contributed to lower sales [20] Company Strategy and Development Direction - The company is focusing on operational excellence, reducing complexity, and enhancing guest experience [7][8] - A streamlined menu is being tested to improve execution and speed of service [10] - The company plans to accelerate growth with a robust pipeline of 100 committed lodges, with 75% from existing franchise partners [14] - The strategy includes positioning Twin Peaks as a premier destination for sports events and enhancing community engagement [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's strength and the potential for growth despite current challenges [17] - The company anticipates stronger revenue gains in the second half of the year due to an improved sports calendar [14][16] - Management is committed to protecting the brand's core values while exploring new opportunities for innovation [17] Other Important Information - The US Department of Justice dropped all charges against FAT Brands, the parent company, which is seen as a positive development [18] - Twin Peaks ranked 97th on the 2025 Technomic Top 500 list of the largest restaurant chains in the US [29] - The company raised over $100,000 for Texas flood relief efforts, highlighting its commitment to community support [29] Q&A Session Summary Question: What is the outlook for Smoky Bones over the next six months? - Management indicated there will be moderate changes, with minimal adjustments expected until performance assessments are completed [35][36] Question: What is the increase in General and Administrative (G&A) expenses attributed to? - The increase in G&A expenses was primarily due to equity grants following the public listing, which is expected to decrease significantly going forward [41][42] Question: Is there room for improvement in store-level margins? - Management expressed confidence in finding improvements in sales and bottom-line performance as the sports calendar improves [43][44]

[Executive Summary & Business Overview](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Overview) This section provides an overview of the company's strategic priorities, development pipeline, and core business operations, highlighting leadership commentary and company profile [CEO & CFO Commentary](index=1&type=section&id=CEO%20%26%20CFO%20Commentary) The new CEO, Kim Boerema, outlined six strategic priorities to address short-term pressures and drive long-term value, focusing on operational fundamentals, cost discipline, and menu streamlining. CFO Ken Kuick highlighted the strong development pipeline, including successful conversions from Smokey Bones to Twin Peaks and nearly 100 signed franchise agreements, as key to efficient expansion and attractive returns - CEO Kim Boerema outlined six clear priorities to improve execution and deliver long-term value: focusing on great operations, reducing complexity, sharpening cost discipline, streamlining menu offerings, market-informed pricing, and positioning for dynamic growth[3](index=3&type=chunk) - The development pipeline remains a key asset, with a franchised Twin Peaks lodge opening in Fayetteville, NC by year-end, and two company-owned conversions planned for early 2026. Converted locations deliver significantly higher volumes than as Smokey Bones[4](index=4&type=chunk) - The company has nearly **100 signed franchise agreements** and strong demand from existing partners, indicating confidence in efficient expansion through new builds and conversions[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=Company%20Profile) Twin Hospitality Group Inc. operates and franchises specialty casual dining restaurant concepts, Twin Peaks and Smokey Bones, aiming to redefine the casual dining category with experiential brands. Twin Peaks is an award-winning sports lodge with 114 locations, while Smokey Bones is a full-service, meat-centric restaurant with 51 locations - Twin Hospitality Group Inc. (NASDAQ: TWNP) develops, operates, and franchises specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones[16](index=16&type=chunk) - Twin Peaks, known as the ultimate sports lodge, has **114 locations** across 27 states and Mexico, offering made-from-scratch food, 29-degree draft beer, innovative cocktails, and wall-to-wall televisions for sports[16](index=16&type=chunk) - Smokey Bones is a full-service, meat-centric restaurant brand with **51 locations** across 16 states, specializing in ribs and other slow-smoked, fire-grilled, and seared meats, along with a full bar[16](index=16&type=chunk) [Fiscal Second Quarter 2025 Financial Performance](index=1&type=section&id=Fiscal%20Second%20Quarter%202025%20Financial%20Performance) This section details Twin Hospitality Group's financial results for Q2 2025, including revenue, operating income, net loss, and key margin metrics, highlighting a decline in overall performance [Overall Financial Summary](index=1&type=section&id=Overall%20Financial%20Summary) Twin Hospitality Group reported a 4.1% decrease in total revenue for Q2 2025, primarily due to Smokey Bones closures and lower same-store sales, despite new Twin Peaks lodges. The company shifted from an operating income to a significant operating loss, and net loss more than doubled. Restaurant contribution margin and Adjusted EBITDA also declined | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (%) | | :-------------------------- | :-------------------- | :-------------------- | :--------- | | Total Revenue | $87.8 | $91.6 | -4.1% | | Twin Peaks System-Wide Sales | +0.3% | N/A | +0.3% | | Twin Peaks Same-Store Sales | -4.4% | N/A | -4.4% | | Loss from Operations | ($11.6) | $1.4 | N/A | | Net Loss | ($20.8) | ($10.7) | +94.4% | | Restaurant Contribution Margin | 11.8% | 13.4% | -1.6 pp | | Adjusted EBITDA | $5.2 | $7.0 | -25.9% | - Total revenue decreased by **$3.7 million**, or **4.1%**, to **$87.8 million** in Q2 2025, driven by Smokey Bones closures and lower same-store sales, partially offset by new Twin Peaks lodges[6](index=6&type=chunk) - The company reported a **loss from operations of $11.6 million** in Q2 2025, a significant decline from an income from operations of $1.4 million in Q2 2024[9](index=9&type=chunk) [Detailed Costs and Expenses](index=1&type=section&id=Detailed%20Costs%20and%20Expenses) Food and beverage costs decreased in absolute terms due to lower sales but remained stable as a percentage of restaurant sales. Labor and benefits costs also decreased in absolute terms but slightly increased as a percentage of restaurant sales due to wage inflation. Other operating costs increased both in absolute terms and as a percentage of restaurant sales | Cost Category | Q2 2025 ($M) | Q2 2025 (% of sales) | Q2 2024 ($M) | Q2 2024 (% of sales) | YoY Change ($M) | YoY Change (% of sales) | | :-------------------- | :----------- | :------------------- | :----------- | :------------------- | :-------------- | :---------------------- | | Food & Beverage Cost | $21.5 | 27.1% | $22.9 | 27.4% | -$1.4 | -0.3 pp | | Labor & Benefits Cost | $25.3 | 31.8% | $26.4 | 31.6% | -$1.1 | +0.2 pp | - Food and beverage cost decreased by **$1.4 million (6.1%)** to **$21.5 million**, primarily due to lower same-store sales, with its percentage of restaurant sales at **27.1%** in 2025 compared to 27.4% in 2024[7](index=7&type=chunk) - Labor and benefits cost decreased by **$1.1 million (4.3%)** to **$25.3 million**, mainly due to lower same-store sales, with its percentage of restaurant sales at **31.8%** in 2025 compared to 31.6% in 2024[8](index=8&type=chunk) [Other Expense, Net](index=3&type=section&id=Other%20Expense%2C%20Net) Other expense, net, primarily consisting of interest expense, slightly decreased to $11.3 million in Q2 2025 from $12.2 million in the prior year period | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | YoY Change ($M) | | :---------------- | :-------------------- | :-------------------- | :-------------- | | Other Expense, Net | $11.3 | $12.2 | -$0.9 | - Other expense, net, was **$11.3 million** in Q2 2025, down from **$12.2 million** in Q2 2024, primarily consisting of interest expense in both periods[10](index=10&type=chunk) [Financial Statements & Reconciliations](index=5&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section presents the consolidated statements of operations and reconciliations for non-GAAP measures, providing a comprehensive view of the company's financial performance and adjustments [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The Consolidated Statements of Operations provide a detailed breakdown of revenues, costs, and expenses, culminating in the net loss for the thirteen and twenty-six weeks ended June 29, 2025, and June 30, 2024. It shows a significant increase in net loss and a shift from operating income to loss in the current fiscal periods | (in thousands) | Thirteen Weeks Ended June 29, 2025 | Thirteen Weeks Ended June 30, 2024 | Twenty-Six Weeks Ended June 29, 2025 | Twenty-Six Weeks Ended June 30, 2024 | | :-------------------------------- | :--------------------------------- | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Restaurant sales | $79,625 | $83,706 | $158,028 | $166,995 | | Franchise revenue | $8,221 | $7,888 | $16,923 | $16,660 | | **Total revenue** | **$87,846** | **$91,594** | **$174,951** | **$183,655** | | Total costs and expenses | $99,435 | $90,200 | $187,596 | $180,927 | | Income (loss) from operations | ($11,589) | $1,394 | ($12,645) | $2,728 | | Total other expense, net | ($11,314) | ($12,225) | ($22,105) | ($22,701) | | Loss before income tax provision | ($22,903) | ($10,831) | ($34,750) | ($19,973) | | Income tax provision | ($2,119) | ($99) | ($1,854) | ($20) | | **Net loss** | **($20,784)** | **($10,732)** | **($32,896)** | **($19,953)** | [EBITDA and Adjusted EBITDA Reconciliation](index=6&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This section provides a reconciliation of net loss to EBITDA and Adjusted EBITDA for the thirteen and twenty-six weeks ended June 29, 2025, and June 30, 2024. It shows a negative EBITDA for Q2 2025, which becomes positive Adjusted EBITDA after adding back equity-based compensation | (in thousands) | Thirteen Weeks Ended June 29, 2025 | Thirteen Weeks Ended June 30, 2024 | Twenty-Six Weeks Ended June 29, 2025 | Twenty-Six Weeks Ended June 30, 2024 | | :-------------------------- | :--------------------------------- | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Net loss | ($20,784) | ($10,732) | ($32,896) | ($19,953) | | Interest expense, net | $11,456 | $12,004 | $22,278 | $22,412 | | Income tax provision | ($2,119) | ($99) | ($1,854) | ($20) | | Depreciation and amortization | $4,072 | $5,841 | $10,166 | $11,587 | | **EBITDA** | **($7,375)** | **$7,014** | **($2,306)** | **$14,026** | | Equity based compensation | $12,552 | — | $12,552 | $202 | | **Adjusted EBITDA** | **$5,177** | **$7,014** | **$10,246** | **$14,228** | [Restaurant-Level Contribution and Margin Reconciliation](index=7&type=section&id=Restaurant-Level%20Contribution%20and%20Margin%20Reconciliation) This reconciliation details the calculation of Restaurant-Level Contribution and Restaurant-Level Contribution Margin, showing a decrease in both metrics for the current fiscal periods compared to the prior year, reflecting operational pressures | (in thousands) | Thirteen Weeks Ended June 29, 2025 | Thirteen Weeks Ended June 30, 2024 | Twenty-Six Weeks Ended June 29, 2025 | Twenty-Six Weeks Ended June 30, 2024 | | :-------------------------------- | :--------------------------------- | :--------------------------------- | :----------------------------------- | :----------------------------------- | | Income (loss) from operations | ($11,589) | $1,394 | ($12,645) | $2,728 | | Less: Royalties and franchise fees | ($5,259) | ($5,211) | ($10,516) | ($10,207) | | Plus: General and administrative expense | $19,894 | $6,902 | $26,708 | $13,894 | | Company-owned restaurant advertising expense | $2,094 | $2,217 | $3,728 | $4,299 | | Depreciation and amortization | $4,072 | $5,841 | $10,166 | $11,587 | | Pre-opening expense | $178 | $64 | $695 | $92 | | **Restaurant-level contribution** | **$9,390** | **$11,207** | **$18,136** | **$22,393** | | Company-owned restaurant sales | $79,625 | $83,706 | $158,028 | $166,995 | | **Restaurant-Level Contribution Margin** | **11.8%** | **13.4%** | **11.5%** | **13.4%** | [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section provides definitions and explanations for the non-GAAP financial measures used by Twin Hospitality Group, clarifying their purpose and limitations for financial analysis [Definitions of Non-GAAP Measures](index=3&type=section&id=Definitions%20of%20Non-GAAP%20Measures) This section defines the non-GAAP financial measures used by Twin Hospitality Group, including EBITDA, Adjusted EBITDA, Restaurant-Level Contribution, and Restaurant-Level Contribution Margin. It clarifies their calculation, purpose for investors and analysts, and acknowledges their limitations as alternatives to GAAP measures - EBITDA is defined as earnings before interest, taxes, and depreciation and amortization, used to evaluate operating performance by eliminating non-business performance expenses[19](index=19&type=chunk) - Adjusted EBITDA is EBITDA excluding expenses related to acquisitions, refranchising losses, impairment charges, and certain non-recurring or non-cash items not indicative of core operations[20](index=20&type=chunk) - Restaurant-Level Contribution represents company-owned restaurant sales less restaurant operating costs, with Restaurant-Level Contribution Margin being this contribution as a percentage of company-owned restaurant sales, used to evaluate restaurant-level productivity and performance[21](index=21&type=chunk) [Key Financial Definitions](index=3&type=section&id=Key%20Financial%20Definitions) This section outlines the definitions for critical operational metrics used in the financial report, providing clarity on how performance is measured and reported [Operational Metrics Definitions](index=3&type=section&id=Operational%20Metrics%20Definitions) This section provides definitions for key operational metrics used in the financial report, including new store openings, same-store sales growth, and system-wide sales growth, clarifying how these metrics are calculated and their impact on results - New store openings reflect the number of stores opened during a reporting period, impacting results based on total number and timing[11](index=11&type=chunk) - Same-store sales growth reflects the year-over-year change for comparable stores open in the Twin Hospitality Group system for at least eighteen months, with adjustments for temporary closures[12](index=12&type=chunk) - System-wide sales growth reflects the percentage change in sales for all stores in any given fiscal period compared to the prior fiscal period[13](index=13&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section includes important supplementary information such as forward-looking statements, details for the conference call and webcast, and contact information for investor and media relations [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section includes a standard disclaimer regarding forward-looking statements, emphasizing that they are subject to significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from expectations. The company undertakes no obligation to update these statements - The press release contains forward-looking statements regarding future financial and operating results, new store openings, expense reductions, and the development pipeline[17](index=17&type=chunk) - Forward-looking statements are subject to significant business, economic, and competitive risks, uncertainties, and contingencies that could cause actual results to differ materially[17](index=17&type=chunk) - The company undertakes no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of the press release[17](index=17&type=chunk) [Conference Call & Webcast](index=3&type=section&id=Conference%20Call%20%26%20Webcast) Twin Hospitality Group Inc. will host a conference call and webcast on July 30, 2025, at 5:15 PM ET to discuss its fiscal second quarter 2025 financial results, with CEO Kim Boerema and CFO Ken Kuick presenting. Details for live access and replay are provided - Twin Hospitality Group Inc. hosted a conference call and webcast on **July 30, 2025, at 5:15 PM ET** to discuss fiscal second quarter 2025 financial results[14](index=14&type=chunk) - The call featured **Kim Boerema (CEO and President)** and **Ken Kuick (CFO)**[14](index=14&type=chunk) - Access details for the live call were 1-877-407-0792 (U.S.) or 1-201-689-8263 (international), with a replay available until August 13, 2025, and webcast archived at www.twinpeaksrestaurant.com[15](index=15&type=chunk) [Investor & Media Contacts](index=4&type=section&id=Investor%20%26%20Media%20Contacts) Contact information for investor relations and media inquiries is provided, with specific contacts for each department - Investor Relations contact: **Michelle Michalski** at ir@twinpeaksrestaurant.com[23](index=23&type=chunk) - Media Relations contact: **Destinee Rollins** at destinee.rollins@tprest.com or 972-342-5902[23](index=23&type=chunk)

Core Viewpoint - Twin Hospitality Group Inc. reported a decrease in total revenue for the fiscal second quarter of 2025, attributed to the closure of underperforming locations and lower same-store sales, while emphasizing a focused strategy for growth and operational improvement [2][6]. Financial Performance - Total revenue decreased by $3.7 million, or 4.1%, to $87.8 million compared to $91.6 million in the same period of 2024 [6][9]. - Loss from operations was $11.6 million, a decline from an income of $1.4 million in the previous year [9]. - Net loss increased to $20.8 million from $10.7 million year-over-year [9]. Cost Management - Food and beverage costs decreased by $1.4 million, or 6.1%, to $21.5 million, representing 27.1% of restaurant sales in 2025, compared to 27.4% in 2024 [7][9]. - Labor and benefits costs decreased by $1.1 million, or 4.3%, to $25.3 million, accounting for 31.8% of restaurant sales in 2025, compared to 31.6% in 2024 [8][9]. Operational Strategy - The company is focused on six priorities to enhance operations, including reducing complexity, improving cost discipline, and streamlining menu offerings [2]. - The development pipeline includes plans for new franchised locations, with a notable conversion from Smokey Bones to Twin Peaks expected to yield higher sales volumes [3]. Key Metrics - Twin Peaks same-store sales declined by 4.4%, while system-wide sales increased by 0.3% [9]. - Adjusted EBITDA for the quarter was $5.2 million, down from $7.0 million in the previous year [9][26].