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Imvescor Restaurant Group Reports Results for Q4 and Fiscal 2016 Company Reports Sixth Consecutive Quarter of Same Restaurant Sales Growth Second Consecutive Fiscal Year of System Sales and Same Restaurant Sales Growth MONTREAL, Dec.
20, 2016 /CNW/ Imvescor Restaurant Group Inc. ("IRG" or the "Company") (TSX: IRG), a leading franchisor of restaurants operating 223 locations in Eastern Canada, reported financial results today for the 13 and 53 weeks ended October 30, 2016 ("Q4 2016" and "fiscal 2016"). "Fiscal 2016 was a good year for Imvescor as we made steady progress on our four pillar focus on improvement on food, service, quality and ambience. In fiscal 2016, we accelerated our rejuvenation plan and completed louis vuitton bags cheap 60 the renovation of 28 restaurants. The result of our efforts was an increase in both System Sales and Same Restaurant Sales of 4.3% and 1.4% respectively." said Frank Hennessey, President and Chief Executive Officer of Imvescor Restaurant Group Inc. "Same Restaurant Sales increased in the fourth quarter of 2016 by 0.4% over strong growth of 2.4% in Q4 2015. While our System Sales louis vuitton agenda mm review for Q4 2016 declined, this was the result of planned restaurant closures due to renovations and a significant impact due to a shift in comparable operating weeks from the previous year. Since we announced our strategic plan in April 2015, we have made steady progress. With today's announcement of the acquisition of Ben Florentine along with our steady focus on improving the four pillars of our core business, we continue to feel optimistic about the Company's long term prospects." commented Frank Hennessey. Q4 and Fiscal 2016 Financial and Operational Highlights Renovated 13 restaurants under the Restaurant Rejuvenation Plan (the "RRP") in Q4 2016, compared to one in Q4 2015. For Fiscal 2016, 28 restaurants were renovated, for a total of 33 since inception of the RRP. Repaid the balance of the credit facility of $12 million during fiscal 2016. Q4 2016 System Sales of $95.1 million were 0.9% lower than Q4 2015 and were impacted by a shift in comparable weeks resulting in a higher sales week included in the third quarter of fiscal 2016 compared to the fourth quarter in fiscal 2015, negatively impacting System Sales by $1.6 million (1.7%). Normalized System Sales for fiscal 2016 increased 2.4% driven by new openings, SRS growth of 1.4%, partially offset by the 2.5% fewer restaurant operating weeks from fewer restaurants and planned temporary closures as part of the RRP. Q4 2016 SRS grew 0.4% over SRS growth of 2.4% in Q4 2015, representing six consecutive quarters of positive overall SRS growth. Fiscal 2016 SRS growth was 1.4%, with all four brands achieving positive SRS for the year. The positive impact of the initiatives around the four pillars was partially offset by the related temporary closures due to the renovations. Restaurants temporarily closed for renovations as part of the RRP amounted to 28 equivalent restaurant operating weeks and a decrease of SRS by $0.9 million (1.0%) for Q4 2016 and 52 equivalent restaurant operating weeks and a decrease of SRS by $1.5 million (0.4%) for fiscal 2016. Q4 2016 revenue increased 3.6% to $11.5 million from increased retail revenues and supplier coordination fees. Fiscal 2016 revenues increased 19.2% partly from the Company temporarily taking over the operations of the manufacturer of certain Toujours Mikes licensed retail products, as well as the additional week of operations, System Sales growth and increased retail promotional activities. Q4 2016 operating expenses increased 20.7% versus Q4 2015, of which 12% was due to the impairment reversal recognized in Q4 2015 and 5% from the increased RRP expenses in Q4 2016. Fiscal 2016 operating expenses increased 24.8%, of which 18% was due to the temporary manufacture of certain Toujours Mikes licensed retail products, and 2% each from the additional week of operations, the increased RRP expenses and the impairment reversal recognized in Q4 2015. Q4 2016 EBITDA of $4.1 million decreased by 20.2% over Q4 2015 and stemmed mostly from the impairment reversal on IRG rights recognized in Q4 2015 and increased RRP expenses. Fiscal 2016 EBITDA increased by 5.3% over fiscal 2015. Q4 2016 Operating EBITDA decreased 2.8% to $4.4 million versus $4.6 million in Q4 2015 mostly from increased operating expenditures in the Franchising segment. Fiscal 2016 Operating EBITDA increased 11.9% from fiscal 2015, primarily from the increased System Sales and retail promotional activities in the Franchising segment. Net earnings of $3.2 million for Q4 2016 decreased 10.9% versus Q4 2015. For fiscal 2016, net earnings of $11.6 million increased 14.0% over fiscal 2015, primarily due to increased EBITDA and lower finance costs. 1 "Normalized System Sales" is defined as System Sales less the sales from the additional week of operations in the first quarter of fiscal 2016, and adjusted for the resulting shift in the comparability of the weeks which impacts the second, louis vuitton purses usa third and fourth quarters. Highlights Subsequent to Quarter End The Company announced today that it has entered into a binding agreement to acquire Ben Florentine, a leading franchisor in the breakfast and lunch category with over 40 locations across Quebec, Ontario and Manitoba. It will be an asset transaction with total consideration of approximately $17.7 million payable at closing with an additional earn out payment of up to $7.3 million payable in the first quarter of 2018 based upon the achievement of certain financial results driven principally by the successful opening of new restaurants. The acquisition of Ben Florentine adds a leading brand to IRG's portfolio. Management believes that the acquisition presents several compelling strategic benefits: A growth oriented brand. Since opening its first restaurant in 2009, Ben Florentine has demonstrated rapid growth to 12 locations by 2010, opening its first location in Ontario in 2012, and now boasts over 40 locations across Quebec, Ontario and Manitoba with $35 million in system sales and significant growth potential; Ability to generate economies of scale while leveraging IRG's shared services and operating track record; Increases IRG's critical mass in Quebec, cementing the Company's strong position; Single digit accretion to earnings per share while keeping debt leverage at approximately 1x EBITDA. On April 15, 2015, the Company formally announced a strategic plan and approach to capital allocation that charts a roadmap for the transformation and growth of the Company for the three following years, including an investment by the Company of up to $5.5M over that period of time to rejuvenate its restaurant network under the RRP. To date, the Company has renovated 33 restaurants, and expects to renovate over 125 restaurants in total under the RRP. The trading price of the common shares of the Company has increased 73%, from $1.79 to $3.10. Finally, the Company fully repaid its long term debt over fiscal 2016. On January 13, 2016, the Board approved an increase of 12.5% in the Company's quarterly dividend from $0.02 to $0.0225 per common share. The dividend policy has been designed to allow sufficient flexibility to continue investing in the Company's growth and its franchise network, while providing returns to its shareholders. The Company also instituted a normal course issuer bid, which allows for the repurchase and cancellation of shares, which was approved by the Toronto Stock Exchange on January 18, 2016. In addition to continuing growing our business through a combination of organic growth, including through the investment in the RRP and other infrastructure areas, we are actively pursuing a strategic acquisition strategy of brands that complements IRG's existing brands and that could either consolidate our solid position in Quebec or expand our geographic footprint outside of Quebec, and broaden our customer base and leverage our platform. We plan on using cash on hand and available capital under our credit facility to finance the cash portion of such acquisitions while using the common shares of the Company as an attractive acquisition currency when appropriate. In evaluating any potential acquisition candidates, the Company will take into account whether such acquisition is accretive for the Company and whether it provides an opportunity for substantive growth while allowing the Company to leverage the fixed cost of its shared services platform. There is no certainty that the Company will be able to identify targets that will fit its objectives or that the Company will be able to complete a transaction. The Company carefully explores, as it has done from time to time, any commercially reasonable strategic opportunity that could maximize the value of the Company. Q4 2016 and Fiscal 2016 Selected Financial Data Pursuant to its previously announced dividend policy, the board of directors of the Company (the "Board") today declared a dividend of $0.0225 per common share. The quarterly cash dividend will be paid on January 20, 2017 to shareholders of record as of the close of business on January 6, 2017.
The declaration louis vuitton alma unboxing and payment of any future dividend remains at the discretion of the Board and will depend on the Company's current and anticipated cash requirements and surplus, capital expenditures requirements, regulatory restrictions, financial results, future prospects, current and future contractual restrictions, such as restrictions under credit or other arrangements, the satisfaction of solvency tests imposed by the Canada Business Corporations Act for the declaration of dividends and other factors deemed relevant by the Board. Any dividend policy established by the Board, including the Company's current dividend policy can be changed at any time and is not binding on the Company. There can be no guarantee that the Company will maintain its current dividend policy or any dividend policy or that any dividend will be declared or paid.
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