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8-K/A - FORM 8-K/AMENDMENT NO. 3 - Diversified Restaurant Holdings, Inc. | c09556e8vkza.htm |
Exhibit 99.2
RESTATED PRO-FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED BALANCE SHEETS
AMC | ||||||||||||||||
Managed | ||||||||||||||||
Affiliates | ||||||||||||||||
DRH | Group | Pro Forma* | ||||||||||||||
December 27 | December 31 | Pro Forma | December 27 & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
ASSETS |
||||||||||||||||
Current assets |
||||||||||||||||
Cash and cash equivalents |
$ | 649,518 | $ | 697,534 | $ | | $ | 1,347,052 | ||||||||
Accounts receivable related party |
254,540 | 369,445 | | 623,985 | ||||||||||||
Inventory |
125,332 | 181,969 | | 307,301 | ||||||||||||
Prepaid assets |
103,452 | 49,250 | | 152,702 | ||||||||||||
Accounts receivable other |
11,219 | 4,666 | | 15,885 | ||||||||||||
Other assets |
49,280 | 26,497 | | 75,777 | ||||||||||||
Total current assets |
1,193,341 | 1,329,361 | | 2,522,702 | ||||||||||||
Property and equipment, net |
7,866,149 | 3,789,364 | | 1,655,513 | ||||||||||||
Intangible assets, net |
411,983 | 339,796 | | 751,779 | ||||||||||||
Deferred income taxes |
246,754 | | | 246,754 | ||||||||||||
Total assets |
$ | 9,718,227 | $ | 5,458,521 | $ | | $ | 15,176,748 | ||||||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||||||||||
Current liabilities |
||||||||||||||||
Current portion of long-term debt |
$ | 1,402,742 | $ | 790,315 | 522,465 | (1) | $ | 2,715,522 | ||||||||
Accounts payable |
293,984 | 233,167 | | 527,151 | ||||||||||||
Accrued liabilities |
329,355 | 345,413 | | 674,768 | ||||||||||||
Deferred rent |
54,273 | 50,667 | | 104,940 | ||||||||||||
Total current liabilities |
2,080,354 | 1,419,562 | 522,465 | 4,022,381 | ||||||||||||
Accrued rent |
253,625 | 592,389 | | 846,014 | ||||||||||||
Deferred rent |
422,068 | 215,956 | | 638,024 | ||||||||||||
Other liabilities interest rate swap |
167,559 | 46,045 | | 213,604 | ||||||||||||
Long-term debt, less current portion |
4,601,909 | 2,165,132 | 2,612,325 | (1) | 9,379,366 | |||||||||||
Related party payable |
| 430,351 | | 430,351 | ||||||||||||
Total liabilities |
7,525,515 | 4,869,435 | 3,134,790 | 15,529,740 | ||||||||||||
Stockholders / members equity |
||||||||||||||||
Common stock |
1,863 | 528,605 | | 530,468 | ||||||||||||
Additional paid In capital |
2,356,155 | 353,692 | | 2,709,847 | ||||||||||||
Retained earnings |
(165,306 | ) | 106,837 | (3,134,790 | )(1) | (3,193,259 | ) | |||||||||
Members equity |
| (400,048 | ) | | (400,048 | ) | ||||||||||
Total stockholders and members equity |
2,192,712 | 589,086 | (3,134,790 | ) | (352,992 | ) | ||||||||||
Total liabilities and stockholders /
members equity |
$ | 9,718,227 | $ | 5,458,521 | $ | | $ | 15,176,748 | ||||||||
* | Pro Forma presentation gives effect to the Transaction as if it had occurred December 27, 2009. |
|
(1) | Reflects the issuance of
promissory notes to fund the acquisition of nine affiliated Buffalo
Wild Wings restaurants. |
RESTATED
PRO-FORMA DRH & AMC MANAGED AFFILIATES GROUP
STATEMENT OF OPERATIONS
AMC | ||||||||||||||||
Managed | ||||||||||||||||
Affiliates | ||||||||||||||||
DRH | Group | Pro Forma* | ||||||||||||||
December 27 | December 31 | Pro Forma | December 27 & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
Revenue |
||||||||||||||||
Management and advertising fees |
$ | 1,744,505 | $ | | $ | (1,744,505 | )(2) | $ | | |||||||
Food and beverage sales |
17,317,996 | 24,436,519 | | 41,754,515 | ||||||||||||
Total revenue |
19,062,501 | 24,436,519 | (1,744,505 | ) | 41,754,515 | |||||||||||
Operating expenses |
||||||||||||||||
Compensation costs |
5,724,053 | 5,746,191 | | 11,470,244 | ||||||||||||
Food and beverage costs |
5,325,825 | 7,703,278 | | 13,029,103 | ||||||||||||
General and administrative |
4,693,219 | 5,199,140 | | 9,892,359 | ||||||||||||
Occupancy |
1,132,364 | 1,802,999 | | 2,935,363 | ||||||||||||
Management and advertising fees |
| 1,744,505 | (1,744,505 | )(2) | | |||||||||||
Depreciation and amortization |
1,203,337 | 1,160,411 | | 2,363,748 | ||||||||||||
Total operating expenses |
18,078,798 | 23,356,524 | (1,744,505 | ) | 39,690,817 | |||||||||||
Income from operations |
983,703 | 1,079,995 | | 2,063,698 | ||||||||||||
Interest expense |
445,820 | 332,792 | | 778,612 | ||||||||||||
Other (income)/expense, net |
(80,706 | ) | (80,720 | ) | | (161,426 | ) | |||||||||
(Loss) income before income
taxes |
618,589 | 827,923 | | 1,446,512 | ||||||||||||
Income tax benefit (provision) |
(252,064 | ) | | | (252,064 | ) | ||||||||||
Net (loss) income |
$ | 366,525 | $ | 827,923 | $ | | $ | 1,194,448 | ||||||||
* | Pro Forma presentation gives effect to the Transaction as if it occurred on December 27, 2009. |
|
(2) | Reflects the elimination of management and advertising fees paid by AMC Managed Affiliates
Group to DRH. |