Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - Diversified Restaurant Holdings, Inc. | c10234e8vkza.htm |
Exhibit 99.2
RESTATED PRO FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED BALANCE SHEETS
| AMC Managed | ||||||||||||||||
| DRH | Affiliates 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 | — | 11,655,513 | ||||||||||||
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 (DEFICIT) |
||||||||||||||||
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 | 178,135 | (2) | 852,903 | |||||||||||
Deferred rent |
54,273 | 50,667 | — | 104,940 | ||||||||||||
Total current liabilities |
2,080,354 | 1,419,562 | 700,600 | 4,200,516 | ||||||||||||
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 | 3,312,925 | 15,707,875 | ||||||||||||
Stockholders’ / members’ equity (deficit) |
||||||||||||||||
Common stock |
1,863 | 528,605 | — | 530,468 | ||||||||||||
Additional paid-in capital |
2,356,155 | 353,692 | — | 2,709,847 | ||||||||||||
Retained earnings (accumulated deficit) |
(165,306 | ) | 106,837 | (3,312,925 | )(1)(2) | (3,371,394 | ) | |||||||||
Members’ equity (deficit) |
— | (400,048 | ) | — | (400,048 | ) | ||||||||||
Total stockholders’ and members’ equity (deficit) |
2,192,712 | 589,086 | (3,312,925 | ) | (531,127 | ) | ||||||||||
Total liabilities and stockholders’ / members’equity (deficit) |
$ | 9,718,227 | $ | 5,458,521 | $ | — | $ | 15,176,748 | ||||||||
| * | Pro forma presentation gives effect to the acquisition 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. |
|
| (2) | Reflects the interest associated with the promissory notes to fund the acquisition of nine
affiliated Buffalo Wild Wings restaurants. |
RESTATED PRO FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED STATEMENTS OF OPERATIONS
| AMC Managed | ||||||||||||||||
| DRH | Affiliates 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 | )(1) | $ | — | |||||||
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 | )(1) | — | |||||||||||
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 | |||||||||||
Operating profit |
983,703 | 1,079,995 | — | 2,063,698 | ||||||||||||
Interest expense |
445,820 | 332,792 | 178,135 | (2) | 956,745 | |||||||||||
Other (income) expense, net |
(80,706 | ) | (80,720 | ) | — | (161,426 | ) | |||||||||
Income (loss) before income taxes |
618,589 | 827,923 | (178,135 | ) | 1,268,379 | |||||||||||
Income tax benefit (provision) |
(252,064 | ) | — | — | (252,064 | ) | ||||||||||
Net income (loss) |
$ | 366,525 | $ | 827,923 | $ | (178,135 | ) | $ | 1,016,315 | |||||||
| * | Pro forma presentation gives effect to the acquisition as if it had occurred December 27, 2009. |
|
| (1) | Reflects the elimination of management and advertising fees paid by the nine affiliates to the
Company. |
|
| (2) | Reflects the interest associated with the promissory notes to fund the acquisition of nine
affiliated Buffalo Wild Wings restaurants. |