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Bravo Brio Restaurant Group (NASDAQ:BBRG), an Italian restaurant with brands BRAVO! Cucina Italiana and BRIO Tuscan Grille, priced its IPO on 20 October, 2010 at at lower end of range of $14 per share, generating first day return of 10%.

Business Overview (from prospectus)

We are a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana (“BRAVO!”) and BRIO Tuscan Grille (“BRIO”). We have positioned our brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of our brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. We strive to be the best Italian restaurant company in America and are focused on providing our guests an excellent dining experience through consistency of execution. We believe that both of our brands appeal to a broad base of consumers, especially to women whom we believe currently account for approximately 62% and 65% of our guest traffic at BRAVO! and BRIO, respectively.

Offering: 10 million shares at $14 per share. Net proceeds of approximately $110 million will be used for debt repayment.

Lead Underwriters: Jefferies & Co. (JEF), Piper Jaffray (NYSE:PJC), Wells Fargo Securities (NYSE:WFC)

Financial Highlights:

Revenues increased 11.4% to $171.0 million for the twenty-six weeks ended June 27, 2010, as compared to $153.5 million for the twenty-six weeks ended June 28, 2009...Cost of sales increased 8.9% to $44.4 million for the twenty-six weeks ended June 27, 2010, as compared to $40.8 million for the twenty-six weeks ended June 28, 2009... Labor costs increased 8.1% to $58.1 million for the twenty-six weeks ended June 27, 2010, as compared to $53.7 million for the twenty-six weeks ended June 28, 2009...Operating costs increased 170%, to $11.6 million for the twenty-six weeks ended June 27, 2010, as compared to $4.3 million for the twenty-six weeks ended June 28, 2009...Net income increased to $7.9 million for the twenty-six weeks ended June 27, 2010, with a net margin of 4.7% as compared to 0.3% for the twenty-six weeks ended June 28, 2009...

Competitors

The restaurant business is intensely competitive with respect to food quality, price-value relationships, ambiance, service and location, and is affected by many factors, including changes in consumer tastes and discretionary spending patterns, macroeconomic conditions, demographic trends, weather conditions, the cost and availability of raw materials, labor and energy and government regulations. Any change in these or other related factors could adversely affect our restaurant operations. The main competitors for our brands are other operators of mid-priced, full service concepts in the multi-location, upscale affordable dining segment in which we compete most directly for real estate locations and guests, including Maggiano’s, Cheesecake Factory (NASDAQ:CAKE), P.F. Chang’s (NASDAQ:PFCB) and BJ’s Restaurants (NASDAQ:BJRI). We also compete to a lesser extent with nationally recognized casual dining Italian restaurants such as Romano’s Macaroni Grill, Carrabba’s Italian Grill and Olive Garden, as well as high quality, locally-owned and operated Italian restaurants.

Additional Resources:

Source: Bravo Brio Restaurant Group Prices IPO at Lower End of Range