Business

April 17, 2014

Chanticleer Holdings says Q1 restaurant revenue to set record

Charlotte-based Chanticleer Holdings said Thursday that preliminary figures show net restaurant revenue hit a record in the first quarter, primarily the result of a year of restaurant acquisitions.

Charlotte-based Chanticleer Holdings said Thursday that preliminary figures show net restaurant revenue hit a record in the first quarter, primarily the result of a year of restaurant acquisitions.

Revenue for the quarter totaled approximately $5.5 million, up about 244 percent from the same quarter last year, Chanticleer said. Revenue in the quarter was up about 67 percent from $3.3 million in the fourth quarter.

“Our record restaurant revenue is due to the increase in the aggregate number of restaurants we own and operate in whole or in part,” chief executive Mike Pruitt said in a statement. “We are excited to share this preliminary data with our shareholders as we continue to strategically grow the company organically and through acquisition opportunities.”

Last year, the company shifted its focus away from only owning and operating Hooters restaurants in other countries. Hooters remains part of its strategy, but it began investing in other restaurant brands.

Last year, it purchased Charlotte-based American Roadside Burgers, acquired a majority interest in the Charlotte-based Just Fresh restaurant chain and became an investor in Beacher’s Madhouse, a nightclub operator with locations in Los Angeles and Las Vegas.

In January, Chanticleer completed acquisitions of Dallas-based seafood restaurant Spoon Bar & Kitchen, as well as one Hooters location in Oregon and one in Washington state.

As of March 31, Chanticleer said, it had 21 restaurants, including 10 Hooters around the world.

For all of 2013, the company reported a net loss of $5.2 million, or $1.19 a share. Pruitt told the Observer last year that the company needs to grow its number of restaurants in order to reach profitability.

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