Bojangles Q1 Profit Beats Estimates

reported better-than-expected earnings for the first fiscal quarter 2015 on Thursday. The Charlotte, North Carolina-based company posted quarterly net income of $3.4 million, or $0.09 per share, versus $5.0 million, or $0.13 per share, in the year-ago quarter. Its adjusted earnings rose to $0.17 per share from $0.14 per share. Its total revenue gained 19.2 percent to $114.6 million from $96.2 million. However, analysts were expecting earnings of $0.15 per share on revenue of $114.48 million. System-wide comparable restaurant sales surged 7.9 percent for the quarter. Company-operated comparable restaurant sales rose 7.1 percent, while franchised comparable restaurant sales jumped 8.4 percent. Company restaurant revenue gained 19.4 percent to $108.3 million in the first fiscal quarter, while franchise royalty revenue rose 14.2 percent to $5.9 million. Adjusted EBITDA climbed 16.0 percent to $16.9 million from $14.6 million. General and administrative expenses rose $3.9 million year-over-year to $10.9 million in the first fiscal quarter. "We are delighted to have begun fiscal year 2015 with impressive growth in total revenues, adjusted EBITDA and adjusted net income for the first fiscal quarter. The 7.9% increase in system-wide comparable restaurant sales during the first fiscal quarter continues to demonstrate the broad appeal of our iconic brand and enabled us to extend our track record of comparable restaurant sales growth to 20 consecutive quarters. As always, Bojangles' success was driven by the collective hard work of the teams in our company-operated and franchised restaurants, the true heroes of our brand," said Bojangles' President and CEO Clifton Rutledge. Bojangles expects FY 2015 revenue of $480 million to $487 million and system-wide-same-restaurant-sales to rise in low to mid-single digits. Bojangles shares gained 1.40 percent to $26.20 in the after-hours trading session.