OvaScience Inc (NASDAQ:HOTR), owner, operator and franchisor of multiple branded restaurants in the U.S. and abroad, announced financial results for the fourth quarter and year ended December 31, 2015.

Mike Pruitt, Chairman and CEO of Chanticleer commented, “Chanticleer posted strong fourth quarter revenue and EBITDA growth as contributions from our recent Better Burger acquisitions are starting to drive results. During 2015, we completed the acquisition of BGR: The Burger Joint; BT’s Burger Joint and Little Big Burger.”

“As we close 2015 and look to the future, our growth will be focused on our Better Burger and Just Fresh concepts, particularly targeting the Little Big Burger brand in the Pacific Northwest and our BGR brand, where we generate high returns and have a robust pipeline of company and franchise opportunities. With our Hooters business, we intend to focus on operational improvement and driving cash flow from existing stores.

“With our Better Burger acquisitions complete, we are squarely focused on organic growth and driving improved efficiency and profitability from all our brands.”

Fourth Quarter Revenue Increases 47%; Adjusted EBITDA Improves 71% 

Total revenue was $12.7 million, a 47% increase as compared to revenue of $8.6 million in the same prior year quarter. On a sequential basis, fourth quarter revenues increased 23% compared $10.3 million for the third quarter of 2015 as Little Big Burger began to contribute.

Restaurant revenues increased 46% to $12.1 million for the quarter ended December 31, 2015 as compared with the same quarter last year. Revenues increased from growth in store count and favorable same store sales, partially offset by lower revenues from Australia and foreign currency translation. Same store sales improved 9.1% in the Better Burger category, 4.2% in the Just Fresh business, and 2.4% in the domestic Hooters business, while the Company’s international Hooters business declined largely due to currency translation.

Chanticleer reported a loss from continuing operations of $1.7 million in the fourth quarter of 2015 as compared to a loss from continuing operations of $2.0 million in the fourth quarter of fiscal 2014. Chanticleer recorded a net loss of $2.6 million, or $0.12 per basic and diluted share in the fourth quarter of fiscal 2015, compared with a net loss of $3.2 million or $0.32 per basic and diluted share, in the fourth quarter of fiscal 2014.

Non-GAAP Adjusted EBITDA was a loss of $380 thousand for the quarter compared to a loss of $1.3 million in the fourth quarter of 2014. Approximately $270 thousand of the fourth quarter 2015 adjusted EBITDA loss is attributable to losses from the Company’s Australia operations in the quarter. Non-GAAP Restaurant EBITDA was $849 thousand for the quarter compared to $86 thousand in the fourth quarter of 2014.

Full Year Revenue Increases 42%; Adjusted EBITDA improves 22%

Total revenue for the year ended December 31, 2015 increased 42% to $42.4 million as compared to $29.8 million in the prior year and restaurant revenue increased 43% to $41.0 million for 2015.

The Company recorded a loss from continuing operations of $14.5 million or a loss of $0.86 per share in 2015 as compared to a net loss from continuing operations of $5.7million, or $0.87 per share in 2014. 2015 included a non-cash asset impairment charge of $4.5 million related to the reorganization of operations at the Company’s Australia stores and $1.2 million in non-recurring transaction-related expenses. Chanticleer reported an adjusted EBITDA loss of $2.7 million in 2015 as compared to an adjusted EBITDA loss of $3.3 million in 2014.

Mike Pruitt continued, “2015 was a transformative year for our Company, with the completion of our three better burger acquisitions, which added 36 locations for a total of 62 locations at year end and refocused our business model to take advantage of consumer loyalty to smaller regional players while also maintaining our involvement with the iconic Hooters brand.

“As a result, revenue mix has shifted so that the better burger fast casual segment now represents 55% of our revenue, up from 22% last year. Hooters remains an important part of our strategy, and we’re pleased with the initial success we’ve seen from the diversification of our restaurant offerings. We believe our restaurant portfolio of better burger fast casual, Just Fresh fast casual and Hooters full service position us well to capture a wide range of customers in a broad range of geographies.”

Mr. Pruitt concluded, “We are very focused on driving our growth and have several strategic initiatives underway to provide non-dilutive capital to support this growth. We have retained a United Kingdom investment bank for an up to £10 million bond offering in the UK, which we expect to close in the second quarter. The bond offering proceeds would be used to refinance certain of our existing higher interest rate notes payable and convertible debts, as well as to provide additional working capital for the opening of new restaurant locations and for general corporate purposes. Furthermore, we have entered into a letter of intent with a U.S. investment bank for up to $10 million in capital under the U.S. Government’s EB-5 program, to be used specifically for the opening of new restaurants and the creation of new jobs in certain qualified geographic regions. We have received approval for several potential sites and we expect to complete our first EB-5 funding transaction in mid-2016. Finally, we recently entered into a letter of intent directly with a U.S. investor to fully fund the opening of up to ten Little Big Burger restaurants in the Seattle area.” (Original Source)

Shares of Chanticleer Holdings closed yesterday at $0.83, up $0.02 or 1.84%. HOTR has a 1-year high of $4.18 and a 1-year low of $0.64. The stock’s 50-day moving average is $0.84 and its 200-day moving average is $0.99.

Chanticleer Holdings, Inc. owns and operates Hooters branded restaurants in emerging international markets, which are casual beach-themed establishments with sports on television, jukebox music and hooters girls. The company operates in the restaurant ownership and management business. Chanticleer Holdings was founded on October 21, 1999 and is headquartered in Charlotte, NC.