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February 12 2009 Buffalo Wild Wings Inc. Announces Fourth Quarter 2008 Results - (MobiWire)

Buffalo Wild Wings Inc. (NASDAQ: BWLD) announced today financial results for the fourth quarter ended December 28 2008. Highlights for the fourth quarter versus the same period a year ago were: -- Total revenue increased 32.6% to $121.2 million -- Company-owned restaurant sales grew 35.7% to $109.8 million -- Same-store sales increased 4.5% at company-owned restaurants and 2.5% at franchised restaurants -- Net earnings increased 28.7% to $7.7 million from $6.0 million and earnings per diluted share increased 26.5% to $0.43 from $0.34 Sally Smith President and Chief Executive Officer commented "We're excited to share our impressive fourth quarter and full year 2008 results. Our outstanding revenue growth of 32.6% for fourth quarter translated to net earnings growth of 28.7% providing a strong finish to the year. For the full year of 2008 we increased our number of locations by 67 units built our top line revenue by over 28% and delivered net earnings growth of more than 24% to our shareholders. Our performance demonstrates the strength of this brand and the high level of execution by our Franchisees and Team Members." Total revenue increased 32.6% to $121.2 million in the fourth quarter compared to $91.4 million in the fourth quarter of 2007. Company-owned restaurant sales for the quarter increased 35.7% to $109.8 million driven by a company-owned same-store sales increase of 4.5% and 36 more company-owned restaurants in operation at the end of fourth quarter 2008 relative to the same period in 2007. Franchise royalties and fees increased 9.0% to $11.4 million versus $10.4 million in the prior year. This increase was the result of a franchised same-store sales increase of 2.5% and 31 more franchised restaurants at the end of the period versus a year ago. Average weekly sales for company-owned restaurants were $43 864 for the fourth quarter of 2008 compared to $40 485 for the same quarter last year an 8.3% increase. Franchised restaurants averaged $48 424 for the period versus $47 293 in the fourth quarter a year ago a 2.4% increase. For the fourth quarter net earnings increased 28.7% to $7.7 million versus $6.0 million in the prior year. Earnings per diluted share were $0.43 as compared to fourth quarter 2007 earnings per diluted share of $0.34. 2009 Outlook Ms. Smith continued "2009 is off to a great start! To date our first quarter same-store sales are among the best in the industry with an 8% increase at company-owned restaurants and a 7% increase at franchised locations. Our first quarter marketing and media plans are firmly in place including a new TV commercial that will air nationally during each week of the college basketball tournaments up through the championship game. Our restaurant Team Members are well-prepared energized and ready to "WOW" the crowds." Ms. Smith concluded "We believe our 2009 annual goals of 15% unit growth 25% revenue growth and 20% to 25% net earnings growth are achievable. Our brand offers a unique and appealing experience that is more than just going out to eat. Buffalo Wild Wings is a haven where people go to relax and connect with friends and family and we are thankful that in this economy they are choosing Buffalo Wild Wings as the place they want to be for hot wings and a cold beer." Buffalo Wild Wings will be hosting a conference call today February 11 2009 at 4:00 p.m. Central Standard Time to discuss these results. There will be a simultaneous webcast conducted at our website www.buffalowildwings.com. A replay of the call will be available until February 18 2009. To access this replay please dial 1.303.590.3030 password 3967792. About the Company Buffalo Wild Wings Inc. founded in 1982 and headquartered in Minneapolis Minnesota is a growing owner operator and franchisor of restaurants featuring a variety of boldly-flavored made-to-order menu items including Buffalo-style chicken wings spun in one of 14 signature sauces. Buffalo Wild Wings is an inviting neighborhood destination with widespread appeal and is the recipient of dozens of "Best Wings" and "Best Sports Bar" awards from across the country. There are currently 567 Buffalo Wild Wings locations across 39 states. Forward-looking Statements Certain statements in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. These statements include without limitation those relating to our projected unit revenue and earnings growth rates for 2009 and beyond and our ability to fund our growth. Forward-looking statements are based upon the current beliefs and expectations of our management. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including without limitation the actual number of locations opening in the future the sales at these and our other company-owned and franchised locations our ability to successfully operate in new markets the cost of commodities the success of our marketing and other initiatives our ability to control restaurant labor and other restaurant operating costs the transition of the recently-acquired Las Vegas restaurants economic conditions (including changes in consumer preferences or consumer discretionary spending) the availability of financing to real estate developers and franchisees competition the impact of applicable regulations and other factors disclosed from time to time in our filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. We undertake no obligation to update any forward-looking statements. BUFFALO WILD WINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollar and share amounts in thousands except per share data) (unaudited) Three months ended Fiscal years ended December 28 December 30 December 28 December 30 2008 2007 2008 2007 Revenue: Restaurant sales $ 109 836 80 950 379 686 292 824 Franchising royalties and fees 11 377 10 435 42 731 36 828 Total revenue 121 213 91 385 422 417 329 652 Costs and expenses: Restaurant operating costs: Cost of sales 32 181 24 899 113 266 90 065 Labor 32 442 23 471 114 609 87 784 Operating 17 398 13 501 60 205 47 974 Occupancy 7 285 5 300 25 157 19 986 Depreciation and amortization 6 902 4 783 23 622 16 987 General and administrative (1) 11 079 9 438 40 151 35 740 Preopening 2 511 2 227 7 930 4 520 Loss on asset disposals and impairment 15 449 2 083 987 Total costs and expenses 109 813 84 068 387 023 304 043 Income from operations 11 400 7 317 35 394 25 609 Investment income (loss) (126 ) 686 970 2 909 Earnings before income taxes 11 274 8 003 36 364 28 518 Income tax expense 3 547 1 998 11 929 8 864 Net earnings $ 7 727 6 005 24 435 19 654 Earnings per common share - basic $ 0.43 0.34 1.37 1.12 Earnings per common share - diluted 0.43 0.34 1.36 1.10 Weighted average shares outstanding - basic 17 854 17 612 17 813 17 554 Weighted average shares outstanding - diluted 18 011 17 860 17 996 17 833 (1) Includes stock-based compensation of $1 679 $707 $4 900 and $3 755 respectively The following table expresses results of operations as a percentage of total revenue for the periods presented except for restaurant operating costs which are expressed as a percentage of restaurant sales: Three months ended Fiscal years ended December 28 December 30 December 28 December 30 2008 2007 2008 2007 Revenue: Restaurant sales 90.6 % 88.6 % 89.9 % 88.8 % Franchising royalties and fees 9.4 11.4 10.1 11.2 Total revenue 100.0 100.0 100.0 100.0 Costs and expenses: Restaurant operating costs: Cost of sales 29.3 30.8 29.8 30.8 Labor 29.5 29.0 30.2 30.0 Operating 15.8 16.7 15.9 16.4 Occupancy 6.6 6.5 6.6 6.8 Depreciation and amortization 5.7 5.2 5.6 5.2 General and administrative 9.1 10.3 9.5 10.8 Preopening 2.1 2.4 1.9 1.4 Loss on asset disposals and impairment 0.0 0.5 0.5 0.3 Total costs and expenses 90.6 92.0 91.6 92.2 Income from operations 9.4 8.0 8.4 7.8 Investment income (loss) (0.1 ) 0.8 0.2 0.9 Earnings before income taxes 9.3 8.8 8.6 8.7 Income tax expense 2.9 2.2 2.8 2.7 Net earnings 6.4 6.6 5.8 6.0 BUFFALO WILD WINGS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollar amounts in thousands except share data) (unaudited) December 28 December 30 2008 2007 Assets Current assets: Cash and cash equivalents $ 8 347 1 521 Marketable securities 36 157 66 513 Accounts receivable - franchisees net of allowance of $25 895 885 Accounts receivable - other 5 759 6 976 Inventory 3 104 2 362 Prepaid expenses 3 294 3 060 Refundable income taxes 1 611 1 886 Deferred income taxes 1 731 1 303 Total current assets 60 898 84 506 Property and equipment net 154 432 102 742 Restricted cash 7 670 7 161 Other assets 9 846 2 320 Goodwill 10 972 369 Total assets $ 243 818 197 098 Liabilities and Stockholders' Equity Current liabilities: Unearned franchise fees $ 2 514 2 316 Accounts payable 16 691 10 692 Accrued compensation and benefits 14 155 12 615 Accrued expenses 7 116 6 207 Current portion of deferred lease credits 56 660 Total current liabilities 40 532 32 490 Long-term liabilities: Other liabilities 1 270 1 031 Marketing fund payables 7 670 7 161 Deferred income taxes 8 916 2 166 Deferred lease credits net of current portion 13 837 12 585 Total liabilities 72 225 55 433 Commitments and contingencies Stockholders' equity: Undesignated stock 1 000 000 shares authorized; none issued -- -- Common stock no par value. Authorized 44 000 000 and 20 200 000 86 318 80 825 shares respectively; issued and outstanding 17 887 271 and 17 657 020 respectively Retained earnings 85 275 60 840 Total stockholders' equity 171 593 141 665 Total liabilities and stockholders' equity $ 243 818 197 098 BUFFALO WILD WINGS INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollar amounts in thousands) (unaudited) Fiscal years ended December 28 December 30 2008 2007 Cash flows from operating activities: Net earnings $ 24 435 19 654 Adjustments to reconcile net earnings to cash provided by operations: Depreciation 23 415 16 987 Amortization 207 (54 ) Loss on asset disposals and impairment 2 083 987 Deferred lease credits 1 955 2 374 Deferred income taxes 6 322 (894 ) Stock-based compensation 4 900 3 755 Excess tax benefit from the exercise of stock options (615 ) (1 007 ) Change in operating assets and liabilities: Trading securities 23 (302 ) Accounts receivable 375 (1 183 ) Inventory (473 ) (595 ) Prepaid expenses (152 ) (2 008 ) Other assets (608 ) (600 ) Unearned franchise fees 198 (31 ) Accounts payable 809 3 683 Refundable income taxes 890 (1 143 ) Accrued expenses 2 343 3 956 Net cash provided by operating activities 66 107 43 579 Cash flows from investing activities: Acquisition of property and equipment (67 396 ) (41 359 ) Acquisition of franchised restaurants (23 071 ) -- Purchase of marketable securities (116 259 ) (158 170 ) Proceeds of marketable securities 146 592 144 842 Net cash used in investing activities (60 134 ) (54 687 ) Cash flows from financing activities: Issuance of common stock 1 227 1 446 Tax payments for restricted stock units (989 ) (1 580 ) Excess tax benefit from the exercise of stock options 615 1 007 Net cash provided by financing activities 853 873 Net increase (decrease) in cash and cash equivalents 6 826 (10 235 ) Cash and cash equivalents at beginning of period 1 521 11 756 Cash and cash equivalents at end of period $ 8 347 1 521 BUFFALO WILD WINGS INC. AND SUBSIDIARIES Supplemental Information Restaurant Count Company-owned Restaurants: Q1 Q2 Q3 Q4 2008 165 169 187 197 2007 140 145 148 161 2006 124 129 134 139 2005 106 110 116 122 2004 88 92 97 103 Franchised Restaurants: Q1 Q2 Q3 Q4 2008 340 346 348 363 2007 299 301 313 332 2006 260 270 278 290 2005 212 224 234 248 2004 168 175 189 203 Same-Store Sales Company-owned Restaurants: Q1 Q2 Q3 Q4 Year 2008 4.1 % 8.3 % 6.8 % 4.5 % 5.9 % 2007 8.7 % 8.1 % 8.3 % 3.4 % 6.9 % 2006 7.7 % 8.2 % 11.8 % 13.2 % 10.4 % 2005 6.1 % 2.7 % 1.8 % 2.5 % 3.2 % 2004 11.1 % 10.6 % 9.9 % 7.6 % 9.7 % Franchised Restaurants: Q1 Q2 Q3 Q4 Year 2008 2.1 % 4.5 % 2.1 % 2.5 % 2.8 % 2007 3.3 % 4.0 % 5.9 % 2.3 % 3.9 % 2006 6.7 % 4.7 % 6.4 % 6.5 % 6.1 % 2005 3.2 % 1.8 % 1.1 % 2.6 % 2.2 % 2004 12.0 % 10.4 % 5.7 % 3.7 % 7.6 % BUFFALO WILD WINGS INC. AND SUBSIDIARIES Supplemental Information Average Weekly Sales Volumes Company-owned Restaurants: Q1 Q2 Q3 Q4 Year 2008 $41 438 40 572 42 400 43 864 42 141 2007 39 254 36 655 38 498 40 485 38 757 2006 35 857 33 660 35 380 38 800 36 033 2005 33 195 30 531 31 361 33 953 32 304 2004 32 289 30 248 30 983 33 038 31 663 Franchised Restaurants: Q1 Q2 Q3 Q4 Year 2008 $47 812 46 390 46 889 48 424 47 382 2007 46 439 43 998 45 879 47 293 45 901 2006 44 342 42 338 42 963 46 008 43 975 2005 41 309 39 824 40 149 42 533 40 999 2004 39 678 38 072 38 727 40 926 39 402

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