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Chanticleer Holdings Reports Continued Revenue Growth and Restaurant EBITDA for First Quarter of 2014

68% Revenue Increase and 884% Increase in Restaurant EBITDA Quarter-Over-Quarter

CHARLOTTE, NC--(Marketwired - May 15, 2014) - Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer," or the "Company"), owner and operator of multiple restaurant brands internationally and domestically, announces its financial results for the quarter ended March 31, 2014 ("Q1").

Mike Pruitt, Chairman and Chief Executive Officer, commented, "We are pleased with the performance of our four brands, both for our more established stores as well as our recently acquired or newly opened restaurants. Our growth obviously comes with increased expense but the incremental expense growth was within our operating plan. We expect our expenses will continue to decline as a percentage of revenues as we bring new stores on line, as evidenced by the reduction of the company's net loss per share by 61% on a consecutive quarter basis." 

Restaurant revenue for Q1 2014 increased to $5.55 million, compared to $1.64 million in the comparable period in 2013, and increased 68% quarter-over-quarter from $3.3 million in the quarter ended December 31, 2013 ("Q4"). Revenue increased primarily due to the additional revenues from the acquisition of American Roadside Burgers (ARB) in September 2013, the purchase of the Nottingham (United Kingdom) Hooters in November 2013, the opening of our fifth South African Hooters location in December 2013, the purchase of a majority interest in Just Fresh (JF) in December 2013, the purchases of U.S. Hooters restaurants in Oregon and Washington state and a gaming facility operated through the Oregon Lottery system as well as Spoon Bar and Kitchen in Dallas, Texas in January 2014.

Restaurant gross profit margins for Q1 2014 were 64.2% compared to 61.8% in the comparable period in 2013 and 63.7% in Q4 2013. The Company anticipates continuing quarter-over-quarter margin improvements across its restaurant territories and brands. 

Restaurant operating expenses for Q1 2014 were $3.28 million, or 59.2% of restaurant revenue, compared to $980,155, or 59.7% of restaurant revenue in the comparable period in 2013. The increased expense in Q1 2014 was due to the restaurant acquisitions mentioned above which took place late in 2013 through Q1 2014. General and administrative expenses ("G&A") for Q1 2014 were $1.61 million, or 29.0% of total revenue, compared to $720,210 or 43.2% of total revenue in the comparable period in 2013. The increase in G&A was primarily due to increased payroll, professional and consulting fees related to our growth both for the Company and its subsidiaries.

Restaurant EBITDA* for Q1 2014 increased to $339,926, compared to $36,642 in the comparable period in 2013, and increased $305,393 or 884% quarter-over-quarter from Q4 2013. The increase was primarily driven by restaurant acquisitions over the last twelve months and their improved restaurant gross margins.

*[Adjusted EBITDA and restaurant EBITDA are non-GAAP financial measures -- see "Use of Non-GAAP Measures" below.]

The Company saw a 38% improved quarter-over-quarter net loss to $1.45 million from $2.3 million and a 61% improvement of net loss per share of $0.24 per share from $0.61. The Company believes the recent acquisitions and corporate developments have positioned the Company to potentially see profitability by year end.

The Company expects to continue building its portfolio of brands/concepts throughout 2014. To date, Chanticleer Holdings has twenty-two restaurants worldwide, including its most recent opening of Just Fresh's sixth location in BB&T Ballpark, the new home of the Charlotte Knights AAA baseball team, and our recently announced seventh location in the Ballantyne area of Charlotte, North Carolina. The Company also secured its sixth South Africa Hooters restaurant location in Port Elizabeth and expects it to open in the third quarter of 2014. The Company also increased its ownership stake from 49% to 60% in its three Australian Hooters restaurants, two of which are under construction and expected to open in late June 2014.

Mr. Pruitt continued, "In the first quarter of last year, we had only 6 Hooter's restaurants outside the U.S., while we currently operate 4 different brands, 22 restaurants with 5 more in development in 5 different countries. We have invested significantly in bringing in key management personnel to guide our growth, develop our brands and improve menus so that we can make our restaurants scalable and proceeding to future franchise performance. Taking our new concepts to international markets and initiating franchise programs will be a key driver to our continuing growth."

For full disclosure relating to our first quarter financial information, please refer to Chanticleer's Quarterly Report on Form 10-Q, filed with the SEC on May 15, 2014, available online at www.sec.gov.

Use of Non-GAAP Measures
Chanticleer Holdings, Inc. prepares its condensed consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding adjusted EBITDA and restaurant EBITDA, which differ from the term EBITDA as it is commonly used. In addition to adjusting net income (loss) from continuing operations to exclude taxes, interest, and depreciation and amortization, adjusted EBITDA and restaurant EBITDA also exclude pre-opening costs for our restaurants, non-cash expenses for services, change in fair value of derivative liability and gain on extinguishment of debt. Adjusted EBITDA and restaurant EBITDA are not measures of performance defined in accordance with GAAP. However, adjusted EBITDA and restaurant EBITDA are used internally in planning and evaluating the company's operating performance. Accordingly, management believes that disclosure of these metrics offers investors, bankers and other stakeholders an additional view of the company's operations that, when coupled with the GAAP results, provides a more complete understanding of the Company's financial results.

Adjusted EBITDA and restaurant EBITDA should not be considered as alternatives to net loss or to net cash used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the company's performance. A reconciliation of GAAP net income (loss) to adjusted EBITDA and restaurant EBITDA is included in the accompanying financial schedules.

About Chanticleer Holdings, Inc.
Headquartered in a Charlotte, NC, Chanticleer Holdings, Inc. (HOTR), together with its subsidiaries, owns and operates restaurant brands in the United States and internationally. The Company is a franchisee owner of Hooters® restaurants in international markets including England, South Africa, Hungary, and Brazil and has joint ventured with the current Hooters franchisee in Australia, and recently acquired two Hooters restaurants in the United States. The Company also owns and operates American Roadside Burgers, Spoon Bar & Kitchen and owns a majority interest in Just Fresh restaurants in the U.S. 

For further information, please visit www.chanticleerholdings.com 
Facebook: www.Facebook.com/ChanticleerHOTR
Twitter: http://Twitter.com/ChanticleerHOTR
Google+: https://plus.google.com/u/1/b/118048474114244335161/118048474114244335161/posts

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the words "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "target," "aim," "expect," "believe," "intend," "may," "will," "should," "could," or the negative of these words and other comparable words. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

  • Operating losses continuing for the foreseeable future; we may never be profitable;
  • Inherent risks in expansion of operations, including our ability to acquire additional territories, generate profits from new restaurants, find suitable sites and develop and construct locations in a timely and cost-effective way;
  • General risk factors affecting the restaurant industry, including current economic climate, costs of labor and food prices;
  • Intensive competition in our industry and competition with national, regional chains and independent restaurant operators;
  • Our rights to operate and franchise Hooters-branded restaurants are dependent on the Hooters' franchise agreements;
  • Our business depends on our relationship with Hooters;
  • We do not have full operational control over the businesses of our franchise partners;
  • Failure by Hooters to protect its intellectual property rights, including its brand image;
  • Our business has been adversely affected by declines in discretionary spending and may be affected by changes in consumer preferences;
  • Increases in costs, including food, labor and energy prices;
  • Our business and the growth of our Company is dependent on the skills and expertise of management and key personnel;
  • Constraints could effect our ability to maintain competitive cost structure, including, but not limited to labor constraints;
  • Work stoppages at our restaurants or supplier facilities or other interruptions of production;
  • Our food service business and the restaurant industry are subject to extensive government regulation;
  • We may be subject to significant foreign currency exchange controls in certain countries in which we operate;
  • Inherent risk in foreign operation;
  • We may not attain our target development goals and aggressive development could cannibalize existing sales;
  • Current conditions in the global financial markets and the distressed economy;
  • A decline in market share or failure to achieve growth;
  • Unusual or significant litigation, governmental investigations or adverse publicity, or otherwise;
  • Adverse effects on our operations resulting from the current class action litigation in which the Company is one of several defendants;
  • Adverse effects on our results from a decrease in or cessation or clawback of government incentives related to investments; and
  • Adverse effects on our operations resulting from certain geo-political or other events.

Chanticleer cannot be certain that any expectation, forecast, or assumption made in preparing any forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there will be differences between projected and actual results. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its web site or otherwise. We undertake no obligation to update the forward-looking statements provided to reflect events or circumstances that occur after the date on which they were made. Further information on our business, including important factors which could affect actual results are discussed in the Company's filings with the SEC, including its Annual Report on Form 10-K under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

                Chanticleer Holdings, Inc. and Subsidiaries                 
                   Condensed Consolidated Balance Sheets                    
                                       March 31,            December 31,    
                                          2014                  2013        
              ASSETS                  (Unaudited)                           
Current assets:                                                             
  Cash                             $          476,100    $          442,694 
  Accounts receivable                         173,863               227,181 
  Other receivable                             49,056                50,380 
  Inventories                                 432,698               381,408 
  Due from related parties                    113,481               116,305 
  Prepaid expenses and other                                                
   current assets                             570,184               495,165 
                                  --------------------  --------------------
    TOTAL CURRENT ASSETS                    1,815,382             1,713,133 
Property and equipment, net                 8,522,609             5,620,189 
Goodwill                                    9,168,405             6,496,756 
Intangible assets, net                      3,408,349             3,424,632 
Investments at fair value                      43,394                55,112 
Other investments                           2,551,269             2,491,963 
Deposits and other assets                     246,918               285,821 
                                  --------------------  --------------------
    TOTAL ASSETS                   $       25,756,326    $       20,087,606 
                                  ====================  ====================
   LIABILITIES AND STOCKHOLDERS'                                            
Current liabilities:                                                        
  Current maturities of long-term                                           
   debt and notes payable          $        1,474,735    $          835,454 
  Current maturities of                                                     
   convertible note payable, net                                            
   of discount of $283,258                    216,742                     - 
  Derivative liability                      2,006,600             2,146,000 
  Accounts payable and accrued                                              
   expenses                                 2,704,386             2,425,873 
  Current maturities of capital                                             
   leases payable                              58,717                59,162 
  Deferred rent                               109,699                53,303 
  Due to related parties                       12,191                12,191 
                                  --------------------  --------------------
    TOTAL CURRENT LIABILITIES               6,583,070             5,531,983 
Convertible notes payable, net of                                           
 discount of $ 2,333,333 and                                                
 $2,583,333, respectively                     666,667               416,667 
Capital leases payable, less                                                
 current maturities                            89,880               105,918 
Deferred rent                               1,837,777             1,055,138 
Deferred tax liabilities                    1,313,450             1,340,000 
Long-term debt, less current                                                
 maturities                                   196,868               398,906 
                                  --------------------  --------------------
    TOTAL LIABILITIES                      10,687,712             8,848,612 
                                  --------------------  --------------------
Commitments and contingencies                                               
Stockholders' equity:                                                       
  Common stock: $0.0001 par value;                                          
   authorized 45,000,000 shares;                                            
   issued and outstanding                                                   
   6,321,933 and 5,387,897 shares                                           
   at March 31, 2014 and December                                           
   31, 2013, respectively                         635                   541 
  Additional paid in capital               30,634,438            25,404,994 
  Other comprehensive loss                    (64,342)              (88,370)
  Accumulated deficit                     (15,923,126)          (14,472,816)
  Non-controlling interest                    421,009               394,645 
                                  --------------------  --------------------
    TOTAL STOCKHOLDERS' EQUITY             15,068,614            11,238,994 
                                  --------------------  --------------------
    TOTAL LIABILITIES AND                                                   
     STOCKHOLDERS' EQUITY          $       25,756,326    $       20,087,606 
                                  ====================  ====================
                Chanticleer Holdings, Inc. and Subsidiaries                 
              Condensed Consolidated Statements of Operations               
                                               For the Three Months Ended   
                                                       March 31,            
                                                 2014             2013      
                                            ---------------  ---------------
  Restaurant sales, net                     $    5,546,938   $    1,642,122 
  Management fee income - non-affiliates            25,000           25,000 
                                            ---------------  ---------------
    Total revenue                                5,571,938        1,667,122 
  Restaurant cost of sales                       1,983,281          627,888 
  Restaurant operating expenses                  3,281,827          980,155 
  General and administrative expenses            1,614,794          720,210 
  Depreciation and amortization                    364,888          114,224 
                                            ---------------  ---------------
    Total expenses                               7,244,790        2,442,477 
                                            ---------------  ---------------
Loss from operations                            (1,672,852)        (775,355)
Other income (expense)                                                      
  Equity in (losses) of investments                (40,694)         (14,247)
  Gain on extinguishment of debt                         -           70,900 
  Realized gains                                    97,345                - 
  Miscellaneous income                              58,847            2,562 
  Change in fair value of derivative                                        
   liabilities                                     432,100                - 
  Interest expense                                (336,830)         (36,943)
                                            ---------------  ---------------
    Total other income                             210,768           22,272 
                                            ---------------  ---------------
Loss from operations before income taxes        (1,462,084)        (753,083)
    (Provision) expense for income taxes            (8,888)           9,091 
                                            ---------------  ---------------
Net loss                                        (1,453,196)        (762,174)
    Less: Net loss attributable to non-                                     
     controlling interest                            2,886           24,331 
                                            ---------------  ---------------
Net loss attributable to Chanticleer                                        
 Holdings, Inc.                             $   (1,450,310)  $     (737,843)
                                            ===============  ===============
Other comprehensive income (loss):                                          
    Unrealized loss on available-for-sale                                   
     securities (none applies to non-                                       
     controlling interest)                  $      (11,718)  $      (23,764)
    Foreign translation income                      35,746           13,516 
                                            ---------------  ---------------
      Other comprehensive loss              $   (1,426,282)  $     (748,091)
                                            ===============  ===============
Net loss attributable to Chanticleer                                        
 Holdings, Inc. per common share, basic and                                 
 diluted:                                   $        (0.24)  $        (0.20)
Weighted average shares outstanding, basic                                  
 and diluted                                     5,974,495        3,698,896 
                                            ===============  ===============
                Chanticleer Holdings, Inc. and Subsidiaries                 
              Condensed Consolidated Statements of Cash Flows               
                                                Three Months Ended          
                                                    March 31,               
                                             2014                2013       
                                      ------------------  ------------------
Cash flows from operating activities:                                       
Net loss                               $     (1,453,196)   $       (762,174)
Adjustments to reconcile net loss to                                        
 net cash used in operating                                                 
  Depreciation and amortization                 364,888             114,224 
  Equity in losses of investments                40,694              14,247 
  Common stock issued for services              228,857                   - 
  Amortization of debt discount                 259,442                   - 
  Derivative liability adjustment              (432,100)                  - 
  Decrease in deferred tax liability            (26,550)                  - 
  Amortization of warrants                       22,375              48,569 
  Gain on debt extinguishment                         -             (70,900)
Changes in operating assets and                                             
  Decrease in accounts and other                                            
   receivables                                   57,775              95,949 
  Decrease (increase) in prepaid                                            
   expenses and other assets                      9,293             (42,002)
  Decrease in inventory                          85,879              48,137 
  Increase (decrease) in accounts                                           
   payable and accrued expenses                  32,397             (34,400)
  Increase in deferred rent                       1,688               5,439 
  Advance from related parties for                                          
   working capital                                    -             (37,804)
                                      ------------------  ------------------
    Net cash used in operating                                              
     activities                                (808,558)           (620,715)
Cash flows from investing activities:                                       
  Franchise costs                                     -             (75,000)
  Cash acquired in acquisitions                  23,910                   - 
  Purchase of investments                      (100,000)                  - 
  Purchase of property and equipment            (67,702)            (23,839)
                                      ------------------  ------------------
    Net cash used in investing                                              
     activities                                (143,792)            (98,839)
Cash flows from financing activities:                                       
  Loan proceeds, net                            993,088                   - 
  Decrease in other liabilities                       -            (118,987)
  Subsidiary capital received                    29,250                   - 
  Loan and capital lease repayments             (72,328)            (13,388)
                                      ------------------  ------------------
    Net cash provided by (used in)                                          
     financing activities                       950,010            (132,375)
  Effect of exchange rate changes on                                        
   cash                                          35,746              17,474 
                                      ------------------  ------------------
Net change in cash                               33,406            (834,455)
Cash, beginning of period                       442,694           1,223,803 
                                      ------------------  ------------------
Cash, end of period                    $        476,100    $        389,348 
                                      ==================  ==================
Reconciliation of net loss from operations to adjusted EBITDA                          
Three months ended                                                          
 March 31, 2014:                         Restaurants only                   
                         Africa   Hungary        ARB  Nottingham         JF 
                       --------- --------- ---------- ----------- ----------
GAAP net income (loss) $(10,753) $(25,069) $(270,401) $  103,508  $ 116,154 
  Interest expense                                                          
   (income)              12,478         -        426         (32)        (4)
  Change in fair value                                                      
   of derivative                                                            
   liablility                 -         -          -           -          - 
  Non-cash expenses                                                         
   related to services        -         -          -           -          - 
  Depreciation and                                                          
   amortization         102,508    23,696    130,973       3,000     45,559 
  Income taxes            1,776         -          -      15,886          - 
                       --------- --------- ---------- ----------- ----------
Adjusted EBITDA        $106,009  $ (1,373) $(139,002) $  122,362  $ 161,709 
                       ========= ========= ========== =========== ==========
  Total Restaurants                                                         
Three months ended                                                         
 March 31, 2014:                                                           
                            Pac NW       Spoon    Management        Totals 
                       ----------- ------------ ------------- -------------
GAAP net income (loss) $    59,191 $   (26,413) $ (1,396,527) $ (1,450,310)
  Interest expense                                                         
   (income)                      -           -       323,962       336,830 
  Change in fair value                                                     
   of derivative                                                           
   liablility                    -           -      (432,100)     (432,100)
  Non-cash expenses                                                        
   related to services           -           -       251,232       251,232 
  Depreciation and                                                         
   amortization             37,166      20,277         1,709       364,888 
  Income taxes                   -           -       (26,550)       (8,888)
                       ----------- ------------ ------------- -------------
Adjusted EBITDA        $    96,357 $    (6,136) $ (1,278,274) $   (938,348)
                       =========== ============ ============= =============
  Total Restaurants                                                        
   EBITDA                          $   339,926                             
Three months ended                                                          
 March 31, 2013:         Restaurants only                                   
                     South Africa      Hungary      Management       Totals 
                   --------------- ------------ --------------- ------------
GAAP net income                                                             
 (loss)            $       14,738  $   (39,042) $     (747,729) $  (772,033)
 Interest expense          10,721            -          26,223       36,944 
 Gain on debt                                                               
  extinguishment          (70,900)           -               -      (70,900)
 Depreciation and                                                           
  amortization             87,872       24,162           2,190      114,224 
 Income taxes               9,091            -               -        9,091 
                   --------------- ------------ --------------- ------------
Adjusted EBITDA    $       51,522  $   (14,880) $     (719,316) $  (682,674)
                   =============== ============ =============== ============
 Total Restaurants                                                          
  EBITDA                           $    36,642                              

Chanticleer Holdings, Inc.
Mike Pruitt
Phone: 704.366.5122 x 1
[email protected]

Eric Lederer
Phone: 704.366.5736
[email protected]

Press Information:
Chanticleer Holdings, Inc.
Investor Relations
Phone: 704.366.5122
[email protected]

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