Exhibit 99.2
RESTATED PRO FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED BALANCE SHEETS
AMC Managed | ||||||||||||||||
DRH | Affiliates Group | Pro Forma* | ||||||||||||||
December 27 | December 31 | Pro Forma | December 27 & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets | ||||||||||||||||
Cash and cash equivalents | $ | 649,518 | $ | 697,534 | $ | — | $ | 1,347,052 | ||||||||
Accounts receivable — related party | 254,540 | 369,445 | — | 623,985 | ||||||||||||
Inventory | 125,332 | 181,969 | — | 307,301 | ||||||||||||
Prepaid assets | 103,452 | 49,250 | — | 152,702 | ||||||||||||
Accounts receivable — other | 11,219 | 4,666 | — | 15,885 | ||||||||||||
Other assets | 49,280 | 26,497 | — | 75,777 | ||||||||||||
Total current assets | 1,193,341 | 1,329,361 | — | 2,522,702 | ||||||||||||
Property and equipment, net | 7,866,149 | 3,789,364 | — | 11,655,513 | ||||||||||||
Intangible assets, net | 411,983 | 339,796 | — | 751,779 | ||||||||||||
Deferred income taxes | 246,754 | — | — | 246,754 | ||||||||||||
Total assets | $ | 9,718,227 | $ | 5,458,521 | $ | — | $ | 15,176,748 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||||||
Current liabilities | ||||||||||||||||
Current portion of long-term debt | $ | 1,402,742 | $ | 790,315 | 522,465 | (1) | $ | 2,715,522 | ||||||||
Accounts payable | 293,984 | 233,167 | — | 527,151 | ||||||||||||
Accrued liabilities | 329,355 | 345,413 | 178,135 | (2) | 852,903 | |||||||||||
Deferred rent | 54,273 | 50,667 | — | 104,940 | ||||||||||||
Total current liabilities | 2,080,354 | 1,419,562 | 700,600 | 4,200,516 | ||||||||||||
Accrued rent | 253,625 | 592,389 | — | 846,014 | ||||||||||||
Deferred rent | 422,068 | 215,956 | — | 638,024 | ||||||||||||
Other liabilities — interest rate swap | 167,559 | 46,045 | — | 213,604 | ||||||||||||
Long-term debt, less current portion | 4,601,909 | 2,165,132 | 2,612,325 | (1) | 9,379,366 | |||||||||||
Related party payable | — | 430,351 | — | 430,351 | ||||||||||||
Total liabilities | 7,525,515 | 4,869,435 | 3,312,925 | 15,707,875 | ||||||||||||
Stockholders’ / members’ equity (deficit) | ||||||||||||||||
Common stock | 1,863 | 528,605 | — | 530,468 | ||||||||||||
Additional paid-in capital | 2,356,155 | 353,692 | — | 2,709,847 | ||||||||||||
Retained earnings (accumulated deficit) | (165,306 | ) | 106,837 | (3,312,925 | )(1)(2) | (3,371,394 | ) | |||||||||
Members’ equity (deficit) | — | (400,048 | ) | — | (400,048 | ) | ||||||||||
Total stockholders’ and members’ equity (deficit) | 2,192,712 | 589,086 | (3,312,925 | ) | (531,127 | ) | ||||||||||
Total liabilities and stockholders’ / members’equity (deficit) | $ | 9,718,227 | $ | 5,458,521 | $ | — | $ | 15,176,748 | ||||||||
* | Pro forma presentation gives effect to the acquisition as if it had occurred December 27, 2009. | |
(1) | Reflects the issuance of promissory notes to fund the acquisition of nine affiliated Buffalo Wild Wings restaurants. | |
(2) | Reflects the interest associated with the promissory notes to fund the acquisition of nine affiliated Buffalo Wild Wings restaurants. |
RESTATED PRO FORMA DRH & AMC MANAGED AFFILIATES GROUP
CONSOLIDATED STATEMENTS OF OPERATIONS
AMC Managed | ||||||||||||||||
DRH | Affiliates Group | Pro Forma* | ||||||||||||||
December 27 | December 31 | Pro Forma | December 27 & 31 | |||||||||||||
2009 | 2009 | Adjustments | 2009 | |||||||||||||
Revenue | ||||||||||||||||
Management and advertising fees | $ | 1,744,505 | $ | — | $ | (1,744,505 | )(1) | $ | — | |||||||
Food and beverage sales | 17,317,996 | 24,436,519 | — | 41,754,515 | ||||||||||||
Total revenue | 19,062,501 | 24,436,519 | (1,744,505 | ) | 41,754,515 | |||||||||||
Operating expenses | ||||||||||||||||
Compensation costs | 5,724,053 | 5,746,191 | — | 11,470,244 | ||||||||||||
Food and beverage costs | 5,325,825 | 7,703,278 | — | 13,029,103 | ||||||||||||
General and administrative | 4,693,219 | 5,199,140 | — | 9,892,359 | ||||||||||||
Occupancy | 1,132,364 | 1,802,999 | — | 2,935,363 | ||||||||||||
Management and advertising fees | — | 1,744,505 | (1,744,505 | )(1) | — | |||||||||||
Depreciation and amortization | 1,203,337 | 1,160,411 | — | 2,363,748 | ||||||||||||
Total operating expenses | 18,078,798 | 23,356,524 | (1,744,505 | ) | 39,690,817 | |||||||||||
Operating profit | 983,703 | 1,079,995 | — | 2,063,698 | ||||||||||||
Interest expense | 445,820 | 332,792 | 178,135 | (2) | 956,745 | |||||||||||
Other (income) expense, net | (80,706 | ) | (80,720 | ) | — | (161,426 | ) | |||||||||
Income (loss) before income taxes | 618,589 | 827,923 | (178,135 | ) | 1,268,379 | |||||||||||
Income tax benefit (provision) | (252,064 | ) | — | — | (252,064 | ) | ||||||||||
Net income (loss) | $ | 366,525 | $ | 827,923 | $ | (178,135 | ) | $ | 1,016,315 | |||||||
* | Pro forma presentation gives effect to the acquisition as if it had occurred December 27, 2009. | |
(1) | Reflects the elimination of management and advertising fees paid by the nine affiliates to the Company. | |
(2) | Reflects the interest associated with the promissory notes to fund the acquisition of nine affiliated Buffalo Wild Wings restaurants. |