Thank you to our listeners you, thank morning Andrew, and us. joining for and good
comment our cash. on a reviewing Before by in to regarding morning this for definitive wanted share Company's management a of be consortium our announcement the the common per to $XX acquired agreement I first quarter led by team results, execution
On March non-binding unsolicited of proposal conditioned This outstanding of proposal of of announced acquire cash. expressly of interests $XX in things, the over in receipt the common we all among XXth, an Company. per on, equity management rolling the to stock other FRG for shares share was their all
bidder The third Financial party was Inc. B. Riley
path special best of our the and they proposal the comprised public shareholders. strategic for independent proposal, solely response committee financial advisor directors. special ultimately for was alternatives accepting of other and The a this and established this In legal proposal to explore independent Directors that to the retained Board counsel a determined FRG, committee forward
include After diligence, the this financing that issued that agreement. this information are key and anticipate the copy press X-K morning Riley proposal, original not but proceed by the an terms outlined conducting team transaction the Company was provide merger morning. led The B. terms to the more in a its was we to transaction of the due will consortium decided to the of of announced on for filing willing management release including detailed the
press can You on website. our also transaction find our release
per to -- outstanding the $XX date. the commons its redeeming continuing the The Company the all press closing the release, shares. in consortium the stock agreed in of share for in detailed stock public dividend pay through cash preferred of has connection redemption As to pay preferred with anticipates
to agreements detail discuss quarter would the dividend, although review our dividend of part results, payment of be as we not first merger in more does agreement the the the The paid. permit as credit stock will continued of not the permit common
agreements permit we of the are so level. as dividends in currently level, specified below excess credit this and leverage ratio remains The Company's a long
solicited the receipt period, to proposals. offer includes intends alternative the affirmatively the solicit While Company which committee also alternative proposals XX-day of Riley, following special a the go-shop the from transaction acquisition B.
conditioned related the are holders addition, closing held In of common of consortium outstanding the the in of of by the of voting favor their any our transaction majority stock upon affiliates is the shares that transaction. of a not or or parties
the in XXXX. the second expect transaction close to of We half
amount filings will Over Company. additional the and weeks and the months, coming significant regarding information of provide public the our a transaction
do call. like not that I morning, now be be many end would like the remind note a the would the so, that session of items of our transaction light I review to throughout to announcement to question-and-answer results, will like to holding making we I references in this you I'd before this call. will but quarter first at we perform
policies These may to accounting filings businesses by and fiscal Group. releases the businesses historical financial comparable of the prior our us to a items to performance refer with the the align adjusted acquisition. period the been calendar press to performer have acquired when and acquisition Our of to reasonable. Franchise not results results is extent allow evaluate to timing discuss will their Comparison due and for to acquired available
negative and system-wide corporate Buddy's April fourth to franchisee of e-comps e-comps counts with were XXXX, declining stores per Buddy's remain sale quarter For Customer franchisee X.X% X.X% relatively down the e-comps store average first compared stores corporate with revenue X.X% flat down same the declining were customer X.X%. quarter XXXX. X.X% system-wide, and down In X.X%. of comps and
and XXX total locations franchised. Badcock's any stores. growing stores its quarter In the April. XX.X% to in not new are the were agreements XXX the first comps XX.X% and with for ended Buddy's in were which of down first signed open franchise quarter the quarter, franchise XXX Buddy's did quarter down system-wide for new XX new locations backlog
values comps were customers to in order Customer Average nominally was traffic to the X% quarter. approximately quarter approximately $X,XXX. the less XX.X% down in in customers than down were Transaction quarter. down XXX,XXX first the XX,XXX
$XXX.X the locations American XXX million. consumer for pay Badcock were down quarter, of receivable $XXX.X in February in Comps Freight to which of accounts comps the XXX and net with we quarter. ABL. million X.X% The down down dealer were X.X% X.X% were up are locations. quarter proceeds During first Badcock in in X.X% the used our January, down sold ended March.
values to XXX,XXX Comps store in-store in $XX quarter Average sales the customers were approximately costs up as a to store XX.X% the flat in to quarter. of $XXX average in April remained down on fourth XX.X%. at approximately traffic over XX% approximately percentage Freight compared revenue. of of order increased were -- coming
stores. three sheet. two continually and have sold American included our with backlog a opened the value franchise franchise new assets review In We quarter balance the ensure XXX of first of carrying locations, on value franchise quarter, stores, XX current they to fair we XX locations. the which our finished new reflect locations, franchise Freight
Sylvan Freight which GAAP quarter. XXX to centers of the X XX the a backlog reflected of brick quarter, end quarter same American includes well had the the this we and centers performance and results. a operating of as first in in center million to operating, financial Freight, at quarter, mortar charge franchise corporate which comps $XX as in Due non-cash is impairment the were of X sold goodwill X.X% centers. Sylvan new our took American the up
corporate XX% comps comps the over up values first store PSP order quarter. million X.X%. up PSP were while were up were was comps were up down X.X%. customers traffic the sales X.X% or store same system-wide were store over average first in X.X quarter. X.X% quarter PSP Franchise in up the stores transaction At X.X% and $X in
PSP with quarter. franchisee of build stores to X.X% In backlog corporate total April up its continued declined to X.X% XXX to PSP's backlog locations. new of from comps first the with up X.X% of in up the were Freight PSP bringing quarter, sale system-wide in franchise the costs X.X%. locations sales XX comps X.X%, sales at
wagon quarter backlog wash currently and XX this PSP sold X stores. has wagon territories wash a of
locations bankruptcy franchised a During competitor of the of quarter, has first franchisees. acquisition on to and closed also new from locations XX in these already existing XX PSP the
these of existing in expect to stores the franchisees We coming the months. sell to balance
All be franchise comps stores in and up Vitamin XXX April. stores. wash the Store under XXX were quarter XXX PSP stores, consisting in up was or of Overall, corporate PSP traffic the wash had the overall rebranded X.X% these XX and X.X% were quarter wagon PSP first franchise banners. locations in Shop will first locations wagon of up X.X%.
first XXX three Vitamin shops XXXX. XX.X% of locations backlog direct approximately first the During Shop locations, to in of the up quarter, franchise overall accounted quarter business the operates first XXXX. consumer nutrition bringing for the are in In new XX.X% of to which franchise. sales accounted compared five sold brick-and-mortar in to sports of approximately the XX.X% stores. XX for quarter currently Vitamin quarter, quarter to compared of XX.X% the
was basis reported Net billion. consolidated Adjusted $X.XX or was first XXXX, of per million revenue Franchise the share for a and $XX.X Group EBITDA On $X.XXX non-GAAP quarter share. fully total diluted was per earnings was for $X.XX. $XXX.X loss million
earnings partners of transitioning non-core share. from Badcock process non-GAAP results excluded still per of have in adjusted consumer the at and to in-house are financing and We from EBITDA third-party business the the finance
income receivable assets accounted loans, customer having the sold a pro sheet receivables for third we be While and reflect sheet. sale debt most receivables accounts be we on no related originating securitization for securitized continues the of to liabilities and been reported can will discontinue statement we the lending, our consumer Once to forma parties. the believe balance balance despite and longer the as will
financing $X.X The AVL used its business cash We to debt were and XXX proceeds quarter to loan. ended In while approximately February, solution. lien provide a net capacity continue existing down to $XX.X add-on we billion closed of finance million. to first term the million credit term alternative towards in Badcock facility pay and work gross on our our with we an approximately the outstanding
of end approximately availability on million $XXX our and had $XXX the remaining the approximately of revolver ABL have of availability. quarter, million we currently At first
a credit dividend restrictions the this common earlier, As was regular unable stock agreements. our to noted declare quarter due recommend to quarterly I that management board in
proxy leverage permit, as and filings level, Company's withdrawing first the agreements In and of level. upcoming we today's a announcements Our credit financial disclosures your XXXX long this currently and provide our for below are we forecast light results, dividends review we'll consideration. quarter specified remains for are excess financial ratio and and in additional so our of
I lenders want our thank and shareholders for their support. to all of
and you. issue updates coming required as the will thank We over months,
conclude the please Operator, call.
