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EX - 99.1 2 exhibit991q32021.htm EX - 99.1 FIRST WATCH THE DAYTIME CAFE First Watch Restaurant Group , Inc. Reports Third Quarter Financial Results Robust Same - Restaurant Sales Growth of 46.2 % and Traffic Growth of 40.1 % BRADENTON , FL - - November 8 , 2021 First Watch Restaurant Group , Inc. ( NASDAQ : FWRG ) , ( " First Watch ” or the " Company " ) the Daytime Dining concept serving breakfast , brunch and lunch , today reported financial results for the third fiscal quarter ended September 26 , 2021 . Highlights for the third fiscal quarter ended September 26 , 2021 compared to the third fiscal quarter ended September 27 , 2020 : • • • • Total revenues increased 57.8 % to $ 157.4 million Same - restaurant sales growth of 46.2 % ( 19.7 % growth compared to 2019 ( * ) ) Same - restaurant traffic growth of 40.1 % ( 4.8 % growth compared to 2019 ( * ) ) Income ( Loss ) from operations margin of 4.6 % compared to ( 8.8 ) % ( ( 3.4 ) % in 2019 ( * ) ) Restaurant level operating profit margin ( ** ) increased to 19.5 % from 9.9 % ( 16.0 % , in 2019 ( * ) ) Net income of $ 0.8 million , or $ 0.02 per diluted share , compared to Net loss of $ 11.1 million , or $ ( 0.25 ) per diluted share ( Net loss of $ 7.0 million , or $ ( 0.16 ) per diluted share in 2019 ( * ) ) Adjusted EBITDA ( ** ) increased to $ 17.0 million from $ 2.6 million ( $ 7.7 million in 2019 ( * ) ) Five system - wide restaurant openings in the quarter , resulting in a quarter - end count of 428 system - wide restaurants ( 337 company - owned and 91 franchise - owned ) across 28 states * Comparison to the third fiscal quarter ended September 29 , 2019 is provided for enhanced comparability . ** See " Non - GAAP Financial Measures " below . 1