The ONE Group, LLC, a wholly-owned subsidiary of Committed Capital Acquisition Corporation (OTCQB:STKS), today announced preliminary unaudited revenue for the fourth quarter and full year ended December 31, 2013.
For the fourth quarter of 2013, preliminary revenue, from owned and managed units, was approximately $33.7 million, an increase of 20.8% compared to approximately $27.8 million in the fourth quarter of 2012. Full year 2013 preliminary revenue, from owned and managed units, was approximately $125.7 million, an increase of 17.3% as compared to approximately $107.2 million in the prior year.
For the fourth quarter of 2013, comparable revenues for our STK units improved by approximately 4.2% as compared to 2012. Full year 2013 preliminary comparable revenues for our STK units declined by approximately 0.7% as compared to 2012.
Revenue growth in 2013 was primarily attributable to the ME Hotel and Hippodrome Casino properties in London. This increase was partially offset by the temporary closing of The Perry Hotel in 2013 for renovations.
“We are pleased with our preliminary revenue performance in 2013, despite some weather related issues in December, particularly in New York City and the loss of revenue caused by the closing of the Perry Hotel in South Beach. With the merger behind us, we have started to execute on our initial objectives which included hiring a Chief Operating Officer, initiating concept and design work on Rebel by STK and starting to build a pipeline of attractive new locations. As reported earlier this month, I am delighted to announce that this initiative has kicked off with the signing of a lease for a new STK in Orlando. We anticipate additional lease activity as the year develops,” said Jonathan Segal, CEO of The ONE Group.
“As we look to 2014, we now expect to open an STK in Washington DC in April and expect that our Miami STK will reopen in the fourth quarter of 2014. The DC location has been hampered by the weather which shut down the DC area and caused delays in finalizing construction. Our Miami STK reopening has been further delayed due to landlord development issues outside of our control. We are very excited about these two locations, as well as the numerous development opportunities that have come to us since we announced we were becoming a public company,” concluded Mr. Segal.
Final audited results for 2013, which will include final year-end adjustments, will be reported at the end of March.
The ONE Group develops and operates upscale, high-energy restaurants and lounges and provides “ONExperience”, a turn-key food and beverage service for hospitality venues including boutique hotels, casinos and other high-end locations in the United States and United Kingdom. The ONE Group’s primary restaurant brand is STK®, which is a unique steakhouse concept with locations in major metropolitan cities throughout the U.S. and in London. STK artfully blends two concepts, the modern steakhouse and a chic lounge, into one offering a high-energy, fine dining experience with the superior quality of a traditional steakhouse. The ONE Group’s food and beverage hospitality services business provides the development, management and operations for premier restaurants and turn-key food and beverage services at high-end boutique hotels and casinos.
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