BLACK BEAR DINER

Data Based On: 86 franchised restaurants open and operating during the entire 2024 fiscal year, excluding newly opened or casino locations.

* Weighted average gross revenue for 2024 was calculated from the segmented 'Franchised Restaurants' data as follows: (29 units * $3,675,837 + 28 units * $2,660,680 + 29 units * $2,048,218) / 86 total units = $2,796,472.5, rounded to $2,796,472. Best guess profit range (low and high) for franchised units in 2024 was estimated by using company-affiliated 4-Wall EBITDA percentages as a proxy for operating costs (Gross Sales - COGS - Labor - Operating & Occupancy costs), then adding explicit franchised royalties and advertising percentages. Total franchised fees (Royalties, Marketing Fund Contribution, Local Advertising) for 2024 sum to 4.5% + 1.0% + 1.0% = 6.5% of Gross Sales. For 'best_guess_profit_high' (optimistic profit / lowest total expenses): This scenario assumes the highest company 4-Wall EBITDA margin (22.5%) as a proxy for the efficiency of operations before franchise fees. Therefore, proxy operating costs (excluding franchise fees) = 100% - 22.5% = 77.5% of Gross Sales. Total estimated expenses = 77.5% (proxy operating costs) + 6.5% (franchise fees) = 84.0% of Gross Sales. Estimated profit percentage = 100% - 84.0% = 16.0%. best_guess_profit_high = 0.160 * $2,796,472 = $447,436 (rounded). For 'best_guess_profit_low' (conservative profit / highest total expenses): This scenario assumes the lowest company 4-Wall EBITDA margin (-9.3%) as a proxy for the efficiency of operations before franchise fees. Therefore, proxy operating costs (excluding franchise fees) = 100% - (-9.3%) = 109.3% of Gross Sales. Total estimated expenses = 109.3% (proxy operating costs) + 6.5% (franchise fees) = 115.8% of Gross Sales. Estimated profit percentage = 100% - 115.8% = -15.8%. best_guess_profit_low = -0.158 * $2,796,472 = -$441,843 (rounded).