Bravo Brio Restaurant (NASDAQ:BBRG) delivered 4Q13 operating earnings of $0.30 per share. Results were driven by same-store sales of (1.3%) at Bravo and (1.5%) at Brio. Total revenues decreased approximately (5.2%) y/y to $106.1 million, based partially on same-store sales of (1.3%) at Bravo and (1.5%) at Brio. The company opened 4 new Brio during the quarter. Brio and Bravo same-store sales reflect approximately 3.0% price/mix and (4.4%) traffic.

The company’s previously announced priorities of slowing FY14 unit growth were maintained with updated guidance calling for 6 new units vs. 6-7 prior. The company repurchased approximately $2 million in shares during the quarter and thus has approximately $18 million remaining on its authorization.

Today Einstein Noah Restaurant Group (NASDQ:BAGL) announced that longstanding Board of Directors representative, Mr. Michael Arthur, will serve as interim CEO while a search for a permanent replacement takes place.

The company pre-released 4Q13 results, including system-wide SSS of +0.1% and revenues of $114 mil. . Development (a catalyst of the BAGL story alongside SSS growth) came in at 19 new openings.

We maintain a favorable stance on the industry given that we believe consumer demand for dining occasions outside of the home remains strong and a focus among operators on driving returns. For BAGL, we believe an EV/EBITDA methodology remains appropriate given the asset-light nature of the company’s growth but are lowering our expected multiple given the uncertainty around the announced CEO transition.