Initial Public Offering ("IPO")
On August 1, 2012, and subsequent to the end of the second quarter, Del Frisco's closed its IPO of 5.8 million shares of common stock at $13.00 per share. The Company received net proceeds of approximately $70.1 million from the IPO, which included approximately $5.3 million of underwriting discounts and commissions, and repaid $61.0 million under its credit facility. In addition, Del Frisco's used $3.0 million of the net proceeds to make a one-time payment to Lone Star Fund in consideration for the termination of an asset advisory agreement upon consummation of the IPO. The remainder of the net proceeds will be used for working capital and other general corporate purposes. In conjunction with the repayment of amounts outstanding under the credit facility and subsequent to the end of the second quarter, the Company wrote-off approximately $1.7 million in unamortized debt issuance costs.
Prior to the IPO closing, Del Frisco's converted from a limited liability company to a corporation and converted its then-outstanding membership interests into approximately 18.0 million shares of common stock. All issued and outstanding common stock and per share amounts contained in this earnings release and accompanying financial statements have been retroactively adjusted to reflect the conversion. On August 1, 2012, Del Frisco's had a total of approximately 23.8 million common shares issued and outstanding.
Review of Second Quarter 2012 Operating ResultsTotal revenues increased $7.8 million, or 17.9%, to $51.3 million in the second quarter of 2012 from $43.5 million in the second quarter of 2011. This increase was primarily due to a 4.0% increase in total comparable restaurant sales and 29 additional operating weeks resulting from four restaurant openings since the second quarter last year. Total operating weeks for all concepts during the second quarter of 2012 increased to 373 from 344 in the second quarter of 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV