Cost of sales increased $2.5 million, or 18.8%, to $15.8 million in the second quarter of 2012 from $13.3 million in the second quarter of 2011. As a percentage of consolidated revenues, consolidated cost of sales increased slightly to 30.7% from 30.6%.
Restaurant-level EBITDA* increased $2.8 million, or 28.6%, to $12.6 million in the second quarter of 2012 from $9.8 million in the second quarter of 2011. As a percentage of consolidated revenues, restaurant-level EBITDA increased to 24.5% from 22.6%.
Operating income increased by $3.2 million, or 97%, to $6.5 million in the second quarter of 2012 from $3.3 million in the second quarter of 2011. As a percentage of consolidated revenues, operating income increased to 12.7% from 7.5%.
Net income for the second quarter of 2012 was $3.6 million, or $0.20 per diluted share, compared to net income of $1.0 million, or $0.06 per diluted share in the second quarter of 2011. The share base was 18.0 million shares for both periods.Segment Results The Company operates the Del Frisco's Double Eagle Steak House, Sullivan's, and Del Frisco's Grille brands as operating segments. The operations of Del Frisco's Grille are included in the "Other" segment. Del Frisco's Double Eagle Steak House Revenues increased $3.6 million, or 14.9%, to $27.8 million in the second quarter of 2012 from $24.2 million in the second quarter of 2011. The improvement was primarily due to a 7.3% increase in comparable restaurant sales, comprised of a 5.1% increase in average check and a 2.2% increase in entrée counts. This increase follows a comparable restaurant sales increase of 13.2% in the second quarter of last year. Operating weeks for the quarter increased to 108 from 104. Restaurant-level EBITDA* increased 21% to $7.9 million in the second quarter of 2012 from $6.6 million in the second quarter of 2011, as the concept benefitted primarily from lower restaurant operating expenses which offset higher cost of sales and marketing and advertising costs as a percentage of revenues.
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