Chuy’s Holdings Inc. (NASDAQ:CHUY) today announced financial results for the second quarter ended June 24, 2012.
Highlights for the second quarter ended June 24, 2012, compared to the second quarter ended June 26, 2011 were as follows:
- Revenue increased 32.0% to $43.5 million from $33.0 million.
- Comparable restaurant sales increased 1.9%.
- Net income increased 156.8% to $1.7 million from $674,000. Net income available to common stockholders increased 287.5% to $31,000 or $0.15 per diluted share from $8,000 or $0.04 per diluted share.
- Pro forma net income * increased 39.9% to $2.7 million, or $0.17 per diluted share from $2.0 million, or $0.12 per diluted share.
- Restaurant-level EBITDA * increased 38.8% to $9.3 million from $6.7 million. As a percentage of revenue, restaurant-level EBITDA margin * increased 100 basis points to 21.3%.
- Three new restaurants opened during the second quarter of 2012 and an additional two restaurants have opened subsequent to the quarter end, bringing total restaurants opened to date in 2012 to six.
* Restaurant-level EBITDA, restaurant-level EBITDA margin and pro forma net income are non-GAAP measures. For reconciliations of restaurant-level EBITDA and pro forma net income to GAAP net income and discussions of why we consider them useful, see the “Reconciliation of Non-GAAP Measures” accompanying this release.
Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings Inc., stated, “We’re pleased with our second quarter results. Through the continued dedication and hard work of our operators in the field and the employees in the home office, we generated solid sales growth which resulted in an approximate 40% increase in pro-forma EPS compared to last year. We have opened six new restaurants to date during fiscal 2012 and we are excited about how these restaurants are performing. Our recent IPO has given us the financial flexibility and improved capital structure we need to execute on our growth plans during 2012 and in the years to come. Our entire team is excited to expand our unique brand of authentic Mexican food, and in the process, create long-term value for our shareholders.”