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Chuy’s Holdings Inc. Announces Second Quarter 2012 Financial Results

The conference call can be accessed live over the phone by dialing 888-254-2824 or for international callers by dialing 913-312-1453. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 9988094. The replay will be available until Wednesday, September 5, 2012. The call will also be webcast live from the Company's website at under the investor relations section. An archive of the webcast will also be available through the corporate website shortly after the call has concluded.

About Chuy’s

Founded in Austin, Texas in 1982, Chuy’s owns and operates 37 full-service restaurants across eight states serving a distinct menu of authentic, made from scratch Tex Mex inspired dishes. Chuy’s highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, “unchained” look and feel, as expressed by the concept’s motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!”. For further information about Chuy’s, including our newest locations, please visit For the nearest location or a complete menu, visit the Chuy’s website at

Forward-Looking Statements

Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurant openings, the sales at the Company’s restaurants, changes in restaurant development or operating costs, such as food and labor, the Company’s ability to leverage its existing management and infrastructure, strength of consumer spending, conditions beyond the Company's control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company's customers or food supplies, acts of war or terrorism and other factors disclosed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements.

Chuy’s Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Income Statements

(In thousands, except share and per share data)
Thirteen Weeks Ended Twenty-Six Weeks Ended
June 24,     June 26, June 24,     June 26,
2012 2011 2012 2011
Revenue $ 43,545 $ 32,997 $ 81,021 $ 62,206
Costs and expenses
Cost of sales 11,622 9,238 21,570 17,342
Labor 13,740 10,221 25,683 19,412
Operating 6,069 4,765 11,321 9,023
Occupancy 2,530 1,816 4,810 3,503
General and administrative 2,137 2,544 3,922 3,997
Advisory agreement termination fee - - 2,000 -
Settlement with former director - 245 - 245
Marketing 326 248 609 468
Restaurant pre-opening 1,224 990 1,980 1,659
Depreciation and amortization   1,543   1,042   2,947   1,967
Total costs and expenses   39,191   31,109   74,842   57,616
Income from operations 4,354 1,888 6,179 4,590
Interest expense   1,884   1,031   3,166   1,920
Income before income taxes 2,470 857 3,013 2,670
Income tax expense   739   183   902   732
Net Income 1,731 674 2,111 1,938
Undistributed earnings allocated to
participating interests   1,700   666   2,079   1,915
Net income available to common
stockholders $ 31 $ 8 $ 32 $ 23
Net income per common share:
Basic $ 0.16 $ 0.05 $ 0.16 $ 0.13
Diluted $ 0.15 $ 0.04 $ 0.15 $ 0.12
Weighted-average shares outstanding:
Basic   194,766   173,456   201,634   176,111
Diluted   9,538,093   10,840,301   10,219,778   10,821,860

Chuy’s Holdings, Inc. and Subsidiaries

Selected Balance Sheet Data

(In thousands)
    June 24,         December 25,
    2012     2011    
Cash and cash equivalents $ 4,621 $ 2,827
Total assets 120,893 105,938
Long-term debt 84,375 55,200
Total stockholders' equity 5,433 25,627

Reconciliation of Non-GAAP Measures

We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP Restaurant-level EBITDA, restaurant-level EBITDA margin, and pro forma net income. Restaurant-level EBITDA represents net income plus the sum of general and administrative expenses, the advisory agreement termination fee, the settlement with our former director, restaurant pre-opening costs, depreciation and amortization, interest and taxes. Restaurant-level EBITDA is presented because: (i) the Company believes it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash depreciation and amortization expenses; and (ii) the Company uses restaurant-level EBITDA internally as a benchmark to evaluate its operating performance or compare our performance to that of our competitors. Additionally, the Company presents restaurant-level EBITDA because it excludes the impact of general and administrative expenses, which are not incurred at the restaurant level, and restaurant pre-opening costs, which are non-recurring at the restaurant level. The use of restaurant-level EBITDA thereby enables the Company and its investors to compare operating performance between periods and to compare our operating performance to the performance of the Company’s competitors. The measure is also widely used within the restaurant industry to evaluate restaurant level productivity, efficiency and performance. The use of restaurant-level EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. The Company presents restaurant-level EBITDA margin for the same reasons its present restaurant-level EBITDA.

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