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Del Frisco's Restaurant Group, Inc. Announces Third Quarter 2012 Results

Stocks in this article: DFRG

SOUTHLAKE, Texas, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Del Frisco's Restaurant Group, Inc. (Nasdaq:DFRG), the owner and operator of the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille restaurant concepts, reported financial results today for the third quarter ended September 4, 2012. The Company also updated its outlook for the full 2012 fiscal year and provided guidance on its development plans for the full 2013 fiscal year.

Key highlights from the third quarter 2012 compared to the third quarter 2011 include:

  • Consolidated revenues increased 16.0% to $47.9 million from $41.3 million
  • Total comparable restaurant sales increased 3.5%, including 5.3% at Del Frisco's and 1.4% at Sullivan's, following a comparable restaurant sales increase of 11.9% in the third quarter of last year
  • Cost of sales, as a percentage of sales, increased slightly to 30.3% from 30.2%
  • Net loss of $(2.4) million, or $(0.12) per diluted share, compared to net loss of $(1.8) million, or $(0.10) per diluted share, in the third quarter of last year
  • Adjusted net income*, a non-GAAP measure, was $2.0 million, or $0.10 per diluted share, compared to $1.5 million, or $0.08 per diluted share, in the third quarter of last year
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 13.3% to $10.1 million from $8.9 million
* Adjusted net income, a non-GAAP measure, represents pre-tax income from continuing operations plus the sum of the asset advisory agreement termination fee, related party management fees and expenses, the write-off of debt issuance costs, and the IPO transaction bonus, minus income tax expense at an effective tax rate of 32%. For a reconciliation of adjusted net income to the most directly comparable financial measure presented in accordance with GAAP and a discussion of why we consider it useful, see the financial information accompanying this release.
** Restaurant-level EBITDA, a non-GAAP measure, represents net income before interest, taxes and depreciation and amortization plus the sum of certain non-operating expenses, including pre-opening costs, management fees and expenses, IPO transaction bonuses and general and administrative expenses. For a reconciliation of restaurant-level EBITDA to the most directly comparable financial measure presented in accordance with GAAP and a discussion of why we consider it useful, see the financial information accompanying this release.

"We delivered an outstanding third quarter for our shareholders, characterized by healthy revenue gains and even stronger adjusted net income and diluted EPS contributions versus the year-ago period. Comparable restaurant sales and entrée growth exceeded our expectations against formidable comparisons, and we appreciate the team's dedicated efforts in delivering an exceptional dining experience for our guests.  In view of our performance to date, we are pleased to be raising our outlook for annual comparable restaurant sales growth," said Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc.

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