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

Stocks in this article: DFRG

Mednansky continued, "Our 2011 and 2012 Del Frisco's and Del Frisco's Grille restaurant openings are performing exceptionally well and lend further credence to our intention to develop our 'next generation' full-service dining concepts in 2013 and beyond. We opened our Atlanta Del Frisco's Grille earlier this week and will be completing our 2012 expansion plans with the Chicago Del Frisco's in early December for a total of four new locations this year. In 2013, we are committed to opening four to five restaurants in both new and existing markets as we continue executing on our long-term growth model."

Review of Third Quarter 2012 Operating Results

Total revenues increased $6.6 million, or 16.0%, to $47.9 million in the third quarter of 2012 from $41.3 million in the third quarter of 2011. This increase was primarily due to a 3.5% increase in total comparable restaurant sales and 42 additional operating weeks resulting from four restaurant openings since the third quarter last year. Total operating weeks for all concepts during the third quarter of 2012 increased to 381 from 339 in the third quarter of 2011.

Cost of sales increased $2.1 million, or 16.6%, to $14.5 million in the third quarter of 2012 from $12.5 million in the third quarter of 2011. As a percentage of consolidated revenues, consolidated cost of sales increased slightly to 30.3% from 30.2%.

Restaurant-level EBITDA** increased $1.2 million, or 13.3%, to $10.1 million in the third quarter of 2012 from $8.9 million in the third quarter of 2011. As a percentage of consolidated revenues, restaurant-level EBITDA decreased to 21.1% from 21.5% due primarily to expected new opening inefficiencies of two Del Frisco's Grilles opened in June and July.

Operating loss was $(0.9) million in the third quarter of 2012 compared to operating income of $3.2 million in the third quarter of 2011. During the third quarter of 2012, the Company incurred a one-time charge of $3.0 million for the termination of an asset advisory agreement and a charge of $1.5 million related to the IPO transaction bonuses for which there were no comparable charges in the last year's quarter.

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