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

Outlook

Del Frisco's Restaurant Group, Inc. is providing the following updated guidance for the full 2012 fiscal year, which ends on December 25, 2012.
  • Total comparable restaurant sales increase of 3.5% to 4% (compared to 3% to 4% previously)
  • One Del Frisco's and three Del Frisco's Grille openings and one Sullivan's closing
  • Cost of sales of 30.6% to 31.0% of consolidated revenues
  • Restaurant-level EBITDA** of 23.3% to 23.8% of consolidated revenues
  • Effective tax rate of approximately 31% to 32%
  • Gross capital expenditures (before tenant allowances) of $30 million to $31 million
  • Annual weighted average diluted common shares outstanding of approximately 20.6 million

In 2013, the Company anticipates opening between four and five restaurants.

Conference Call

The Company will host a conference call to discuss the financial results for the third quarter ended September 4, 2012 at 7:30 am central time today. Hosting the call will be Mark S. Mednansky, Chief Executive Officer, and Thomas J. Pennison, Jr., Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 888-300-2342 or for international callers by dialing 719-325-4828. A replay will be available after the call and can be accessed by dialing 877-870-5176 or for international callers by dialing 858-384-5517; the passcode is 6991341. The replay will be available until Tuesday, October 23, 2012. 

The conference call will also be webcast live from the Company's website at www.DFRG.com under the investor relations section. An archive of the webcast will also be available through the Company's website shortly after the call has concluded.

About Del Frisco's Restaurant Group, Inc.

Based in Southlake, TX, Del Frisco's Restaurant Group owns and operates three contemporary, high-end, complementary restaurant concepts: Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille. The Company currently operates 33 restaurants across 19 states. Each of its three concepts offers steaks and other menu selections, such as chops and fresh seafood, complemented by an extensive wine selection.

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