Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ: FRGI), the owner, operator, and franchisor of the Pollo Tropical® and Taco Cabana® fast-casual restaurant brands, today reported results for the third quarter of 2012 which ended on September 30, 2012. Fiesta also provided certain initial operating targets for 2013.
Highlights of Third Quarter 2012 Results Include:
- Total revenues increased 5.8% to $128.2 million compared to $121.2 million in the prior year period;
- Comparable restaurant sales increased 7.0% at Pollo Tropical and 1.8% at Taco Cabana;
- Comparable restaurant guest traffic increased 5.9% at Pollo Tropical and 0.6% at Taco Cabana;
- Three new company-owned restaurants opened, including one Pollo Tropical restaurant and two Taco Cabana restaurants; and
- Net Income increased $1.2 million to $3.6 million in the third quarter of 2012, or $0.16 per diluted share, compared to net income of $2.4 million, or $0.10 per diluted share, in the third quarter of 2011.
Tim Taft, President and Chief Executive Officer of Fiesta Restaurant Group, Inc., commented, “Fiesta delivered outstanding results in the third quarter characterized by healthy revenue gains, positive guest traffic, expanding operating margins and profitability growth. Pollo Tropical continues to post strong comparable restaurant sales. Taco Cabana continues to post positive comparable restaurant sales with transaction growth, while being affected by lapping significant price increases taken last year. In October, both brands produced strong sales performance driven by transaction growth, with comparable restaurant sales increases of 7.5% at Pollo Tropical and 6.4% at Taco Cabana.”
Taft continued, “We are committed to building restaurants in target markets where we can achieve a compelling return on investment. In addition to the 10 new Company-owned restaurants that we have and will develop in 2012, we are planning to open an additional 14 to 17 new Company-owned restaurants in 2013, including further Pollo Tropical expansion in Atlanta, Georgia and our initial entry into Nashville, Tennessee. We continue to pursue international franchise expansion, with more than 10 Pollo Tropical franchised restaurant openings planned in 2013, including our first new restaurant in India.”