Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release financial and operating results for its fourth quarter and year ended December 30, 2012 during the last two weeks in February.
The Company anticipates that its fiscal year 2013 diluted net income per share will range from $0.66 to $0.69. This range is based, in part, on the following assumptions:
- Comparable restaurant sales growth between 1.0% and 1.5%;
- The opening of eight to nine new restaurants; and
- Weighted average pro forma diluted shares outstanding of 16.7 million to 16.8 million shares.
On a comparable calendar week basis, the Company expects its reported first quarter comparable sales growth percentage to be consistent with its annual guidance. However, due to the 53rd week in fiscal 2012, there is a one-week calendar shift in the comparison of the fiscal first quarter of 2013 compared to the fiscal first quarter of 2012. As a result of this shift, the week between Christmas and New Year's, traditionally a high volume week for the Company's restaurants, will be replaced with an average volume week in the first quarter 2013. The Company expects this shift to reduce revenues by approximately $700,000 to $800,000 and impact diluted net income per share by approximately $0.01 to $0.02 during the first quarter of 2013.The Company will provide additional information regarding its fiscal year 2013 outlook when it releases fourth quarter 2012 earnings. 15 th Annual ICR XChange Investor Conference Participation The Company will present at the 15th Annual ICR XChange Investor Conference on Wednesday, January 16, 2013 at the Fontainebleau Miami Beach Hotel in Florida. The presentation will begin at 3:40 p.m. Eastern Time and will be webcast live. To access the presentation, please visit www.chuys.com under the tab "Investor Relations" or directly through the ICR XChange website at www.icrxchange.com . About Chuy's Founded in Austin, Texas in 1982, Chuy's owns and operates 39 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 Chuys.com. For the nearest location or a complete menu, visit the Chuy's website at www.chuys.com . Definitions and Non-GAAP Measures Comparable restaurant sales reflect changes in sales for the comparable group of restaurants over a specified period of time. We consider a restaurant to be comparable in the first full quarter following the 18th month of operations. Changes in comparable sales reflect changes in customer count trends as well as changes in average check. We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). Within this press release, we make reference to our expectations for non-GAAP pro forma net income. Pro forma net income represents our net income plus the sum of the net reduction in our interest expense and the application of the net proceeds of the IPO to repay $79.4 million of the Company's debt, the elimination of our management fees and expenses as a result of our IPO, other non-recurring charges less the incremental costs of being a public company and the pro forma incremental income tax expense resulting from the aforementioned adjustments and to adjust the effective rate to the long-term estimated effective rate of 30%. Forward-Looking Statements 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, changes in restaurant pre-opening expense, general and administrative expenses, capital expenditures, or the Company's effective tax rate, changes in the number of diluted share outstanding, 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 except as required by law.
CONTACT: Investor Relations Contact: Fitzhugh Taylor 203-682-8261 firstname.lastname@example.org
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