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Chuy’s Holdings, Inc. Announces Fourth Quarter 2012 Financial Results

Chuy’s Holdings, Inc. (the “Company”) (NASDAQ:CHUY) today announced financial results for the 14-week and 53-week periods ended December 30, 2012.

Highlights for the 14-week fourth quarter ended December 30, 2012, compared to the 13-week fourth quarter ended December 25, 2011 were as follows:

  • Revenue increased 40.3% to $46.7 million from $33.3 million.
  • Comparable restaurant sales increased 5.2%, or 3.0% excluding the impact of an extra 1.5 operating days in 2012 because of the timing of the Christmas holiday.
  • Net income increased to $2.6 million from $0.3 million. Net income available to common stockholders increased to $2.6 million from $4,000. Diluted income per share was $0.05 compared to $0.00 in the prior year period.
  • Pro forma net income (1) increased 141.9% to $2.7 million, or $0.16 per diluted share from $1.1 million, or $0.07 per diluted share. Fourth quarter 2012 results included an estimated $0.04 to $0.05 per share positive impact due to the extra week in the quarter.
  • Restaurant-level EBITDA (1) increased 55.2% to $9.2 million from $5.9 million. As a percentage of revenue, restaurant-level EBITDA increased 190 basis points to 19.7%.
  • One new restaurant opened during the fourth quarter of 2012.

Highlights for the 53-week full year ended December 30, 2012, compared to the 52-week full year ended December 25, 2011 were as follows:

  • Revenue increased 32.2% to $172.6 million from $130.6 million.
  • Comparable restaurant sales increased 2.8%, or 2.2% excluding the impact of an extra 1.5 operating days in 2012 because of the timing of the Christmas holiday.
  • Net income increased to $5.5 million from $3.5 million. Net income available to common stockholders increased to $3.3 million from $41,000. Diluted income per share was $0.37 compared to $0.20 in the prior year.
  • Pro forma net income (1) increased 54.4% to $10.1 million, or $0.60 per diluted share from $6.5 million, or $0.40 per diluted share. 2012 results included an estimated $0.04 to $0.05 per share positive impact due to the extra week in the fourth quarter.
  • Restaurant-level EBITDA (1) increased 39.1% to $34.8 million from $25.0 million. As a percentage of revenue, restaurant-level EBITDA increased 100 basis points to 20.2%.
  • A total of eight new restaurants opened during 2012.
 

(1)

Restaurant-level EBITDA and pro forma net income are non-GAAP measures. For reconciliations of restaurant-level EBITDA and pro forma net income to GAAP net income and discussions of why we consider them useful, see the “Reconciliation of Non-GAAP Measures” accompanying this release.

 

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc., stated, “Our fourth quarter and full-year results reflect our team’s continued dedication to executing our distinct menu of authentic, freshly prepared Mexican and Tex-Mex inspired food and the pride they take in providing great value for our guests in a fun and energetic environment. With financial flexibility from our strong balance sheet, we are excited about the opportunity we have to grow the Chuy’s brand, including the opening of eight to nine new restaurants in 2013, while enhancing long-term value for our shareholders.”

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