Pro forma net income increased 141.9% to $2.7 million, or $0.16 per diluted share in the fourth quarter of 2012, from $1.1 million, or $0.07 per diluted share, in the fourth quarter of 2011. The Company’s fourth quarter 2012 results included an estimated $0.04 to $0.05 per share positive impact due to the extra week in the quarter. A reconciliation between GAAP net income and pro forma net income is included in the accompanying financial data.
During the fourth quarter, one new Chuy’s restaurant was opened in Florence, Kentucky on November 6, 2012. Chuy’s opened a total of eight new restaurants in 2012.
The Company previously issued guidance for fiscal year 2013. Diluted net income per share is expected to range between $0.66 to $0.69. This compares to pro forma diluted net income per share of $0.60 in 2012. The Company’s 2012 pro forma results included an estimated $0.04 to $0.05 per share positive impact due to a 53rd week during the fiscal year. Net income guidance for fiscal year 2013 is based, in part, on the following annual assumptions:
- Comparable restaurant sales growth between 1.0% and 1.5%;
- Restaurant pre-opening expenses of approximately $3.3 million to $3.9 million;
- General and administrative expense of approximately $10.5 million to $11.0 million;
- An effective tax rate of approximately 29% to 31%;
- The opening of eight to nine new restaurants;
- Net capital expenditures (net of tenant improvement allowances) of approximately $19.1 million to $21.2 million; and
- Annual weighted average diluted shares outstanding of 16.7 million to 16.8 million shares.