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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 fourth quarter and the full year of 2012 which ended on December 30, 2012.
Highlights of Fourth Quarter 2012 Results Include:
Total revenues increased 8.2% to $126.6 million compared to $116.9 million in the prior year period;
Comparable restaurant sales increased 8.3% at Pollo Tropical and 6.8% at Taco Cabana;
Comparable restaurant guest traffic increased 6.7% at Pollo Tropical and 4.2% at Taco Cabana;
One Company-owned Pollo Tropical and two Company-owned Taco Cabana restaurants were opened; and
Net income increased $2.7 million to $2.6 million in the fourth quarter of 2012, or $0.11 per diluted share, compared to net loss of $(0.1) million, or $(0.01) per diluted share, in the fourth quarter of 2011.
Tim Taft, President and Chief Executive Officer of Fiesta, commented, “We are pleased to have completed 2012 from a position of strength by delivering outstanding financial results in the fourth quarter. Pollo Tropical and Taco Cabana both posted robust comparable restaurant sales and transaction growth over the three-month period, which enabled us to achieve substantially higher operating profitability. We believe our menu selections, value proposition, marketing messages, and elevated dining experience are clearly resonating with a growing customer base, and underscore what we believe is our substantial opportunity to profitably grow both concepts.”
Taft continued, “New restaurant development will be key to our go-forward business strategy, and we plan to open 14 to 17 Company-owned restaurants in 2013 on top of the 10 Company-owned restaurants openings in 2012. While most of this year's growth will be in core Texas and Florida markets, Pollo Tropical opened its first of two locations planned for 2013 in the Nashville area on February 1st, and will further expand its emerging presence in Atlanta, as well. Internationally, franchise development is expected to consist of more than 10 Pollo Tropical restaurant openings in 2013, including our first franchised restaurant in India. Considering our own Company initiatives to develop an increasing number of new Company-owned restaurants over time and brand initiatives to continue to grow comparable restaurant sales, along with the substantial completion of the transition from Carrols, we believe that 2013 is poised to be a very exciting year for Fiesta.”