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Del Frisco's Restaurant Group, Inc. Announces Second Quarter 2013 Results

Stocks in this article: DFRG

Comparable Restaurant Sales Growth of 2.5% and Traffic Growth of 3.2%

Company Increases Restaurant Development Outlook for Fiscal Year 2013

SOUTHLAKE, Texas, July 16, 2013 (GLOBE NEWSWIRE) -- Del Frisco's Restaurant Group, Inc. (Nasdaq:DFRG), the owner and operator of the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille restaurant concepts, reported financial results today for the second quarter ended June 11, 2013. The Company also increased its restaurant development outlook for fiscal year 2013.

Key highlights from the second quarter 2013 compared to the second quarter 2012 include:

  • Consolidated revenues increased 19.0% to $60.4 million from $50.7 million.
  • Total comparable restaurant sales increased 2.5%, including an increase of 5.9% at Del Frisco's and a decrease of 2.7% at Sullivan's. This follows a comparable restaurant sales increase of 4.2% in the second quarter of the previous year.
  • Total comparable entrées, a measure of traffic, increased 3.2%, including an increase of 5.8% at Del Frisco's and an increase of 1.4% at Sullivan's.
  • Cost of sales, as a percentage of consolidated revenues, decreased to 30.0% from 30.7%.
  • Net income of $4.4 million, or $0.19 per diluted share (on a share base of 23.8 million shares), compared to net income of $3.6 million, or $0.20 per diluted share (on a share base of 18.0 million shares), in the second quarter of last year.
  • Adjusted net income*, a non-GAAP measure, of $4.8 million, or $0.20 per diluted share, compared to $4.3 million, or $0.24 per diluted share, in the second quarter of the previous year.
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 11.7% to $14.0 million from $12.5 million.

* Adjusted net income, a non-GAAP measure, represents pre-tax income from continuing operations plus management fees and accounting expenses paid to a related party, secondary public offering costs, and the public offering transactions bonuses, minus income tax expense at an effective tax rate of 30%. For a reconciliation of adjusted net income to the most directly comparable financial measure presented in accordance with GAAP and a discussion of why we consider it useful, see the financial information accompanying this release.

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