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

Stocks in this article: DFRG

** Restaurant-level EBITDA, a non-GAAP measure, represents net income before interest, taxes and depreciation and amortization plus the sum of certain non-operating expenses, including pre-opening costs, management fees and accounting expenses paid to a related party, secondary public offering costs, public offering transactions bonuses, and general and administrative expenses. For a reconciliation of restaurant-level EBITDA 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.

Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "We are very pleased that the efforts of our team produced a 2.5% increase in total comparable restaurant sales and we are very encouraged by the substantial traffic gains realized at both Del Frisco's Double Eagle and Sullivan's. Del Frisco's Double Eagle continues to deliver solid results, Del Frisco's Grille is on track with its development plan, while during the second quarter we began work on refreshing Sullivan's with an emphasis on solidifying the brand as an affordable neighborhood steakhouse through the introduction of a fixed-price offering. From a cost standpoint, some operational inefficiencies at newer restaurants and deleveraging at Sullivan's negatively impacted our restaurant-level margins, however solid controls and lower cost of sales with strong revenue gains allowed us to increase our four–wall profitability."

Mednansky continued, "We are raising our guidance for new openings as we now expect to add six Del Frisco's Grilles by year-end by bringing forward our Boston-area Chestnut Hill restaurant into this year."

Mednansky concluded, "Our most recent Del Frisco's Grille openings are generating strong sales volumes and have emerged as significant dining and social destinations in their respective markets. As we had anticipated, Del Frisco's Grille is benefitting from a strong lunch component, attracting a younger demographic mix, and mitigating the cost of sales impact of beef from our other brands. Moreover, it is also proving its ability to attract upwardly mobile guests where they work, shop, and live, which thereby affords us tremendous flexibility in securing attractive real estate. While our expansion plans beyond 2013 include the growth of Del Frisco's Double Eagle and Sullivan's Steakhouses, Del Frisco's Grille will be the dominant growth vehicle for our next-generation full-service restaurant company."

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