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

Segment Results

We operate the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille brands as operating segments.

Del Frisco's Double Eagle Steak House
  • Revenues increased $4.8 million, or 17.4%, to $32.6 million in the second quarter of 2013 from $27.8 million in the second quarter of 2012. This increase was primarily due to an additional 12 operating weeks during the quarter (from 108 to 120) along with a 5.9% increase in comparable restaurant sales. The growth in comparable restaurant sales was comprised of a 5.8% increase in entrée counts and a 0.1% increase in average check and marked the 14 th consecutive quarter of positive comparable restaurant sales. In the second quarter of the previous year, comparable restaurant sales increased 7.3%.  
  • Restaurant-level EBITDA** increased 20.6%, or $1.6 million, to $9.6 million in the second quarter of 2013 from $7.9 million in the second quarter of 2012. The concept benefitted from lower cost of sales along with lower marketing and advertising costs as a percentage of revenues, however, these were partially offset by higher restaurant operating expenses.

Sullivan's Steakhouse
  • Revenues decreased $0.5 million, or 2.7%, to $18.2 million in the second quarter of 2013 from $18.7 million in the second quarter of 2012.  The decrease was due entirely to a 2.7% decline in comparable restaurant sales, comprised of a 4.1% decrease in average check that was partially offset by a 1.4% increase in entrée counts. In the second quarter of the previous year, comparable restaurant sales increased 0.6%.  Operating weeks for the quarter remained consistent at 228 for both periods.
  • Restaurant-level EBITDA** decreased 25.1%, or $0.8 million, to $2.6 million in the second quarter of 2013 from $3.4 million in the second quarter of 2012, as the concept experienced higher cost of sales and restaurant operating expenses, while marketing and advertising costs decreased slightly as a percentage of revenues.

Del Frisco's Grille
  • Revenues increased 124.4%, or $5.3 million, to $9.6 million in the second quarter of 2013 from $4.3 million in the second quarter of 2012. The increase was primarily due to 47 additional operating weeks (from 25 to 72) resulting from three openings subsequent to the second quarter of 2012 and one opening in the first quarter of 2013.
  • Restaurant-level EBITDA** increased 60.3%, or $0.7 million, to $1.8 million in the second quarter of 2013 from $1.1 million in the second quarter of 2012. The increase was primarily due to operating week growth.

Restaurant Portfolio

As of June 11, 2013, we owned and operated 35 restaurants across 19 states and Washington, DC, including ten Del Frisco's, 19 Sullivan's, and six Del Frisco's Grille locations. There were no restaurant openings during the second quarter of 2013.

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