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Chuy’s Holdings, Inc. Announces Second Quarter 2013 Financial Results

Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the second quarter ended June 30, 2013.

Highlights for the second quarter ended June 30, 2013 compared to the second quarter ended June 24, 2012 were as follows:
  • Revenue increased 22.7% to $53.4 million from $43.5 million.
  • On a calendar basis, comparable restaurant sales increased 2.1% for the thirteen-week period ended June 30, 2013 compared to the thirteen-week period ended July 1, 2012. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53rd week in fiscal 2012, sales for the same restaurants increased 2.4%.
  • Net income increased to $3.2 million from $1.7 million. Net income available to common stockholders increased to $3.2 million from $31,000. Diluted income per share was $0.19 compared to $0.15 in the prior year period.
  • Pro forma net income (1) increased 35.1% to $3.7 million, or $0.22 per diluted share, from $2.7 million, or $0.17 per diluted share.
  • Restaurant-level EBITDA (1) increased 18.8% to $11.0 million from $9.3 million.
  • Three new restaurants opened during the second quarter of 2013.
(1)   Pro forma net income and restaurant-level EBITDA are non-GAAP measures. For reconciliations of restaurant-level EBITDA and pro forma net income to GAAP net income and discussions of why we consider them useful, see the “Reconciliation of Non-GAAP Measures” accompanying this release.

Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc., stated, “We are encouraged by the ongoing momentum of our business that resulted in strong second quarter earnings growth. Our made-from-scratch Tex Mex inspired menu, commitment to value and upbeat irreverent atmosphere continue to drive guest loyalty throughout our existing restaurant base. Additionally, we remain pleased with the performance of our newer restaurants. We have opened six new Chuy's restaurants year to date and remain on track to add eight to nine new restaurants in 2013.”

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