Second Quarter 2013 Financial Results
Revenue increased $9.9 million, or 22.7%, to $53.4 million in the second quarter of 2013 compared to $43.5 million in the second quarter of 2012. The increase was primarily driven by $10.1 million in incremental revenue from an additional 112 operating weeks provided by 12 new restaurants opened during and subsequent to the second quarter of 2012.
On a calendar basis, the Company’s comparable restaurant sales increased 2.1% for the 13-week period ended June 30, 2013 compared to the 13-week period ended July 1, 2012. The increase in comparable sales was driven by a 1.9% increase in average check and a 0.2% increase in average weekly customers. Due to the 53rd week in fiscal 2012, and the one week calendar shift previously noted, the comparable restaurant sales calculation above is based on comparing sales in the second fiscal quarter of 2013 to sales in the corresponding calendar period of 2012. On a fiscal basis, sales for the same restaurants in the comparable restaurant base in the second fiscal quarter ended June 30, 2013 increased 2.4% compared to the second fiscal quarter ended June 24, 2012. The comparable restaurant base consisted of 29 restaurants during the second quarter of 2013.
Total restaurant operating costs as a percentage of revenue increased to 79.4% in the second quarter of 2013 from 78.8% in the second quarter of 2012, driven primarily by the impact of higher food costs, particularly produce and chicken costs and higher utility and insurance costs as a percentage of revenue.Net income available to common stockholders for the second quarter of 2013 was $3.2 million, or $0.19 per diluted share, compared to $31,000, or $0.15 per diluted share, in the second quarter of 2012. Net income for the second quarter of 2013 included approximately $0.5 million in pre-tax costs associated with two secondary offerings of the Company's common stock by certain of the Company's existing stockholders that were completed on January 30, 2013 and April 17, 2013, respectively. The Company did not receive any proceeds from either offering. The selling stockholders paid all of the underwriting discounts and commissions associated with the sale of the shares.
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