Pro forma net income was $3.7 million or $0.22 per diluted share in the second quarter of 2013, as compared to $2.7 million or $0.17 per diluted share in the second quarter of 2012. A reconciliation between GAAP net income and pro forma net income is included in the accompanying financial data.
During the second quarter, three new Chuy’s restaurants were opened - Richmond, Virginia; Little Rock, Arkansas; and Charlotte, North Carolina. Subsequent to the end of the second quarter, an additional Chuy’s restaurant was opened in Greenville, South Carolina. A total of six new Chuy's restaurants have been opened year-to-date during 2013.
The Company has increased its guidance range for the year and currently anticipates that its fiscal year 2013 pro forma diluted net income per share will now range from $0.68 to $0.70. This compares to pro forma diluted net income per share of $0.60 in 2012. The Company’s 2012 pro forma results included an estimated $0.04 to $0.05 per share positive impact due to a 53rd week during the fiscal year. The pro forma net income guidance for fiscal year 2013 is based, in part, on the following annual assumptions:
- Comparable restaurant sales growth of approximately 1.75%, which implies 1.0% to 1.5 % in the back half of the year;
- Restaurant pre-opening expenses of approximately $3.3 million to $3.9 million;
- General and administrative expense of approximately $10.5 million to $11.0 million;
- A pro forma effective tax rate of approximately 29% to 31%;
- The opening of eight to nine new restaurants;
- Net capital expenditures (net of tenant improvement allowances) of approximately $19.1 million to $21.2 million; and
- Annual weighted average diluted shares outstanding of 16.7 million to 16.8 million shares.