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TheStreet Open House

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

The following definitions apply to these terms as used in this release:

Comparable restaurant sales reflect changes in sales for the comparable group of restaurants over a specified period of time. We consider a restaurant to be comparable in the first full quarter following the 18th month of operations. Changes in comparable sales reflect changes in customer count trends as well as changes in average check.

Average check is calculated by dividing revenue by total entrées sold for a given time period. Average check reflects menu price influences as well as changes in menu mix.

Conference Call

The Company will host a conference call to discuss financial results for the second quarter of 2013 today at 5:00 Eastern Standard Time. Steve Hislop, President and Chief Executive Officer, and Jon Howie, Vice President and Chief Financial Officer will host the call.

The conference call can be accessed live over the phone by dialing 888-820-9416 or for international callers by dialing 913-312-0943. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the passcode is 9607723. The replay will be available until August 13, 2013. The conference call will also be webcast live from the Company’s website at www.chuys.com under the investor relations section. An archive of the webcast will also be available through the corporate website shortly after the call has concluded.

About Chuy’s

Founded in Austin, Texas in 1982, Chuy’s owns and operates 45 full-service restaurants across twelve states serving a distinct menu of authentic, made from scratch Tex Mex inspired dishes. Chuy’s highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, “unchained” look and feel, as expressed by the concept’s motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!”. For further information about Chuy’s, including the nearest location, visit the Chuy’s website at www.chuys.com.

Forward-Looking Statements

Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurant openings, the sales at the Company’s restaurants, changes in restaurant development or operating costs, such as food and labor, the Company’s ability to leverage its existing management and infrastructure, changes in restaurant pre-opening expense, general and administrative expenses, capital expenditures, or our effective tax rate, changes in the number of diluted shares outstanding, strength of consumer spending, conditions beyond the Company’s control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company’s customers or food supplies, acts of war or terrorism and other factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by law.

 
 

Chuy’s Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Income Statements

(In thousands, except share and per share data)

         
Thirteen Weeks Ended Twenty-Six Weeks Ended
June 30,2013   June 24,2012 June 30,2013   June 24,2012
Revenue $ 53,427 $ 43,545 $ 100,125 $ 81,021
 
Costs and expenses:
Cost of sales 14,644 11,622 27,201 21,570
Labor 16,740 13,740 31,715 25,683
Operating 7,537 6,069 14,084 11,321
Occupancy 3,108 2,530 5,999 4,810
General and administrative 2,507 2,137 5,302 3,922
Advisory agreement termination fee 2,000
Secondary offering costs 508 925
Marketing 402 326 754 609
Restaurant pre-opening 1,050 1,224 2,021 1,980
Depreciation and amortization   2,126   1,543   4,094   2,947
Total costs and expenses   48,622   39,191   92,095   74,842
 
Income from operations 4,805 4,354 8,030 6,179
Interest expense   24   1,884   57   3,166
 
Income before income taxes 4,781 2,470 7,973 3,013
Income tax expense   1,621   739   2,172   902
 
Net income 3,160 1,731 5,801 2,111
Undistributed earnings allocated to participating interests     1,700     2,079
Net income available to common stockholders $ 3,160 $ 31 $ 5,801 $ 32
 
Net income per common share:
Basic $ 0.19 $ 0.16 $ 0.36 $ 0.16
Diluted $ 0.19 $ 0.15 $ 0.35 $ 0.15
 
Weighted-average shares outstanding:
Basic   16,269,243   194,766   16,190,264   201,634
Diluted   16,677,221   9,538,093   16,626,012   10,219,778
 
 

Chuy’s Holdings, Inc. and Subsidiaries

Selected Balance Sheet Data

(In thousands)

           
June 30,2013

December 30,

2012

Cash and cash equivalents $ 3,770 $ 5,855
Total assets 141,381 129,721
Long-term debt 4,500 5,000
Total stockholders’ equity 94,658 87,463
 

Reconciliation of Non-GAAP Measures

We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP restaurant-level EBITDA, restaurant-level EBITDA margin, and pro forma net income. Restaurant-level EBITDA represents net income plus the sum of general and administrative expenses, the advisory agreement termination fee, secondary offering costs, restaurant pre-opening costs, depreciation and amortization, interest and taxes. Restaurant-level EBITDA is presented because: (i) the Company believes it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash depreciation and amortization expenses; and (ii) the Company uses restaurant-level EBITDA internally as a benchmark to evaluate its operating performance or compare our performance to that of our competitors. Additionally, the Company presents restaurant-level EBITDA because it excludes the impact of general and administrative expenses, which are not incurred at the restaurant level, and restaurant pre-opening costs, which are non-recurring at the restaurant level. The use of restaurant-level EBITDA thereby enables the Company and its investors to compare operating performance between periods and to compare our operating performance to the performance of the Company’s competitors. The measure is also widely used within the restaurant industry to evaluate restaurant level productivity, efficiency and performance. The use of restaurant-level EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. The Company presents restaurant-level EBITDA margin for the same reasons it presents restaurant-level EBITDA.

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