Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ: FRGI), the owner, operator, and franchisor of the Pollo Tropical® and Taco Cabana® fast-casual restaurant brands, today reported results for the second quarter of 2013 which ended on June 30, 2013. Fiesta also announced that it anticipates it will exceed the high-end of its previously announced 2013 restaurant development expectations, driven by new Pollo Tropical restaurant openings.
Highlights of Second Quarter 2013 Results Include:
- Total revenues increased 9.4% to $140.9 million, compared to $128.8 million in the prior year period;
- Comparable restaurant sales increased 6.4% at Pollo Tropical and 1.1% at Taco Cabana;
- Comparable restaurant guest traffic increased 2.8% at Pollo Tropical and decreased 0.5% at Taco Cabana;
- Four company-owned Pollo Tropical and three company-owned Taco Cabana restaurants were opened; and
- Net income increased $1.0 million to $5.0 million in the second quarter of 2013, or $0.21 per diluted share, compared to net income of $3.9 million, or $0.17 per diluted share, in the second quarter of 2012.
Tim Taft, President and Chief Executive Officer of Fiesta, commented, “We are successfully executing against our stated objectives and are very excited by what we expect to accomplish this year. Our team is growing comparable restaurant sales against robust comparisons, expanding profitability through effective cost controls and sales leverage, making infrastructure investments to support anticipated growth, and moving closer to completing our administrative transition from Carrols. Year-to-date through the second quarter, we opened a total of 11 company-owned and three international franchised restaurants. In addition, since the onset of the third quarter, we have opened three additional company-owned restaurants and have four more under construction, positioning us to exceed the high end of our annual restaurant development goals. Our development team has also completed value engineering our Pollo Tropical prototype to deliver an elevated and compelling brand experience, which will be reflected in our first restaurant built in Texas in the first quarter of 2014.”