Adjusted EBITDA(2) increased 24.1% in the second quarter of 2013 to $12.6 million, an increase of $2.4 million from the second quarter of 2012.
First Two Quarters 2013 Financial Results
Revenue Growth of 17.3%
Total revenue increased $25.1 million in the first two quarters 2013, or 17.3%, to $170.5 million, compared with $145.4 million in the same period of 2012. This increase was the result of 64 net restaurants opened system-wide since the beginning of the first quarter of 2012 and comparable restaurant sales growth. Comparable restaurant sales increased 3.5% for company-owned restaurants, 0.2% for franchise restaurants and 3.0% system-wide.Adjusted Net Income (2) Growth of 11.0% Net income was $1.0 million for the first two quarters of 2013, compared to net income of $3.5 million in the same period of 2012. Adjusted net income increased 11.0% to $5.4 million, primarily due to increased revenue and expansion of restaurant level restaurant contribution. We define adjusted net income as net income plus a net savings in interest expense as a result of the pay down of debt using IPO proceeds, plus IPO related expenses and pre-IPO management fees, less estimated incremental costs of being a public company and the tax effects of these adjustments. Restaurant contribution margin was 20.0% as a percentage of restaurant revenue in the first two quarters of 2013, compared with 20.4% in the same period of 2012 due primarily to higher labor costs and higher costs of sales as a percentage of restaurant revenue. Adjusted EBITDA(2) increased 14.8% in the first two quarters of 2013 to $20.8 million, an increase of $2.7 million from the first two quarters of 2012. (2) Adjusted net income and Adjusted EBITDA are non-GAAP measures. A reconciliation of US GAAP net income to each of these measures is included in the accompanying financial data. See "Non-GAAP Financial Measures."
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