Depreciation and amortization costs were $13.3 million, an increase of $0.8 million from the second quarter of 2012 due primarily to the opening of new restaurants and the placing of new information technology systems into service.
General and administrative costs were $21.9 million, an increase of $3.0 million from the second quarter of 2012 due mainly to investments in talent to support value-enhancing initiatives and higher incentive-based compensation. Selling expenses were $6.5 million in the second quarter of 2013, a decrease from $6.7 million a year ago.
Net interest expense was $0.7 million, a decrease from $1.3 million during the same period a year ago as a result of the Company’s debt refinancing in December 2012 as well as lower average borrowings.The Company had an effective tax rate of 24.3% in the second quarter of 2013, compared to a 23.7% rate in the same period a year ago. Restaurant Openings As of the end of the second quarter of 2013, there were 339 Company-owned Red Robin ® restaurants, five Red Robin’s Burger Works ® and 133 franchised Red Robin restaurants – a total of 477 locations. In the second quarter of 2013, the Company opened two new Red Robin restaurants. Balance Sheet and Liquidity On July 14, 2013, the Company had cash and cash equivalents of $16.5 million and total debt of $82.1 million, including $9.6 million of capital lease liabilities. Year to date through the second quarter of 2013, cash generated from operations totaled $71.0 million compared to $50.1 million for the same period in 2012, and capital investments amounted to $31.7 million compared to $27.8 million through the second quarter of 2012. Outlook for 2013 Red Robin’s 2013 fiscal year consists of 52 weeks ending on December 29, 2013, compared to fiscal 2012, which consisted of 53 weeks.
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