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Del Frisco's Restaurant Group, Inc. Announces Third Quarter 2013 Results

Stocks in this article: DFRG

SOUTHLAKE, Texas, Oct. 9, 2013 (GLOBE NEWSWIRE) -- Del Frisco's Restaurant Group, Inc. (Nasdaq:DFRG), the owner and operator of the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille restaurant concepts, reported financial results today for the third quarter ended September 3, 2013. The Company also updated its outlook for the 2013 fiscal year and provided initial guidance on its development plans for the 2014 fiscal year.

Key highlights from the third quarter 2013 compared to the third quarter 2012 include:

  • Consolidated revenues increased 13.2% to $54.2 million from $47.9 million.
  • Comparable restaurant sales increased 4.4% at Del Frisco's Double Eagle driven primarily by increased traffic of 3.9%. This follows a comparable restaurant sales increase of 5.3% in the third quarter of the previous year and represented its 15 th consecutive quarter of positive comparable restaurant sales.
  • Comparable restaurant sales decreased 5.9% at Sullivan's driven primarily by a 5.0% decrease in traffic. This follows a comparable restaurant sales increase of 1.4% at Sullivan's in the third quarter of the previous year.
  • Cost of sales, as a percentage of consolidated revenues, decreased to 29.9% from 30.3%.
  • Net loss of $0.4 million, or $0.02 per diluted share (on a share base of 23.9 million shares), compared to net loss of $2.4 million, or $0.12 per diluted share (on a share base of 20.8 million shares), in the third quarter of last year.
  • Adjusted net income*, a non-GAAP measure, of $2.3 million, or $0.10 per diluted share, compared to $2.1 million, or $0.10 per diluted share, in the third quarter of the previous year.
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 8.9% to $11.0 million from $10.1 million.

* Adjusted net income, a non-GAAP measure, represents pre-tax income from continuing operations plus asset advisory agreement termination fees, management fees and accounting expenses paid to a related party, write-off of debt issuance costs, secondary public offering costs, and the public offering transaction bonuses, minus income tax expense at an effective tax rate of 30%. For a reconciliation of adjusted net income to the most directly comparable financial measure presented in accordance with GAAP and a discussion of why we consider it useful, see the financial information accompanying this release.

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