** Restaurant-level EBITDA, a non-GAAP measure, represents net income before interest, taxes and depreciation and amortization plus the sum of certain non-operating expenses, including pre-opening costs, management fees and accounting expenses paid to a related party, secondary public offering costs, public offering transactions bonuses, and general and administrative expenses. For a reconciliation of restaurant-level EBITDA 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.
Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "Del Frisco's Double Eagle's status as the nation's premier steakhouse concept was further solidified through strong comparable sales and increased guest traffic in the third quarter despite an uncertain environment and formidable year-ago comparisons. As an affordable neighborhood steakhouse, Sullivan's is more susceptible to pervasive softness within casual dining but we are making brand enhancements which over time will allow us to rebuild momentum. Specifically, we recently began promoting our Sullivan's fixed-priced menu through cable TV and radio spots, remodeling several older restaurants, updating our digital presence and creating a new leadership structure. As we look ahead, we are encouraged that the upcoming holiday season will provide benefits to all three concepts, but given our performance to date we have made several adjustments to our full year outlook."
Mednansky concluded, "Inclusive of the recent successful openings in Santa Monica and Palm Beach, we currently operate eight Del Frisco's Grilles with development plans for an additional three locations by year-end 2013 and another four to six Grilles in 2014. Del Frisco's Grille is successfully transitioning from an 'emerging' to a 'proven' growth concept and will be our dominant expansion vehicle as we continue building our presence within next generation upscale dining. Across a variety of markets, including metropolitan areas where we previously had no restaurant presence, the brand is now widely seen as the dining and social destination for upwardly mobile guests, and appeals to them where they live, work, and shop."
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