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

Review of Third Quarter 2013 Operating Results

Consolidated revenues increased $6.3 million, or 13.2%, to $54.2 million in the third quarter of 2013 from $47.9 million in the third quarter of 2012. This increase was due to 47 additional operating weeks resulting from five restaurant openings subsequent to the second quarter of the previous year. Total operating weeks for all concepts during the third quarter of 2013 increased 12.4% to 427 from 380 in the third quarter of 2012. Total comparable restaurant sales decreased 0.2% following a total comparable restaurant sales increase of 3.5% in the third quarter of the previous year.

Cost of sales increased $1.7 million, or 11.4%, to $16.2 million in the third quarter of 2013 from $14.5 million in the third quarter of 2012. As a percentage of consolidated revenues, cost of sales decreased to 29.9% from 30.3%.

Restaurant-level EBITDA** increased $0.9 million, or 8.9%, to $11.0 million in the third quarter of 2013 from $10.1 million in the third quarter of 2012. As a percentage of consolidated revenues, restaurant-level EBITDA decreased to 20.2% from 21.1%.

General and administrative costs increased $0.9 million, or 26.8%, to $4.2 million, or 7.7% of consolidated revenues, from $3.3 million, or 6.9% of consolidated revenues, due to growth in corporate and regional management-level personnel and management training expenses to support recent and anticipated growth along with additional public company related expenses, including non-cash stock compensation expense.

Net loss in the third quarter of 2013 was $0.4 million, or $0.02 per diluted share, compared to net loss of $2.4 million, or $0.12 per diluted share, in the third quarter of 2012. Adjusted net income*, a non-GAAP measure, was $2.3 million, or $0.10 per diluted share, in the third quarter of 2013, compared to $2.1 million, or $0.10 per diluted share, in the third quarter of the previous year. The share base was 23.9 million in the third quarter of 2013 compared to 20.8 million in the third quarter of 2012.

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