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

Segment Results

We operate the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille brands as operating segments.

Del Frisco's Double Eagle Steak House

  • Revenues increased $3.6 million, or 14.3%, to $28.8 million in the third quarter of 2013 from $25.2 million in the third quarter of 2012. This increase was primarily due to an additional 12 operating weeks during the quarter (from 108 to 120) along with a 4.4% increase in comparable restaurant sales. The growth in comparable restaurant sales was comprised of a 3.9% increase in entrée counts and a 0.5% increase in average check and marked the 15 th consecutive quarter of positive comparable restaurant sales. In the third quarter of the previous year, comparable restaurant sales increased 5.3%.
  • Restaurant-level EBITDA** increased 16.2%, or $1.1 million, to $7.8 million in the third quarter of 2013 from $6.7 million in the third quarter of 2012. As a percentage of revenues, the concept benefitted from lower cost of sales and flat year-over-year restaurant operating expenses.

Sullivan's Steakhouse

  • Revenues decreased $1.1 million, or 6.5%, to $16.1 million in the third quarter of 2013 from $17.2 million in the third quarter of 2012. The decrease was due primarily to a 5.9% decline in comparable restaurant sales, comprised of a 5.0% decrease in entrée counts, coupled with a 0.9% decrease in average check, and to a lesser extent, increased reward points expenses. In the third quarter of the previous year, comparable restaurant sales increased 1.4%. Operating weeks for the quarter remained consistent at 228 for both periods.
  • Restaurant-level EBITDA** decreased $0.9 million to $1.6 million in the third quarter of 2013 from $2.5 million in the third quarter of 2012, as the concept experienced higher restaurant operating expenses as well as marketing and advertising costs as a percentage of revenues due to the de-leveraging effect of certain fixed and semi-variable costs in relation to reduced revenues.

Del Frisco's Grille

  • Revenues increased 69.0%, or $3.8 million, to $9.3 million in the third quarter of 2013 from $5.5 million in the third quarter of 2012. The increase was primarily due to 35 additional operating weeks (from 44 to 79) resulting from four openings subsequent to the second quarter of 2012.
  • Restaurant-level EBITDA** increased 78.4%, or $0.7 million, to $1.6 million in the third quarter of 2013 from $0.9 million in the third quarter of 2012. The increase was primarily due to operating week growth although the concept also benefitted from lower restaurant operating expenses as a percentage of revenues.

Restaurant Portfolio

As of September 3, 2013, we owned and operated 36 restaurants across 19 states and Washington, DC, including ten Del Frisco's, 19 Sullivan's, and seven Del Frisco's Grille locations. During the third quarter of 2013, we opened a Del Frisco's Grille in Santa Monica, CA.

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