On September 28, 2013, we opened our eighth Del Frisco's Grille in Palm Beach, FL.
Limited Stock Repurchase Authorization
Our Board of Directors has provided authority for up to $10 million to be utilized for the repurchase of our common stock over the next two years in order to offset dilution caused by the issuance and exercise of stock options and other equity compensation. Repurchases are intended to protect existing shareholders and will be made exclusively through the use of excess cash flow. They will have no impact on our ongoing development and growth plans.
OutlookBased on current information, we are providing the following updated guidance for the 53-week fiscal year 2013, which ends on December 31, 2013.
- Total comparable restaurant sales increase of 1.0% to 1.5% (on a comparable 52-week basis)
- Six Del Frisco's Grille restaurant openings
- Cost of sales of 30.3% to 30.7% of consolidated revenues
- Restaurant-level EBITDA** of 23.0% to 23.4% of consolidated revenues
- General and Administrative expenses of $17.5 million to $18.0 million
- Pre-opening expenses of approximately $4.4 to $4.6 million
- Effective tax rate of approximately 30% to 32%
- Earnings per diluted share of $0.89 to $0.93 based on an annual weighted average diluted common shares outstanding of approximately 23.9 million (versus 20.4 million shares during 2012)
- Gross capital expenditures (before tenant allowances) of $31 million to $33 million