Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the third quarter ended September 29, 2013.
Highlights for the third quarter ended September 29, 2013 were as follows:
- Revenue increased 19.0% to $53.5 million from $44.9 million in the third quarter of 2012.
- On a calendar basis, comparable restaurant sales increased 3.1% for the thirteen-week period ended September 29, 2013 compared to the thirteen-week period ended September 30, 2012. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53rd week in fiscal 2012, sales for the same restaurants increased 1.9%.
- Net income increased to $2.8 million from $790,000 during the same period in 2012. Net income for the third quarter of 2012 included a $1.6 million write-off of deferred loan origination costs associated with a pay down of debt from the Company’s IPO proceeds, or approximately $1.1 million, net of tax. Net income available to common stockholders increased to $2.8 million from $533,000. Diluted income per share was $0.17 compared to $0.05 in the prior year period.
- Pro forma net income (1) increased 26.6% to $2.8 million, or $0.17 per diluted share, from $2.2 million, or $0.13 per diluted share in the third quarter of 2012.
- Restaurant-level EBITDA (1) increased 14.0% to $9.8 million from $8.6 million in last year’s third quarter.
- Two new restaurants opened during the third quarter of 2013.
Pro forma net income and restaurant-level EBITDA are non-GAAP measures. For reconciliations of restaurant-level EBITDA and pro forma net income to GAAP net income and discussions of why we consider them useful, see the “Reconciliation of Non-GAAP Measures” accompanying this release.
“Our third quarter results maintained our streak of healthy revenue, comparable restaurant sales and earnings growth,” said Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. “Our made-from-scratch Tex Mex inspired menu, commitment to value and upbeat, irreverent atmosphere continue to resonate with our guests and drive our business forward. We remain excited about the performance of our newer units, which we believe reinforces the long-term growth opportunity we have to grow the Chuy’s brand, especially in light of the fact that 6 out of our last 8 restaurant openings in 2013 have occurred in new markets. Our ninth and final new unit of 2013 is scheduled to open in the fourth quarter, marking a 23% increase in units for the year, and we are pleased with the progress of our development pipeline, which will include ten to eleven new Chuy’s in 2014.”