Net income available to common stockholders for the third quarter of 2013 was $2.8 million, or $0.17 per diluted share, compared to $533,000, or $0.05 per diluted share, in the third quarter of 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.
Pro forma net income was $2.8 million or $0.17 per diluted share in the third quarter of 2013, as compared to $2.2 million or $0.13 per diluted share in the third quarter of 2012. A reconciliation between GAAP net income and pro forma net income is included in the accompanying financial data.
During the third quarter, two new Chuy’s restaurants were opened — Greenville, South Carolina; and Madeira, Ohio. Subsequent to the end of the third quarter, an additional Chuy’s restaurant was opened in Kansas City, Missouri. We expect to open our ninth and final restaurant for 2013 in Raleigh, North Carolina.
The Company reaffirms its fiscal year 2013 guidance with pro forma diluted net income per share ranging from $0.68 to $0.70. This compares to pro forma diluted net income per share of $0.60 in 2012. The Company’s 2012 pro forma results included an estimated $0.04 to $0.05 per share positive impact due to a 53rd week during the fiscal year. The pro forma net income guidance for fiscal year 2013 is based, in part, on the following annual assumptions:
The following definitions apply to these terms as used in this release:
Comparable restaurant sales
- Comparable restaurant sales growth of approximately 2.2%, which implies an increase of approximately 1.5% in the fourth quarter (on a comparable calendar week basis);
- Restaurant pre-opening expenses of approximately $3.3 million to $3.9 million;
- General and administrative expense of approximately $10.3 million to $10.8 million;
- A pro forma effective tax rate of approximately 29% to 31%;
- The opening of nine new restaurants;
- Net capital expenditures (net of tenant improvement allowances) of approximately $19.1 million to $21.2 million; and
- Annual weighted average diluted shares outstanding of 16.7 million to 16.8 million shares.
reflect changes in sales for the comparable group of restaurants over a specified period of time. We consider a restaurant to be comparable in the first full quarter following the 18th month of operations. Changes in comparable sales reflect changes in customer count trends as well as changes in average check.
is calculated by dividing revenue by total entrées sold for a given time period. Average check reflects menu price influences as well as changes in menu mix.
The Company will host a conference call to discuss financial results for the third quarter of 2013 today at 5:00 Eastern Standard Time. Steve Hislop, President and Chief Executive Officer, and Jon Howie, Vice President and Chief Financial Officer will host the call.