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Chuy’s Holdings, Inc. Announces Third Quarter 2013 Financial Results

The conference call can be accessed live over the phone by dialing 888-820-9416 or for international callers by dialing 913-312-0943. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the passcode is 9879838. The replay will be available until November 6, 2013. The conference call will also be webcast live from the Company’s website at under the investor relations section. An archive of the webcast will also be available through the corporate website shortly after the call has concluded.

About Chuy’s

Founded in Austin, Texas in 1982, Chuy’s owns and operates 47 full-service restaurants across fourteen states serving a distinct menu of authentic, made from scratch Tex Mex inspired dishes. Chuy’s highly flavorful and freshly prepared fare is served in a fun, eclectic and irreverent atmosphere, while each location offers a unique, “unchained” look and feel, as expressed by the concept’s motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!”. For further information about Chuy’s, including the nearest location, visit the Chuy’s website at

Forward-Looking Statements

Certain statements in this release that are not historical facts, including, without limitation, those relating to our anticipated financial performance, are forward-looking statements that involve risks and uncertainties. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, the actual number of restaurant openings, the sales at the Company’s restaurants, changes in restaurant development or operating costs, such as food and labor, the Company’s ability to leverage its existing management and infrastructure, changes in restaurant pre-opening expense, general and administrative expenses, capital expenditures, or our effective tax rate, changes in the number of diluted shares outstanding, strength of consumer spending, conditions beyond the Company’s control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting the Company’s customers or food supplies, acts of war or terrorism and other factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by law.

Chuy’s Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Income Statements

(In thousands, except share and per share data)
Thirteen Weeks Ended Thirty-Nine Weeks Ended
September 29,     September 23, September 29,     September 23,
2013 2012 2013 2012
Revenue $ 53,476 $ 44,939 $ 153,601 $ 125,960
Costs and expenses:
Cost of sales 14,863 12,194 42,064 33,764
Labor 17,552 14,613 49,267 40,295
Operating 7,658 6,490 21,742 17,810
Occupancy 3,221 2,726 9,220 7,536
General and administrative 2,418 2,497 7,720 6,419
Advisory agreement termination fee 2,000
Secondary offering costs 925
Marketing 409 344 1,163 954
Restaurant pre-opening 983 934 3,004 2,914
Depreciation and amortization 2,324   1,725   6,418   4,672
Total costs and expenses 49,428   41,523   141,523   116,364
Income from operations 4,048 3,416 12,078 9,596
Interest expense 23   2,285   80   5,451
Income before income taxes 4,025 1,131 11,998 4,145
Income tax expense 1,209   341   3,381   1,243
Net income 2,816 790 8,617 2,902
Undistributed earnings allocated to participating interests   257     2,171
Net income available to common stockholders $ 2,816   $ 533   $ 8,617   $ 731
Net income per common share:
Basic $ 0.17   $ 0.05   $ 0.53   $ 0.21
Diluted $ 0.17   $ 0.05   $ 0.52   $ 0.19
Weighted-average shares outstanding:
Basic 16,344,454   10,215,755   16,241,661   3,539,732
Diluted 16,712,618   14,033,234   16,658,585   11,501,870

Chuy’s Holdings, Inc. and Subsidiaries

Unaudited Selected Balance Sheet Data

(In thousands)
September 29, December 30,
2013 2012
Cash and cash equivalents $ 3,223 $ 5,855
Total assets 144,605 129,721
Long-term debt 4,000 5,000
Total stockholders’ equity 97,867 87,463

Reconciliation of Non-GAAP Measures

We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP restaurant-level EBITDA, restaurant-level EBITDA margin, and pro forma net income. Restaurant-level EBITDA represents net income plus the sum of general and administrative expenses, the advisory agreement termination fee, secondary offering costs, restaurant pre-opening costs, depreciation and amortization, interest and taxes. Restaurant-level EBITDA is presented because: (i) the Company believes it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash depreciation and amortization expenses; and (ii) the Company uses restaurant-level EBITDA internally as a benchmark to evaluate its operating performance or compare our performance to that of our competitors. Additionally, the Company presents restaurant-level EBITDA because it excludes the impact of general and administrative expenses, which are not incurred at the restaurant level, and restaurant pre-opening costs, which are non-recurring at the restaurant level. The use of restaurant-level EBITDA thereby enables the Company and its investors to compare operating performance between periods and to compare our operating performance to the performance of the Company’s competitors. The measure is also widely used within the restaurant industry to evaluate restaurant level productivity, efficiency and performance. The use of restaurant-level EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. The Company presents restaurant-level EBITDA margin for the same reasons it presents restaurant-level EBITDA.

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