During the fourth quarter of 2013, the Company repurchased 196,500 shares of common stock for approximately $3.7 million under the $10 million authority provided by our Board of Directors. As previously communicated, this authority for up to $10 million will be utilized for the repurchase of our common stock in order to offset dilution caused by the issuance and exercise of stock options and other equity compensation.
The following statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer all of you to our recent filings with the SEC for a more detailed discussion of the risks that could impact future operating results and financial conditions.Based on current information, Del Frisco's Restaurant Group, Inc. is introducing the following guidance for the 52-week fiscal year 2014, which ends on December 30, 2014.
- Total comparable restaurant sales increase of 1.5% to 2.5% (on a comparable 52-week basis)
- One Del Frisco's Double Eagle Steak House opening and five Del Frisco's Grille openings
- Cost of sales of 29.9% to 30.4% of consolidated revenues
- Restaurant-level EBITDA** of 22.9% to 23.4% of consolidated revenues
- Pre-opening expenses of approximately $4.9 to $5.5 million
- General and Administrative expenses of $20.0 million to $21.0 million
- Effective tax rate of approximately 30% to 32%
- Earnings per diluted share of $0.94 to $0.98 based on an annual weighted average diluted common shares outstanding of approximately 24.0 million
- Gross capital expenditures (before tenant allowances) of $38 million to $40 million