Fiscal Year Ended 2013 Financial Results
Revenue Growth of 16.8%
Total revenue increased $50.5 million during fiscal year 2013, or 16.8%, to $350.9 million, compared with $300.4 million in the same period of 2012. This increase was the result of new restaurants opened system-wide since the beginning of the fourth quarter of 2012, in addition to an increase in sales at our comparable base restaurants. Comparable restaurant sales increased 3.4% for company-owned restaurants, 0.6% for franchise restaurants and 3.0% system-wide.
Adjusted Net Income (2) Growth of 30.9%Adjusted net income increased 30.9% to $12.1 million. GAAP Net income was $6.7 million during fiscal year 2013, compared to net income of $5.2 million in the same period of 2012. Restaurant contribution margin was 20.7% as a percentage of restaurant revenue during fiscal year 2013, compared with 21.2% in the same period of 2012, due primarily to increases in occupancy and restaurant operating costs as a percentage of revenue. (2) Adjusted net income is a non-GAAP measure. A reconciliation of US GAAP net income to adjusted net income is included in the accompanying financial data. See "Non-GAAP Financial Measures." 2014 Outlook For 2014, management expects the following:
- 42 to 50 new company-owned restaurant openings, reflecting 13% to 16% unit growth
- 10 to 15 new franchise restaurant openings, reflecting 16% to 24% unit growth
- 2.5% to 3.0% comparable restaurant sales growth
- Total revenue between $406 million and $412 million
- Approximately 25% adjusted diluted earnings per share growth
- An estimated tax rate between 39% and 40%
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