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

Stocks in this article: CHUY

Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the 13-week and 52-week periods ended December 29, 2013.

Highlights for the fourth quarter ended December 29, 2013 were as follows:

  • Revenue was $50.8 million in the 13-week fourth quarter of 2013 and $46.7 million in the 14-week fourth quarter of 2012. Fourth quarter 2013 results were negatively impacted by an ice storm in early December, which reduced revenue by approximately $500,000. Fourth quarter 2012 results included approximately $3.3 million in revenue attributed to the extra operating week.
  • Comparable restaurant sales increased 3.0% on a comparable 13-week basis.
  • Net income was $2.5 million, or $0.15 per diluted share, in the 13-week fourth quarter of 2013 and $2.6 million, or $0.15 per diluted share, in the 14-week period in 2012.
  • Pro forma net income (1) was $2.5 million, or $0.15 per diluted share, in the 13-week fourth quarter of 2013 and $2.7 million, or $0.16 per diluted share, in the 14-week fourth quarter of 2012. Fourth quarter 2012 results included a $0.04 to $0.05 per share positive impact due to an extra week in the quarter.
  • Restaurant-level EBITDA (1) was $8.9 million in the 13-week fourth quarter of 2013 and $9.2 million in the 14-week fourth quarter of 2012.
  • Two new restaurants opened during the fourth quarter of 2013.

Highlights for the fiscal year ended December 29, 2013 were as follows:

  • Revenue was $204.4 million in the 52-week 2013 fiscal year and $172.6 million in the 53-week 2012 fiscal year. 2013 results were negatively impacted by an ice storm in early December, which reduced revenue by approximately $500,000. Fiscal year 2012 results included approximately $3.3 million in revenue attributed to the extra week.
  • Comparable restaurant sales increased 2.3% on a comparable 52-week basis.
  • Net income increased to $11.1 million in the 2013 fiscal year from $5.5 million during the 53-week fiscal year in 2012. Net income for 2012 included a $1.6 million pre-tax write-off of deferred loan origination costs associated with a pay down of debt using the Company’s IPO proceeds. Net income available to common stockholders increased to $11.1 million from $3.3 million. Diluted income per share was $0.66 in 2013 compared to $0.37 in the prior year.
  • Pro forma net income (1) increased to $11.5 million, or $0.69 per diluted share, in the 52-week 2013 fiscal year from $10.1 million, or $0.60 per diluted share, in the 53-week 2012 fiscal year. Fiscal year 2012 results included a $0.04 to $0.05 per share positive impact due to an extra week in the fourth quarter.
  • Restaurant-level EBITDA (1) was $39.1 million in the 52-week 2013 fiscal year and $34.8 million in the 53-week prior year.
  • A total of nine new restaurants opened during 2013.
(1)   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.
 

“It’s fitting that we ended a strong fiscal 2013 with a healthy fourth quarter of sales and earnings,” said Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. “The ongoing momentum of our results is a testament to the distinctiveness of our brand and the hard work of our entire team.”

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