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Del Frisco's Restaurant Group, Inc. Announces First Quarter 2014 Results

Stocks in this article: DFRG

SOUTHLAKE, Texas, April 29, 2014 (GLOBE NEWSWIRE) -- Del Frisco's Restaurant Group, Inc. (Nasdaq:DFRG), the owner and operator of the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille restaurant concepts, reported financial results today for the first quarter ended March 25, 2014.

Key highlights from the first quarter 2014 compared to the first quarter 2013 include:

  • Consolidated revenues increased 11.4% to $66.6 million from $59.8 million.
  • On a calendar basis, comparable restaurant sales increased 5.1% at Del Frisco's Double Eagle and represented the concept's 17 th consecutive quarter of positive comparable restaurant sales. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53 rd week in fiscal 2013, sales in the same restaurants increased 5.5%.
  • On a calendar basis, comparable restaurant sales decreased 2.1% at Sullivan's. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53 rd week in fiscal 2013, sales in the same restaurants decreased 4.5%.
  • Blended comparable restaurant sales, on a calendar basis, increased 1.6% across all three concepts. On a fiscal quarter basis, sales in the same restaurants increased 0.8% across all three concepts.
  • Cost of sales, as a percentage of consolidated revenues, decreased to 30.1% from 30.8%.
  • GAAP Net income of $4.5 million, or $0.19 per diluted share, compared to $3.6 million, or $0.15 per diluted share.
  • Adjusted net income*, a non-GAAP measure, of $4.7 million, or $0.20 per diluted share, compared to $5.0 million, or $0.21 per diluted share.
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 6.1% to $14.8 million from $13.9 million.

* Adjusted net income, a non-GAAP measure, represents pre-tax income from continuing operations plus secondary public offering costs and public offering transaction bonuses minus income tax expense at an effective tax rate of 30%. For a reconciliation of adjusted net income to the most directly comparable financial measure presented in accordance with GAAP and a discussion of why we consider it useful, see the financial information accompanying this release.

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