Chuy’s Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the first quarter ended March 30, 2014.
Highlights for the first quarter ended March 30, 2014 were as follows:
- Revenue increased 19.8% to $56.0 million from $46.7 million in the first quarter of 2013.
- Comparable restaurant sales increased 4.2% as compared to the same period in 2013.
- Net income was $2.6 million, or $0.16 per diluted share, compared to $2.6 million, or $0.16 per diluted share, in the first quarter of 2013.
- Pro forma net income (1) was $2.5 million, or $0.15 per diluted share in the first quarter of 2013.
- Restaurant-level EBITDA (1) increased 8.5% to $10.2 million from $9.4 million in last year’s first quarter.
- Three new restaurants opened during the first quarter of 2014.
Pro forma net income and restaurant-level EBITDA are non-GAAP measures. For reconciliations of pro forma net income and restaurant-level EBITDA to GAAP net income and discussions of why we consider them useful, see the “Reconciliation of Non-GAAP Measures” accompanying this release.
Steve Hislop, President and Chief Executive Officer of Chuy’s Holdings, Inc. stated, “We maintained our top-line momentum in the first quarter with a comparable restaurant sales increase of 4.2% leading to a 19.8% increase in revenues. Our made-from-scratch, Tex Mex-inspired menu, commitment to value and upbeat, irreverent atmosphere continue to clearly resonate with our guests. While we faced short-term cost challenges related to commodities, increased labor related to new unit openings and weather, our full-year financial goals remain intact.”