Del Frisco's Restaurant Group, Inc. Announces Second Quarter 2012 Results

SOUTHLAKE, Texas, Aug. 21, 2012 (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 second quarter ended June 12, 2012. The Company also provided an outlook for the full 2012 fiscal year.

Key highlights from the second quarter 2012 compared to the second quarter 2011 include:
  • Consolidated revenues increased 17.9% to $51.3 million from $43.5 million
  • Total comparable restaurant sales increased 4.0%, including 7.3% at Del Frisco's and 0.3% at Sullivan's, following a comparable restaurant sales increase of 12.3% in the second quarter of last year
  • Cost of sales, as a percentage of sales, was relatively stable increasing slightly to 30.7% from 30.6%
  • Operating income increased 97% to $6.5 million from $3.3 million
  • Net income increased 250% to $3.6 million ($0.20 per diluted share) from $1.0 million ($0.06 per diluted share)
  • Restaurant-level EBITDA* increased 28.6% to $12.6 million from $9.8 million
* Restaurant-level EBITDA, a non-GAAP measure, represents net income before interest, taxes and depreciation and amortization plus the sum of certain non-operating expenses, including pre-opening costs, management fees and expenses, and general and administrative expenses. For a reconciliation of restaurant-level EBITDA and a discussion of why we consider it useful, see the financial information accompanying this release.

"During the second quarter, we demonstrated the strength of our business model with solid comparable restaurant sales and significant increases in both restaurant-level EBITDA and overall profitability," said Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc. "Looking ahead, we are confident that our recent IPO has provided us the financial flexibility to pursue our stated long-term growth objectives and further establish Del Frisco's as a leading 'next generation' full-service dining company."

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