During the second quarter, three new Chuy’s restaurants were opened - Opry Mills, Tennessee; Bowling Green, Kentucky; and Norman, Oklahoma. Chuy’s has opened six new restaurants year to date, including two new restaurants opened to date during the third quarter of 2012.2012 Outlook The Company currently anticipates that its fiscal year 2012 pro forma diluted net income per share will be $0.54 to $0.56. This compares to pro forma diluted net income per share of $0.38 in 2011. The Company’s 2012 guidance includes an estimated $0.02 to $0.03 per share positive impact due to the fourth quarter of 2012 containing 14 weeks versus 13 weeks in fiscal 2011. Pro forma net income guidance for fiscal year 2012 is based, in part, on the following annual assumptions:
- Total comparable restaurant sales growth for the last half of 2012 of between 1.0% to 1.5% on a 52 week basis bringing the total for the year to approximately 1.5% to 2.0%;
- Restaurant pre-opening expenses of approximately $3.6 million;
- Pro forma general and administrative expense of approximately $9.5 million;
- An effective tax rate of approximately 29% to 31%;
- The opening of 8 new restaurants;
- Net capital expenditures (net of tenant improvement allowances) of $16.7 to $18.8 million; and
- Annual weighted average pro forma diluted shares outstanding of 16.6 million to 16.7 million.