Net loss for the third quarter of 2012 was $(2.4) million, or $(0.12) per diluted share, compared to net loss of $(1.8) million, or $(0.10) per diluted share in the third quarter of 2011. Adjusted net income *, a non-GAAP measure, was $2.0 million, or $0.10 per diluted share, compared to $1.5 million, or $0.08 per diluted share in the third quarter of last year. The share base was 20.8 million in the third quarter of 2012 compared to 18.0 million in the third quarter of 2011. 

Segment Results

The Company operates the Del Frisco's Double Eagle Steak House, Sullivan's, and Del Frisco's Grille brands as operating segments. The operations of Del Frisco's Grille are included in the "Other" segment.

Del Frisco's Double Eagle Steak House

Revenues increased $1.2 million, or 5.1%, to $25.2 million in the third quarter of 2012 from $24.0 million in the third quarter of 2011. The improvement was primarily due to a 5.3% increase in comparable restaurant sales, comprised of a 3.1% increase in average check and a 2.2% increase in entrée counts. This increase follows a comparable restaurant sales increase of 16.3% in the third quarter of last year. Operating weeks for the quarter remained consistent at 108 for both periods.

Restaurant-level EBITDA** increased 8.3% to $6.8 million in the third quarter of 2012 from $6.3 million in the third quarter of 2011, as the concept benefitted primarily from lower restaurant operating expenses and marketing and advertising costs which more than offset higher cost of sales as a percentage of revenues.

Sullivan's

Revenues increased $0.2 million, or 1.3%, to $17.2 million in the third quarter of 2012 from $16.9 million in the third quarter of 2011. The 1.4% increase in comparable restaurant sales for the third quarter of 2012 was comprised of a 0.9% increase in average check and a 0.5% increase in entrée counts. This increase follows a comparable restaurant sales increase of 6.9% in the third quarter of last year.  Operating weeks for the quarter remained consistent at 228 for both periods.

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