Del Frisco's Restaurant Group, Inc. Announces First Quarter 2013 Results

SOUTHLAKE, Texas, April 30, 2013 (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 19, 2013. The Company also reiterated its outlook for fiscal year 2013.

Key highlights from the first quarter 2013 compared to the first quarter 2012 include:
  • Consolidated revenues increased 13.0% to $59.8 million from $52.9 million
  • Total comparable restaurant sales decreased 0.5%, including an increase of 1.9% at Del Frisco's and a decrease of 4.0% at Sullivan's, following a total comparable restaurant sales increase of 6.7% in the first quarter of the previous year
  • Cost of sales, as a percentage of consolidated revenues, decreased slightly to 30.8% from 30.9%
  • Net income of $3.6 million, or $0.15 per diluted share, compared to net income of $5.0 million, or $0.28 per diluted share, in the first quarter of last year
  • Adjusted net income*, a non-GAAP measure, of $5.0 million, or $0.21 per diluted share, compared to $5.4 million, or $0.30 per diluted share, in the first quarter of the previous year
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 3.7% to $13.9 million from $13.4 million

* Adjusted net income, a non-GAAP measure, represents pre-tax income from continuing operations plus the sum of management fees and accounting expenses paid to a related party, 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.

** 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 accounting expenses paid to a related party, secondary public offering costs, public offering transaction bonuses, and general and administrative expenses. For a reconciliation of restaurant-level EBITDA 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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