Del Frisco's Restaurant Group, Inc. Announces Second Quarter 2014 Results

SOUTHLAKE, Texas, July 22, 2014 (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 17, 2014.

Key highlights from the second quarter 2014 compared to the second quarter 2013 include:
  • Consolidated revenues increased 11.6% to $67.4 million from $60.4 million.
  • On a calendar basis, comparable restaurant sales increased 5.2% at Del Frisco's Double Eagle and represented the concept's 18 th consecutive quarter of positive comparable restaurant sales. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53 rd week in fiscal 2013, sales in the same restaurants increased 5.4%.
  • On a calendar basis, comparable restaurant sales increased 0.9% at Sullivan's Steakhouse. On a fiscal quarter basis, which includes a one-week calendar shift in the comparison due to the 53 rd week in fiscal 2013, sales in the same restaurants increased 0.7%.
  • Blended comparable restaurant sales, on a calendar basis, increased 2.2% across all three concepts. On a fiscal quarter basis, sales in the same restaurants increased 2.3% across all three concepts.
  • Cost of sales, as a percentage of consolidated revenues, increased slightly to 30.1% from 30.0%.
  • Net income of $4.8 million, or $0.20 per diluted share, compared to $4.4 million, or $0.19 per diluted share.
  • Restaurant-level EBITDA**, a non-GAAP measure, increased 12.0% to $15.7 million from $14.0 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 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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