Chuy's Holdings, Inc. Announces Third Quarter 2016 Financial Results

Chuy's Holdings, Inc. (NASDAQ:CHUY) today announced financial results for the third quarter ended September 25, 2016.

Highlights for the third quarter ended September 25, 2016 were as follows:
  • Revenue increased 15.8% to $85.6 million from $73.9 million in the third quarter of 2015.
  • Comparable restaurant sales increased 0.3% as compared to the same period in 2015.
  • GAAP net income increased to $4.6 million, or $0.27 per diluted share, from $4.1 million or $0.24 per diluted share in the third quarter of 2015. Third quarter 2016 results included $0.4 million of closure costs related to one restaurant.
  • Adjusted net income (1), which excludes closure costs (net of tax), increased 19.7% to $4.9 million, or $0.29 per diluted share compared to GAAP net income of $4.1 million, or $0.24 per diluted share in the same period in 2015.
  • Restaurant-level EBITDA (1) increased 8.5% to $16.3 million from $15.0 million in the third quarter of 2015.
  • Three new restaurants opened during the third quarter of 2016.
(1)   Adjusted net income and restaurant-level EBITDA are non-GAAP measures. For reconciliations of adjusted net income and restaurant-level EBITDA to GAAP net income see the accompanying financial tables. For a discussion of why we consider them useful, see "Non-GAAP Measures" below.
 

Steve Hislop, President and Chief Executive Officer of Chuy's Holdings, Inc. stated, "Despite a challenging external environment, our third quarter results included double-digit increases in revenue and diluted net income per share. We were also pleased to continue our consecutive streak of comparable sales growth to 25 quarters despite lapping a strong increase of 4.2% in the prior year. We opened three new Chuy's restaurants during the third quarter and opened one additional restaurant early in the fourth quarter. With 10 restaurants open year-to-date, we are on pace to reach our goal of opening 12 new restaurants for 2016."

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