El Pollo Loco Holdings, Inc. Announces Third Quarter 2016 Financial Results

COSTA MESA, Calif., Nov. 03, 2016 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq:LOCO) today announced financial results for the 13-week period ended September 28, 2016.

Highlights for the third quarter ended September 28, 2016, compared to the third quarter ended September 30, 2015 were as follows:
  • Total revenue increased 7.8% to $95.8 million compared to $88.9 million.
  • System-wide comparable restaurant sales grew 1.6%, including a 1.4% increase for company-operated restaurants, and a 1.8% increase for franchised restaurants.
  • Net income increased to $5.2 million, or $0.13 per diluted share, compared to $4.7 million, or $0.12 per diluted share in the prior year. Third quarter 2016 results included a $2.4 million pre-tax expense related to the impairment of the assets of two restaurants.
  • Pro forma net income (1) was $6.9 million, or $0.18 per diluted share, compared to $7.2 million, or $0.18 per diluted share. 
  • Adjusted EBITDA (1) was $17.3 million compared to $16.6 million in the prior year. 

(1) Pro forma net income and adjusted EBITDA are non-GAAP measures. A reconciliation of GAAP net income to each of these measures is included in the accompanying financial data. See also "Non-GAAP Financial Measures."

Steve Sather, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, "We continue to focus on the four pillars of our brand - great food, excellent service, a warm and inviting atmosphere, and a good price.  This focus continues to strengthen our core business and has enabled us to achieve our 21 st consecutive quarter of system wide comparable restaurant sales growth."

Sather continued, "We remain on track to open 17-18 company-operated restaurants and 11-12 franchised restaurants in 2016, including approximately seven combined company and franchise restaurants in the Dallas area.  Our development pipeline continues to strengthen as we seek to partner with high quality franchisees who are eager to expand our brand."

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