- Total revenues increased 5.9% to $182.3 million;
- Comparable restaurant sales at Pollo Tropical decreased 1.0% and comparable guest traffic decreased 2.5%, including the impact of sales cannibalization that negatively impacted comparable guest traffic by approximately 1%;
- Comparable restaurant sales at Taco Cabana decreased 4.1% and comparable guest traffic decreased 3.5%;
- Nine Company-owned Pollo Tropical restaurants were opened;
- Net loss of $4.5 million, or $0.17 per diluted share, compared to the prior year period of net income of $7.9 million, or $0.30 per diluted share. Net loss in the third quarter of 2016 included previously disclosed asset impairment charges of $18.5 million related to ten closed Pollo Tropical restaurants and certain additional restaurants the Company continues to operate; and
- Adjusted net income decreased $0.8 million to $8.0 million, or $0.30 per diluted share, compared to the prior year period of adjusted net income of $8.8 million, or $0.33 per diluted share (see non-GAAP reconciliation table below).
Fiesta Restaurant Group, Inc. ("Fiesta" or the "Company") (NASDAQ:FRGI), parent company of the Pollo Tropical® and Taco Cabana® fast casual restaurant brands, today reported results for the third quarter 2016, which ended on October 2, 2016. Select third quarter 2016 results as compared to third quarter 2015 results include: