SOUTHLAKE, Texas, Feb. 24, 2017 (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 fourth quarter ended December 27, 2016. The Company also provides its outlook for the fiscal year 2017.

Key highlights from the fourth quarter 2016 compared to the fourth quarter 2015 include:
  • Consolidated revenues increased 4.4% to $119.2 million from $114.1 million.
  • Total comparable restaurant sales increased 0.8%.— Comparable restaurant sales increased 0.1% at Del Frisco's Double Eagle Steak House comprised of a 0.5% increase in average check and 0.4% decrease in customer counts.— Comparable restaurant sales increased 0.9% at Sullivan's Steakhouse comprised of a 1.5% decrease in average check and 2.4% increase in customer counts. — Comparable restaurant sales increased 2.1% at Del Frisco's Grille comprised of a 1.5% increase in average check and 0.6% increase in customer counts.
  • Cost of sales, as a percentage of consolidated revenues, improved to 27.8% from 29.0%.
  • GAAP Net Income of $7.1 million, or $0.30 per diluted share, compared to GAAP Net Income of $7.9 million, or $0.34 per diluted share. 
  • Adjusted Net Income* of $8.6 million, or $0.37 per diluted share, compared to Adjusted Net Income of $8.3 million, or $0.36 per diluted share.
  • Restaurant-level EBITDA* increased 8.7% to $27.8 million from $25.6 million.
  • Opened two Del Frisco's Grilles and relocated one Del Frisco's Double Eagle Steak House.

Key highlights from the fiscal year 2016 compared to the fiscal year 2015 include:
  • Consolidated revenues increased 6.1% to $351.7 million from $331.6 million.
  • Total comparable restaurant sales decreased 0.8%.— Comparable restaurant sales decreased 1.2% at Del Frisco's Double Eagle Steak House.— Comparable restaurant sales decreased 0.2% at Sullivan's Steakhouse.  — Comparable restaurant sales decreased 0.7% at Del Frisco's Grille. 
  • Cost of sales, as a percentage of consolidated revenues, improved to 28.2% from 28.9%.
  • GAAP Net Income of $17.8 million, or $0.76 per diluted share, compared to GAAP Net Income of $16.0 million, or $0.68 per diluted share.
  • Adjusted Net Income* of $19.5 million, or $0.83 per diluted share, compared to Adjusted Net Income of $18.5 million, or $0.79 per diluted share. 
  • Restaurant-level EBITDA* increased 4.7% to $74.9 million from $71.6 million.
  • Opened three Del Frisco's Grilles and relocated one Del Frisco's Double Eagle Steak House.

* Adjusted Net Income and Restaurant-level EBITDA are non-GAAP measures. For a reconciliation of Adjusted Net Income and Restaurant-level EBITDA to GAAP net income and why we consider them useful, see the reconciliation of non-GAAP measures accompanying this release.

If you liked this article you might like

Most Restaurant Stocks Remain Tough to Swallow

How Chef David Burke Keeps His Menu Current

Which Stocks Are Impacted by the Rio Olympics?

How Are Restaurants Faring?

Analysts Dig Into Restaurant Downgrades

Analysts Dig Into Restaurant Downgrades