Del FriscoS Restaurant Group, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 27, 2017; Provides Earnings Guidance for the Fiscal Year Ending December 25, 2018; Reports Impairment Charges for the Fourth Quarter of 2017
For the year, the company reported revenues of $361,431,000 against $351,681,000 a year ago. Operating loss was $22,169,000 against operating income of $25,076,000 a year ago. Loss before income taxes was $24,391,000 against income before income taxes of $24,574,000 a year ago. Net loss was $11,457,000 against net income of $17,766,000 a year ago. Diluted loss per share was $0.53 against diluted earnings per share of $0.76 a year ago. Adjusted pre-tax income was $20,920,000 against $27,496,000 a year ago. Adjusted net income was $16,108,000 against $19,522,000 a year ago. Adjusted diluted EPS were $0.75 against $0.83 a year ago. Restaurant-level EBITDA was $72,965,000 against $74,940,000 a year ago.
The company provided earnings guidance for the fiscal year ending December 25, 2018, for the period the company expects total comparable restaurant sales growth of 0% to 2%, restaurant-level EBITDA of 20.0% to 21.0% of consolidated revenues, effective tax rate of approximately 10% to 15%, gross capital expenditures (before tenant allowances) of $55 million to $60 million, and annual adjusted net income per diluted share of $0.66 to $0.76.
For the quarter, the company announced impairment charges of $37,053,000 compared to $598,000 a year ago.