Del Frisco's Restaurant Group, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 5, 2017; Reiterates Guidance for the 52-Week Ending December 26, 2017
For the nine months, the company reported revenues were $239,534,000 against $232,517,000 a year ago. Operating income was $5,161,000 against $15,322,000 a year ago. Income before income taxes was $4,745,000 against $14,844,000 a year ago. Net income was $3,624,000 against $10,641,000 a year ago. Diluted earnings per share were $0.16 against $0.45 a year ago. Adjusted net income was $7,317,000 against $10,958,000 a year ago. Adjusted net loss per basic share was $0.33 against $0.47 a year ago.
The company reiterating its guidance for the 52-week fiscal year 2017, which ends on December 26, 2017 and adding additional guidance related to the impact of hurricanes Harvey and Irma. Total comparable restaurant sales of -2% to -1%. Restaurant-level EBITDA of 20.5% to 21.0% of consolidated revenues. Effective tax rate of approximately 26% to 28%. Gross capital expenditures (before tenant allowances and inclusive of remodels and expenditures related to 2018 openings) of $28 million to $30 million. Annual adjusted net income per diluted share of $0.76 to $0.80 excluding hurricane impacts and $0.73 to $0.78 including hurricane impacts. (Both ranges exclude lease termination and closing costs, strategic consulting fees, reorganization severance, legal settlements, and non-recurring donations and assumes no additional share repurchases).