Del Frisco's Restaurant Group, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 14, 2016; Reiterates Earnings Guidance for the Full Year of Ending December 27, 2016; Plans to Open New Restaurants at New York City and Westwood, Massachusetts in 2016
For the six months, the company reported revenues of $161,110,000 compared with $148,878,000 for the same period a year ago. Operating income was $14,204,000 compared with $13,294,000 for the same period a year ago. Income before income taxes was $14,144,000 compared with $13,085,000 for the same period a year ago. Net income was $9,855,000 or $0.42 per basic and diluted share compared with $9,107,000 or $0.39 per basic and diluted share for the same period a year ago. Restaurant-level EBITDA was $35,158,000 compared with $33,616,000 for the same period a year ago.
The company reiterated earnings guidance for the full year of ending December 27, 2016. For the full year, the company expects to report total comparable restaurant sales growth of 0% to 1.0%. Restaurant-level EBITDA of 21.0% to 21.3% of consolidated revenues. Pre-opening costs of approximately $3.2 million to $3.7 million. Effective tax rate of approximately 30% to 32%. Gross capital expenditures (before tenant allowances and inclusive of some expenditures related to 2017 openings) of $32.0 million to $35.0 million. Annual net income per diluted share between $0.83 and $0.86.
For fiscal year 2017, the company announced that it will be opening a Del Frisco's Double Eagle Steak House in Plano, Texas and Del Frisco's Grilles in downtown New York City and Westwood, Massachusetts. Additional restaurants will be named in the coming quarters as leases are signed.