Chuy's Holdings, Inc. Announces Preliminary Fourth Quarter 2012 Sales Results
-Chuy's Provides 2013 Outlook-
-Chuy's Management to Present at the 15^th Annual ICR XChange Investor
AUSTIN, Texas, Jan. 10, 2013 (GLOBE NEWSWIRE) -- In advance of its
presentation next week at the ICR XChange Investor Conference, Chuy's
Holdings, Inc. (the "Company") (Nasdaq:CHUY) today announced preliminary,
unaudited revenues and comparable restaurant sales results for its fourth
quarter ended December 30, 2012. The Company also provided updated guidance
for fiscal year 2012, as well as an initial outlook for fiscal year 2013.
For the fourth quarter of 2012, total revenues were approximately $46.7
million, an increase of 40.3% compared to revenues of $33.3 million in the
fourth quarter of 2011. The Company's fourth quarter of 2012 included 14 weeks
compared to 13 weeks in the fourth quarter of 2011. Revenues in the fourth
quarter of 2012 attributed to the extra week totaled approximately $3.3
The Company's comparable restaurant sales increased 5.2% during the quarter
for the 13-week period ended December 23, 2012 compared to the 13-week period
ended December 25, 2011. Comparable restaurant sales were positively impacted
by an extra 1.5 operating days in 2012 as a result of the Company's restaurant
closing schedule on Christmas Eve and Christmas Day during the 13-week period
in 2011. Excluding the impact of the extra 1.5 days, comparable restaurant
sales increased 3.0%.
Based upon these preliminary sales results, the Company has updated its
guidance and currently anticipates that its fiscal year 2012 pro forma diluted
net income per share will range between $0.59 to $0.61. The Company's 2012
guidance includes an estimated $0.04 to $0.05 per share positive impact due to
the extra week in the fourth quarter of 2012, an increase from the Company's
previous expectation of $0.02 to $0.03, due to better than expected sales in
the 53^rd week.
Steve Hislop, President and Chief Executive Officer of Chuy'sHoldings, Inc.,
stated, "We're pleased to cap off fiscal 2012 with solid sales growth driven
by strong comparable restaurant sales and continued contribution from our new
unit openings.With a strong pipeline of new units planned for 2013, we are
confident that we are in great shape to build upon our 2012 results as we
enter the new year."
Preliminary results remain subject to the completion of normal quarter-end
accounting procedures and adjustments and are subject to change. The Company
expects to release financial and operating results for its fourth quarter and
year ended December 30, 2012 during the last two weeks in February.
The Company anticipates that its fiscal year 2013 diluted net income per share
will range from $0.66 to $0.69.This range is based, in part, on the following
oComparable restaurant sales growth between 1.0% and 1.5%;
oThe opening of eight to nine new restaurants; and
oWeighted average pro forma diluted shares outstanding of 16.7 million to
16.8 million shares.
On a comparable calendar week basis, the Company expects its reported first
quarter comparable sales growth percentage to be consistent with its annual
guidance. However, due to the 53rd week in fiscal 2012, there is a one-week
calendar shift in the comparison of the fiscal first quarter of 2013 compared
to the fiscal first quarter of 2012. As a result of this shift, the week
between Christmas and New Year's, traditionally a high volume week for the
Company's restaurants, will be replaced with an average volume week in the
first quarter 2013. The Company expects this shift to reduce revenues by
approximately $700,000 to $800,000 and impact diluted net income per share by
approximately $0.01 to $0.02 during the first quarter of 2013.
The Company will provide additional information regarding its fiscal year 2013
outlook when it releases fourth quarter 2012 earnings.
15^th Annual ICR XChange Investor Conference Participation
The Company will present at the 15th Annual ICR XChange Investor Conference on
Wednesday, January 16, 2013 at the Fontainebleau Miami Beach Hotel in
Florida.The presentation will begin at 3:40 p.m. Eastern Time and will be
webcast live.To access the presentation, please visit www.chuys.com under the
tab "Investor Relations" or directly through the ICR XChange website at
Founded in Austin, Texas in 1982, Chuy's owns and operates 39 full-service
restaurants across eight states serving a distinct menu of authentic, made
from scratch Tex Mex inspired dishes. Chuy's highly flavorful and freshly
prepared fare is served in a fun, eclectic and irreverent atmosphere, while
each location offers a unique, "unchained" look and feel, as expressed by the
concept's motto "If you've seen one Chuy's, you've seen one Chuy's!". For
further information about Chuy's, including our newest locations, please visit
Chuys.com. For the nearest location or a complete menu, visit the Chuy's
website at www.chuys.com.
Definitions and Non-GAAP Measures
Comparable restaurant sales reflect changes in sales for the comparable group
of restaurants over a specified period of time. We consider a restaurant to be
comparable in the first full quarter following the 18th month of operations.
Changes in comparable sales reflect changes in customer count trends as well
as changes in average check.
We prepare our financial statements in accordance with generally accepted
accounting principles (GAAP). Within this press release, we make reference to
our expectations for non-GAAP pro forma net income. Pro forma net income
represents our net income plus the sum of the net reduction in our interest
expense and the application of the net proceeds of the IPO to repay $79.4
million of the Company's debt, the elimination of our management fees and
expenses as a result of our IPO, other non-recurring charges less the
incremental costs of being a public company and the pro forma incremental
income tax expense resulting from the aforementioned adjustments and to adjust
the effective rate to the long-term estimated effective rate of 30%.
Statements in this release that are not historical facts, including, without
limitation, those relating to our anticipated financial performance, are
forward-looking statements that involve risks and uncertainties. Such
statements are based upon the current beliefs and expectations of the
management of the Company. Actual results may vary materially from those
contained in forward-looking statements based on a number of factors
including, without limitation, the actual number of restaurant openings, the
sales at the Company's restaurants, changes in restaurant development or
operating costs, such as food and labor, the Company's ability to leverage its
existing management and infrastructure, changes in restaurant pre-opening
expense, general and administrative expenses, capital expenditures, or the
Company's effective tax rate, changes in the number of diluted share
outstanding, strength of consumer spending, conditions beyond the Company's
control such as weather, natural disasters, disease outbreaks, epidemics or
pandemics impacting the Company's customers or food supplies, acts of war or
terrorism and other factors disclosed from time to time in the Company's
filings with the U.S. Securities and Exchange Commission. Investors should
take such risks into account when making investment decisions. Stockholders
and other readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which they are
made. The Company undertakes no obligation to update any forward-looking
statements except as required by law.
CONTACT: Investor Relations Contact:
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