Business
El Pollo Loco Holdings, Inc. Announces First Quarter 2020 Financial Results
COSTA MESA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period
About this update from El Pollo Loco Holdings, Inc.
[{"type":"text","content":"COSTA MESA, Calif., April 30, 2020 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 25, 2020 and provided a business update on the impact of the COVID-19 pandemic.\n Highlights for the first quarter ended March 25, 2020, compared to the first quarter ended March 27, 2019 were as follows: Total revenue was $105.2 million compared to $109.0 million.System-wide comparable restaurant sales decreased 1.5%, including a 0.7% decrease for company-operated restaurants, and a 2.2% decrease for franchised restaurants.Net income was $3.6 million, or $0.10 per diluted share, compared to net income of $0.9 million, or $0.02 per diluted share in the prior year period. During the first quarter of 2020, the Company recognized a $1.9 million pre-tax expense related to the impairment of the right-of-use assets (\"ROU assets\") of one restaurant in Texas and the long-lived assets of three restaurants in California. The first quarter of 2019 includes a loss on assets held for sale of $4.1 million.Pro forma net income(1) was $5.6 million, or $0.16 per diluted share, compared to $5.9 million, or $0.15 per diluted share.Adjusted EBITDA(1) was $13.4 million, compared to $14.2 million. (1) Pro forma net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (\"GAAP\") and are defined below under \"Key Financial Definitions.\" A reconciliation of GAAP net income to pro forma net income and adjusted EBITDA is included in the accompanying financial data. See also “Non-GAAP Financial Measures.” Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, \"2020 was off to a strong start, as we built on last year’s momentum, with system-wide and company-operated comparable restaurant sales up 3.7% and 4.2%, respectively, with positive transactions through February. While we naturally experienced a slowdown in March as the reality of the COVID-19 pandemic set in, and restaurant sales remain down overall due to the government-mandated closure of our dining rooms, we have refocused our business to maximize sales in our drive-thru, take-out, delivery, e-commerce and mobile pickup channels. I am pleased with the trajectory of our sales trends, having seen sequential im...