Business
El Pollo Loco Holdings, Inc. Announces First Quarter 2021 Financial Results
COSTA MESA, Calif., May 06, 2021 (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., May 06, 2021 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 31, 2021. Highlights for the first quarter ended March 31, 2021 compared to the first quarter ended March 25, 2020 were as follows: •Total revenue was $107.7 million compared to $105.2 million. •System-wide comparable restaurant sales(1) increased 7.4%, including a 3.3% increase for company-operated restaurants, and a 10.5% increase for franchised restaurants. System-wide comparable restaurant sales increased 5.9% compared to the same period in 2019. •Income from operations was $6.0 million compared to $5.7 million in the prior year period. Restaurant contribution(1) was $15.2 million, or 16.1% of company-operated restaurant revenue, compared to $16.3 million, or 17.6% of company-operated restaurant revenue. Included in income from operations and restaurant contribution margin were approximately $2.8 million in COVID-19 related expenses. •Net income was $4.0 million, or $0.11 per diluted share, compared to net income of $3.6 million, or $0.10 per diluted share. •Pro forma net income(1) was $4.7 million, or $0.13 per diluted share, compared to $5.5 million, or $0.16 per diluted share. •Adjusted EBITDA(1) was $11.9 million, compared to $13.4 million. (1)System-wide comparable restaurant sales, restaurant contribution, 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 these non-GAAP financial measures to the most directly comparable GAAP financial measure 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, “We are pleased with our solid start to 2021, as we saw a significant improvement in sales trends during the first quarter, resulting in system-wide comparable restaurant sales growth of 7.4% compared to last year and an increase of 5.9% compared to 2019. Our momentum has continued into the second quarter with April system-wide comparable restaurant sales growth of 39.1% and two-year growth of 13.5%. Also highlighting our recovery, we recently achieved thr...