Business
El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2020 Financial Results
COSTA MESA, Calif., March 11, 2021 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 14-week period
About this update from El Pollo Loco Holdings, Inc.
[{"type":"text","content":"COSTA MESA, Calif., March 11, 2021 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 14-week period ended December 30, 2020 Highlights for the fourth quarter ended December 30, 2020 compared to the fourth quarter ended December 25, 2019 were as follows: Total revenue was $110.3 million compared to $107.5 million.System-wide comparable restaurant sales decreased 0.2%, including a 3.0% decrease for company-operated restaurants, and a 1.8% increase for franchised restaurants. System-wide comparable restaurant sales declined 2.1% in metropolitan Los Angeles, while increasing 3.3% in other markets. Income from operations was $8.2 million compared to $5.3 million in the prior year period. Restaurant contribution was $15.3 million, or 15.8% of company-operated restaurant revenue, compared to $17.6 million, or 18.6% of company-operated restaurant revenue. Included in income from operations and restaurant contribution margin were approximately $2.9 million in COVID-19 related expenses.Net income was $5.5 million, or $0.15 per diluted share, compared to net income of $3.5 million, or $0.10 per diluted share.Pro forma net income(1) was $5.7 million, or $0.16 per diluted share, compared to $6.2 million, or $0.18 per diluted share.Adjusted EBITDA(1) was $13.6 million, compared to $14.5 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, “We posted solid fourth quarter results despite continuing COVID-19-related challenges, especially in our core Los Angeles market. We are particularly pleased with the performance of our non-LA markets that posted comparable sales growth of 3.3%, giving us further confidence that the foundation of our business is strong and the localized challenges we have faced are transitory. Furthermore, we have begun to see a deceleration in COVID-19 cases in California beginning in mid-January, and expect sales trends to improve as...