Business
El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2021 Financial Results
COSTA MESA, Calif., March 10, 2022 (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., March 10, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 29, 2021. Highlights for the fourth quarter ended December 29, 2021 compared to the fourth quarter ended December 30, 2020 were as follows: Total revenue was $109.0 million compared to $110.3 million.System-wide comparable restaurant sales(1) increased 11.0%.Income from operations was $8.4 million compared to $8.2 million.Restaurant contribution(1) was $14.7 million, or 15.7% of company-operated restaurant revenue, compared to $15.3 million, or 15.8% of company-operated restaurant revenue.Net income was $6.2 million, or $0.17 per diluted share, compared to net income of $5.5 million, or $0.15 per diluted share.Pro forma net income(1) was $6.1 million, or $0.17 per diluted share, compared to $5.7 million, or $0.16 per diluted share.Adjusted EBITDA(1) was $12.7 million, compared to $13.6 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.” Larry Roberts, Chief Executive Officer and Interim Chief Financial Officer of El Pollo Loco Holdings, Inc., stated, “Despite ongoing external challenges, we posted solid results to close out 2021, exemplified by an 11.0% increase in system-wide comparable restaurant sales and earnings per share to $0.17. While January and February were negatively impacted by the Omicron surge, system comparable restaurant sales continued to grow and have strengthened, as the impact has waned in recent weeks. As we look ahead, we are working on a number of initiatives that revolve around four key pillars – Culture, Brand Differentiation and Awareness, Customer Service, and Accelerated Development. We believe these strategic priorities will continue to strengthen our business and accelerate growth in 2022 and beyond.” Fourth Quarter 2021 Financial Results Company-operated restaurant revenue in the fourth quarter of...