Business
El Pollo Loco Holdings, Inc. Announces Third Quarter 2019 Financial Results
COSTA MESA, Calif., Oct. 31, 2019 (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., Oct. 31, 2019 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended September 25, 2019.\n Highlights for the third quarter ended September 25, 2019, compared to the third quarter ended September 26, 2018 were as follows: Total revenue was $112.1 million compared to $112.2 million.System-wide comparable restaurant sales increased 1.1%, including a 1.6% increase for company-operated restaurants, and a 0.6% increase for franchised restaurants.Net income was $6.4 million, or $0.18 per diluted share, compared to net income of $6.8 million, or $0.17 per diluted share. During the third quarter of 2019 the Company incurred legal expenses related to securities litigation of $0.2 million. During the third quarter of 2018 the Company incurred legal expenses related to securities litigation of $3.7 million and received insurance proceeds of $2.0 million related to the reimbursement of certain legal expenses paid in prior years for the defense of securities lawsuits.Pro forma net income(1) was $7.2 million, or $0.20 per diluted share, compared to $7.6 million, or $0.19 per diluted share.Adjusted EBITDA(1) was $15.9 million, compared to $16.3 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, \"Our third quarter results were highlighted by accelerating sales momentum as our Transformation Agenda continues to gain traction. Despite a slow start to the quarter, the expansion of our delivery capabilities, focus on value and improved company operations drove system-wide comparable restaurant sales growth of 1.1%, representing our fifth straight quarter of positive system-wide comp growth. In fact, the month of September was our strongest month of the year to-date in terms of sales, with system comparable restaurant sales of 4.2% driven by positive traffic, which is particularly impressive given the 3% growth comparison...