Business
El Pollo Loco Holdings, Inc. Announces Third Quarter 2020 Financial Results
COSTA MESA, Calif., Oct. 29, 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., Oct. 29, 2020 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13‑week period ended September 23, 2020.\n Highlights for the third quarter ended September 23, 2020, compared to the third quarter ended September 25, 2019 were as follows: Total revenue was $111.0 million compared to $112.1 million.System-wide comparable restaurant sales increased 1.8%, including a 0.2% increase for company-operated restaurants, and a 3.0% increase for franchised restaurants.Income from operations was $12.2 million, compared to income from operations of $10.1 million in the prior year period. Restaurant contribution was $21.8 million, or 22.4% of company-operated restaurant revenue, compared to $18.4 million, or 18.6% of company-operated restaurant revenue, in the prior year period. Included in income from operations and restaurant contribution margin were $2.0 million of insurance proceeds received by the Company primarily as a result of restaurant sales losses and expenses related to the COVID 19 pandemic and resulting dining room closures. Net income was $9.9 million, or $0.28 per diluted share, compared to net income of $6.4 million, or $0.18 per diluted share, in the prior year period. The third quarter of 2020 included a non-cash impairment expense of $1.5 million, primarily related to the long-lived assets of one restaurant in California. Pro forma net income(1) was $9.9 million, or $0.28 per diluted share, compared to $7.2 million, or $0.20 per diluted share.Adjusted EBITDA(1) was $19.3 million, compared to $15.9 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 included a return to positive system-wide comparable sales and a continuation of improved operational efficiencies resulting in a 40% increase in pro forma diluted EPS and the highest restaurant contribution margin in over two years. I’d like ...