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El Pollo Loco Holdings, Inc. Announces Third Quarter 2023 Financial Results
Approves a New $20 Million Share Repurchase COSTA MESA, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced
About this update from El Pollo Loco Holdings, Inc.
[{"type":"text","content":"Approves a New $20 Million Share Repurchase\nCOSTA MESA, Calif., Nov. 02, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended September 27, 2023. Highlights for the third quarter ended September 27, 2023 compared to the third quarter ended September 28, 2022 were as follows: Total revenue was $120.4 million compared to $119.9 million.System-wide comparable restaurant sales(1) increased 0.8%.Income from operations was $13.7 million compared to $6.9 million.Restaurant contribution(1) was $14.8 million, or 14.4% of company-operated restaurant revenue, compared to $12.8 million, or 12.4% of company-operated restaurant revenue.Gain on disposition of restaurants was $4.9 million in connection with the sale of 17 restaurants.Net income was $9.2 million, or $0.28 per diluted share, compared to net income of $5.0 million, or $0.14 per diluted share.Adjusted net income(1) was $6.4 million, or $0.19 per diluted share, compared to $5.0 million, or $0.14 per diluted share.Adjusted EBITDA(1) was $15.0 million, compared to $11.6 million. (1)System-wide comparable restaurant sales, restaurant contribution, adjusted 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.” Third Quarter 2023 Financial Results Company-operated restaurant revenue in the third quarter of 2023 decreased to $102.7 million, compared to $103.2 million in the third quarter of 2022, mainly due to a $1.6 million decrease in revenue primarily from the four company-operated restaurants in the Orange County area sold by the Company to existing franchisees during the prior quarters and a $0.2 million decrease in revenue recognized for our loyalty points program. This company-operated restaurant revenue decrease was partially offset by $1.0 million of additional sales from restaurants opened during or after the third quarter of 2022. In addition, the decrease in company-operated restaurant sales was offset by an increase in company-operated comparable restaur...