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News Breaks
December 12, 2012
05:55 EDTFRGI, FRGIFiesta Restaurant Group management to meet with Oppenheimer
Meeting to be held in Boston on December 18 hosted by Oppenheimer.
News For FRGI From The Last 14 Days
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August 14, 2015
11:33 EDTFRGIEl Pollo Loco plummets to 52-week low as revenue falls short of estimates
Shares of concept restaurant operator El Pollo Loco (LOCO) are sinking after the company reported mixed second quarter results and narrowed its fiscal 2015 outlook for systemwide comparable restaurant sales. WHAT'S NEW: After the market close on THursday, El Pollo Loco reported Q2 pro forma earnings per share of 19c, beating analysts' estimates of 18c, on revenue of $89.5M, missing analysts' estimates of $92.96M. Systemwide comparable restaurant sales increased 1.3% in Q2, including a 0.5% decrease for company-operated restaurants and a 2.6% increase for franchised restaurants. Comparable company-operated restaurant sales in Q2 were driven by a 3.9% decrease in traffic, partially offset by a 3.4% increase in average check. Adjusted EBITDA increased 2.6% in Q2 to $17M. Steve Sather, the company's Chief Executive Officer, noted that Q2 results included pro forma net income growth of over 20%, as well as the company's 16th consecutive quarter of systemwide comparable restaurant sales growth. WHAT'S NOTABLE: Looking ahead, El Pollo Loco said it continues to see FY15 pro forma EPS of 67c-71c, compared to analysts' consensus estimates of 70c. The FY15 EPS view includes an approximate 2c per share benefit resulting from capitalizing development costs directly attributable to remodels and building new restaurants. The company also revised some of its other expectations, and now sees FY15 systemwide comparable restaurant sales growth of approximately 3%, at the low end of its prior 3%-5% view. El Pollo Loco now sees opening 16 new company-owned restaurants and 8 new franchised restaurants in FY15, compared with its previous view of opening 11 new franchised restaurants, and sees adjusted EBITDA $65M-$67M, below its previous view of $66.5M-$69.2M. The company's pro forma income tax rate is now expected at 41%, above its previous 40.5% view, and sees restaurant contribution margin of 21.2%-21.5% vs. its previous view of 21.7%-22%. PRICE ACTION: In late morning trading, El Pollo Loco fell $3.48, or 18.95%, to $14.90 on nearly four times its average daily trading volume. Earlier in the session, the stock made a fresh 52-week low of $14.62. Including today's pull back, the shares have lost approximately 53% over the past year. OTHERS TO WATCH: Other concept restaurants specializing in chicken include Popeyes Louisiana Kitchen (PLKI), Fiesta Restaurant (FRGI) and Bojangles (BOJA).

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