System-wide and Company-operated comparable restaurant sales growth
of 4.1% and 3.7%
Conference call and webcast will be held at 5:00 p.m. ET today
LAKE FOREST, Calif.--(BUSINESS WIRE)--
Del Taco Restaurants, Inc. (“Del Taco” or the “Company”), (NASDAQ:
TACO), the second largest Mexican-American QSR chain by units in the
United States, operating restaurants under the name Del Taco, today
announced fiscal third quarter 2017 financial results. The Company also
revised its guidance for fiscal year 2017 on several key metrics.
Fiscal Third Quarter 2017 Highlights
-
System-wide comparable restaurant sales growth of 4.1% and
company-operated comparable restaurant sales growth of 3.7%, marking
the 16th and 21st consecutive quarter of gains,
respectively, each representing 10.8% on a two-year stacked basis;
-
Company-operated comparable restaurant sales growth was comprised
of average check growth of 4.0%, including approximately 1.5% of
menu mix growth, partially offset by a transaction decline of 0.3%;
-
Total revenue of $111.0 million, representing 6.3% growth from the
fiscal third quarter 2016;
-
Company-operated restaurant sales of $106.3 million, representing 6.1%
growth from the fiscal third quarter 2016;
-
Net income increased to $5.1 million, representing diluted earnings
per share of $0.13, compared to $4.9 million in the fiscal third
quarter 2016, representing diluted earnings per share of $0.13;
-
Adjusted EBITDA, a non-GAAP financial measure, of $16.6 million versus
$17.0 million in the fiscal third quarter 2016; and
-
The opening of two company-operated and two franchise restaurants.
John D. Cappasola, Jr., President and Chief Executive Officer of Del
Taco, commented, “During the third quarter, our company-operated and
franchised restaurants both extended their track records of positive
comparable restaurant sales, and The Del Taco system as a whole achieved
10.8% growth in comparable restaurant sales on a two-year stacked basis.”
Cappasola continued, “We successfully executed our strategy to lap last
year’s accelerated performance by combining comprehensive improvement
across the brand with an impactful marketing plan. We raised the bar in
operations by focusing on improving our Overall Satisfaction Scores and
Lunch and Dinner Speed compared to last year, embedding awareness and
usage of The Del Taco and Platos, and reintroducing Carnitas as a
limited time offer. We finished the quarter with our launch of Queso, a
highly relevant and elevated QSR+ ingredient that is currently mixing at
approximately 7% of sales and will enable exciting future product
innovation across our menu.”
Cappasola concluded, “Cost pressures during the third quarter, driven
particularly by food inflation, led us to revise our annual guidance,
however, we still expect to deliver our annual guidance across revenues,
diluted earnings per share, Adjusted EBITDA and new system-wide
restaurant openings. Our ability to leverage our QSR+ positioning to
deliver everyday value and variety to guests builds upon our strong
Combined Solutions foundation, and positions us well for continued
future success.”
Review of Fiscal Third Quarter 2017 Financial Results
Total revenue was $111.0 million, an increase of 6.3% compared to $104.4
million in the fiscal third quarter 2016. The growth in revenue was
driven by a 6.1% increase in Company restaurant sales and a 7.9%
increase in franchise revenue.
Comparable restaurant sales increased 4.1% system-wide for the fiscal
third quarter 2017, resulting in a 10.8% increase on a two-year basis.
The Del Taco system has now generated comparable restaurant sales growth
for 16 consecutive quarters. Company-operated comparable restaurant
sales increased 3.7%, marking the 21st consecutive quarter of comparable
restaurant sales growth. Franchise comparable restaurant sales increased
4.6%.
Net income was $5.1 million, representing $0.13 per diluted share,
compared to $4.9 million in the fiscal third quarter 2016, representing
$0.13 per diluted share.
Restaurant contribution, a non-GAAP financial measure, decreased 2.5%
year-over-year to $20.4 million. As a percentage of Company restaurant
sales, restaurant contribution margin fell approximately 170 basis
points year-over-year to 19.2%. The decrease in restaurant contribution
margin was driven by a 90 basis point increase in labor and related
expenses, a 40 basis point increase in food and paper costs, and a 40
basis point increase in other operating expenses. A reconciliation
between restaurant contribution and the nearest GAAP financial measure
is included in the accompanying financial data.
Adjusted EBITDA, a non-GAAP financial measure, was $16.6 million
compared to $17.0 million in the previous year’s fiscal third quarter. A
reconciliation between adjusted EBITDA and the nearest GAAP financial
measure is included in the accompanying financial data.
Restaurant Portfolio
During the fiscal third quarter 2017, we opened two restaurants and our
franchise partners opened two restaurants. There was also one company
restaurant closure.
Thus far in the fiscal fourth quarter 2017, we opened three
company-operated restaurants and there are currently eleven restaurants
(two franchised and nine company) under construction, all of which are
expected to open this fiscal year.
Repurchase Program for Common Stock and Warrants
During the fiscal third quarter 2017, we purchased 96,122 shares of
common stock at an average price of $12.35 and 1,186 warrants at an
average price of $3.97 per warrant. At the end of the fiscal third
quarter approximately $24.1 million remained under our $50 million
repurchase authorization.
Fiscal Year 2017 Guidance
We are revising our guidance for fiscal year 2017, which is a 52-week
period ending January 2, 2018:
-
System-wide comparable restaurant sales growth of approximately 4.0%
to 4.5% (previously 3.5% to 4.5%);
-
Total revenue between $472 million and $475 million (previously $470
million and $476 million);
-
Total company-operated restaurant sales between $453 million and $456
million (previously $452 million and $458 million);
-
Restaurant contribution margin between 19.5% and 19.8% (was 19.8% to
20.3%);
-
General and administrative expenses of between approximately 8.1% and
8.3% of total revenue (previously 8.2% and 8.4%);
-
Effective tax rate of approximately 39.0% (previously 40.0%);
-
Diluted earnings per share of approximately $0.52 to $0.54 (previously
$0.52 and $0.55);
-
Adjusted EBITDA between $71.5 million and $72.5 million (previously
$71.5 and $73.5);
-
23 to 24 new system-wide restaurant openings (previously 23 to 26); and
-
Net capital expenditures totaling approximately $43.0 million to $46.0
million (reaffirming).
We have not reconciled guidance for Adjusted EBITDA to the corresponding
GAAP financial measure because we do not provide guidance for the
various reconciling items. We are unable to provide guidance for these
reconciling items because we cannot determine their probable
significance, as certain items are outside of our control and cannot be
reasonably predicted due to the fact that these items could vary
significantly from period to period. Accordingly, a reconciliation to
the corresponding GAAP financial measure is not available without
unreasonable effort.
Conference Call
A conference call and webcast to discuss Del Taco’s financial results is
scheduled for 5:00 p.m. ET today. Hosting the conference call and
webcast will be John D. Cappasola, Jr., President and Chief Executive
Officer; and Steven L. Brake, Executive Vice President and Chief
Financial Officer.
Interested parties may listen to the conference call via telephone by
dialing 1-201-689-8471. A telephone replay will be available shortly
after the call has concluded and can be accessed by dialing
1-412-317-6671, the passcode is 13671044.
The webcast will be available at www.deltaco.com
under the investors section and will be archived on the site shortly
after the call has concluded.
Key Financial Definitions
Comparable restaurant sales growth reflects the change in
year-over-year sales for the comparable company, franchise and total
system restaurant base. Restaurants are included in the comparable store
base in the accounting period following its 18th full month
of operations and excludes restaurant closures.
Restaurant contribution is defined as company restaurant sales
less restaurant operating expenses, which are food and paper costs,
labor and related expenses and occupancy and other operating expenses. Restaurant
contribution margin is defined as restaurant contribution as a
percentage of company restaurant sales. Restaurant contribution and
restaurant contribution margin are neither required by, nor
presented in accordance with, GAAP. Restaurant contribution and
restaurant contribution margin are supplemental measures of operating
performance of restaurants and the calculations thereof may not be
comparable to those reported by other companies. Restaurant contribution
and restaurant contribution margin have limitations as analytical tools,
and you should not consider them in isolation or as substitutes for
analysis of results as reported under U.S. GAAP. Management believes
that restaurant contribution and restaurant contribution margin are
important tools for investors because they are widely-used metrics
within the restaurant industry to evaluate restaurant-level
productivity, efficiency and performance. Management uses restaurant
contribution and restaurant contribution margin as key performance
indicators to evaluate the profitability of incremental sales at Del
Taco restaurants, to evaluate restaurant performance across periods and
to evaluate restaurant financial performance compared with competitors. A
reconciliation between restaurant contribution and the nearest GAAP
financial measure is included in the accompanying financial data.
Adjusted EBITDA is defined as net income/loss prior to interest
expense, income taxes, and depreciation and amortization, as adjusted to
add back certain charges, such as stock-based compensation expense and
transaction-related costs, as these expenses are not considered an
indicator of ongoing company performance. Adjusted EBITDA is a
non-GAAP financial measure and should not be considered as an
alternative to operating income or net income/loss as a measure of
operating performance or cash flows or as measures of liquidity.
Non-GAAP financial measures are not necessarily calculated the same way
by different companies and should not be considered a substitute for or
superior to GAAP results. We believe Adjusted EBITDA facilitates
operating performance comparisons from period to period by isolating the
effects of some items that vary from period to period without any
correlation to core operating performance or that vary widely among
similar companies. These potential differences may be caused by
variations in capital structures (affecting interest expense), tax
positions (such as the impact on periods or changes in effective tax
rates or net operating losses) and the age and book depreciation of
facilities and equipment (affecting relative depreciation expense). We
also present Adjusted EBITDA because (i) we believe this measure is
frequently used by securities analysts, investors and other interested
parties to evaluate companies in our industry and (ii) we use Adjusted
EBITDA internally as a benchmark to compare performance to that of
competitors. A reconciliation between Adjusted EBITDA and the nearest
GAAP financial measure is included in the accompanying financial data.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ: TACO) offers a unique variety of both Mexican and
American favorites such as burritos and fries, prepared fresh in every
restaurant’s working kitchen with the value and convenience of a drive
thru. Del Taco’s menu items taste better because they are made with
quality ingredients like freshly grated cheddar, hand-chopped pico de
gallo, sliced avocado, slow-cooked beans made from scratch, and
fresh-grilled marinated chicken and carne asada. The brand’s UnFreshing
Believable® campaign further communicates Del Taco’s commitment to
provide guests with the best quality and value for their money. Founded
in 1964, today Del Taco serves more than three million guests each week
at its more than 550 restaurants across 15 states. For more information,
visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain a number
of “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, information concerning Del Taco’s possible or
assumed future results of operations, business strategies, competitive
position, industry environment, potential growth opportunities and the
effects of regulation. These statements are based Del Taco’s
management’s current expectations and beliefs, as well as a number of
assumptions concerning future events. When used in this press release,
the words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “target,” “may,”
“will,” “should,” “future,” “propose,” “preliminary,” “guidance,” “on
track” and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements are subject
to known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside Del Taco’s management’s
control that could cause actual results to differ materially from the
results discussed in the forward-looking statements. These risks
included, without limitation, consumer demand, our inability to
successfully open company-operated or franchised restaurants or
establish new markets, competition in our markets, our inability to grow
and manage growth profitably, adverse changes in food and supply costs,
our inability to access additional capital, changes in applicable laws
or regulations, food safety and foodborne illness concerns, our
inability to manage existing and to obtain additional franchisees, our
inability to attract and retain qualified personnel, our inability to
profitably expand into new markets, changes in, or the discontinuation
of, the Company’s repurchase program, and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors. Additional risks and uncertainties are identified and discussed
in Del Taco’s reports filed with the SEC, including under Item 1A. Risk
Factors in our Annual Report on Form 10-K for the year ended January 3,
2017, and available at the SEC’s website at www.sec.gov
and the Company’s website at www.deltaco.com.
Forward-looking statements included in this release speak only as of the
date of this release. Del Taco undertakes no obligation to update its
forward-looking statements to reflect events or circumstances after the
date of this release or otherwise.
|
|
|
|
|
Del Taco Restaurants, Inc.
|
Consolidated Balance Sheets
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
September 12, 2017
|
|
January 3, 2017
|
Assets
|
|
(unaudited)
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
7,022
|
|
|
$
|
8,795
|
Accounts and other receivables, net
|
|
|
3,353
|
|
|
|
4,141
|
Inventories
|
|
|
2,642
|
|
|
|
2,718
|
Prepaid expenses and other current assets
|
|
|
4,273
|
|
|
|
4,204
|
Total current assets
|
|
|
17,290
|
|
|
|
19,858
|
Property and equipment, net
|
|
|
146,308
|
|
|
|
138,320
|
Goodwill
|
|
|
319,778
|
|
|
|
320,025
|
Trademarks
|
|
|
220,300
|
|
|
|
220,300
|
Intangible assets, net
|
|
|
22,523
|
|
|
|
24,782
|
Other assets, net
|
|
|
3,622
|
|
|
|
3,872
|
Total assets
|
|
$
|
729,821
|
|
|
$
|
727,157
|
Liabilities and shareholders' equity
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
20,060
|
|
|
$
|
16,427
|
Other accrued liabilities
|
|
|
39,065
|
|
|
|
36,653
|
Current portion of capital lease obligations and deemed landlord
financing liabilities
|
|
|
1,497
|
|
|
|
1,588
|
Total current liabilities
|
|
|
60,622
|
|
|
|
54,668
|
Long-term debt, capital lease obligations and deemed landlord
financing liabilities, excluding current portion, net
|
|
|
161,968
|
|
|
|
173,743
|
Deferred income taxes
|
|
|
93,700
|
|
|
|
91,273
|
Other non-current liabilities
|
|
|
31,058
|
|
|
|
30,140
|
Total liabilities
|
|
|
347,348
|
|
|
|
349,824
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized;
no shares issued and outstanding
|
|
|
—
|
|
|
|
—
|
Common stock, $0.0001 par value; 400,000,000 shares authorized;
|
|
|
|
|
38,677,234 shares issued and outstanding at September 12, 2017;
|
|
|
|
|
39,153,503 shares issued and outstanding at January 3, 2017
|
|
|
4
|
|
|
|
4
|
Additional paid-in capital
|
|
|
350,873
|
|
|
|
360,131
|
Accumulated other comprehensive (loss) income
|
|
|
(99
|
)
|
|
|
172
|
Retained earnings
|
|
|
31,695
|
|
|
|
17,026
|
Total shareholders' equity
|
|
|
382,473
|
|
|
|
377,333
|
Total liabilities and shareholders' equity
|
|
$
|
729,821
|
|
|
$
|
727,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Del Taco Restaurants, Inc.
|
Consolidated Statements of Comprehensive Income
|
(Unaudited)
|
(In thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended
|
|
36 Weeks Ended
|
|
|
September 12, 2017
|
|
September 6, 2016
|
|
September 12, 2017
|
|
September 6, 2016
|
Revenue:
|
|
|
|
|
|
|
|
|
Company restaurant sales
|
|
$
|
106,298
|
|
|
$
|
100,173
|
|
|
$
|
311,542
|
|
|
$
|
289,640
|
|
Franchise revenue
|
|
|
3,978
|
|
|
|
3,686
|
|
|
|
11,494
|
|
|
|
10,591
|
|
Franchise sublease income
|
|
|
712
|
|
|
|
560
|
|
|
|
1,878
|
|
|
|
1,617
|
|
Total revenue
|
|
|
110,988
|
|
|
|
104,419
|
|
|
|
324,914
|
|
|
|
301,848
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Restaurant operating expenses:
|
|
|
|
|
|
|
|
|
Food and paper costs
|
|
|
29,648
|
|
|
|
27,574
|
|
|
|
86,336
|
|
|
|
80,061
|
|
Labor and related expenses
|
|
|
33,635
|
|
|
|
30,748
|
|
|
|
100,041
|
|
|
|
90,781
|
|
Occupancy and other operating expenses
|
|
|
22,608
|
|
|
|
20,911
|
|
|
|
64,243
|
|
|
|
60,560
|
|
General and administrative
|
|
|
8,817
|
|
|
|
8,566
|
|
|
|
27,177
|
|
|
|
25,072
|
|
Depreciation and amortization
|
|
|
5,522
|
|
|
|
5,157
|
|
|
|
15,903
|
|
|
|
16,175
|
|
Occupancy and other - franchise subleases
|
|
|
654
|
|
|
|
521
|
|
|
|
1,738
|
|
|
|
1,534
|
|
Pre-opening costs
|
|
|
354
|
|
|
|
94
|
|
|
|
531
|
|
|
|
222
|
|
Restaurant closure charges, net
|
|
|
(16
|
)
|
|
|
(133
|
)
|
|
|
(1
|
)
|
|
|
(121
|
)
|
Loss on disposal of assets, net
|
|
|
233
|
|
|
|
54
|
|
|
|
524
|
|
|
|
191
|
|
Total operating expenses
|
|
|
101,455
|
|
|
|
93,492
|
|
|
|
296,492
|
|
|
|
274,475
|
|
Income from operations
|
|
|
9,533
|
|
|
|
10,927
|
|
|
|
28,422
|
|
|
|
27,373
|
|
Other expense
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
1,628
|
|
|
|
1,412
|
|
|
|
4,798
|
|
|
|
4,289
|
|
Transaction-related costs
|
|
|
—
|
|
|
|
490
|
|
|
|
—
|
|
|
|
681
|
|
Total other expense
|
|
|
1,628
|
|
|
|
1,902
|
|
|
|
4,798
|
|
|
|
4,970
|
|
Income from operations before provision for income taxes
|
|
|
7,905
|
|
|
|
9,025
|
|
|
|
23,624
|
|
|
|
22,403
|
|
Provision for income taxes
|
|
|
2,804
|
|
|
|
4,076
|
|
|
|
8,955
|
|
|
|
9,529
|
|
Net income
|
|
|
5,101
|
|
|
|
4,949
|
|
|
|
14,669
|
|
|
|
12,874
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
Change in fair value of interest rate cap, net of tax
|
|
|
(35
|
)
|
|
|
(122
|
)
|
|
|
(271
|
)
|
|
|
(122
|
)
|
Total other comprehensive loss
|
|
|
(35
|
)
|
|
|
(122
|
)
|
|
|
(271
|
)
|
|
|
(122
|
)
|
Comprehensive income
|
|
$
|
5,066
|
|
|
$
|
4,827
|
|
|
$
|
14,398
|
|
|
$
|
12,752
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
$
|
0.38
|
|
|
$
|
0.33
|
|
Diluted
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
$
|
0.37
|
|
|
$
|
0.33
|
|
Weighted-average shares outstanding
|
|
|
|
|
|
|
|
|
Basic
|
|
|
38,695,099
|
|
|
|
38,465,064
|
|
|
|
38,744,963
|
|
|
|
38,518,431
|
|
Diluted
|
|
|
39,839,571
|
|
|
|
38,688,961
|
|
|
|
40,016,062
|
|
|
|
38,682,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Del Taco Restaurants, Inc.
|
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended
|
|
36 Weeks Ended
|
|
|
September 12, 2017
|
|
September 6, 2016
|
|
September 12, 2017
|
|
September 6, 2016
|
Net income
|
|
$
|
5,101
|
|
|
$
|
4,949
|
|
|
$
|
14,669
|
|
|
$
|
12,874
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
Provision for income taxes
|
|
|
2,804
|
|
|
|
4,076
|
|
|
|
8,955
|
|
|
|
9,529
|
|
Interest expense
|
|
|
1,628
|
|
|
|
1,412
|
|
|
|
4,798
|
|
|
|
4,289
|
|
Depreciation and amortization
|
|
|
5,522
|
|
|
|
5,157
|
|
|
|
15,903
|
|
|
|
16,175
|
|
EBITDA
|
|
|
15,055
|
|
|
|
15,594
|
|
|
|
44,325
|
|
|
|
42,867
|
|
Stock-based compensation expense (a)
|
|
|
1,191
|
|
|
|
1,001
|
|
|
|
3,340
|
|
|
|
2,630
|
|
Loss on disposal of assets, net (b)
|
|
|
233
|
|
|
|
54
|
|
|
|
524
|
|
|
|
191
|
|
Restaurant closure charges, net (c)
|
|
|
(16
|
)
|
|
|
(133
|
)
|
|
|
(1
|
)
|
|
|
(121
|
)
|
Amortization of favorable and unfavorable lease assets and
liabilities, net (d)
|
|
|
(229
|
)
|
|
|
(140
|
)
|
|
|
(521
|
)
|
|
|
(420
|
)
|
Transaction-related costs (e)
|
|
|
—
|
|
|
|
490
|
|
|
|
—
|
|
|
|
681
|
|
Pre-opening costs (f)
|
|
|
354
|
|
|
|
94
|
|
|
|
531
|
|
|
|
222
|
|
Adjusted EBITDA
|
|
$
|
16,588
|
|
|
$
|
16,960
|
|
|
$
|
48,198
|
|
|
$
|
46,050
|
|
|
|
|
|
|
|
|
|
|
(a) Includes non-cash, stock-based compensation.
|
|
(b) Loss on disposal of assets, net includes the loss or gain on
disposal of assets related to sales, retirements and replacement or
write-off of leasehold improvements or equipment in the ordinary
course of business, net of amortization of deferred gains on asset
sales associated with sale-leaseback transactions and gains or
losses recorded associated with the sale of company-operated stores
to franchisees.
|
(c) Includes sublease income from leases which are treated as deemed
landlord financing, partially offset by costs related to future
obligations associated with the closure or net sublease shortfall of
a restaurant.
|
(d) Includes amortization of favorable lease assets and unfavorable
lease liabilities.
|
(e) Includes costs related to the offer to exchange the Company's
common stock for each outstanding Company warrant and the strategic
sale process which commenced during 2014 and resulted in the March
2015 stock purchase agreement and the June 2015 Business Combination
consummated pursuant to the Merger Agreement.
|
(f) Pre-opening costs consist of costs directly associated with the
opening of new restaurants and incurred prior to opening, including
restaurant labor, supplies, cash and non-cash rent expense and other
related pre-opening costs. These are generally incurred over the
three to five months prior to opening.
|
|
|
|
|
|
|
|
|
|
|
|
|
Del Taco Restaurants, Inc.
|
Reconciliation of Company Restaurant Sales to Restaurant
Contribution
|
(Unaudited)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended
|
|
36 Weeks Ended
|
|
|
|
|
September 12, 2017
|
|
September 6, 2016
|
|
September 12, 2017
|
|
September 6, 2016
|
Company restaurant sales
|
|
|
|
$
|
106,298
|
|
|
$
|
100,173
|
|
|
$
|
311,542
|
|
|
$
|
289,640
|
|
Restaurant operating expenses
|
|
|
|
|
85,891
|
|
|
|
79,233
|
|
|
|
250,620
|
|
|
|
231,402
|
|
Restaurant contribution
|
|
|
|
$
|
20,407
|
|
|
$
|
20,940
|
|
|
$
|
60,922
|
|
|
$
|
58,238
|
|
Restaurant contribution margin
|
|
|
|
|
19.2
|
%
|
|
|
20.9
|
%
|
|
|
19.6
|
%
|
|
|
20.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Del Taco Restaurants, Inc.
|
Restaurant Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Weeks Ended
|
|
36 Weeks Ended
|
|
|
|
|
September 12,
|
|
September 6,
|
|
September 12,
|
|
September 6,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Company-operated restaurant activity:
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
304
|
|
|
298
|
|
|
310
|
|
|
297
|
|
Openings
|
|
|
|
2
|
|
|
1
|
|
|
3
|
|
|
3
|
|
Closures
|
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
|
(1
|
)
|
Purchased from franchisees
|
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
Sold to franchisees
|
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
Restaurants at end of period
|
|
|
|
305
|
|
|
300
|
|
|
305
|
|
|
300
|
|
Franchise-operated restaurant activity:
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
251
|
|
|
245
|
|
|
241
|
|
|
247
|
|
Openings
|
|
|
|
2
|
|
|
2
|
|
|
7
|
|
|
3
|
|
Closures
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
Purchased from Company
|
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
Sold to Company
|
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
Restaurants at end of period
|
|
|
|
253
|
|
|
246
|
|
|
253
|
|
|
246
|
|
Total restaurant activity:
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
|
555
|
|
|
543
|
|
|
551
|
|
|
544
|
|
Openings
|
|
|
|
4
|
|
|
3
|
|
|
10
|
|
|
6
|
|
Closures
|
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
|
(4
|
)
|
Restaurants at end of period
|
|
|
|
558
|
|
|
546
|
|
|
558
|
|
|
546
|
|
|
|
|
|
|
|
|
|
|
|
|

View source version on businesswire.com: http://www.businesswire.com/news/home/20171019006292/en/
Source: Del Taco Restaurants, Inc.