Fiesta Restaurant Group Inc., parent company of the Pollo Tropical and Taco Cabana brands, today reported results for the second quarter of 2012 which ended on July 1.
Included in the second quarter was the completion of the tax-free spin-off of Fiesta from Carrols Restaurant Group Inc. on May 7.
Total revenues for Fiesta jumped 6.3 percent to $128.8 million compared to $121.2 million in the prior year period;
Also, comparable restaurant sales increased 7.8 percent at Pollo Tropical and 4.5 percent at Taco Cabana, while restaurant guest traffic was up 6.9 percent at Pollo Tropical and 0.6 percent at Taco Cabana.
During the quarter, four company-owned restaurants opened, including three Pollo Tropical units and one Taco Cabana.
Net income increased $0.3 million to $3.9 million, or $0.17 per diluted share, compared to $3.6 million, or $0.16 per diluted share, in the prior year period.
"Our second quarter marked strong top-line performance from both of our brands against strong prior year sales comparisons, coupled with effective cost management that positively impacted our restaurant-level profitability. Despite the sluggish economy and general softness in discretionary spending, our guests are responding favorably to our quality menu offerings and value proposition complemented by our enhanced service model and facilities. We view our brands as well-positioned and differentiated in the competitive landscape and believe that through continued execution of our strategies, we can continue to build long-term value for our shareholders," said Tim Taft, president and CEO.
The company recently signed new agreements in Panama, Guatemala and India to expand its international presence.
"Our development plans are on track and we are encouraged by the preliminary results from our recent restaurant openings in expansion markets along with the quality of sites in our pipeline that will open in the second half of the year and beyond," Taft said.
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