Chuy's (CHUY) Guides Q4, FY13 Above Street
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In advance of its presentation next week at the ICR XChange Investor Conference, Chuy's Holdings, Inc. (Nasdaq: CHUY) today announced preliminary, unaudited revenues and comparable restaurant sales results for its fourth quarter ended December 30, 2012. The Company also provided updated guidance for fiscal year 2012, as well as an initial outlook for fiscal year 2013.
For the fourth quarter of 2012, total revenues were approximately $46.7 million, an increase of 40.3% compared to revenues of $33.3 million in the fourth quarter of 2011. The Company's fourth quarter of 2012 included 14 weeks compared to 13 weeks in the fourth quarter of 2011. Revenues in the fourth quarter of 2012 attributed to the extra week totaled approximately $3.3 million.
The Company's comparable restaurant sales increased 5.2% during the quarter for the 13-week period ended December 23, 2012 compared to the 13-week period ended December 25, 2011. Comparable restaurant sales were positively impacted by an extra 1.5 operating days in 2012 as a result of the Company's restaurant closing schedule on Christmas Eve and Christmas Day during the 13-week period in 2011. Excluding the impact of the extra 1.5 days, comparable restaurant sales increased 3.0%.
Based upon these preliminary sales results, the Company has updated its guidance and currently anticipates that its fiscal year 2012 pro forma diluted net income per share will range between $0.59 to $0.61. The Company's 2012 guidance includes an estimated $0.04 to $0.05 per share positive impact due to the extra week in the fourth quarter of 2012, an increase from the Company's previous expectation of $0.02 to $0.03, due to better than expected sales in the 53rd week.
Steve Hislop, President and Chief Executive Officer of Chuy's Holdings, Inc., stated, "We're pleased to cap off fiscal 2012 with solid sales growth driven by strong comparable restaurant sales and continued contribution from our new unit openings. With a strong pipeline of new units planned for 2013, we are confident that we are in great shape to build upon our 2012 results as we enter the new year."
Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release financial and operating results for its fourth quarter and year ended December 30, 2012 during the last two weeks in February.
2013 Outlook
The Company anticipates that its fiscal year 2013 diluted net income per share will range from $0.66 to $0.69. This range is based, in part, on the following assumptions:
Comparable restaurant sales growth between 1.0% and 1.5%;
The opening of eight to nine new restaurants; and
Weighted average pro forma diluted shares outstanding of 16.7 million to 16.8 million shares.
On a comparable calendar week basis, the Company expects its reported first quarter comparable sales growth percentage to be consistent with its annual guidance. However, due to the 53rd week in fiscal 2012, there is a one-week calendar shift in the comparison of the fiscal first quarter of 2013 compared to the fiscal first quarter of 2012. As a result of this shift, the week between Christmas and New Year's, traditionally a high volume week for the Company's restaurants, will be replaced with an average volume week in the first quarter 2013. The Company expects this shift to reduce revenues by approximately $700,000 to $800,000 and impact diluted net income per share by approximately $0.01 to $0.02 during the first quarter of 2013.
The Company will provide additional information regarding its fiscal year 2013 outlook when it releases fourth quarter 2012 earnings.
(***Street sees Q4 revenue of $45.37 million)
(***Street sees 2012 EPS of $0.56 on $171.15 million in Revenue.)
(***Street sees 2013 EPS of $0.65 on $204.29 million in Revenue.)
15th Annual ICR XChange Investor Conference Participation
The Company will present at the 15th Annual ICR XChange Investor Conference on Wednesday, January 16, 2013 at the Fontainebleau Miami Beach Hotel in Florida. The presentation will begin at 3:40 p.m. Eastern Time and will be webcast live. To access the presentation, please visit www.chuys.com under the tab "Investor Relations" or directly through the ICR XChange website at www.icrxchange.com.
For the fourth quarter of 2012, total revenues were approximately $46.7 million, an increase of 40.3% compared to revenues of $33.3 million in the fourth quarter of 2011. The Company's fourth quarter of 2012 included 14 weeks compared to 13 weeks in the fourth quarter of 2011. Revenues in the fourth quarter of 2012 attributed to the extra week totaled approximately $3.3 million.
The Company's comparable restaurant sales increased 5.2% during the quarter for the 13-week period ended December 23, 2012 compared to the 13-week period ended December 25, 2011. Comparable restaurant sales were positively impacted by an extra 1.5 operating days in 2012 as a result of the Company's restaurant closing schedule on Christmas Eve and Christmas Day during the 13-week period in 2011. Excluding the impact of the extra 1.5 days, comparable restaurant sales increased 3.0%.
Based upon these preliminary sales results, the Company has updated its guidance and currently anticipates that its fiscal year 2012 pro forma diluted net income per share will range between $0.59 to $0.61. The Company's 2012 guidance includes an estimated $0.04 to $0.05 per share positive impact due to the extra week in the fourth quarter of 2012, an increase from the Company's previous expectation of $0.02 to $0.03, due to better than expected sales in the 53rd week.
Steve Hislop, President and Chief Executive Officer of Chuy's Holdings, Inc., stated, "We're pleased to cap off fiscal 2012 with solid sales growth driven by strong comparable restaurant sales and continued contribution from our new unit openings. With a strong pipeline of new units planned for 2013, we are confident that we are in great shape to build upon our 2012 results as we enter the new year."
Preliminary results remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release financial and operating results for its fourth quarter and year ended December 30, 2012 during the last two weeks in February.
2013 Outlook
The Company anticipates that its fiscal year 2013 diluted net income per share will range from $0.66 to $0.69. This range is based, in part, on the following assumptions:
Comparable restaurant sales growth between 1.0% and 1.5%;
The opening of eight to nine new restaurants; and
Weighted average pro forma diluted shares outstanding of 16.7 million to 16.8 million shares.
On a comparable calendar week basis, the Company expects its reported first quarter comparable sales growth percentage to be consistent with its annual guidance. However, due to the 53rd week in fiscal 2012, there is a one-week calendar shift in the comparison of the fiscal first quarter of 2013 compared to the fiscal first quarter of 2012. As a result of this shift, the week between Christmas and New Year's, traditionally a high volume week for the Company's restaurants, will be replaced with an average volume week in the first quarter 2013. The Company expects this shift to reduce revenues by approximately $700,000 to $800,000 and impact diluted net income per share by approximately $0.01 to $0.02 during the first quarter of 2013.
The Company will provide additional information regarding its fiscal year 2013 outlook when it releases fourth quarter 2012 earnings.
(***Street sees Q4 revenue of $45.37 million)
(***Street sees 2012 EPS of $0.56 on $171.15 million in Revenue.)
(***Street sees 2013 EPS of $0.65 on $204.29 million in Revenue.)
15th Annual ICR XChange Investor Conference Participation
The Company will present at the 15th Annual ICR XChange Investor Conference on Wednesday, January 16, 2013 at the Fontainebleau Miami Beach Hotel in Florida. The presentation will begin at 3:40 p.m. Eastern Time and will be webcast live. To access the presentation, please visit www.chuys.com under the tab "Investor Relations" or directly through the ICR XChange website at www.icrxchange.com.
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