Wingstop Inc. Reports Fiscal Third Quarter 2017 Financial Results
Confirms Annual Guidance for Fiscal Year 2017
Dave Goebel Joins as New Independent Director
Dallas, November 2, 2017 - (GLOBE NEWSWIRE) - Wingstop Inc. (NASDAQ: WING) today reported fiscal third quarter financial results for the period ended September 30, 2017.
Highlights for the Fiscal Third Quarter 2017 compared to the Fiscal Third Quarter 2016
System-wide sales increased 16.1%
System-wide restaurant count increased 14.6% to 1,088 global locations
Domestic same store sales increased 4.1%
Total revenue increased 19.3% to $26.0 million
Net income increased to $5.0 million, or $0.17 per diluted share*, compared to $2.8 million, or $0.09 per diluted share
Adjusted EBITDA**, a non-GAAP measure, increased 25.2% to $10.4 million
Adjusted net income**, a non-GAAP measure, increased 34.3% to $5.0 million
* In the fiscal first quarter of 2017, the Company adopted Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), which required the Company to record excess tax benefits from equity-based compensation as a reduction to income tax expense in the income statement, whereas they were previously recognized in equity. See the “Adoption of New Accounting Guidance” section below for additional information.
** Adjusted EBITDA and adjusted net income are non-GAAP measures. Reconciliations of adjusted EBITDA and adjusted net income to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures.”
Chairman and CEO Charlie Morrison stated, “We continue to drive best-in-class results, and our third quarter demonstrates that we are working on the right strategic priorities for our business. Domestic same store sales rose 4.1%, driven primarily by our decision to begin national advertising in the first quarter, which continues to generate increasing consumer awareness of Wingstop across America. Our continued topline growth yielded an adjusted EBITDA increase of 25.2% and a diluted adjusted EPS increase of 30.8% during the third quarter.”
Morrison added, “Our asset-light business model generates significant cash flow allowing us to return capital to shareholders on a frequent basis - further demonstrating our confidence in our ‘Category of One’ brand. We will pay our second quarterly dividend of $0.07 per share in December and are preparing for another potential recapitalization of our balance sheet in the first half of 2018.”
The following information was filed by Wingstop Inc. (WING) on Thursday, November 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Wingstop Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Wingstop Inc..
Ticker: WING CIK: 1636222 Form Type:10-Q Quarterly Report Accession Number: 0001636222-17-000031 Submitted to the SEC: Thu Nov 02 2017 6:10:32 PM EST Accepted by the SEC: Fri Nov 03 2017 Period: Saturday, September 30, 2017 Industry: Retail Eating Places