Fireside Chat Discussion Tomorrow at 11:00 AM Eastern Time
Company Completes Share Repurchase Program; Announces Sale-Leaseback Transaction
IRVING, Texas, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Del Frisco’s Restaurant Group, Inc. (NASDAQ:DFRG), the owner and operator of the Del Frisco’s Double Eagle Steak House, Del Frisco’s Grille, and Sullivan’s Steakhouse restaurant concepts, will participate in a fireside chat discussion at 11:00 AM Eastern Time tomorrow at the 20th Annual ICR Conference at the Grande Lakes Hotel & Resort in Orlando, FL.
Investors and interested parties may listen to a live and archived webcast of the discussion from our website at www.DFRG.com under the “Investor Relations” section or directly through the ICR Conference website at www.icrconference.com.
Stock Repurchase Program
During the fourth quarter of 2017, we completed the stock repurchase program authorized by our Board of Directors in October 2014 and as expanded in February 2017 by repurchasing $11.3 million of our common stock. These share repurchases reduced the Company's shares outstanding by approximately 4%.
Sale Leaseback Transaction
On December 22nd, we closed on a $15.1 million sale-leaseback transaction with Amzak Capital Management for our Del Frisco’s Double Eagle Steak House in Orlando, FL. Net proceeds from this transaction will be used to fund restaurant development.
All of our restaurants are now situated on leased properties.
About Del Frisco’s Restaurant Group, Inc.
Based in Irving, Texas, near Dallas, Del Frisco's Restaurant Group, Inc. is a collection of 53 restaurants across 23 states and Washington, D.C., including Del Frisco's Double Eagle Steak House, Del Frisco's Grille, and Sullivan's Steakhouse. Del Frisco's Double Eagle Steak House serves up flawless cuisine that's bold and delicious, an extensive award-winning wine list and a level of service that reminds guests that they're the boss. Del Frisco's Grille is modern, inviting, stylish and fun, taking the classic bar and grill to new heights, and drawing inspiration from bold flavors and market-fresh ingredients. Sullivan's Steakhouse is a great neighborhood place for a big night out on the town - with outstanding food, hand-shaken martinis, an award winning wine list, and live entertainment all under one roof.
For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.DelFriscos.com, www.DelFriscosGrille.com, and www.SullivansSteakhouse.com. For more information about Del Frisco's Restaurant Group, Inc., please visit www.DFRG.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We use words such as “anticipate”, “believe”, “could”, “should”, “estimate”, “expect”, “intend”, “may”, “predict”, “project”, “target”, and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified employees; the uncertainty of our ability to achieve expected levels of comparable restaurant sales increases; the performance of new restaurants and their impact on existing restaurant sales; increases in the cost of food ingredients and other key supplies; the risk of food-borne illnesses and other health concerns about our food; the potential for increased labor costs or difficulty retaining qualified employees, including as a result of immigration enforcement activities; risks relating to our expansion into new markets; the impact of federal, state or local government regulations relating to our employees and the sale of food or alcoholic beverages. Additional factors that could cause actual results to differ materially from our forward-looking statements are set forth in our reports filed with the Securities and Exchange Commission.
Investor Relations Contact:
Raphael Gross
203-682-8253
investorrelations@dfrg.com
Media Relations Contact:
Christine Beggan
203-682-8329
Christine.Beggan@icrinc.com