Fiesta Restaurant Group, Inc. (FRGI) has reported 72.49 percent plunge in profit for the quarter ended Jan. 01, 2017. The company has earned $2.43 million, or $0.09 a share in the quarter, compared with $8.84 million, or $0.33 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $7.34 million, or $0.27 a share compared with $10.45 million or $0.39 a share, a year ago. Revenue during the quarter dropped 4.57 percent to $171.30 million from $179.51 million in the previous year period. Gross margin for the quarter expanded 161 basis points over the previous year period to 70.10 percent. Total expenses were 98.11 percent of quarterly revenues, up from 92.56 percent for the same period last year. That has resulted in a contraction of 555 basis points in operating margin to 1.89 percent.
Operating income for the quarter was $3.24 million, compared with $13.36 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $21.34 million compared with $25.08 million in the prior year period. At the same time, adjusted EBITDA margin contracted 152 basis points in the quarter to 12.46 percent from 13.97 percent in the last year period.
Working capital remains negativeWorking capital of Fiesta Restaurant Group, Inc. was negative $19.83 million on Jan. 01, 2017 compared with negative $15.07 million on Jan. 03, 2016. Current ratio was at 0.58 as on Jan. 01, 2017, down from 0.67 on Jan. 03, 2016. Debt comes down marginally
Fiesta Restaurant Group, Inc. has recorded a decline in total debt over the last one year. It stood at $71.42 million as on Jan. 01, 2017, down 1.64 percent or $1.19 million from $72.61 million on Jan. 03, 2016. Total debt was 16.17 percent of total assets as on Jan. 01, 2017, compared with 17.47 percent on Jan. 03, 2016. Debt to equity ratio was at 0.27 as on Jan. 01, 2017, down from 0.30 as on Jan. 03, 2016. Interest coverage ratio deteriorated to 6.04 for the quarter from 24.56 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
