El Pollo Loco Holdings Inc (NASDAQ: LOCO) announced financial results Thursday for its third quarter ended September 24, 2014. Total revenue was $86.6 million, above estimates of $84.93 million and an increase of 8.5 percent compared to the year-ago period.
Pro forma net income increased 12.7 percent to $5.0 million, or $0.12 per diluted share, which met analyst expectations. This compares to the $4.4 million reported for the same period in 2013, also $0.12 per diluted share.
Adjusted EBITDA increased 10.4 percent to $15.2 million, compared to the year-ago period.
System-wide comparable restaurant sales grew 7.9 percent, including a 6.4 percent increase for company-operated restaurants, and a 9.1 percent increase for franchised restaurants, compared to the year-ago period.
Steve Sather, President and Chief Executive Officer of El Pollo Loco, stated, "During the third quarter we once again demonstrated the strength of our business model through the combination of our strong comparable restaurant sales, which now includes 13 consecutive quarters of growth, and a solid increase in overall profitability. We believe the broad based appeal of our differentiated, value-oriented, faster fast casual restaurant concept continues to resonate well with our guests and positions us well for sustainable long-term growth."
El Pollo Loco traded at $36.20 afterhours, down 2.9 percent.
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