Fiesta Restaurant Group Inc - FRGI STOCK NEWS

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) announced the immediate resignation of Richard Stockinger as CEO and President. Dirk Montgomery, previously CFO since 2019, has been appointed as interim CEO during the search for a permanent successor. Stockinger's leadership spanned nearly six years, during which he built a strong management team. Montgomery brings extensive experience in restaurant finance and operations, enhancing the company's growth potential. Tyler Yoesting has been appointed Chief Accounting Officer and acting CFO.

Fiesta Restaurant Group (NASDAQ: FRGI) reported a 9.3% growth in comparable restaurant sales for Q3 2022, influenced by a 2.6% negative impact from Hurricane Ian. The company's revenues increased by 7.9% to $95.6 million. Despite operational losses of $3.2 million, the net loss narrowed from the previous year’s $17.3 million profit due to a one-time gain in 2021. Key initiatives, including a successful remodeling program, contributed to traffic growth. October sales improved further to 12.9% year-over-year, emphasizing ongoing recovery efforts and margin enhancement strategies.

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) will host a conference call on November 10, 2022, at 4:30 PM ET, to discuss its third quarter 2022 results. The press release with the results will be issued after market close on the same day. Stakeholders can join the call by dialing 412-542-4158, with a replay available until November 17, 2022. The call will also be webcast live on the corporate website under the 'Investor Relations' section. Fiesta operates the Pollo Tropical® brand and previously owned Taco Cabana®.

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) announced updates regarding its Pollo Tropical restaurants in Florida affected by Hurricane Ian. Select locations were closed from September 27 to October 3, with 38 restaurants impacted. Fortunately, there were no serious injuries or significant property damage reported, and inventory losses due to power outages are being assessed. Most restaurants have reopened, with only four remaining closed. The company is working with insurance providers to assess losses and expects to file claims post-assessment.

Fiesta Restaurant Group reported a second quarter 2022 revenue growth of 8.0%, reaching $98.5 million, with comparable restaurant sales increasing 8.4% year-over-year. However, a net loss of $6.5 million was recorded, contrasting with a gain from 2021, attributed to rising costs in labor and food. Despite challenges from inflation, the company expects improved margins in Q3, aiming for restaurant-level adjusted EBITDA margins of 18.0% to 20.0%. Significant advancements in digital platforms and refurbishment efforts are ongoing, contributing to positive sales momentum.

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI), parent company of Pollo Tropical®, will host a conference call to discuss its second quarter 2022 results on August 11, 2022, at 4:30 P.M. ET. A press release with the results will be issued after market close that day. Interested parties can join the call by dialing 631-891-4304; a replay will be available until August 18, 2022. The call will also be webcast and archived on the company’s website under the Investor Relations section.

Fiesta Restaurant Group reported a 8.0% increase in comparable restaurant sales for Q1 2022 compared to Q1 2021, generating revenues of $95.6 million.

Despite improvements, the company faced a net loss of $1.3 million, higher than the $0.7 million loss in Q1 2021. First quarter Restaurant-level Adjusted EBITDA margins also dipped to 16.1% from 21.2% in the previous year. The company is focused on enhancing digital platforms and implementing kitchen redesigns to drive future growth.

Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) will host a conference call to discuss its first quarter 2022 results on May 12, 2022, at 4:30 P.M. ET. A press release detailing the results will be issued post-market closure on the same day. Interested parties can join the call by dialing 412-317-5180 or access it via the company’s website at www.frgi.com. A recording will be available until May 19, 2022, using passcode 10166190.

Pollo Tropical® has introduced three new family meal bundles aimed at enhancing its menu offerings. The new meals include the Chicken Trio, TropiChop® Bar, and Fajita Meal, each designed to serve four people for $24.99. The Chicken Trio features a variety of grilled chicken options, while the TropiChop® Bar presents a family-style version of the popular bowl with customizable toppings. The Fajita Meal includes grilled chicken strips with traditional accompaniments. These meals are available at all company-owned locations in Florida, and can be ordered in-store, online, or through the MyPollo® App.