Welcome to our dedicated page for Fiesta Restaurant Group news (Ticker: FRGI), a resource for investors and traders seeking the latest updates and insights on Fiesta Restaurant Group stock.
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) is the parent company of the Pollo Tropical and Taco Cabana restaurant brands. The company specializes in operating fast-casual, ethnic restaurants that offer distinct and unique Caribbean and Mexican inspired flavors. With a focus on providing broad appeal at a compelling value, these brands feature made-from-scratch cooking, fresh salsa bars, and convenient drive-thru service and catering.
Pollo Tropical is renowned for its citrus-marinated chicken, rice bowls, and a variety of tropical sides, while Taco Cabana offers a range of Tex-Mex dishes, including tacos, burritos, and quesadillas, all made with fresh ingredients.
Fiesta Restaurant Group, Inc. continues to innovate and expand its offerings, recently forging strategic partnerships and initiating new projects to enhance customer experience and drive growth. Financially, the company has been focusing on streamlining operations and improving its balance sheet to ensure long-term sustainability and profitability.
For the latest updates and detailed information about the company, visit the corporate website at www.frgi.com.
Fiesta Restaurant Group, Inc. (FRGI) reported a 9.0% increase in fourth quarter 2021 comparable restaurant sales compared to 2020 and continued positive momentum with 7.5% in January and 8.8% in February 2022. The company achieved total revenues of $89.3 million, up 1.7% year-over-year. However, it faced challenges, incurring a net loss of $6.8 million in Q4 2021. Labor cost increases impacted margins, which dropped to 14.3%. The company aims to enhance customer experience and reduce G&A expenses targeting 8.5% to 9.0% of sales in 2022.
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) will host a conference call on March 9, 2022 at 4:30 P.M. ET to discuss its fourth quarter and full year 2021 results. A press release with these results will be released after market close on the same day. The call can be accessed live by dialing 201-689-8562 and will be available for replay until March 16, 2022, using passcode 13727144. The conference will also be webcast on the company’s website under the Investor Relations section.
Pollo Tropical has partnered with World Central Kitchen to support Ukrainian relief efforts. From March 4 to March 18, the restaurant brand will donate $1 for every Original Family Meal sold at its 138 locations. CEO Richard Stockinger emphasized the company's commitment to aiding affected families through donations. World Central Kitchen is actively providing meals to Ukrainian families and those at border crossings. This initiative aims to provide immediate assistance through fresh meals during the ongoing crisis.
Pollo Tropical, a subsidiary of Fiesta Restaurant Group (FRGI), will start offering its popular menu items at the FTX Arena during Miami HEAT games from January 2022. This initiative, in partnership with Levy Restaurants, aims to enhance the game-day experience for fans by providing access to signature dishes like TropiChops and Original Cuban Sandwich. This move aligns with Pollo Tropical's strategy to reinforce its local presence and brand recognition in South Florida, where it operates over 140 locations.
Fiesta Restaurant Group (NASDAQ: FRGI) announced the successful divestiture of Taco Cabana, completed on August 16, 2021, leaving the company debt-free with $55.8 million in cash. The third quarter of 2021 saw Pollo Tropical's comparable restaurant sales rise by 13.8% year-over-year, and a modest 0.9% compared to 2019, despite staffing shortages impacting operations. Net income for the quarter was $17.3 million, influenced by the Taco Cabana sale. However, there was a loss from continuing operations of $3.2 million, and Adjusted EBITDA declined to $3.7 million, indicating ongoing challenges amid labor cost increases.
Fiesta Restaurant Group, Inc. (NASDAQ: FRGI) will host a conference call on November 11, 2021, at 4:30 P.M. ET to discuss its third quarter fiscal 2021 results. The results will be released after market close on the same day. Investors can join the live call by dialing 856-344-9299, and a replay will be available until November 18, 2021. The call will also be accessible via a webcast on the company's website, under the “Investor Relations” section.
Fiesta Restaurant Group (NASDAQ: FRGI) has finalized the sale of Taco Cabana for $85 million, adjusting down to an estimated $77 million after closing costs. This sale enables Fiesta to eliminate about $74.6 million in term loan debt and allocate resources for Pollo Tropical's growth. Furthermore, the board of directors approved the resumption of a share repurchase program, allowing Fiesta to buy back up to 1,006,505 shares. This strategic move aims to enhance shareholder value as Fiesta focuses on expanding its flagship brand, Pollo Tropical.
Pollo Tropical and the Miami Dolphins have formed a three-year partnership aimed at enhancing fan experiences through community events and stadium activities. This collaboration begins with Fins Friday on August 27, where fans can interact with the brand during the Dolphins' training camp. The partnership will also include a noisemeter at home games and community service initiatives. Fiesta Restaurant Group, parent company of Pollo Tropical, aims to strengthen local ties with this initiative, benefiting both fans and the South Florida community.
Fiesta Restaurant Group (NASDAQ: FRGI) reported a strong performance in Q2 2021, with total revenues up 43.7% to $91.2 million, driven by comparable restaurant sales growth at Pollo Tropical (43.5%) and Taco Cabana (15.6%). The company announced the planned sale of Taco Cabana, expected to close in Q3 2021. Income from continuing operations reached $2.7 million, up from a loss in Q2 2020, while Adjusted EBITDA surged to $9.1 million. Despite staffing challenges impacting sales, Pollo Tropical experienced improved margins and growth in digital initiatives.
Fiesta Restaurant Group (NASDAQ: FRGI) has announced a conference call to discuss its second quarter fiscal 2021 results on August 12, 2021, at 4:30 P.M. ET. The press release with the results will be issued after market close on the same day. Investors can access the call live by dialing 412-317-6026, with a replay available until August 19, 2021. The call will also be webcast live and archived on Fiesta's corporate website under the 'Investor Relations' section.
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