UPDATE: Del Frisco's Misses Q4 Views

reported weaker-than-expected results for the fourth quarter. The Southlake, Texas-based company posted a quarterly net income of $5.5 million, or $0.23 per shares, compared to $4.6 million, or $0.19 per share, in the year-ago quarter. Excluding non-recurring items, the company's earnings declined to $0.35 per share from $0.36 per share. Its revenue climbed 8.6% to $105.8 million. However, analysts were estimating earnings of $0.41 per share on revenue of $108.01 million. On a comparable calendar basis and normalized for New Year's Eve during the prior year, the company's comparable restaurant sales gained 2.4% in the quarter, versus a 2.8% growth in the year-ago quarter. Revenues at Del Frisco's Grille climbed 39.3% to $24.5 million versus $17.6 million. Revenue at Del Frisco's Double Eagle Steak House climbed 5.8%, to $53.9 million in the fourth quarter, while revenue at Sullivan's Steakhouse dropped 5.2%, to $27.4 million. Restaurant-level EBITDA surged 6.4% to $24.7 million in the fourth quarter, compared to $23.2 million in the year-ago quarter. Mark S. Mednansky, Chief Executive Officer of Del Frisco's Restaurant Group, Inc., said, "We did not deliver the fourth quarter performance that we had projected and that our shareholders deserve. The earnings shortfall reflects our overestimation of Del Frisco's Grille sales and margin contributions to our fourth quarter consolidated results." For FY15, Del Frisco's expects earnings to rise 15% to 18% to $0.94 to $97 per share. Analysts had projected earnings of $1.02 per share. The company also expects FY15 total comparable restaurant sales growth of 2% to 3%. Del Frisco's shares fell 0.98% to close at $19.11 yesterday.