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FRGI

Fiesta Restaurant

$16.95

-0.45 (-2.59%)

09:03
09/15/17
09/15
09:03
09/15/17
09:03

Fiesta Restaurant reports closure of 6 Pollo Tropical restaurants in south Texas

Fiesta Restaurant says, "We permanently closed the six remaining Pollo Tropical company-owned restaurant locations in south Texas, including two company-owned restaurants in Houston that have not reopened after Hurricane Harvey and four company-owned restaurants in San Antonio. The decision to close these restaurants was due to ongoing uncertainty in south Texas including the effects of Hurricane Harvey and limited awareness of the Pollo Tropical brand. Up to two of the closed south Texas restaurants may be rebranded as Taco Cabana restaurants where Taco Cabana has strong brand affinity and awareness. Where possible, employees impacted by restaurant closures will be offered positions at nearby restaurants. The six closed Pollo Tropical restaurants contributed approximately $3.7M of restaurant sales and $1.2M of pre-tax restaurant-level operating losses, including $0.6M of depreciation expense, to results for the six months ended July 2, 2017. The closed restaurants contributed approximately $6.7M of restaurant sales and $2.2M of pre-tax restaurant-level operating losses, including $1M of depreciation expense and $0.4M of pre-opening costs, to results in 2016." Fiesta President and CEO Rich Stockinger said, "While these hurricanes have cost us a short-term loss of business and some property damage, the operational and financial opportunity we see resulting from our Renewal Plan remains intact. We will be slightly delaying the start of our planned marketing build as our markets recover from these storms but expect to resume an impactful media plan before year-end. In doing so, we intend to regain the positive momentum we were experiencing at Pollo prior to Irma and reintroduce broadcast media at Taco."

FRGI Fiesta Restaurant
$16.95

-0.45 (-2.59%)

02/28/17
02/28/17
DOWNGRADE

Market Perform
Fiesta Restaurant downgraded to Market Perform at Raymond James
As previously reported, Raymond James downgraded Fiesta Restaurant to Market Perform from Outperform. Analyst Brian Vaccaro said near-term sales visibility has deteriorated and the company announced that it has suspended its sale evaluation process which he had previously believed could unlock shareholder value if completed. The analyst is concerned by the recent sharp drop in traffic and expects earnings to be volatile as new management works through a turnaround plan.
05/09/17
SPHN
05/09/17
DOWNGRADE
SPHN
Equal Weight
Fiesta Restaurant downgraded to Equal Weight from Overweight at Stephens
08/30/17
08/30/17
NO CHANGE

Wedbush estimates Harvey's impact on restaurant chains
Wedbush analyst Nick Setyan says that Jack in the Box (JACK), Fiesta Restaurant (FRGI), Chuy's (CHUY), Cheesecake Factory (CAKE), and BJ's Restaurants (BJRI0 have the most exposure to Hurricane Harvey among restaurant owners. The analyst estimates that 20% of restaurants owned by Jack in the Box are in the area and 27% of Fiesta's Taco Cabana restaurants are in Houston, while 9% of Chuy's restaurants, 3% of Cheesecake's units, and 2% of BJ's units are in the area,. The analyst estimates that Jack in the Box's EPS loss could be as high as .007c per day, while Fiesta's EPS loss may be as high as .005c per day, and Chuy could lose .004c of EPS per day. Finally, Cheesecake and BJ's could lose u[p to .002c of EPS per day, the analyst stated.
09/07/17
PIPR
09/07/17
DOWNGRADE
Target $14
PIPR
Underweight
Fiesta Restaurant downgraded to Underweight from Neutral at Piper Jaffray
Piper Jaffray analyst Nicole Miller Regan downgraded Fiesta Restaurant Group to Underweight citing weakening industry trends. The analyst says that while the company's ongoing investments may result in fundamental improvements, she does not view strategic alternatives as an option. Regan cut her price target for the shares to $14 from $17.

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