Fiesta Restaurant Group, Inc. Reports Fourth Quarter and Full Year 2018 Results

DALLAS–(BUSINESS WIRE)–Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ:
FRGI), parent company of the Pollo Tropical® and Taco Cabana® restaurant
brands, today reported results for the 13-week fourth quarter and
52-week full year 2018, which ended on December 30, 2018.

Fiesta President and Chief Executive Officer Richard Stockinger said,
“We ended 2018 with a flurry of activity, relaunching Pollo Tropical
Catering with dedicated resources, piloting third party delivery in
South Florida, rolling out the ‘My Pollo’ and ‘My TC’ loyalty programs,
and most importantly, completing the components of the Strategic Renewal
Plan, including our comprehensive portfolio review, that we began in
2017. Through these actions, we believe that we have achieved higher
quality restaurant operations and a healthier and more profitable
restaurant portfolio.”

Mr. Stockinger continued, “Taco Cabana generated its ninth consecutive
month of positive comparable restaurant sales growth in December 2018.
Importantly, positive NPS trends at both brands, including Pollo
Tropical experiencing its peak performance in December 2018 led by our
South Florida markets, coupled with continued improvements to
Restaurant-level Adjusted EBITDA margins, gives us continuing confidence
in the future trajectory of the business.”

Mr. Stockinger concluded, “In 2019, we expect to deliver sustainable
sales growth coupled with higher Restaurant-level Adjusted EBITDA by
leveraging the investments made as part of the Plan. We believe we can
achieve our objectives through ongoing execution of quality operations,
menu innovation, capitalizing on our loyalty programs, generating
impactful social media and traditional marketing. In addition, we are
excited about partnering with DoorDash for delivery to build off-premise
sales.”

Fourth Quarter 2018 Financial Summary

  • Total revenues increased 3.3% to $167.6 million in the fourth quarter
    of 2018 from $162.2 million in the fourth quarter of 2017;
  • Comparable restaurant sales at Pollo Tropical decreased 1.9%;
  • Comparable restaurant sales at Taco Cabana increased 5.1%;
  • Net loss decreased to $7.9 million, or $0.30 per diluted share, in the
    fourth quarter of 2018 from a net loss of $10.8 million, or $0.40 per
    diluted share, in the fourth quarter of 2017;
  • Adjusted net income increased to $2.2 million, or $0.08 per diluted
    share, in the fourth quarter of 2018 from an adjusted net loss of $0.1
    million, or $0.00 per diluted share, in the fourth quarter of 2017
    (see non-GAAP reconciliation table below);
  • Adjusted EBITDA for Pollo Tropical increased to $12.4 million in the
    fourth quarter of 2018 from $9.7 million in the fourth quarter of 2017;
  • Restaurant-level Adjusted EBITDA at Pollo Tropical increased to $19.1
    million, or 21.0% of restaurant sales, from $16.0 million, or 17.7% of
    restaurants sales (see non-GAAP reconciliation table below);
  • Adjusted EBITDA for Taco Cabana increased to $3.4 million in the
    fourth quarter of 2018 from $(0.7) million in the fourth quarter of
    2017;
  • Restaurant-level Adjusted EBITDA at Taco Cabana increased to $8.9
    million, or 11.8% of restaurant sales, from $4.9 million, or 7.0% of
    restaurant sales (see non-GAAP reconciliation table below); and
  • Consolidated Adjusted EBITDA increased to $15.8 million in the fourth
    quarter of 2018 from Consolidated Adjusted EBITDA of $8.9 million in
    the fourth quarter of 2017 (see non-GAAP reconciliation table below).

Fourth Quarter 2018 Brand Results

Pollo Tropical restaurant sales increased 0.2% to $90.9 million in the
fourth quarter of 2018 compared to $90.8 million in the fourth quarter
of 2017 due primarily to sales from new restaurants, partially offset by
a comparable restaurant sales decrease of 1.9%. The decrease in
comparable restaurant sales resulted from a 4.4% increase in average
check and a 6.3% decrease in comparable restaurant transactions. Sales
cannibalization from new restaurants on existing restaurants negatively
impacted comparable restaurant sales by approximately 60 basis points.
The increase in average check was driven primarily by menu price
increases of approximately 4.3%. During the fourth quarter of 2018,
Pollo Tropical comparable restaurant sales were negatively impacted by
lapping the recovery period after Hurricane Irma and the Pollo Tropical
brand re-launch that included significantly higher advertising spending
in the year-ago period.

Adjusted EBITDA for Pollo Tropical increased to $12.4 million in the
fourth quarter of 2018 from $9.7 million in the fourth quarter of 2017.
The increase was due primarily to higher advertising and repairs and
maintenance expenses in the fourth quarter of 2017 related to the Plan
and lower cost of sales and restaurant wages and related expenses as a
percentage of restaurant sales, partially offset by higher real estate
taxes in the fourth quarter of 2018.

Taco Cabana restaurant sales increased 7.5% to $76.0 million in the
fourth quarter of 2018 compared to $70.7 million in the fourth quarter
of 2017 due primarily to a comparable restaurant sales increase of 5.1%
and sales from new restaurants. The increase in comparable restaurant
sales resulted from a 9.6% increase in average check and a 4.5% decrease
in comparable restaurant transactions. We believe comparable restaurant
transactions were negatively impacted by the repositioning of the brand
and an evolving guest base. The increase in average check was due
primarily to menu price increases of 6.2% and positive sales mix
associated with higher priced promotions and new menu items related to
brand repositioning.

Adjusted EBITDA for Taco Cabana increased to $3.4 million in the fourth
quarter of 2018 from $(0.7) million in the fourth quarter of 2017. The
increase was due primarily to higher advertising and repairs and
maintenance expenses in the fourth quarter of 2017 related to the Plan
and higher comparable restaurant sales, lower medical benefits costs and
lower cost of sales as a percentage of restaurant sales, partially
offset by higher restaurant level incentive bonus costs and higher real
estate taxes in the fourth quarter of 2018.

General and Administrative Expenses

General and administrative expenses were $13.5 million in the fourth
quarter of 2018 compared to $12.9 million in the fourth quarter of 2017.
As a percentage of total revenues, general and administrative expenses
were 8.1% in the fourth quarter of 2018 and 7.9% in the fourth quarter
of 2017. The increase in general and administrative expenses in the
fourth quarter of 2018 compared to the prior year period was due
primarily to favorable adjustments to board and shareholder matter costs
in 2017, and severance costs, system implementation, project advisory
and consulting costs and investments in resources to build our
off-premise business, partially offset by lower incentive-based
compensation expense.

Impairment and Other Lease Charges

Impairment and other lease charges for the three months ended
December 30, 2018, include impairment charges of $12.9 million and lease
charges, net of recoveries, of $1.7 million. These were primarily
related to 14 Pollo Tropical restaurants and nine Taco Cabana
restaurants closed in December 2018, nine of which were previously
impaired, as well as four underperforming Pollo Tropical and Taco Cabana
restaurants that we continue to operate and adjustments to estimates of
future lease costs for certain previously closed restaurants.

Tax Changes

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”), which
includes a provision that reduced the federal corporate income tax rate
from 35.0% to 21.0% effective January 1, 2018, was signed into law. In
accordance with generally accepted accounting principles, the enactment
of this new tax legislation required us to revalue our net deferred
income tax assets at the new corporate statutory rate of 21.0% as of the
enactment date, which resulted in a one-time adjustment of $9.0 million
as a discrete item that increased our provision for income taxes in the
fourth quarter of 2017.

Full Year 2018 Financial Summary

Total revenues increased 2.9% in 2018 to $688.6 million from $669.1
million in 2017, driven primarily by comparable restaurant sales
increases of 2.2% at Pollo Tropical and 4.5% at Taco Cabana including
the favorable comparison to 2017 which included the negative impact of
Hurricanes Harvey and Irma (the “Hurricanes”), and sales from new
restaurants, partially offset by permanent restaurant closures.

We recognized net income of $7.8 million in 2018, or $0.29 per diluted
share, compared to a net loss of $36.2 million, or $1.35 per diluted
share in 2017, due primarily to lower impairment and other lease
charges, the positive impact of tax rate changes in 2018 compared to the
negative impact in 2017 discussed above, lower general and
administrative expenses, higher comparable restaurant sales including
the impact of the Hurricanes in 2017, the impact of closing unprofitable
restaurants, lower advertising expenses and insurance recoveries
associated with the Hurricanes, partially offset by higher cost of sales
as percentage of sales.

Consolidated Adjusted EBITDA increased to $68.0 million in 2018 from
$67.4 million in 2017 (see non-GAAP reconciliation table below).

Restaurant Portfolio

During the fourth quarter of 2018, Fiesta opened three Pollo Tropical
restaurants in South Florida, closed 14 Pollo Tropical restaurants in
Florida and Georgia, including all nine Pollo Tropical restaurants in
the greater Atlanta metropolitan area, and closed nine Taco Cabana
restaurants in Texas. As of December 30, 2018, there were 139
Company-owned Pollo Tropical restaurants, 162 Company-owned Taco Cabana
restaurants, 30 franchised Pollo Tropical restaurants in the U.S.,
Puerto Rico, the Bahamas, Guyana and Panama and eight franchised Taco
Cabana restaurants in the U.S.

2019 Restaurant Development and Capital Expenditures

In 2019, Fiesta expects to open three new Company-owned Pollo Tropical
restaurants in South Florida and three new Company-owned Taco Cabana
restaurants in Texas.

Total capital expenditures in 2019 are expected to be $45 million to $55
million including $11 million to $13 million to develop new
Company-owned restaurants, $9 million to $11 million to implement
information technology and other systems projects and $1 million in
catering equipment. In addition, ongoing reinvestment in our Pollo
Tropical and Taco Cabana Company-owned restaurants in 2019 is expected
to include $16 million to $18 million for restaurant remodeling,
equipment to support new menu platforms and other facility enhancements,
and $9 million to $12 million for capital maintenance.

Lease Accounting Change

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842),
which requires lessee recognition of lease assets and lease liabilities
on the balance sheet and disclosure of key information about leasing
arrangements. Fiesta will adopt the new standard starting in fiscal year
2019 using the transition method that allows initially applying the
standard as of the adoption date without restating prior periods. We
expect to recognize right-of-use lease assets and lease liabilities for
most of the leases we currently account for as operating leases
including leases related to closed restaurant properties. The initial
right-of-use lease assets to be recognized will be reduced by accrued
occupancy costs such as certain closed-restaurant lease reserves,
accrued rent (including accruals to expense operating lease payments on
a straight-line basis) and unamortized lease incentives. Upon adoption
of ASC 842, we will no longer record closed restaurant lease reserves,
and right-of-use lease assets will be reviewed for impairment with our
long-lived assets. We also expect to separately present rent expense
related to our closed restaurant locations and any sublease income
related to these closed restaurant locations in the consolidated
statement of operations. In addition, we will be required to record an
initial adjustment to retained earnings associated with previously
deferred gains on sale-leaseback transactions, and for any future
sale-leaseback transactions, the gain, adjusted for any off-market
terms, will be recorded immediately. Currently, we amortize
sale-leaseback gains over the lease term.

Investor Conference Call Today

Fiesta will host a conference call at 4:30 p.m. ET today. The conference
call can be accessed live over the phone by dialing 201-689-8562. A
replay will be available after the call until Monday, March 4, 2019, and
can be accessed by dialing 412-317-6671. The passcode is 13687303. The
conference call will also be webcast live from the corporate website at www.frgi.com,
under the Investor Relations section. A replay of the webcast will be
available through the corporate website shortly after the call has
concluded.

About Fiesta Restaurant Group, Inc.

Fiesta Restaurant Group, Inc., owns, operates and franchises the Pollo
Tropical® and Taco Cabana® restaurant brands. The brands specialize in
the operation of fast casual/quick service restaurants that offer
distinct and unique flavors with broad appeal at a compelling value. The
brands feature fresh-made cooking, drive-thru service and catering. For
more information about Fiesta Restaurant Group, Inc., visit the
corporate website at www.frgi.com.

Forward-Looking Statements

Certain statements contained in this news release and in our public
disclosures, whether written, oral or otherwise made, relating to future
events or future performance, including any discussion, express or
implied regarding our anticipated growth, plans, objectives and the
impact of our investments in our renewal plan initiatives on future
sales and earnings contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These statements
are often identified by the words “may,” “might,” “believes,” “thinks,”
“anticipates,” “plans,” “positioned,” “target,” “continue,” “expects,”
“intends” and other similar expressions, whether in the negative or the
affirmative, that are not statements of historical fact. These
forward-looking statements are not guarantees of future performance and
involve certain risks, uncertainties, and assumptions that are difficult
to predict, and you should not place undue reliance on our
forward-looking statements. Our actual results and timing of certain
events could differ materially from those anticipated in these
forward-looking statements as a result of certain factors, including,
but not limited to, those discussed from time to time in our reports
filed with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the fiscal year ended December 30, 2018 and our
quarterly reports on Form 10-Q. All forward-looking statements and the
internal projections and beliefs upon which we base our expectations
included in this release are made only as of the date of this release
and may change. While we may elect to update forward-looking statements
at some point in the future, we expressly disclaim any obligation to
update any forward-looking statements, whether as a result of new
information, future events, or otherwise.

 

FIESTA RESTAURANT GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TWELVE MONTHS ENDED DECEMBER 30, 2018 AND DECEMBER 31, 2017

(In thousands, except share and per share data)

(Unaudited)

 
Three Months Ended (a) Twelve Months Ended (a)
December 30, 2018   December 31, 2017 December 30, 2018   December 31, 2017
 
Revenues:
Restaurant sales $ 166,974 $ 161,502 $ 685,925 $ 666,584
Franchise royalty revenues and fees 664   708   2,672   2,548  
Total revenues 167,638 162,210 688,597 669,132
Costs and expenses:
Cost of sales 52,671 52,061 218,946 202,888
Restaurant wages and related expenses (b) 46,028 45,692 188,131 184,742
Restaurant rent expense 9,173 9,055 36,034 36,936
Other restaurant operating expenses 25,430 25,367 100,828 98,927
Advertising expense 5,649 8,375 23,695 26,091
General and administrative expenses (b)(c) 13,502 12,882 54,525 59,633
Depreciation and amortization 9,696 8,692 37,604 34,957
Pre-opening costs 235 240 1,716 2,118
Impairment and other lease charges (d) 14,605 2,679 21,144 61,760
Other expense (income), net (e) 125   469   (3,007 ) 2,190  
Total operating expenses 177,114   165,512   679,616   710,242  
Income (loss) from operations (9,476 ) (3,302 ) 8,981 (41,110 )
Interest expense 987   967   3,966   2,877  
Income (loss) before income taxes (10,463 ) (4,269 ) 5,015   (43,987 )
Provision for (benefit from) income taxes (f) (2,526 ) 6,486   (2,772 ) (7,755 )
Net income (loss) $ (7,937 ) $ (10,755 ) $ 7,787   $ (36,232 )
Earnings (loss) per common share:
Basic $ (0.30 ) $ (0.40 ) $ 0.29 $ (1.35 )
Diluted (0.30 ) (0.40 ) 0.29 (1.35 )
Weighted average common shares outstanding:
Basic 26,860,157 26,851,049 26,890,577 26,821,471
Diluted 26,860,157 26,851,049 26,894,083 26,821,471
 
(a) The Company uses a 52- or 53-week fiscal year that ends on the
Sunday closest to December 31. The three and twelve month periods
ended December 30, 2018 and December 31, 2017 each included 13 and
52 weeks, respectively.
 
(b) Restaurant wages and related expenses include stock-based
compensation of $34 and $8 for the three months ended December 30,
2018 and December 31, 2017, respectively, and $90 and $52 for the
twelve months ended December 30, 2018 and December 31, 2017,
respectively. General and administrative expenses include
stock-based compensation expense of $791 and $770 for the three
months ended December 30, 2018 and December 31, 2017, respectively,
and $3,379 and $3,493 for the twelve months ended December 30, 2018
and December 31, 2017, respectively.
 
(c) See notes (e) through (i) to the reconciliation of net income
(loss) to adjusted net income (loss) in the tables titled
“Supplemental Non-GAAP Information.”
 
(d) See note (b) to the reconciliation of net income (loss) to
adjusted net income (loss) in the tables titled “Supplemental
Non-GAAP Information.”
 
(e) See note (c) to the reconciliation of net income (loss) to
adjusted net income (loss) in the tables titled “Supplemental
Non-GAAP Information.”
 
(f) See note (a) to the reconciliation of net income (loss) to
adjusted net income (loss) in the tables titled “Supplemental
Non-GAAP Information.”
 
 

FIESTA RESTAURANT GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

       
December 30, 2018 December 31, 2017
 
Assets
Cash $ 5,258 $ 3,599
Other current assets 39,141 37,449
Property and equipment, net 231,328 234,561
Goodwill 123,484 123,484
Deferred income taxes 10,383 17,232
Other assets 9,065   6,988
Total assets $ 418,659   $ 423,313
 
Liabilities and Stockholders’ Equity
Current liabilities $ 46,561 $ 59,844
Long-term debt, net of current portion 79,636 76,425
Deferred income sale-leaseback of real estate 19,899 23,466
Other non-current liabilities 32,504   32,062
Total liabilities 178,600 191,797
Stockholders’ equity 240,059   231,516
Total liabilities and stockholders’ equity $ 418,659   $ 423,313
 
 

FIESTA RESTAURANT GROUP, INC.

Supplemental Information

The following table sets forth certain unaudited supplemental
financial and other data for the periods indicated

(In thousands, except percentages):

   
(Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
December 30, 2018   December 31, 2017 December 30, 2018   December 31, 2017
Segment revenues:
Pollo Tropical $ 91,373 $ 91,271 $ 376,196 $ 374,115
Taco Cabana 76,265   70,939   312,401   295,017  
Total revenues $ 167,638   $ 162,210   $ 688,597   $ 669,132  
 
Change in comparable restaurant sales (a):
Pollo Tropical (1.9 )% (0.1 )% 2.2 % (6.5 )%
Taco Cabana 5.1 % (7.4 )% 4.5 % (7.3 )%
 
Average sales per Company-owned restaurant:
Pollo Tropical
Comparable restaurants (b) $ 628 $ 650 $ 2,612 $ 2,498
New restaurants (c) 393 390 1,709 1,609
Total Company-owned (d) 605 612 2,521 2,331
Taco Cabana
Comparable restaurants (b) $ 455 $ 428 $ 1,871 $ 1,763
New restaurants (c) 356 366 1,536 1,710
Total Company-owned (d) 447 424 1,846 1,760
 
Income (loss) before income taxes:
Pollo Tropical $ (4,262 ) $ 1,583 $ 17,639 $ (37,831 )
Taco Cabana (6,201 ) (5,852 ) (12,624 ) (6,156 )
 
Adjusted EBITDA:
Pollo Tropical $ 12,383 $ 9,680 $ 54,903 $ 50,937
Taco Cabana 3,407 (744 ) 13,059 16,508
 
Restaurant-level Adjusted EBITDA (e):
Pollo Tropical $ 19,118 $ 16,029 $ 82,066 $ 78,371
Taco Cabana 8,940 4,931 36,315 39,091
 
(a) Restaurants are included in comparable restaurant sales after
they have been open for 18 months or longer.
 
(b) Comparable restaurants are restaurants that have been open for
18 months or longer. Average sales for comparable Company-owned
restaurants are derived by dividing comparable restaurant sales for
such period for the applicable segment by the average number of
comparable restaurants for the applicable segment for such period.
 
(c) New restaurants are restaurants that have been open for less
than 18 months. Average sales for new Company-owned restaurants are
derived by dividing new restaurant sales for such period for the
applicable segment by the average number of new restaurants for the
applicable segment for such period.
 
(d) Average sales for total Company-owned restaurants are derived by
dividing restaurant sales for such period for the applicable segment
by the average number of open restaurants for the applicable segment
for such period.
 
(e) Restaurant-level Adjusted EBITDA is a non-GAAP financial
measure. Please see the reconciliation from net income (loss) to
Restaurant-level Adjusted EBITDA in the table titled “Supplemental
Non-GAAP Information.”
 
 

FIESTA RESTAURANT GROUP, INC.

Supplemental Information

The following table sets forth certain unaudited supplemental
data for the periods indicated
:

 
Three Months Ended Twelve Months Ended
December 30, 2018   December 31, 2017 December 30, 2018   December 31, 2017
 
Company-owned restaurant openings:
Pollo Tropical 3 1 7 9
Taco Cabana     7   6  
Total new restaurant openings 3 1 14 15
 
Company-owned restaurant closings:
Pollo Tropical (14 ) (4 ) (14 ) (40 )
Taco Cabana (9 ) (2 ) (11 ) (6 )
Net change in restaurants (20 ) (5 ) (11 ) (31 )
 
Number of Company-owned restaurants:
Pollo Tropical 139 146 139 146
Taco Cabana 162   166   162   166  
Total Company-owned restaurants 301 312 301 312
 
Number of franchised restaurants:
Pollo Tropical 30 31 30 31
Taco Cabana 8   7   8   7  
Total franchised restaurants 38 38 38 38
 
Total number of restaurants:
Pollo Tropical 169 177 169 177
Taco Cabana 170   173   170   173  
Total restaurants 339 350 339 350
 
 

FIESTA RESTAURANT GROUP, INC.

Supplemental Information

The following table sets forth certain unaudited supplemental
financial and other data for the periods indicated

(In thousands, except percentages):

 
Three Months Ended
December 30, 2018   December 31, 2017
  (a)   (a)
Pollo Tropical:
Restaurant sales $ 90,934 $ 90,756
Cost of sales 29,326 32.2 % 30,063 33.1 %
Restaurant wages and related expenses 21,373 23.5 % 21,642 23.8 %
Restaurant rent expense 4,433 4.9 % 4,447 4.9 %
Other restaurant operating expenses 13,487 14.8 % 13,495 14.9 %
Advertising expense 3,209 3.5 % 5,081 5.6 %
Depreciation and amortization 5,255 5.8 % 5,053 5.6 %
Pre-opening costs 234 0.3 % 154 0.2 %
Impairment and other lease charges 10,148 11.2 % 1,611 1.8 %
 
Taco Cabana:
Restaurant sales $ 76,040 $ 70,746
Cost of sales 23,345 30.7 % 21,998 31.1 %
Restaurant wages and related expenses 24,655 32.4 % 24,050 34.0 %
Restaurant rent expense 4,740 6.2 % 4,608 6.5 %
Other restaurant operating expenses 11,943 15.7 % 11,872 16.8 %
Advertising expense 2,440 3.2 % 3,294 4.7 %
Depreciation and amortization 4,441 5.8 % 3,639 5.1 %
Pre-opening costs 1 % 86 0.1 %
Impairment and other lease charges 4,457 5.9 % 1,068 1.5 %
 
Twelve Months Ended
December 30, 2018 December 31, 2017
(a) (a)
Pollo Tropical:
Restaurant sales $ 374,381 $ 372,328
Cost of sales 123,042 32.9 % 117,493 31.6 %
Restaurant wages and related expenses 87,025 23.2 % 88,587 23.8 %
Restaurant rent expense 17,457 4.7 % 18,949 5.1 %
Other restaurant operating expenses 51,757 13.8 % 52,848 14.2 %
Advertising expense 13,068 3.5 % 16,397 4.4 %
Depreciation and amortization 21,372 5.7 % 21,758 5.8 %
Pre-opening costs 933 0.2 % 1,167 0.3 %
Impairment and other lease charges 13,587 3.6 % 57,947 15.6 %
 
Taco Cabana:
Restaurant sales $ 311,544 $ 294,256
Cost of sales 95,904 30.8 % 85,395 29.0 %
Restaurant wages and related expenses 101,106 32.5 % 96,155 32.7 %
Restaurant rent expense 18,577 6.0 % 17,987 6.1 %
Other restaurant operating expenses 49,071 15.8 % 46,079 15.7 %
Advertising expense 10,627 3.4 % 9,694 3.3 %
Depreciation and amortization 16,232 5.2 % 13,199 4.5 %
Pre-opening costs 783 0.3 % 951 0.3 %
Impairment and other lease charges 7,557 2.4 % 3,813 1.3 %
 

Contacts

Investor Relations:
Raphael Gross
203-682-8253
investors@frgi.com

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