Del Taco Restaurants Inc (NASDAQ:TACO) reported better-than-expected earnings, but issued weak earnings forecast for FY20.
The company, out of Lake Forest, Calif., reported system-wide comparable restaurant sales increased 0.9%.
Total revenue was $513.0 million representing 1.5% growth from the fiscal year 2018.
Net loss was $118.3 million (inclusive of a non-cash pre-tax charge of $118.3 million for the impairment of goodwill), or $3.20 per diluted share, compared to net income of $19.0 million, or $0.49 per diluted share, in the fiscal year 2018.
Adjusted net income was $17.7 million, or $0.47 per diluted share, compared to $22.6 million, or $0.58 per diluted share, in the fiscal year 2018.
Adjusted EBITDA were $63.8 million, (inclusive of an approximate $3.1 million unfavorable impact from the adoption of the new lease accounting standard in fiscal 2019), compared to $72.0 million in the fiscal year 2018
CEO John D. Cappasola commented, "2019 was a challenging year in which we delivered on our revised financial expectations across key metrics while making solid progress on several strategic fronts that position us well for the future.
"We successfully entered into the digital landscape, transforming our marketing model and creating future sales opportunities by achieving our goal of making our food available through three integrated delivery service providers and growing the new Del App to over 950,000 registered users currently."
Shares fell back 55 cents, 11.7%, to $4.18
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