Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Q3 2019 Earnings Conference Call - Final Transcript

Nov 05, 2019 • 04:30 pm ET


Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Q3 2019 Earnings Conference Call - Final Transcript


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Good day and welcome to the Fiesta Restaurant Group Incorporated Third Quarter 2019 Earnings Conference Call. [Operator Instructions]

I would like to now turn the conference over to Raphael Gross, Managing Director at ICR. Please go ahead.

Raphael Gross

Thank you. Good afternoon, everyone. Fiesta Restaurant Group's Third Quarter 2019 Earnings Release was issued after the market closed today. If you have not already accessed it, it can be found on the Company's website, under the Industrial Relations section.

Before we begin, I'd like to inform you that during the call today, the Company will make various statements that are not based on historical information. These forward-looking statements include without limitation, statements regarding the Company's future financial position and results of operations, business strategies, budget, projected costs and plans and objectives of management for future operations. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements, and the Company can give no assurance that such forward-looking statements will prove to be correct.

Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements can be found in the Company's SEC filings. Please note that during today's conference call certain non-GAAP financial measures will be discussed, which the Company believes can be useful in evaluating its performance. Any discussion of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP, and a reconciliation to comparable GAAP measures is available in the Company's earnings release.

On the call today are President and Chief Executive Officer, Rich Stockinger; Chief Financial Officer, Dirk Montgomery, and Chief Accounting Officer, Cheri Kinder.

And now I will turn the call over to Rich.

Richard Stockinger

Thank you, Ray. I would like to begin by welcoming two exceptional individuals for our leadership team. First, Dirk Montgomery joined us as our new CFO, bringing to us his significant experience as our financial and operational executive in the restaurant, retail apparel and consumer products industries. This includes multiple roles as a Chief Financial Officer at various public companies, such as Bloomin' Brands and Ascena Retail Group. Most recently he was CFO of Hooters International, the $1 billion iconic restaurant chain with 425 units globally in 25 countries.

Second, Hope Diaz joined us as our CMO, which is an entirely new position at Fiesta. Hope is a successful marketing executive with over 20 years of proven experience focused on developing both an effective brand strategies and marketing campaigns for concepts such as Popeyes' and Burger King. Most recently she was Global Chief Marketing Officer at Popeyes. Hope is a Miami native, and she was already a big Pollo Tropical [Indecipherable] before joining our team. I'm very excited to have these talented people on-board and know that we will all benefit tremendously from their efforts in strengthening our Company.

Before we review the third quarter results, I want to highlight a few thoughts on the state of the business and strategic direction