UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________

FORM 8-K
______________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)      August 5, 2014
______________________

Fiesta Restaurant Group, Inc.
(Exact name of registrant as specified in its charter)
______________________

					
Delaware	001-35373	90-0712224	
(State or other jurisdiction
of incorporation)	(Commission
File Number)	(I.R.S. Employer
Identification No.)	
 	 	
14800 Landmark Boulevard, Suite 500, Addison, Texas	75254	
(Address of principal executive offices)	(Zip Code)	

Registrant's telephone number, including area code (972) 702-9300

N/A
(Former name or former address, if changed since last report.)
______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 5, 2014, Fiesta Restaurant Group, Inc. issued a press release announcing financial results for its second fiscal quarter ended June 29, 2014. The entire text of the press release is attached as Exhibit 99.1 and is incorporated by reference herein.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
99.1    Fiesta Restaurant Group, Inc. Press Release, dated August 5, 2014

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FIESTA RESTAURANT GROUP, INC.

Date: August 5, 2014
                      
By: /s/ Lynn S. Schweinfurth             
Name: Lynn S. Schweinfurth
Title: Vice President, Chief Financial Officer and Treasurer

Exhibit 99.1

FOR IMMEDIATE RELEASE
Investor Relations Contact:
Raphael Gross
203-682-8253
investors@frgi.com

Fiesta Restaurant Group, Inc. Reports Second Quarter 2014 Results

Addison, Texas - (Business Wire) - August 5, 2014 - Fiesta Restaurant Group, Inc. (“Fiesta” or the “Company”) (NASDAQ: FRGI), the owner, operator, and franchisor of the Pollo Tropical® and Taco Cabana® fast-casual restaurant brands, today reported results for the second quarter 2014, which ended on June 29, 2014.

Highlights of the second quarter of 2014 include:

•	Total revenues increased 9.4% to $154.2 million;	
		
•	Comparable restaurant sales increased 6.7% and comparable restaurant guest traffic increased 5.6% at Pollo Tropical;	
		
•	Comparable restaurant sales increased 2.8% and comparable restaurant guest traffic decreased 0.2% at Taco Cabana;	
		
•	Seven Company-owned restaurants were opened, including six Pollo Tropical restaurants and the first Company-owned restaurant under the elevated, non-24 hour Taco Cabana format, Cabana Grill®;	
		
•	Net income increased 87.4% to $9.3 million; and	
		
•	Diluted earnings per share increased 66.7% to $0.35.	

Fiesta President and Chief Executive Officer Tim Taft commented, “We believe our financial results are demonstrative of the strength of our business model and our ability to perform despite a challenging consumer spending environment. In the second quarter, we increased total revenues, grew comparable restaurant sales, expanded operating margins, and delivered diluted EPS growth of almost 67%. We are very pleased with what we have accomplished so far this year and look forward to continuing to execute our strategy and enhance shareholder value.”
 
Second Quarter 2014 Financial Review
Consolidated Results
Total revenues increased 9.4% to $154.2 million from $140.9 million compared to the prior year period due to 18 net Company-owned restaurant openings and comparable restaurant sales growth of 6.7% and 2.8% at Pollo Tropical and Taco Cabana, respectively.

Cost of sales as a percentage of restaurant sales improved 40 basis points compared to the prior year period as modest price increases, a favorable sales mix, and supply chain management initiatives more than offset commodity cost increases.

Restaurant wages and related expenses as a percentage of restaurant sales held steady compared to the prior year period as the positive impact of sales increases on fixed costs were offset by higher medical expenses.

Other restaurant operating expenses as a percentage of restaurant sales increased 30 basis points compared to the prior year period as timing and higher repair and maintenance expenses including costs associated with the conversion to Coca-Cola products at Pollo Tropical restaurants and higher insurance expenses were partially offset by lower utility expenses.

Pre-opening costs increased $0.2 million to $1.2 million compared to the prior year period due to the timing of expenses for future Company-owned restaurant openings.

Rent expense as a percentage of restaurant sales increased 20 basis points compared to the prior year period as a consequence of new sale-leaseback transactions and Company-owned restaurant openings, which generally have higher rent.

Advertising expense as a percentage of restaurant sales decreased 20 basis points compared to the prior year period due primarily to the favorable impact of sales increases and the timing of promotions.

1

General and administrative expenses increased slightly to $12.1 million compared to the prior year period but improved as a percentage of revenues by 60 basis points due to the favorable impact of higher sales on relatively flat overhead expenses.

Depreciation and amortization increased $0.4 million to $5.6 million compared to the prior year period due to new Company-owned restaurant development, partially offset by the impact of sale-leaseback transactions.

Interest expense decreased $4.4 million to $0.6 million compared to the prior year period due to the reduction in Fiesta’s outstanding debt and a lower interest rate on borrowings under the new senior credit facility.

The provision for income taxes was derived using an estimated annual effective income tax rate for 2014 of 38.3%, while the provision for income taxes for the prior year period was derived using an estimated effective annual income tax rate for 2013 of 36.5%, excluding discrete items. The estimated effective annual income tax rate for 2014 is higher than 2013, primarily due to the expiration of the Work Opportunity Tax Credit on December 31, 2013.

Net income increased 87.4% to $9.3 million compared to net income of $5.0 million in the prior year period.

Diluted earnings per share increased 66.7% to $0.35 (on a base of 26.3 million shares) compared to diluted earnings per share of $0.21 (on a base of 22.9 million shares) in the prior year period.

Brand Results
Pollo Tropical restaurant sales increased 16.7% to $75.3 million compared to the prior year period due to a comparable restaurant sales increase of 6.7% along with a net increase of 16 Company-owned restaurants. The growth in comparable restaurant sales resulted from a 5.6% increase in comparable restaurant guest traffic along with a 1.1% increase in average check. Average check was driven by menu price increases that positively impacted restaurant sales by 1.6% partially offset by sales mix. This is the 19 th consecutive quarter the brand has delivered comparable restaurant sales growth and, on a two-year basis, second quarter comparable restaurant sales grew 13.1%. Adjusted EBITDA for Pollo Tropical, a non-GAAP financial measure, increased 12.1% to $13.4 million compared to the prior year period.

Taco Cabana restaurant sales increased 3.3% to $78.3 million compared to the prior year period due to a 2.8% increase in comparable restaurant sales along with a net increase of two Company-owned restaurants. The increase in comparable restaurant sales resulted from a decrease of 0.2% in comparable restaurant guest traffic which was more than offset by a 3.0% increase in average check. Average check was driven by menu price increases that positively impacted restaurant sales by 1.3% and a positive change in sales mix due to the implementation of new menu boards. On a two-year basis, second quarter comparable restaurant sales grew 3.9%. Adjusted EBITDA for Taco Cabana, a non-GAAP financial measure, increased 23.9% to $8.9 million compared to the prior year period.

Restaurant Development
During the quarter, Fiesta opened six new Pollo Tropical restaurants in Florida and its first restaurant under the elevated, non-24 hour Taco Cabana format, Cabana Grill, outside of Atlanta, all of which are Company-owned.

As of June 29, 2014, the Company owned and operated 112 Pollo Tropical restaurants and 166 Taco Cabana restaurants and franchised 35 Pollo Tropical restaurants in the U.S., Puerto Rico, the Bahamas, Costa Rica, Ecuador, Guatemala, Honduras, Panama, Trinidad & Tobago, Venezuela and the Dominican Republic, and seven Taco Cabana restaurants in the U.S.

Investor Conference Call Today
Fiesta will host a conference call to review second quarter 2014 results today at 4:30 PM ET. Hosting the call will be President and Chief Executive Officer Tim Taft and Vice President and Chief Financial Officer Lynn Schweinfurth.

The conference call can be accessed live over the phone by dialing 877-407-0789 or for international callers by dialing 201-689-8562. A replay will be available after the call and can be accessed by dialing 877-870-5176 or for international callers by dialing 858-384-5517; the passcode is 13586402. The replay will be available until Tuesday, August 12, 2014.

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.

2

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, ethnic restaurants that offer distinct and unique Caribbean and Mexican inspired flavors with broad appeal at a compelling value. The brands feature made-from-scratch cooking, fresh salsa bars, and drive-thru service and catering. For more information about Fiesta Restaurant Group, Inc., visit the corporate website at www.frgi.com.

Forward-Looking Statements
Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent Fiesta's expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words “may,” “might,” “believes,” “thinks,” “anticipates,” “plans,” “expects,” “intends” or similar expressions. In addition, expressions of Fiesta's strategies, intentions or plans, are also forward-looking statements. Such statements reflect management's current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond Fiesta's control. Investors are referred to the full discussion of risks and uncertainties as included in Fiesta's filings with the Securities and Exchange Commission.

3

FIESTA RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND SIX MONTHS ENDED JUNE 29, 2014 AND JUNE 30, 2013
(In thousands of dollars, except share and per share amounts)
(Unaudited)

																
 	Three months ended (a)	 	Six months ended (a)	
 	June 29, 2014	 	June 30, 2013	 	June 29, 2014	 	June 30, 2013	
 	 	 	 	 	 	 	 	
Revenues:	 	 	 	 	 	 	 	
   Restaurant sales	$	153,515		 	$	140,276		 	$	298,340		 	$	273,366		
   Franchise royalty revenues and fees	670		 	604		 	1,281		 	1,138		
      Total revenues	154,185		 	140,880		 	299,621		 	274,504		
Costs and expenses:	 	 	 	 	 	 	 	
   Cost of sales	48,960		 	45,318		 	94,489		 	87,729		
   Restaurant wages and related expenses (b)	39,116		 	35,819		 	75,622		 	70,935		
   Restaurant rent expense	7,374		 	6,411		 	14,578		 	12,846		
   Other restaurant operating expenses	19,466		 	17,339		 	37,351		 	33,503		
   Advertising expense	4,676		 	4,455		 	10,095		 	9,004		
   General and administrative expenses (b)(c)	12,132		 	11,999		 	24,283		 	24,210		
   Depreciation and amortization	5,578		 	5,178		 	10,923		 	9,988		
   Pre-opening costs	1,188		 	958		 	1,871		 	1,789		
   Impairment and other lease charges	32		 	456		 	17		 	551		
   Other (income) expense	—		 	—		 	(6	)	 	(497	)	
      Total costs and expenses	138,522		 	127,933		 	269,223		 	250,058		
Income from operations	15,663		 	12,947		 	30,398		 	24,446		
   Interest expense (d)	568		 	5,011		 	1,171		 	10,018		
Income before income taxes	15,095		 	7,936		 	29,227		 	14,428		
   Provision for income taxes	5,781		 	2,967		 	11,194		 	4,660		
Net income	$	9,314		 	$	4,969		 	$	18,033		 	$	9,768		
Basic net income per share (e)	$	0.35		 	$	0.21		 	$	0.67		 	$	0.41		
Diluted net income per share (e)	$	0.35		 	$	0.21		 	$	0.67		 	$	0.41		
Basic weighted average common shares outstanding	26,271,116		 	22,908,191		 	26,236,432		 	22,888,542		
Diluted weighted average common shares outstanding	26,271,116		 	22,908,191		 	26,236,713		 	22,888,542		

(a) The Company uses a 52 or 53 week fiscal year that ends on the Sunday closest to December 31. The three and six month periods ended June 29, 2014 and June 30, 2013 included 13 and 26 weeks, respectively.

(b) Restaurant wages and related expenses include stock-based compensation expense of $21 and $0 for the three month periods ended June 29, 2014 and June 30, 2013, respectively, and $30 and $1 for the six month periods ended June 29, 2014 and June 30, 2013, respectively. General and administrative expenses include stock-based compensation expense of $1,058 and $595 for the three month periods ended June 29, 2014 and June 30, 2013, respectively, and $1,770 and $1,020 for the six month periods ended June 29, 2014 and June 30, 2013, respectively.

(c) General and administrative expenses for the six months ended June 30, 2013 include expenses related to the underwritten secondary public equity offering completed during March 2013 totaling $425. The Company did not receive any proceeds from the sale of shares in such offering.

(d) In the fourth quarter of 2013, Fiesta repurchased and redeemed its $200.0 million in aggregate principal amount of 8.875% Senior Secured Second Lien Notes due 2016, sold 3,078,336 shares of its common stock, and entered into a new senior secured revolving credit facility that provides for aggregate borrowings of up to $150.0 million with variable rate interest.

(e) As previously disclosed, Fiesta has granted shares of restricted stock to certain of its employees. Because the unvested shares participate in any dividends declared, the unvested shares are considered a second class of common stock for accounting purposes, impacting the calculation of net income per share. For further information, please see the Company's unaudited financial statements to be included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 29, 2014.

4

FIESTA RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars, except share and per share amounts)
(Unaudited)

	
								
 	June 29, 2014	 	December 29, 2013	
 	 	 	 	
Assets	 	 	 	
   Cash	$	3,867		 	$	10,978		
   Other current assets	21,543		 	21,947		
   Property and equipment, net	162,207		 	144,527		
   Goodwill	123,484		 	123,484		
   Intangible assets, net	80		 	121		
   Deferred income taxes	12,369		 	12,046		
   Deferred financing costs, net	1,382		 	1,530		
   Other assets	4,806		 	4,152		
      Total assets	$	329,738		 	$	318,785		
 	 	 	 	
Liabilities and Stockholders' Equity	 	 	 	
   Current liabilities	$	31,062		 	$	38,087		
   Long-term debt, net of current portion	67,295		 	72,324		
   Lease financing obligations	1,659		 	1,657		
   Deferred income sale-leaseback of real estate	35,912		 	35,873		
   Other liabilities	14,386		 	12,538		
      Total liabilities	150,314		 	160,479		
Stockholders' equity	179,424		 	158,306		
      Total liabilities and stockholders' equity	$	329,738		 	$	318,785		

5

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 and number of restaurants) :

																
 	(unaudited)	 	(unaudited)	
 	Three months ended	 	Six months ended	
 	June 29, 2014	 	June 30, 2013	 	June 29, 2014	 	June 30, 2013	
Segment revenues:	 	 	 	 	 	 	 	
   Pollo Tropical	$	75,795		 	$	64,992		 	$	147,639		 	$	127,274		
   Taco Cabana	78,390		 	75,888		 	151,982		 	147,230		
      Total revenues	$	154,185		 	$	140,880		 	$	299,621		 	$	274,504		
 	 	 	 	 	 	 	 	
Change in comparable restaurant sales (a):	 	 	 	 	 	 	 	
   Pollo Tropical	6.7	%	 	6.4	%	 	6.5	%	 	5.1	%	
   Taco Cabana	2.8	%	 	1.1	%	 	1.8	%	 	1.5	%	
 	 	 	 	 	 	 	 	
Average sales per Company-owned restaurant (b):	 	 	 	 	 	 	 	
   Pollo Tropical	$	697		 	$	685		 	$	1,379		 	$	1,359		
   Taco Cabana	472		 	462		 	917		 	906		
 	 	 	 	 	 	 	 	
Income before income taxes:	 	 	 	 	 	 	 	
   Pollo Tropical	$	9,888		 	$	7,233		 	$	20,384		 	$	12,951		
   Taco Cabana	5,207		 	703		 	8,843		 	1,477		
 	 	 	 	 	 	 	 	
Adjusted EBITDA (c):	 	 	 	 	 	 	 	
   Pollo Tropical	$	13,425		 	$	11,973		 	$	27,102		 	$	21,778		
   Taco Cabana	8,927		 	7,203		 	16,030		 	13,731		
 	 	 	 	 	 	 	 	
Restaurant-Level Adjusted EBITDA (c):	 	 	 	 	 	 	 	
   Pollo Tropical	$	18,756		 	$	17,444		 	$	37,833		 	$	32,875		
   Taco Cabana	14,000		 	12,532		 	26,531		 	24,686		
 	 	 	 	 	 	 	 	
Number of Company-owned restaurants:	 	 	 	 	 	 	 	
   Pollo Tropical	112		 	96		 	112		 	96		
   Taco Cabana	166		 	164		 	166		 	164		
      Total Company-owned restaurants	278		 	260		 	278		 	260		
 	 	 	 	 	 	 	 	
Company-owned restaurant openings:	 	 	 	 	 	 	 	
   Pollo Tropical	6		 	4		 	10		 	6		
   Taco Cabana	1		 	3		 	1		 	5		
      Total new restaurant openings	7		 	7		 	11		 	11		
 	 	 	 	 	 	 	 	
Company-owned restaurant closings:	 	 	 	 	 	 	 	
   Pollo Tropical	—		 	(1	)	 	—		 	(1	)	
   Taco Cabana	—		 	(1	)	 	—		 	(1	)	
      Net change in restaurants	7		 	5		 	11		 	9		
 	 	 	 	 	 	 	 	
Number of franchised restaurants:	 	 	 	 	 	 	 	
    Pollo Tropical	35		 	38		 	35		 	38		
    Taco Cabana	7		 	8		 	7		 	8		
      Total franchised restaurants	42		 	46		 	42		 	46		

(a) Restaurants are included in comparable restaurant sales after they have been open for 18 months.

(b) Average sales for 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.

(c) Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP financial measures. Please see the reconciliation of Restaurant-Level Adjusted EBITDA and Adjusted EBITDA to net income in the table titled "Supplemental Non-GAAP Information" on the last page of this release.

6

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	
 	June 29, 2014	 	June 30, 2013	
 	 	(a)	 	 	(a)	
Pollo Tropical:	 	 	 	 	 	
   Restaurant sales	$	75,253			 	$	64,509			
   Cost of sales	24,983		33.2	 %	 	21,350		33.1	 %	
   Restaurant wages and related expenses	16,423		21.8	 %	 	14,183		22.0	 %	
   Restaurant rent expense	3,071		4.1	 %	 	2,238		3.5	 %	
   Other restaurant operating expenses	9,422		12.5	 %	 	7,410		11.5	 %	
   Advertising expense	1,639		2.2	 %	 	1,148		1.8	 %	
   Depreciation and amortization	2,750		3.7	 %	 	2,314		3.6	 %	
   Pre-opening costs	968		1.3	 %	 	737		1.1	 %	
   Impairment and other lease charges	(31	)	—	 %	 	(101	)	(0.2	)%	
 	 	 	 	 	 	
Taco Cabana:	 	 	 	 	 	
   Restaurant sales	$	78,262			 	$	75,767			
   Cost of sales	23,977		30.6	 %	 	23,968		31.6	 %	
   Restaurant wages and related expenses	22,693		29.0	 %	 	21,636		28.6	 %	
   Restaurant rent expense	4,303		5.5	 %	 	4,173		5.5	 %	
   Other restaurant operating expenses	10,044		12.8	 %	 	9,929		13.1	 %	
   Advertising expense	3,037		3.9	 %	 	3,307		4.4	 %	
   Depreciation and amortization	2,828		3.6	 %	 	2,864		3.8	 %	
   Pre-opening costs	220		0.3	 %	 	221		0.3	 %	
   Impairment and other lease charges	63		0.1	 %	 	557		0.7	 %	
 	 	 	 	 	 	
 	Six months ended	
 	June 29, 2014	 	June 30, 2013	
 	 	(a)	 	 	(a)	
Pollo Tropical:	 	 	 	 	 	
   Restaurant sales	$	146,609		 	 	$	126,378		 	
   Cost of sales	48,212		32.9	 %	 	41,843		33.1	 %	
   Restaurant wages and related expenses	31,688		21.6	 %	 	28,500		22.6	 %	
   Restaurant rent expense	5,988		4.1	 %	 	4,595		3.6	 %	
   Other restaurant operating expenses	17,799		12.1	 %	 	14,613		11.6	 %	
   Advertising expense	3,601		2.5	 %	 	2,722		2.2	 %	
   Depreciation and amortization	5,327		3.6	 %	 	4,413		3.5	 %	
   Pre-opening costs	1,501		1.0	 %	 	1,230		1.0	 %	
   Impairment and other lease charges	(70	)	—	 %	 	(62	)	—	 %	
 	 	 	 	 	 	
Taco Cabana:	 	 	 	 	 	
   Restaurant sales	$	151,731		 	 	$	146,988		 	
   Cost of sales	46,277		30.5	 %	 	45,886		31.2	 %	
   Restaurant wages and related expenses	43,934		29.0	 %	 	42,435		28.9	 %	
   Restaurant rent expense	8,590		5.7	 %	 	8,251		5.6	 %	
   Other restaurant operating expenses	19,552		12.9	 %	 	18,890		12.9	 %	
   Advertising expense	6,494		4.3	 %	 	6,282		4.3	 %	
   Depreciation and amortization	5,596		3.7	 %	 	5,575		3.8	 %	
   Pre-opening costs	370		0.2	 %	 	559		0.4	 %	
   Impairment and other lease charges	87		0.1	 %	 	613		0.4	 %	
 	 	 	 	 	 	
(a) Percent of restaurant sales for the applicable segment.

7

FIESTA RESTAURANT GROUP, INC.
Supplemental Non-GAAP Information
The following table sets forth certain unaudited supplemental financial data for the periods indicated
(In thousands):

Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP financial measures. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense and other income and expense. Adjusted EBITDA for each of our segments includes an allocation of general and administrative expenses associated with administrative support for executive management, information systems and certain accounting, legal and other administrative functions. Restaurant-Level Adjusted EBITDA is defined as Adjusted EBITDA excluding franchise royalty revenues and fees and general and administrative expenses (including corporate-level general and administrative expenses). Adjusted EBITDA for each of our segments is a measure of segment profitability reported to our chief operating decision maker for purposes of allocating resources to the segments and assessing each segment's performance. In addition, management believes that Adjusted EBITDA and Restaurant-Level Adjusted EBITDA, when viewed with our results of operations calculated in accordance with GAAP and our reconciliation of Restaurant-Level Adjusted EBITDA and Adjusted EBITDA to net income (i) provides useful information (including at the restaurant level) about our operating performance and period-over-period growth, (ii) provides additional information that is useful for evaluating the operating performance of our business, and (iii) permits investors to gain an understanding of the factors and trends affecting our ongoing earnings, from which capital investments are made and debt is serviced. However, such measures are not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or net income per share as indicators of operating performance or liquidity. Also these measures may not be comparable to similarly titled captions of other companies.

																
 	(unaudited)	 	(unaudited)	
 	Three months ended	 	Six months ended	
 	June 29, 2014	 	June 30, 2013	 	June 29, 2014	 	June 30, 2013	
 	 	 	 	 	 	 	 	
Restaurant-Level Adjusted EBITDA:			 			 	 	 	 	
     Pollo Tropical	$	18,756		 	$	17,444		 	$	37,833		 	$	32,875		
     Taco Cabana	14,000		 	12,532		 	26,531		 	24,686		
     Consolidated	32,756		 	29,976		 	64,364		 	57,561		
Add:	 	 	 	 	 	 	 	
     Franchise royalty revenue and fees	670		 	604		 	1,281		 	1,138		
Less:	 	 	 	 	 	 	 	
General and administrative (excluding stock-based compensation expense of $1,058, $595, $1,770 and $1,020, respectively)	11,074		 	11,404		 	22,513		 	23,190		
Adjusted EBITDA:	 	 	 	 	 	 	 	
     Pollo Tropical	13,425		 	11,973		 	27,102		 	21,778		
     Taco Cabana	8,927		 	7,203		 	16,030		 	13,731		
     Consolidated	22,352		 	19,176		 	43,132		 	35,509		
Less:	 	 	 	 	 	 	 	
     Depreciation and amortization	5,578		 	5,178		 	10,923		 	9,988		
     Impairment and other lease charges	32		 	456		 	17		 	551		
     Interest expense	568		 	5,011		 	1,171		 	10,018		
     Provision for income taxes	5,781		 	2,967		 	11,194		 	4,660		
     Stock-based compensation	1,079		 	595		 	1,800		 	1,021		
     Other (income) expense	—		 	—		 	(6	)	 	(497	)	
Net income	$	9,314		 	$	4,969		 	$	18,033		 	$	9,768		

8