Del Taco Restaurants, Inc. Increases Repurchase Program for Common Stock and Warrants to $50 Million from $25 Million
23 Agosto 2016 - 7:30AM
Business Wire
Del Taco Restaurants, Inc. (“Del Taco” or the “Company”),
(NASDAQ: TACO, TACOW), the second largest Mexican-American QSR
chain by units in the United States, operating restaurants under
the name Del Taco, today announced that its Board of Directors has
increased the repurchase program for the Company’s common stock and
warrants to $50 million (raised from $25 million). The increased
authorization is effective immediately and will expire upon
completion of the repurchase program unless terminated earlier by
the Board of Directors.
Purchases under the program may be made in open market or
privately negotiated transactions (including, without limitation,
the use of Rule 10b5-1 plans) in compliance with applicable federal
securities laws. The Company has no obligation to repurchase common
stock or warrants under this authorization, and the timing, actual
number and value of securities purchased will be made at
management’s discretion, taking into consideration the Company’s
common stock and warrant prices, market conditions, and other
factors.
Since the inception of the program in March 2016 through August
22, 2016, Del Taco has repurchased 990,555 shares at an average
price per share of $9.58 and 476,806 warrants at an average price
per warrant of $2.11 for an aggregate of $10.5 million with
approximately $39.5 million remaining under the increased $50
million authorization.
About Del Taco Restaurants, Inc.
Founded in 1964 in Southern California, Del Taco (NASDAQ: TACO)
is the nation’s second largest Mexican Quick Service Restaurant
chain. Known for serving Mexican and American favorites prepared
fresh in every restaurants’ working kitchen, Del Taco’s menu items
taste better because they are made with fresh ingredients like
cheddar cheese grated from 40-lb blocks, hand chopped pico de
gallo, fresh sliced avocado, slow cooked beans made from scratch,
and fresh-grilled marinated chicken and carne asada steak. In June
2016, Del Taco reinvigorated its UnFreshing Believable® marketing
campaign to further communicate its commitment to serve guests
everything that they love, including choosing not to choose between
tacos and fries, fresh prep and fair price, or great tasting food
and the convenience of a drive thru. With nearly 550 restaurants in
16 states, Del Taco serves more than three million guests each
week. For more information, follow Del Taco on Twitter, Facebook
and Instagram or visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain
a number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information concerning Del
Taco’s possible or assumed future results of operations, business
strategies, competitive position, industry environment, potential
growth opportunities and the effects of regulation. These
statements are based Del Taco’s management’s current expectations
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “target,” “may,” “will,” “should,”
“future,” “propose,” “preliminary,” “guidance,” “on track” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Del Taco’s
management’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks included, without limitation, consumer
demand, our inability to successfully open company-owned or
franchised restaurants or establish new markets, competition in our
markets, our inability to grow and manage growth profitably,
adverse changes in food and supply costs, our inability to access
additional capital, changes in applicable laws or regulations, food
safety and foodborne illness concerns, our inability to manage
existing and to obtain additional franchisees, our inability to
attract and retain qualified personnel, our inability to profitably
expand into new markets, changes in, or the discontinuation of, the
Company’s repurchase program, and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors. Additional risks and uncertainties are identified and
discussed in Del Taco’s reports filed with the SEC and available at
the SEC’s website at www.sec.gov and the Company’s website at
www.deltaco.com.
Forward-looking statements included in this release speak only
as of the date of this release. Del Taco undertakes no obligation
to update its forward-looking statements to reflect events or
circumstances after the date of this release or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160823005448/en/
For Del Taco Restaurants, Inc.Media:Julia Young,
646-277-1280julia.young@icrinc.comorInvestor Relations:Raphael
Gross, 203-682-8253investor@deltaco.com
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