Del Taco Restaurants, Inc. Announces Preliminary Unaudited Fiscal Fourth Quarter and Fiscal Year 2020 Sales Results - Seite 3

Liquidity

The Company reduced its outstanding revolving credit facility borrowing by $9 million during the fiscal fourth quarter 2020 to $115 million from $124 million at the end of the fiscal third quarter 2020. At the end of fiscal year 2020 the Company’s debt, net of cash, totaled $106.7 million compared to $143.4 million at the end of fiscal year 2019, representing a reduction of approximately $36.7 million. At the end of fiscal year 2020, the Company had $117.7 million of remaining availability under its revolving credit facility.

Common Stock Repurchase Program

The Company repurchased 496,356 shares of common stock at average price of $8.49 per share for a total of $4.2 million during the fiscal fourth quarter 2020. At the end of fiscal year 2020, approximately $18.1 million remains under the $75 million repurchase authorization.

Dividend Program Initiation

The Board of Directors has authorized the initiation of a quarterly cash dividend program. The Company’s first quarterly dividend of $0.04 per share of common stock is payable on February 23, 2021, to shareholders of record at the close of business on February 2, 2021. While the Company intends to pay quarterly cash dividends for the foreseeable future, all subsequent dividend payments will be reviewed quarterly and declared by the Board of Directors at its discretion.

Restaurant Development

Two franchised restaurants opened and two franchised restaurants closed during the fiscal fourth quarter 2020. Del Taco ended fiscal year 2020 with 295 company-operated and 301 franchised restaurants, for a system-wide total of 596 restaurants.

ICR Conference Participation

John D. Cappasola, Jr., President and Chief Executive Officer and Steven L. Brake, Executive Vice President and Chief Financial Officer, will present at the ICR Conference on Tuesday, January 12, 2021. The presentation will begin at 12:30 PM Eastern Time and will be webcast live and later archived.

The presentation has been posted to the Del Taco website at investor.deltaco.com under the “News & Events” tab, where the webcast will be viewable.

The Company will also be hosting meetings with institutional investors on Tuesday and Wednesday, January 12 and 13, 2021.

Key Financial Definitions

Comparable restaurant sales growth reflects the change in year-over-year sales for the comparable company, franchise and total system restaurant base. Restaurants are included in the comparable store base in the accounting period following their 18^th full month of operations and excludes restaurant closures.