Fiesta Restaurant (FRGI) 8-K Fiesta Restaurant Group, Inc. Reports Third Quarter 2012 Results

Exhibit 99.2

Fiesta Restaurant Group, Inc.

Consolidated Statements of Operations

(in thousands except per share amounts)

(unaudited)

	Three Months Ended																								Year Ended
	March 31, 2011			(a) %			July 3, 2011			(a) %			October 2, 2011			(a) %			January 1, 2012			(a) %			January 1, 2012			(a) %
Revenues:
Restaurant sales	$	115,251					$	120,748					$	120,781					$	116,469					$	473,249
Franchise royalty revenues and fees		365						501						376						477						1,719
Total revenues		115,616						121,249						121,157						116,946						474,968
Costs and expenses:
Cost of sales		36,344			31.5	%		39,675			32.9	%		38,833			32.2	%		37,859			32.5	%		152,711			32.3	%
Restaurant wages and related expenses (b)		31,633			27.4	%		32,769			27.1	%		32,544			26.9	%		32,137			27.6	%		129,083			27.3	%
Restaurant rent expense		4,060			3.5	%		4,232			3.5	%		4,232			3.5	%		4,406			3.8	%		16,930			3.6	%
Other restaurant operating expenses		14,743			12.8	%		15,744			13.0	%		16,604			13.7	%		14,786			12.7	%		61,877			13.1	%
Advertising expense		4,119			3.6	%		3,774			3.1	%		4,468			3.7	%		3,903			3.4	%		16,264			3.4	%
General and administrative expenses (b) (c)		8,921			7.7	%		9,052			7.5	%		9,118			7.5	%		10,368			8.9	%		37,459			7.9	%
Depreciation and amortization		4,797			4.2	%		4,949			4.1	%		4,837			4.0	%		4,954			4.3	%		19,537			4.1	%
Impairment and other lease charges		264			0.2	%		820			0.7	%		(68	)		-0.1	%		1,728			1.5	%		2,744			0.6	%
Other income		—			0.0	%		—			0.0	%		107			0.1	%		39			0.0	%		146			0.0	%
Total costs and expenses		104,881						111,015						110,675						110,180						436,751
Income from operations		10,735						10,234						10,482						6,766						38,217
Interest expense		4,845						4,842						6,651						7,703						24,041
Income (loss) before income taxes		5,890						5,392						3,831						(937	)					14,176
Provision (benefit) for income taxes		2,276						1,757						1,409						(807	)					4,635
Net income (loss)	$	3,614					$	3,635					$	2,422					$	(130	)				$	9,541
Basic and diluted net income (loss) per share	$	0.16					$	0.16					$	0.10					$	(0.01	)				$	0.41
Basic and diluted weighted average common shares outstanding		23,162						23,162						23,162						23,162						23,162
Change in Comparable Restaurant Sales: (d)
Pollo Tropical		13.5	%					10.7	%					7.9	%					7.8	%					9.9	%
Taco Cabana		2.0	%					4.5	%					5.3	%					2.7	%					3.7	%

(a) Percentages are based on restaurant sales.

(b) Restaurant wages and related expenses include stock-based compensation expense of $5, $7, $3 and $3 for the respective three month period and $18 for the year ended December 31, 2011. General and administrative expenses include stock-based compensation expense of $411, $436, $437 and $406 for the respective three month period, and $1,690 for the year ended January 1, 2012.

(c) General and administrative expenses include expenses related directly to Fiesta Restaurant Group and corporate expenses allocated from Carrols (parent company of Fiesta until May 7, 2012). Such allocated expenses are for administrative support including executive management, information systems and certain accounting, legal and other administrative functions. Following the spin-off, the Company performs these functions or purchases services from either Carrols (under the Transition Services Agreement) or third parties. General and administrative expenses included $174, $108, $130 and $567 of allocated expenses related to the spin-off from Carrols for respective three month periods and $979 for the year ended January 1, 2012.

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