Wingstop announces special dividend of $5 per share along with Q3 earnings

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Wingstop Inc. reported third-quarter net income of $10.1 million, or 34 cents per share, up from $5.9 million, or 20 cents per share, last year. Revenue of $64.0 million was up from $49.9 million last year. The FactSet consensus was for EPS of 34 cents and revenue of $64.1 million. Domestic same-store sales rose 25.4%. Digital sales were up 62%. And system-wide sales rose 32.8% to $509.2 million. Wingstop announced preliminary third-quarter earnings in October. Wingstop declared a special dividend of $5 per share payable on Dec. 3 to stockholders of record as of Nov. 20. The dividend is announced in conjunction with the new issuance of $480 million in securitized notes on Oct. 30, which was used to repay $317 million in principal outstanding securitized notes issued in 2018. The new notes are subject to 1% annual amortization and have an interest rate of 2.84% per year, with a repayment date of Dec. 2027. Wingstop has also entered into a $50 million variable funding note facility, replacing a previous $20 million variable funding note facility. Wingstop shares slipped 0.3% in Monday premarket trading, but have gained 35% for the year to date. The S&P 500 index is up 1.2% for 2020 so far.
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