Shares in the company that plans to buy Lake Forest-based Del Taco Holdings Inc. rose about 5% in early trading today as the Mexican-themed fast food chain reported first quarter earnings up about 33% on revenue up about 9%, compared with the same period last year.
Chicago-based Levy Acquisition Corp. has begun to release financial data on the chain has moved forward on its acquisition of Del Taco—which it announced March 12 and is now set to close in late June or early July.
Del Taco earned $8.7 million on revenue of $94.4 million in the first quarter of 2015.
It earned $6.5 million on revenue of $86.7 million in the same period last year.
Shares in Levy Acquisition Corp. traded recently at about $16.10 and a $312 million market cap on the news.
Levy’s acquisition of Del Taco has been valued at $500 to $560 million.
Comparable system-wide sales grew at about 8% year-over-year at Del Taco.
Restaurant contribution margin grew to 18.6% compared with about 17.2% in the first quarter of 2014, based on reduced costs in food, paper, labor, and other operating expenses.
Del Taco has about 550 restaurants in 16 states.