Brinker International Reports Increases In Fourth Quarter And Full Year Fiscal 2012 EPS,
Brinker International Reports Increases In Fourth Quarter And Full Year Fiscal 2012 EPS, Comparable Restaurant Sales And Traffic
DALLAS, Aug. 9, 2012 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal fourth quarter and year ended June 27, 2012.
Highlights include the following: •Fourth quarter fiscal 2012 earnings per diluted share, excluding special items, increased 27.1 percent to $0.61 compared to $0.48 for the fourth quarter of fiscal 2011. Full year fiscal 2012 earnings per diluted share, excluding special items, increased 28.9 percent to $1.96 compared to $1.52 for the prior fiscal year (see non-GAAP reconciliation below) •On a GAAP basis, fourth quarter fiscal 2012 earnings per diluted share increased 24.5 percent to $0.61 compared to $0.49 for the fourth quarter of fiscal 2011 and full year fiscal 2012 increased 22.2 percent to $1.87 compared to $1.53 for the prior fiscal year •Chili's comparable restaurant sales increased 2.2 percent, representing the fifth consecutive quarterly increase, and customer traffic increased 1.2 percent, representing the sixth consecutive quarterly increase •Maggiano's comparable restaurant sales increased 1.9 percent, representing the tenth consecutive quarterly increase •Total revenues increased 1.5 percent to $728.4 million and restaurant operating margin1 improved 130 basis points to 19.6 percent •The company repurchased approximately 2.7 million shares of its common stock for $78.9 million in the fourth quarter resulting in a total of approximately 11.1 million shares for $287.3 million in fiscal year 2012 •The company paid a dividend of 16 cents per share in the fourth quarter, an increase of 14.3 percent over the prior year quarter •Cash flows provided by operating activities were $303.4 million and capital expenditures totaled $125.2 million for the fiscal year 2012
"Brinker grew EPS by 27 percent during the fourth quarter as we again delivered positive sales and traffic growth that significantly outpaced the industry. Our results demonstrate the effectiveness of our strategy to improve our margins and reinvest in initiatives that drive top line growth," said Doug Brooks, President and Chief Executive Officer. "As we build on this momentum in fiscal 2013, we're confident we'll deliver on our long-term promise to double EPS to $2.75 to $2.80."
1 Restaurant operating margin is defined as Revenues less Cost of sales, Restaurant labor and Restaurant expenses.
Table 1: Monthly, Q4 and FY comparable restaurant sales Company-owned, reported brands and franchise; percentage