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Brinker International Reports Year-Over-Year Increases In Fourth Quarter And Full Fiscal Year EPS; Fourth Quarter Comparable Restaurant Sales Up 2.3 Percent

DALLAS, Aug. 7, 2014 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal fourth quarter ended June 25, 2014.

Highlights include the following:

  • Earnings per diluted share, excluding special items, increased 10.4 percent to $0.85 compared to $0.77 for the fourth quarter of fiscal 2013. Earnings per diluted share, excluding special items, increased 15.8 percent to $2.71 compared to $2.34 for the full year fiscal 2013 (see non-GAAP reconciliation below)
  • On a GAAP basis, earnings per diluted share decreased to $0.43 compared to $0.64 for the fourth quarter of fiscal 2013 driven primarily by pre-tax charges of $39.5 million recorded to establish reserves for the potential settlement of various litigation matters.  On a GAAP basis, earnings per diluted share increased to $2.26 compared to $2.20 for the full year fiscal 2013
  • Brinker International company sales increased 3.7 percent to $735.0 million and comparable restaurant sales at company-owned restaurants increased 2.3 percent
  • Chili's company-owned comparable restaurant sales increased 2.5 percent
  • Maggiano's comparable restaurant sales increased 0.9 percent, representing the 18th consecutive quarterly increase
  • Chili's franchise comparable restaurant sales increase of 1.2 percent includes a 1.4 percent increase for U.S. franchise restaurants and a 0.8 percent increase for international franchise restaurants, representing the 18th consecutive quarterly increase for international franchise restaurants
  • For fiscal 2014, cash flows provided by operating activities were $359.8 million and capital expenditures totaled $161.1 million
  • The company repurchased approximately 0.9 million shares of its common stock for $47.8 million in the fourth quarter and a total of approximately 5.1 million shares for $239.6 million year-to-date
  • The company paid a dividend of 24 cents per share in the fourth quarter, an increase of 20 percent over the prior year fourth quarter

"We closed fiscal 2014 with an increase in earnings per diluted share of 15.8 percent, our fourth consecutive year of double-digit growth in a competitive environment," said Wyman Roberts, Chief Executive Officer and President. "These results demonstrate our ability to deliver sustained value to our shareholders."


Table 1: Monthly, Q4 and FY comparable restaurant sales

Company-owned, reported brands and franchise; percentage




April


May


June


Q4 14


Q4 13


FY 14


FY 13

Brinker International


2.1


3.0


1.7


2.3


(0.5)


0.6


0.5

  Chili's Company-Owned1















     Comparable Restaurant Sales


2.4


3.3


1.7


2.5


(0.6)


0.6


0.5

     Pricing Impact


1.2


1.2


1.2


1.2


1.3


1.2


1.4

     Mix-Shift


1.3


2.3


2.3


1.9


0.2


1.2


0.9

     Traffic


(0.1)


(0.2)


(1.8)


(0.6)


(2.1)


(1.8)


(1.8)

  Maggiano's















     Comparable Restaurant Sales


0.6


0.7


1.6


0.9


0.2


0.6


0.5

     Pricing Impact


1.7


2.4


2.5


2.2


0.5


1.5


1.8

     Mix-Shift


(2.3)


(2.1)


(2.9)


(2.5)


1.1


(0.7)


0.5

     Traffic


1.2


0.4


2.0


1.2


(1.4)


(0.2)


(1.8)
















Chili's Franchise2








1.2


1.0


0.2


1.9

  U.S. Comparable Restaurant Sales








1.4


0.5


(0.3)


1.6

  International Comparable Restaurant Sales








0.8


2.3


1.6


2.7
















Chili's Domestic3








2.1


(0.3)


0.3


0.8

System-wide4








1.9


0.0


0.5


1.0




1


Chili's company-owned comparable restaurant sales do not include sales generated by the 11 restaurants acquired in Canada in June 2013. Acquired or newly opened restaurants are not included in this calculation until 18 months of operations are completed.

2


Revenues generated by franchisees are not included in revenues on the consolidated statements of comprehensive income; however, we generate royalty revenue and advertising fees based on franchisee revenues, where applicable. We believe including franchisee comparable restaurant sales provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.

3


Chili's Domestic comparable restaurant sales percentages are derived from sales generated by company-owned and franchise operated Chili's restaurants in the United States.

4


System-wide comparable restaurant sales are derived from sales generated by company-owned Chili's and Maggiano's restaurants in addition to the sales generated at franchise operated restaurants.

Quarterly Operating Performance

CHILI'S fourth quarter company sales increased to $639.8 million from $615.7 million in the prior year primarily due to increases in comparable restaurant sales, the acquisition of 11 restaurants in Canada at the end of the prior fiscal year, as well as increases in restaurant capacity.  As compared to the prior year, the Chili's operating margin metric was negatively impacted by the classification of revenues and expenses associated with Ziosk. The revenues associated with Ziosk are included in Franchise and other revenues while the associated expense is included in Restaurant expenses, a component of the margin calculation. Restaurant expenses, as a percent of company sales, increased due to Ziosk equipment charges, new restaurant development and higher advertising, partially offset by leverage related to higher revenue. Restaurant labor, as a percent of company sales, was negatively impacted by increased overtime and training, partially offset by leverage related to higher revenue. Cost of sales, as a percent of company sales, was favorably impacted by menu pricing, menu item changes, improved waste control, and efficiency gains related to new fryer equipment, partially offset by unfavorable pricing primarily related to cheese, avocados and limes which are market based.

MAGGIANO'S fourth quarter company sales of $95.2 million increased 1.9 percent primarily driven by increases in restaurant capacity, menu pricing and traffic. As compared to the prior year, Maggiano's restaurant operating margin was negatively impacted by higher facilities costs and new restaurant development. Cost of sales, as a percent of company sales, was negatively impacted by unfavorable mix changes and commodity pricing on seafood, partially offset by increased menu pricing and favorable commodity pricing on bread and other items. Restaurant labor, as a percent of company sales, was positively impacted by lower performance based compensation.

FRANCHISE AND OTHER revenues totaled $23.7 million for the fourth quarter, an increase of 13.4 percent compared to $20.9 million in the prior year driven primarily by the revenues associated with Ziosk. U.S. franchise comparable restaurant sales increased 1.4 percent and international comparable restaurant sales increased 0.8 percent. Brinker franchisees generated approximately $423 million in sales1 for the fourth quarter of fiscal 2014. 

1


Royalty revenues are recognized based on the sales generated and reported to the company by franchisees.

Other

Depreciation and amortization expense increased $2.5 million for the quarter primarily due to investments in the Chili's reimage program, fryer equipment, new restaurant openings, as well as the acquisition of 11 restaurants in Canada at the end of the prior fiscal year, partially offset by an increase in fully depreciated assets.

General and administrative expense increased $1.1 million primarily due to information technology expenses in support of sales driving initiatives and tax consulting costs.

Other gains and charges in the fourth quarter of fiscal 2014 includes pre-tax charges of approximately $39.5 million related to various litigation matters including a class action litigation pending in California.  In August 2004, certain current and former hourly restaurant team members filed a putative class action lawsuit against Brinker in California Superior Court alleging violations of California labor laws with respect to meal periods and rest breaks.  The parties participated in mediation regarding this case on April 8, 2014, where preliminary settlement discussions began that ultimately culminated in a preliminary settlement agreement being reached on Aug. 6, 2014.  This preliminary settlement agreement remains subject to court approval and seeks to resolve all claims in exchange for a maximum settlement payment not to exceed $56.5 million.  The company established a reserve of approximately $39.0 million related to this pending class action litigation, but the actual amount of any settlement payment could vary from the company's reserve and will be subject to many factors including approval by the court, claims process, and other matters typically associated with the potential settlement of complex class action litigation.  The aggregate litigation reserves of approximately $39.5 million established in the fourth quarter are based on the terms set forth in the applicable agreements and the company's reasonable expectations regarding future events.

On a GAAP basis, the effective income tax rate decreased to 18.1 percent in the current quarter from 25.0 percent in the prior year primarily due to the impact of tax benefits related to special items in the current quarter. Excluding the impact of special items, the effective income tax rate increased to 29.4 percent in the current quarter compared to 28.3 percent in the prior year primarily due to an increase in the amount of reserves established for uncertain tax positions.

Non-GAAP Reconciliation

Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the company's ongoing operating performance and a more relevant comparison to prior period results. Special items in the fourth quarter of fiscal 2014 consist primarily of charges related to litigation reserves, the impairment of restaurants, as well as charges associated with closed restaurants.

Table 2: Reconciliation of net income excluding special items

Q4 14 and Q4 13; $ millions and $ per diluted share after-tax




Q4 14


EPS Q4 14


Q4 13


EPS Q4 13

Net Income


28.8


0.43


46.4


0.64

Other (Gains) and Charges, net of taxes1


27.8


0.42


9.3


0.13

Adjustment for Tax Items




(0.6)


0.00

Net Income excluding Special Items


56.6


0.85


55.1


0.77

 

Table 3: Reconciliation of net income excluding special items

FY 14 and FY 13; $ millions and $ per diluted share after-tax




FY 14


EPS FY 14


FY 13


EPS FY 13

Net Income


154.0


2.26


163.4


2.20

Other (Gains) and Charges, net of taxes1


30.4


0.45


10.7


0.14

Adjustment for Tax Items




(0.6)


0.00

Net Income excluding Special Items


184.4


2.71


173.5


2.34




1


Pre-tax Other gains and charges were $44.9 million and $15.1 million in the fourth quarter of fiscal 2014 and 2013, respectively, and $49.2 million and $17.3 million in fiscal 2014 and 2013, respectively. The charges in the fiscal 2014 periods include approximately $39.5 million of charges related to litigation reserves.

Fiscal 2015 Outlook

  • The company anticipates earnings per diluted share, excluding special items, to increase 11 to 16 percent in the range of $3.00 to $3.15. Earnings are based on the following expectations:
  • Comparable restaurant sales are expected to increase one to two percent
  • Company-owned new restaurant development is expected to add year-over-year capacity growth of about one percent
  • Restaurant operating margin is expected to improve 25 to 50 basis points year-over-year
  • Depreciation expense is expected to increase $10 to $12 million, assuming capital expenditures of $130 to $140 million
  • General and administrative expense is expected to be $10 million higher on a dollar basis due to planning incentive compensation at target coupled with information technology expenses related to sales driving initiatives
  • Interest expense is expected to increase slightly due to a higher debt balance in fiscal 2015
  • Excluding the impact of special items, and assuming governmental renewal of the work opportunity tax credit retroactive to January 2014, the effective income tax rate is projected to be approximately 31 percent
  • Free cash flow is expected to be $180 to $190 million
  • Diluted weighted average shares outstanding is expected to be 64 to 66 million

The company believes providing fiscal 2015 earnings per diluted share guidance provides investors the appropriate insight into the company's ongoing operating performance.

Guidance Policy

Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the comprehensive income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.

Webcast Information

Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter. The call will broadcast live on the Brinker website (www.brinker.com) at 9 a.m. CDT today (Aug. 7). For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on the Brinker website until the end of the day Sept. 4, 2014.

Additional financial information, including statements of income which detail operations excluding special items, franchise and other revenues, and comparable restaurant sales trends by brand, is also available on the Brinker website under the Financial Information section of the Investor tab.

Forward Calendar

-  SEC Form 10-K for fiscal 2014 filing on or before Aug. 25, 2014; and
-  First quarter earnings release, before market opens, Oct. 21, 2014.

About Brinker

Brinker International, Inc. is one of the world's leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, as of June 25, 2014, Brinker owned, operated, or franchised 1,615 restaurants under the names Chili's® Grill & Bar (1,569 restaurants) and Maggiano's Little Italy® (46 restaurants).

Forward-Looking Statements

The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by general business and economic conditions, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company's business, increased minimum wages, increased health care costs, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorist acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company's ability to meet its business strategy plan, acts of God, governmental regulations and inflation.

 

BRINKER INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except per share amounts)

(Unaudited)




Thirteen Week Periods Ended


Fifty-Two Week Periods Ended



June 25, 2014


June 26, 2013


June 25, 2014


June 26, 2013

Revenues:









Company sales


$

734,982


$

709,128


$

2,823,069


$

2,766,618

Franchise and other revenues (a)


23,743


20,940


82,383


79,480

Total revenues


758,725


730,068


2,905,452


2,846,098

Operating costs and expenses:









Company restaurants (excluding depreciation and amortization)









Cost of sales


196,752


190,775


758,028


758,377

Restaurant labor


233,064


224,548


905,589


892,413

Restaurant expenses


173,866


165,433


682,271


655,214

Company restaurant expenses


603,682


580,756


2,345,888


2,306,004

Depreciation and amortization


35,169


32,651


136,081


131,481

General and administrative


33,302


32,249


132,094


134,538

Other gains and charges (c)


44,909


15,073


49,224


17,300

Total operating costs and expenses


717,062


660,729


2,663,287


2,589,323

Operating income


41,663


69,339


242,165


256,775

Interest expense


6,963


8,078


28,091


29,118

Other, net


(478)


(562)


(2,214)


(2,658)

Income before provision for income taxes


35,178


61,823


216,288


230,315

Provision for income taxes


6,358


15,456


62,249


66,956

Net income


$

28,820


$

46,367


$

154,039


$

163,359










Basic net income per share


$

0.44


$

0.67


$

2.33


$

2.28










Diluted net income per share


$

0.43


$

0.64


$

2.26


$

2.20










Basic weighted average shares outstanding


65,009


69,607


66,251


71,788










Diluted weighted average shares outstanding


66,824


71,999


68,152


74,158




























Other comprehensive income (loss):









Foreign currency translation adjustment (b)


$

922


$


$

(940)


$

Other comprehensive income (loss)


922



(940)


Comprehensive income


$

29,742


$

46,367


$

153,099


$

163,359



(a)   

Franchise and other revenues primarily includes royalties, development fees and franchise fees, banquet service charge income, gift card activity (breakage and discounts) and Ziosk gaming revenue.

(b)   

The company's Canadian operation uses the Canadian dollar as its functional currency. The foreign currency translation adjustment included in the company's comprehensive income represents the unrealized impact of translating the financial statements of the Canadian entity to U.S. dollars. This amount is not included in net income and would only be realized upon disposition of the business.

(c)   

Other gains and charges include:

 



Thirteen Week Periods Ended


Fifty-Two Week Periods Ended


June 25, 2014


June 26, 2013


June 25, 2014


June 26, 2013

Litigation reserves

$

39,500


$


$

39,500


$

Restaurant impairment charges

3,217


4,615


4,502


$

5,276

Restaurant closure charges

1,083


750


3,413


3,637

Severance and other benefits

1,030


966


2,140


2,235

Gains on the sale of assets, net

(29)


(8,798)


(608)


(11,228)

Loss on extinguishment of debt


15,768



15,768

Other

108


1,772


277


1,612


$

44,909


$

15,073


$

49,224


$

17,300

 

BRINKER INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)




June 25, 2014


June 26, 2013






ASSETS





Current assets


$

210,854


$

198,591

Net property and equipment (a)


1,056,454


1,035,815

Total other assets


223,296


218,197

Total assets


$

1,490,604


$

1,452,603

LIABILITIES AND SHAREHOLDERS' EQUITY





Current installments of long-term debt


$

27,884


$

27,596

Current liabilities


438,226


363,636

Long-term debt, less current installments


832,302


780,121

Other liabilities


129,098


131,893

Total shareholders' equity


63,094


149,357

Total liabilities and shareholders' equity


$

1,490,604


$

1,452,603



(a)   

At June 25, 2014, the company owned the land and buildings for 189 of the 884 company-owned restaurants. The net book values of the land and buildings associated with these restaurants totaled $143.3 million and $119.5 million, respectively.

 

BRINKER INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)




Fifty-Two Week Periods Ended



June 25, 2014


June 26, 2013

Cash Flows From Operating Activities:





Net income


$

154,039


$

163,359

Adjustments to reconcile net income to net cash provided by operating activities:





Depreciation and amortization


136,081


131,481

Stock-based compensation


16,074


15,909

Restructure charges and other impairments


48,033


11,425

Net loss (gain) on disposal of assets


5,161


(6,905)

Changes in assets and liabilities


454


(24,581)

Net cash provided by operating activities


359,842


290,688

Cash Flows from Investing Activities:





Payments for property and equipment


(161,066)


(131,531)

Proceeds from sale of assets


888


17,157

Payment for purchase of restaurants



(24,622)

Insurance recoveries



1,152

Net cash used in investing activities


(160,178)


(137,844)

Cash Flows from Financing Activities:





Purchases of treasury stock


(239,597)


(333,384)

Borrowings on revolving credit facility


120,000


110,000

Payments on revolving credit facility


(40,000)


(150,000)

Payments of dividends


(63,395)


(56,343)

Excess tax benefits from stock-based compensation


18,872


8,778

Payments on long-term debt


(26,521)


(316,380)

Proceeds from issuances of treasury stock


29,295


41,190

Proceeds from issuance of long-term debt



549,528

Payments for deferred financing costs



(5,969)

Net cash used in financing activities


(201,346)


(152,580)

Net change in cash and cash equivalents


(1,682)


264

Cash and cash equivalents at beginning of period


59,367


59,103

Cash and cash equivalents at end of period


$

57,685


$

59,367

 

BRINKER INTERNATIONAL, INC.

RESTAURANT SUMMARY




Fourth Quarter

Openings

Fiscal 2014


Total Restaurants

June 25, 2014


Openings Fiscal 2014


Projected Openings Fiscal 2015

Company-Owned Restaurants:









Chili's Domestic


5


824


10


8-10

Chili's International


2


14


3


1

Maggiano's


1


46


2


4



8


884


15


13-15

Franchise Restaurants:









Chili's Domestic


1


438


2


5

Chili's International


8


293


29


34-38



9


731


31


39-43

Total Restaurants:









Chili's Domestic


6


1,262


12


13-15

Chili's International


10


307


32


35-39

Maggiano's


1


46


2


4



17


1,615


46


52-58

 

SOURCE Brinker International, Inc.

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The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. Download Slide Deck: ▸ Here
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.