BRINKER INTERNATIONAL, INC. (NYSE: EAT) REPORTS IMPROVED PROFITABILITY IN FOURTH QUARTER.DALLAS--(BUSINESS WIRE)--Aug. 12, 1996--Brinker International, Inc. ("Brinker") reported revenues of $299.6 million for the fourth fiscal quarter ended June June: see month. 26, 1996, an increase of 7.0 percent over the $280.0 million reported for the same quarter of fiscal 1995. Capacity (as measured by sales weeks) increased 5.8 percent for the quarter while average weekly sales increased 1.1 percent. Net income ($18.5 million vs. $19.9 million) and primary net income per share ($0.23 vs. $0.27) both declined in the quarter vs. last year. The net income margin in the fourth quarter increased 130 basis points to 6.2 percent from 4.9 percent in the third quarter of fiscal 1996. Revenues for the fiscal year ended June 26, 1996 rose 11.6 percent to $1.16 billion from $1.04 billion reported for the last fiscal year. Net income for the fiscal year, excluding the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). related items recorded in the second quarter of fiscal 1996, declined from $72.7 million to $60.9 million, while primary net income per share declined from $0.98 to $0.78. Much of the decrease was due to the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of Brinker's portfolio of restaurant concepts. Brinker has over 600 company owned and franchised restaurants and operates seven restaurant concepts under the names of Chili's Chili's Grill & Bar is a chain of over 1,000 casual dining restaurants, most located in the United States. It was founded by Larry Lavine and is currently owned by Brinker International, which also owns On the Border Mexican Grill & Cantina, Maggiano's Little Italy, and Romano's Grill Grill may refer to: In food:
named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum Grill, Maggiano's Little Italy
Little Italy is a general name for an ethnic enclave populated primarily by Italians or people of Italian ancestry, usually in an urban neighborhood. , Corner Bakery, and Eatzi's EatZi's is a chain of bakery, gourmet takeout markets, and restaurants, created by Philip J. Romano. It is based in Dallas, Texas, and proposes high end products. There are locations in Dallas and Chicago. Market & Bakery. -0-
BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended Fiscal Year Ended
------------------- -------------------
June 26, June 28, June 26, June 28,
1996 1995 1996 1995
-------- -------- -------- --------
Revenues $299,629 $280,033 $1,162,951 $1,042,199
-------- -------- -------- --------
Costs and Expenses:
Cost of Sales 83,521 78,404 330,375 283,417
Restaurant Expenses 157,352 143,938 620,441 540,986
Depreciation and
Amortization 16,604 15,560 64,611 58,570
General and
Administrative 14,073 12,509 54,271 50,362
Interest Expense 1,564 595 4,579 595
Gain on Sales of
Concepts -- -- (9,262) --
Restructuring Charge -- -- 50,000 --
Other, Net (1,492) (1,187) (4,201) (3,151)
-------- -------- -------- --------
Total Costs and
Expenses 271,622 249,819 1,110,814 930,779
-------- -------- -------- --------
Income Before Provision
for Income Taxes 28,007 30,214 52,137 111,420
Provision for Income
Taxes 9,521 10,332 17,756 38,676
-------- -------- -------- --------
Net Income $ 18,486 $ 19,882 $ 34,381 $ 72,744
======== ======== ======== ========
Primary Net Income
Per Share $ 0.23 $ 0.27 $ 0.44 $ 0.98
======== ======== ======== ========
Primary Weighted Average
Shares Outstanding 79,295 73,928 77,902 74,283
======== ======== ======== ========
Brinker International, Inc.
Unit Summary
Projected
Total Units Total Units Openings
27-Mar-96 Openings Closings 26-Jun-96 1Q97 Fiscal 97
--------------------------------------- ---- ---------
Company Units
Chili's 347 5 0 352 11 32
Macaroni Grill 63 6 0 69 6 21
On The Border 20 5 (2) 23 2 14
Cozymel's 11 2 0 13 0 1
Maggiano's 3 0 0 3 1 2
Corner Bakery 7 1 0 8 4 8
Grady's 1 0 (1) 0 0 0
--------------------------------------- ---- ---------
452 19 (3) 468 24 78
JV/Franchise Units
Chili's 127 10 0 137 10 35
Macaroni Grill 2 0 0 2 0 3
On The Border 4 1 0 5 2 5
Wildfire 1 0 0 1 0 0
Eatzi's 1 0 0 1 0 0
--------------------------------------- ---- ---------
135 11 0 146 12 43
Total Units
Chili's 474 15 0 489 21 67
Macaroni Grill 65 6 0 71 6 24
On The Border 24 6 (2) 28 4 19
Cozymel's 11 2 0 13 0 1
Maggiano's 3 0 0 3 1 2
Corner Bakery 7 1 0 8 4 8
Wildfire 1 0 0 1 0 0
Eatzi's 1 0 0 1 0 0
Grady's 1 0 (1) 0 0 0
--------------------------------------- ---- ---------
587 30 (3) 614 36 121
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CONTACT: Brinker International, Inc. Debra Smithart, 214/980-9917 |
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