Brinker International, Inc. reports improved profitability in third quarter.DALLAS--(BUSINESS WIRE)--April 23, 1996--Brinker International, Inc. ("Brinker") reported revenues of $284.2 million for the third fiscal quarter ended March 27, 1996, an increase of 5.9 percent over the $268.5 million reported for the same quarter of fiscal 1995. Capacity (as measured by sales weeks) increased 4.8 percent for the quarter while average weekly sales increased 0.2 percent. Average weekly sales trends in the third quarter at 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:
Revenues for the nine month period of fiscal 1996 rose 13.3 percent to $863.3 million from $762.2 million reported for the same period last fiscal year. Net income for the nine month period, 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 $52.9 million to $42.4 million, while primary net income per share declined from $0.71 to $0.55. Commenting on the third quarter results, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member McDougall Mc·Dou·gall , William 1871-1938. British-born American psychologist who theorized that human behavior is determined by both instinctive and intentional strivings. stated, "We are encouraged by the steady progress in our operating performance. During the third quarter, we saw sequential One after the other in some consecutive order such as by name or number. improvement in both our sales trends and our profitability. We are excited about our improving customer traffic and fully expect these positive trends to continue in the fourth quarter." Brinker owns and operates six restaurant concepts under the names of Chili's Grill & Bar, Romano's Macaroni Grill, On The Border Cafes Border Cafe may be:
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. , and Corner Bakery. -0-
BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended 39 Weeks Ended
------------------- -------------------
Mar. 27, Mar. 29, Mar. 27, Mar. 29,
1996 1995 1996 1995
-------- -------- -------- --------
Revenues $284,206 $268,487 $863,322 $762,167
-------- -------- -------- --------
Costs and Expenses:
Cost of Sales 79,521 71,640 246,854 205,013
Restaurant Expenses 154,075 141,726 463,089 397,048
Depreciation and
Amortization 15,734 15,061 48,007 43,010
General and
Administrative 13,623 12,993 40,198 37,855
Interest Expense 1,356 -- 3,015 --
Gain on Sales of
Concepts -- -- (9,262) --
Restructuring Charge -- -- 50,000 --
Other, Net (1,116) (655) (2,709) (1,963)
-------- -------- -------- --------
Total Costs and
Expenses 263,193 240,765 839,192 680,963
-------- -------- -------- --------
Income Before Provision
for Income Taxes 21,013 27,722 24,130 81,204
Provision for Income
Taxes 7,144 9,481 8,235 28,344
-------- -------- -------- --------
Net Income $ 13,869 $ 18,241 $ 15,895 $ 52,860
======== ======== ======== ========
Primary Net Income
Per Share $ 0.18 $ 0.25 $ 0.21 $ 0.71
======== ======== ======== ========
Primary Weighted Average
Shares Outstanding 78,389 74,110 77,421 74,414
======== ======== ======== ========
Brinker International, Inc.
Unit Summary
Projected
Total Units Total Units Openings
27-Dec-95 Openings Closings 27-Mar-96 4Q96 Fiscal 97
--------------------------------------- ---- ---------
Company Units
Chili's 339 8 0 347 5 32
Macaroni Grill 61 2 0 63 8 20
On The Border 19 2 (1) 20 6 15
Cozymel's 6 5 0 11 2 1
Maggiano's 3 0 0 3 0 2
Corner Bakery 6 1 0 7 1 8
Grady's 4 0 (3) 1 0 0
Spageddies 4 0 (4) 0 0 0
--------------------------------------- ---- ---------
442 18 (8) 452 22 78
JV/Franchise Units
Chili's 123 4 0 127 11 35
Macaroni Grill 2 0 0 2 0 0
On The Border 4 0 0 4 0 2
Wildfire 1 0 0 1 0 0
Eatzi's 0 1 0 1 0 0
--------------------------------------- ---- ---------
130 5 0 135 11 37
Total Units
Chili's 462 12 0 474 16 67
Macaroni Grill 63 2 0 65 8 20
On The Border 23 2 (1) 24 6 17
Cozymel's 6 5 0 11 2 1
Maggiano's 3 0 0 3 0 2
Corner Bakery 6 1 0 7 1 8
Wildfire 1 0 0 1 0 0
Eatzi's 0 1 0 1 0 0
Grady's 4 0 (3) 1 0 0
Spageddies 4 0 (4) 0 0 0
--------------------------------------- ---- ---------
572 23 (8) 587 33 115
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CONTACT: Brinker International, Inc. Debra Smithart, 214/980-9917 |
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