Brinker International Inc. reports revenues up 17.2 percent for the first fiscal quarter.Inc. ("Brinker or the Company") reported revenues of $289.5 million for the first fiscal quarter ended Sept. 27, 1995, an increase of 17.2 percent over the $247.1 million reported for the same quarter of fiscal 1995. Net income and primary net income per share declined 16.0 percent from $18.5 million to $15.6 million and from $0.25 to $0.21. Brinker owns and operates eight restaurant concepts under the names 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 ("Cozymel's"), 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. ("Maggiano's"), and Corner Bakery, ("Corner Bakery"). The previously announced acquisitions of the Cozymel's and Maggiano's/Corner Bakery concepts were completed on July July: see month. 19 and Aug. 29, 1995, respectively. The results of operations for the first quarter of fiscal 1996 include the operations of the Cozymel's and Maggiano's/Corner Bakery restaurants from the dates of their acquisition. Brinker increased its capacity (as measured in store weeks) by 21.3 percent in the first quarter of fiscal 1996, as compared to the same quarter in fiscal 1995. During the quarter, 29 company-owned restaurants and nine franchise units were opened and one company-owned unit and one franchise unit were closed. Average weekly sales at company-owned stores declined 3.3 percent in the first quarter of fiscal 1996, as compared to the same quarter in fiscal 1995, including declines of 2.8 percent and 8.3 percent at Chili's and Macaroni Grill, respectively. On Oct. 17, 1995, the Board of Directors approved a strategic plan intended to support the Company's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth target that focuses on continued development of those restaurant concepts that have the greatest return potential for the Company and its shareholders. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with this plan, the Company will dispose of dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. or convert 30-40 company-owned restaurants that have not met management's expectation. As of today, 10 units have ceased operations under this plan. The remaining restaurants will be disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of or converted during the current fiscal year. The Company expects to record an estimated pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $50 million in the second quarter of fiscal 1996 to cover the costs related to the execution of this plan. Notwithstanding the above, the Company's overall development plan will remain on track for fiscal 1996, bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by the recent acquisitions of the Cozymel's and Maggiano's/Corner Bakery concepts. Store weeks for Brinker are expected to increase approximately 19-20 percent for the year. -0-
BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(Unaudited)
13 Week Periods Ended
Sept. 27, 1995 Sept. 28, 1994
-------------- --------------
Revenues $ 289,460 $ 247,072
---------- ----------
Costs and Expenses:
Cost of Sales 83,658 66,276
Restaurant Expenses 152,905 126,847
Depreciation and Amortization 16,072 13,786
General and Administrative 12,997 12,224
Interest Expense 767 --
Other, Net (906) (817)
---------- ----------
Total Costs and Expenses 265,493 218,316
---------- ----------
Income Before Provision
for Income Taxes 23,967 28,756
Provision for Income Taxes 8,388 10,208
---------- ----------
Net Income $ 15,579 $ 18,548
========== ==========
Primary Net Income Per Share $ 0.21 $ 0.25
========== ==========
Primary Weighted Average
Shares Outstanding 75,721 74,799
========== ==========
BRINKER INTERNATIONAL, INC.
UNIT SUMMARY
First Quarter Fiscal 1996
---------------------------------
Total Total
Units Units
June 28, Sept. 27,
1995 Acquisitions Openings Closings 1995
-------- ------------ -------- -------- -------
Company Units
Chili's 316 -- 14 -- 330
Macaroni Grill 50 -- 4 -- 54
On The Border 16 -- 2 (1) 17
Cozymel's -- 3 1 -- 4
Maggiano's -- 3 -- -- 3
Corner Bakery -- 5 -- -- 5
Grady's 44 -- 5 -- 49
Spageddies 12 -- 3 -- 15
Test Concept 1 -- -- -- 1
-------- ------------ -------- -------- ------
439 11 29 (1) 478
JV/Franchise
Units
Chili's 108 -- 8 -- 116
Macaroni Grill 1 -- -- -- 1
On The Border 5 -- -- (1) 4
Cozymel's 3 (3) -- -- --
Spageddies 4 -- 1 -- 5
-------- ------------ -------- ------- ------
121 (3) 9 (1) 126
Total Units
Chili's 424 -- 22 -- 446
Macaroni Grill 51 -- 4 -- 55
On The Border 21 -- 2 (2) 21
Cozymel's 3 -- 1 -- 4
Maggiano's -- 3 -- -- 3
Corner Bakery -- 5 -- -- 5
Grady's 44 -- 5 -- 49
Spageddies 16 -- 4 -- 20
Test Concept 1 -- -- -- 1
-------- ------------ -------- ------- ------
560 8 38 (2) 604
CONTACT: Brinker International Inc. Debra Smithart, 214/980-9917 |
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