Brinker International Inc. reports revenues.DALLAS--(BUSINESS WIRE)--Aug. 31, 1995--Brinker International, Inc. reports revenues up 17.6 percent and net income up 16.7 percent for the year ended June 28, 1995. Revenues for the year ended June 28, 1995, rose 17.6 percent to $1,042.2 million from $886.0 million reported for the same period last year. Fiscal 1995 comparable store sales decreased 0.3 percent compared to the same 12 month period of fiscal 1994. Income Before Income Taxes increased to $111.4 million, 15.4 percent above the $96.5 million reported in fiscal 1994. Net income rose 16.7 percent from $62.3 million to $72.7 million, while primary net income per share increased 18.1 percent from $0.83 to $0.98. Brinker currently owns and operates six restaurant concepts under the names Chili's Grill & Bar ("Chili's"), Grady's American Grill ("Grady's"), Romano's Macaroni macaroni: see pasta. Grill ("Macaroni Grill"), On The Border Cafes ("On The Border"), Spageddies Italian Kitchen ("Spageddies"), and Cozymel's - A Very Mexican Grill ("Cozymel's"). At year end, Chili's system-wide restaurants totaled 424 units operating in 45 states, Canada, Mexico, Singapore, Malaysia, Australia, Egypt, Puerto Rico, France and Indonesia. In addition, 44 Grady's, 51 Macaroni Grill, 21 On The Border, 16 Spageddies, and three Cozymel's restaurants are currently open system-wide. During the past year, Brinker entered into an international franchise agreement which will bring Chili's to Great Britain in fiscal 1996. In fiscal 1995, the first Chili's restaurants opened in Egypt (July 1994), Australia (August 1994), Puerto Rico (September 1994), France (February 1995), and Indonesia (May 1995). Chili's restaurants are full-service restaurants featuring a casual atmosphere and a limited menu of freshly prepared chicken, beef and seafood entrees, hamburgers, ribs, fajitas, sandwiches, salads, appetizers, desserts and a full-service bar. Grady's restaurants are casual, upscale restaurants that feature fresh seafood, prime rib, steaks, pasta, salads, sandwiches, appetizers, desserts and a full-service bar. Macaroni Grill restaurants are full-service Italian restaurants featuring appetizers, salads, seafood, meat, and pasta entrees, desserts and a full- service bar. On The Border restaurants are full-service, casual, Tex-Mex theme restaurants featuring Southwest mesquite-grilled specialties and a full-service bar. Spageddies restaurants are casual, full-service, modest-priced Italian restaurants featuring appetizers, salads, pasta, rotisserie chicken, steak, desserts and a full-service bar. Cozymel's restaurants are casual, upscale, authentic Mexican restaurants featuring fish, chicken, beef, and pork entrees, appetizers and a full-service bar featuring a variety of frozen beverages. -0-
BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Year Ended Year Ended
June 28, 1995 June 29, 1994
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Revenues $ 1,042,199 $ 886,040
Income Before Provision
For Income Taxes $ 111,420 $ 96,542
Net Income $ 72,744 $ 62,319
Primary Net Income Per Share $ 0.98 $ 0.83
Primary Weighted Average
Shares Outstanding 74,283 74,947-0-
Prior year financial results have been restated to reflect the acquisition of three restaurants from a franchisee accounted for as a pooling of interests. -0-
BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Year Ended Year Ended
June 28, 1995 June 29, 1994
------------- -------------
Revenues $ 1,042,199 $ 886,040
----------- -----------
Costs and Expenses:
Cost of Sales 283,417 241,950
Restaurant Expenses 540,986 451,029
Depreciation and Amortization 58,570 51,570
General and Administrative 50,362 45,659
Interest Expense 595 441
Merger Expenses -- 1,949
Injury Claim Settlement -- 2,248
Other, Net (3,151) (5,348)
----------- -----------
Total Costs and Expenses 930,779 789,498
----------- -----------
Income Before Provision for
Income Taxes 111,420 96,542
Provision for Income Taxes 38,676 34,223
----------- -----------
Net Income $ 72,744 $ 62,319
=========== ===========
Primary Net Income Per Share $ 0.98 $ 0.83
=========== ===========
Primary Weighted Average Shares
Outstanding 74,283 74,947
=========== ===========
-0- Prior year financial results have been restated to reflect the acquisition of three restaurants from a franchisee accounted for as a pooling of interests. -0-
BRINKER INTERNATIONAL, INC.
UNITS SUMMARY
Net
June 29, 1994 Openings Acquisitions June 28, 1995
------------- -------- ------------ -------------
Company Units
Chili's 277 36 3 316
Macaroni Grill 34 16 0 50
Grady's 34 11 (1) 44
Spageddies 6 6 0 12
On The Border 14 2 0 16
Test Concept 1 0 0 1
------------- -------- ------------ -------------
366 71 2 439
============= ======== ============ =============
JV/Franchise Units
Chili's 83 30 (5) 108
Macaroni Grill 1 0 0 1
Spageddies 0 4 0 4
On The Border 7 0 (2) 5
Cozymel's 1 2 0 3
------------- -------- ------------ -------------
92 36 (7) 121
============= ======== ============ =============
Total Units
Chili's 360 66 (2) 424
Macaroni Grill 35 16 0 51
Grady's 34 11 (1) 44
Spageddies 6 10 0 16
On The Border 21 2 (2) 21
Cozymel's 1 2 0 3
Test Concept 1 0 0 1
------------- -------- ------------ -------------
458 107 (5) 560
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CONTACT: Debra Smithart, executive vice president and chief financial officer, Brinker International, Inc. 214/980-9917 |
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