Brinker International Announces Preliminary First Quarter Earnings Per Diluted Share and Revised Fiscal Year 2009 Guidance
10 Ottobre 2008 - 1:00AM
PR Newswire (US)
DALLAS, Oct. 9 /PRNewswire-FirstCall/ -- Brinker International,
Inc. (NYSE:EAT) today estimates earnings per diluted share, before
special items and excluding Macaroni Grill, of $0.19 to $0.20 for
the company's first quarter ended Sept. 24, 2008 as compared to
earnings per diluted share, before special items and excluding
Macaroni Grill, of $0.35 for the first quarter of fiscal 2008. For
the first quarter of fiscal 2009, special items of approximately
$(0.03) per diluted share consist primarily of lease termination
charges, hurricane costs and expenses associated with the pending
sale of Macaroni Grill. First quarter fiscal 2009 earnings for
Macaroni Grill accounted for approximately $0.06 per diluted share.
As a result, the company estimates earnings per diluted share on a
GAAP basis to be $0.22 to $0.23 for the first quarter of fiscal
2009 compared to $0.34 for the first quarter of the prior year. For
the first quarter of fiscal 2009, results were primarily impacted
by a greater than expected decrease in Brinker comparable
restaurant sales (see Table 1) and the associated impact of sales
deleverage on fixed costs. Table 1: Q1 preliminary comparable
restaurant sales Q1 09 and Q1 08, company and four reported brands;
percentage Q1 09 Q1 08 Q1 09 Comparable Comparable Pricing Q1 09
Sales Sales Impact Mix-Shift Brinker Excluding Macaroni Grill (3.0)
0.0 3.3 (0.9) Brinker International (4.0) (0.9) 3.2 (1.0) Chili's
(3.0) 0.7 3.3 (0.8) On The Border (3.3) (5.3) 4.0 (0.7) Maggiano's
(3.3) 0.5 2.4 (2.3) Macaroni Grill (9.0) (4.8) 2.9 (1.2) Fiscal
2009 Guidance "While we expected our first quarter results to be
down sharply versus a year ago due to rising commodity costs and
the lap of the successful Honey Chipotle Chicken Crispers
promotion, we did not foresee the sequential pressure on the
consumer as the quarter unfolded. As a result, we have revised our
full-year fiscal 2009 guidance to reflect this challenging sales
environment. Despite these ongoing pressures, Brinker's disciplined
capital allocation, strong balance sheet and growing free cash flow
will allow us to focus on the recently-outlined strategies and
invest in the initiatives that will create long-term financial
health and bolster our competitive position in the industry," said
Doug Brooks, Chairman and CEO of Brinker International. The company
expects fiscal 2009 earnings per diluted share, before special
items and excluding the operating results of Macaroni Grill, to
decline between 15 percent and 25 percent as compared to fiscal
2008. This compares to the company's previous guidance of eight to
10 percent growth from fiscal 2008. The revised guidance is based
on a full-year fiscal 2009 decrease in comparable restaurant sales
of approximately two to four percent. The company does not believe
that providing fiscal 2009 earnings per diluted share guidance on a
GAAP basis provides a clear perspective for investors into the
company's ongoing operating performance due to the significant
special charges that the company incurred in fiscal 2008 as well as
the company's inability to forecast special charges for fiscal
2009. In addition, the company is unable to provide specific
guidance for fiscal 2009 including Macaroni Grill due to the
inability of the company to forecast the expected results of an
entity which will not be under the management and control of the
company for the entire fiscal year. Forward Calendar -- First
quarter earnings release, before market opens on Oct. 21, 2008. --
First quarter conference call, via a live webcast on Oct. 21, 2008.
At the end of the first quarter of fiscal 2009, Brinker
International either owned, operated, or franchised 1,911
restaurants under the names Chili's Grill & Bar (1,474
restaurants), On The Border Mexican Grill & Cantina (169
restaurants), Maggiano's Little Italy (42 restaurants), and
Romano's Macaroni Grill (226 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, reduced
disposable income, the impact of competition, the impact of
mergers, acquisitions, divestitures and other strategic
transactions, the seasonality of the company's business, adverse
weather conditions, future commodity prices, product availability,
fuel and utility costs and availability, terrorists 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 growth plan, acts of God, governmental regulations, and
inflation. DATASOURCE: Brinker International, Inc. CONTACT: Media
Relations, Stacey Sullivan, 1-800-775-7290, Investor Relations,
Marie Perry, +1-972-770-1276, both of Brinker International, Inc.
Web site: http://www.brinker.com/
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