DALLAS, Jan. 25, 2017 /PRNewswire/ -- Brinker
International, Inc. (NYSE: EAT) today announced results for the
fiscal second quarter ended Dec. 28,
2016 and updated its fiscal 2017 outlook.
Highlights include the following:
- On a GAAP basis, earnings per diluted share in the second
quarter of fiscal 2017 decreased 13.8 percent to $0.69 compared to $0.80 for the second quarter of fiscal 2016
- Earnings per diluted share, excluding special items, in the
second quarter of fiscal 2017 decreased 9.0 percent to $0.71 compared to $0.78 for the second quarter of fiscal 2016 (see
non-GAAP reconciliation below)
- Brinker's total revenues in the second quarter of fiscal 2017
decreased 2.2 percent to $771.0
million compared to the second quarter of fiscal 2016 and
company sales in the second quarter of fiscal 2017 decreased 2.2
percent to $748.7 million compared to
the second quarter of fiscal 2016
- Chili's company-owned comparable restaurant sales in the second
quarter of fiscal 2017 decreased 3.3 percent
- Maggiano's comparable restaurant sales in the second quarter of
fiscal 2017 decreased 0.8 percent
- Chili's franchise comparable restaurant sales in the second
quarter of fiscal 2017 decreased 3.5 percent, which includes a 3.0
percent and 4.2 percent decrease for U.S. and international
franchise restaurants, respectively
- Operating income, as a percent of total revenues, declined
approximately 160 basis points to 8.0 percent in the second quarter
of fiscal 2017 compared to 9.6 percent for the second quarter of
fiscal 2016
- Restaurant operating margin, as a percent of company
sales, declined approximately 100 basis points to 15.1 percent in
the second quarter of fiscal 2017 compared to 16.1 percent for the
second quarter of fiscal 2016 (see non-GAAP reconciliation
below)
- For the first six months of fiscal 2017, cash flows provided by
operating activities were $141.1
million and capital expenditures totaled $60.1 million. Free cash flow was $81.0 million (see non-GAAP reconciliation
below)
- The company is updating its fiscal 2017 outlook and now
estimates earnings per diluted share, excluding special items, to
be in the range of $3.05 to $3.15 for
fiscal 2017
"We are not satisfied with our second quarter results.
While we believe our initiatives can deliver share gains, our
overall performance was hurt by a much weaker-than-expected casual
dining category," said Wyman
Roberts, chief executive officer and president. "We are
taking actions to sharpen our focus on more impactful innovation
and execution designed to create long-term value for our
shareholders."
Table 1: Q2
comparable restaurant sales1
|
Company-owned,
reported brands and franchise; percentage
|
|
|
|
|
|
|
|
Q2
17
|
|
Q2
16
|
Brinker
International
|
|
(2.9)
|
|
(2.6)
|
Chili's
Company-Owned
|
|
|
|
|
Comparable Restaurant
Sales
|
|
(3.3)
|
|
(2.8)
|
Pricing Impact
|
|
1.8
|
|
0.8
|
Mix-Shift2
|
|
1.4
|
|
0.4
|
Traffic
|
|
(6.5)
|
|
(4.0)
|
Maggiano's
|
|
|
|
|
Comparable Restaurant
Sales
|
|
(0.8)
|
|
(1.8)
|
Pricing Impact
|
|
2.6
|
|
2.3
|
Mix-Shift2
|
|
(0.9)
|
|
(1.2)
|
Traffic
|
|
(2.5)
|
|
(2.9)
|
|
|
|
|
|
Chili's
Franchise3
|
|
(3.5)
|
|
0.9
|
U.S.
Comparable Restaurant Sales
|
|
(3.0)
|
|
(0.1)
|
International
Comparable Restaurant Sales
|
|
(4.2)
|
|
2.6
|
|
|
|
|
|
Chili's
Domestic4
|
|
(3.2)
|
|
(2.1)
|
System-wide5
|
|
(3.1)
|
|
(1.6)
|
|
|
|
1
|
|
Comparable restaurant
sales includes all restaurants that have been in operation for more
than 18 months.
|
2
|
|
Mix shift is
calculated as the year over year percentage change in company sales
resulting from the change in menu items ordered by
guests.
|
3
|
|
Revenues generated by
franchisees are not included in revenues on the consolidated
statements of comprehensive income; however, we generate royalty
revenue and advertising fees based on franchisee revenues, where
applicable. We believe including franchise comparable restaurant
sales provides investors information regarding brand performance
that is relevant to current operations and may impact future
restaurant development.
|
4
|
|
Chili's Domestic
comparable restaurant sales percentages are derived from sales
generated by company-owned and franchise operated Chili's
restaurants in the United States.
|
5
|
|
System-wide
comparable restaurant sales are derived from sales generated by
company-owned Chili's and Maggiano's restaurants in addition to the
sales generated at franchise operated Chili's
restaurants.
|
Quarterly Operating Performance
CHILI'S second quarter
company sales decreased 2.9 percent to $632.1 million from $651.0
million in the prior year primarily due to a decline in
comparable restaurant sales. As compared to the prior year, Chili's
restaurant operating margin1 declined. Restaurant labor,
as a percent of company sales, increased compared to the prior year
due to higher wage rates and employee health insurance expenses.
Restaurant expenses, as a percent of company sales, increased due
to deleverage, higher advertising and repairs and maintenance
expenses. Cost of sales, as a percent of company sales, decreased
due to increased menu pricing and favorable commodity pricing
primarily related to poultry, burgers and prime rib, partially
offset by unfavorable menu item mix and commodity pricing primarily
related to avocados.
MAGGIANO'S second quarter company sales increased 1.7 percent to
$116.6 million from $114.7 million in the prior year primarily due to
an increase in restaurant capacity, partially offset by a decline
in comparable restaurant sales. As compared to the prior year,
Maggiano's restaurant operating margin1 improved. Cost
of sales, as a percent of company sales, was positively impacted
by favorable commodity pricing and increased menu pricing,
partially offset by unfavorable menu item mix. Restaurant expenses,
as a percent of company sales, decreased due to lower preopening
expenses, partially offset by higher supervision expenses.
Restaurant labor, as a percent of company sales, increased due to
higher manager bonuses and increased employee health insurance
expenses.
1Restaurant operating margin is defined as Company
sales less Cost of sales, Restaurant labor and Restaurant expenses
and excludes Depreciation and amortization expenses. (See non-GAAP
reconciliation below)
FRANCHISE AND OTHER revenues decreased 2.6 percent to
$22.3 million for the second quarter
compared to $22.9 million in the
prior year. Brinker franchisees generated approximately
$320 million in sales2 for
the second quarter of fiscal 2017.
2Royalty revenues are recognized based on the sales
generated and reported to the company by franchisees.
Other
Depreciation and amortization expense increased
$0.2 million for the quarter compared
to the second quarter of fiscal 2016 primarily due to depreciation
on asset replacements and new restaurant openings, partially offset
by an increase in fully depreciated assets and restaurant
closures.
General and administrative expense increased $1.6 million for the quarter compared to the
second quarter of fiscal 2016 primarily due to higher stock
compensation and payroll expenses, partially offset by lower
performance-based compensation.
On a GAAP basis, the effective income tax rate decreased to 28.2
percent in the current quarter from 30.1 percent in the second
quarter of fiscal 2016. Excluding the impact of special items, the
effective income tax rate decreased to 28.1 percent in the current
quarter compared to 31.3 percent in the second quarter of fiscal
2016. The effective income tax rates decreased in the current
quarter primarily due to lower profits and the impact of tax
credits.
Non-GAAP Measures
Brinker management uses certain
non-GAAP measures in analyzing operating performance and believes
that the presentation of these measures in this release provides
investors with information that is beneficial to gaining an
understanding of the company's operating results. Non-GAAP
disclosures should not be viewed as a substitute for operating
results determined in accordance with GAAP, nor are they
necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Reconciliations of these
non-GAAP measures are included in the tables below.
Table 2:
Reconciliation of net income excluding special items
|
Q2 17 and Q2 16; $
millions and $ per diluted share after-tax
|
|
Brinker believes
excluding special items from its financial results provides
investors with a clearer perspective of the company's ongoing
operating performance and a more relevant comparison to prior
period results.
|
|
|
|
|
|
|
|
|
|
|
|
Q2
17
|
|
EPS Q2
17
|
|
Q2
16
|
|
EPS Q2
16
|
Net Income
|
|
34.6
|
|
0.69
|
|
47.7
|
|
0.80
|
Special
items1
|
|
1.3
|
|
0.03
|
|
(0.1)
|
|
0.00
|
Income tax effect
related to special items
|
|
(0.3)
|
|
(0.01)
|
|
0.1
|
|
0.00
|
Adjustment for tax
items2
|
|
—
|
|
—
|
|
(0.8)
|
|
(0.02)
|
Special items, net of
taxes
|
|
1.0
|
|
0.02
|
|
(0.8)
|
|
(0.02)
|
Net Income excluding
special items
|
|
35.6
|
|
0.71
|
|
46.9
|
|
0.78
|
|
|
|
1
|
|
See footnote "b" to
the consolidated statements of comprehensive income for additional
details on the composition of these amounts.
|
2
|
|
Discrete tax items
result from the resolution of certain tax positions which directly
impacts tax expense.
|
Table 3:
Calculation of restaurant operating margin and reconciliation to
operating income
|
Q2 17 and Q2 16; $
millions
|
|
Brinker believes
presenting restaurant operating margin provides a useful metric by
which to evaluate restaurant-level operating efficiency and
performance.
|
|
|
|
|
|
|
|
Q2F17
|
|
Q2F16
|
Company
sales
|
|
748.7
|
|
|
765.7
|
|
Cost of
sales
|
|
193.5
|
|
|
203.8
|
|
Restaurant
labor
|
|
248.7
|
|
|
247.6
|
|
Restaurant
expenses
|
|
193.1
|
|
|
190.7
|
|
Restaurant operating
margin
|
|
113.4
|
|
|
123.6
|
|
Divided by company
sales
|
|
748.7
|
|
|
765.7
|
|
Restaurant operating
margin as a percent of company sales
|
|
15.1
|
%
|
|
16.1
|
%
|
|
|
|
|
|
Restaurant operating
margin
|
|
113.4
|
|
|
123.6
|
|
Franchise and other
revenues
|
|
22.3
|
|
|
22.9
|
|
Depreciation and
amortization
|
|
(39.3)
|
|
|
(39.1)
|
|
General and
administrative
|
|
(33.5)
|
|
|
(31.9)
|
|
Other gains and
charges
|
|
(1.3)
|
|
|
0.1
|
|
Operating
income
|
|
61.6
|
|
|
75.6
|
|
Divided by total
revenues
|
|
771.0
|
|
|
788.6
|
|
Operating income as a
percent of total revenues
|
|
8.0
|
%
|
|
9.6
|
%
|
Table 4:
Reconciliation of free cash flow
|
Q2 17; $
millions
|
|
Brinker believes
presenting free cash flow provides a useful measure to evaluate the
cash flow available for reinvestment after considering the capital
requirements of our business operations.
|
|
|
|
|
|
Twenty-six
Week
Period Ended
Dec. 28, 2016
|
Cash flows provided
by operating activities
|
|
141.1
|
Capital
expenditures
|
|
(60.1)
|
Free cash
flow
|
|
81.0
|
Fiscal 2017 Outlook Update
"While we believe our
initiatives are gaining traction and plan to enhance our focus to
improve performance, we are reducing our full-year adjusted EPS
guidance primarily to reflect lower category sales than originally
planned," said Tom Edwards,
executive vice president and chief financial officer.
The company is updating guidance for fiscal 2017 due to changes
in our performance expectations and recent reorganization
activities. We continually examine our business model to identify
efficiencies and react to changes in the business environment. We
have reorganized Chili's restaurant operations team and certain
positions at the Restaurant Support Center to streamline our
staffing to align with our current management strategy. We estimate
that this action will result in severance and other separation
related charges of approximately $6.0
million. These amounts will be recorded in the third quarter
of fiscal 2017 in the Other gains and charges caption of our
consolidated statements of comprehensive income. We
anticipate that this reorganization will result in pre-tax savings
of over $5 million in fiscal 2017 and
approximately $12 million on an
annualized basis.
We are unable to reliably forecast special items such as
restaurant impairments, restaurant closures, reorganization charges
and legal settlements without unreasonable effort. As such we do
not present a reconciliation of forecasted adjusted earnings per
diluted share, excluding special items, to US GAAP earnings per
diluted share.
The company estimates that earnings per diluted share, excluding
special items, will be in the range of $3.05
to $3.15. Our updated earnings expectations are based on the
following assumptions:
- Total revenues are now estimated to decrease approximately 2.0
to 2.5 percent on a GAAP basis and decrease approximately 1.0 to
1.5 percent excluding the impact of the 53rd week in fiscal
2016
- Comparable restaurant sales are now estimated to be down 1.5 to
2.0 percent
- Restaurant operating margin is now estimated to be down
approximately 90 basis points year-over-year on a 52 week
basis
- General and administrative expense is now estimated to be an
increase of approximately $6.0 to $8.0
million
- Depreciation is now estimated to be flat to an increase of
approximately $1.0 million
- Free cash flow is estimated to be $205
to $215 million
The company believes providing fiscal 2017 earnings per diluted
share, excluding special items, guidance provides investors the
appropriate insight into the company's ongoing operating
performance.
Guidance Policy
Brinker provides annual guidance as it
relates to comparable restaurant sales, earnings per diluted share,
excluding special items, and other key line items in the statements
of comprehensive income and will only provide updates if there is a
material change versus the original guidance.
Webcast Information
Investors and interested parties
are invited to listen to today's conference call, as management
will provide further details of the quarter. The call will
broadcast live on Brinker's Web site at 9
a.m. CST today (Jan. 25) –
http://investors.brinker.com/phoenix.zhtml?c=119205&p=irol-EventDetails&EventId=5246124
For those who are unable to listen to the live broadcast, a
replay of the call will be available shortly thereafter and will
remain on Brinker's Web site until the end of the day Feb. 22, 2017.
Additional financial information, including statements of income
which detail operations excluding special items, franchise and
other revenues, and comparable restaurant sales trends by brand, is
also available on Brinker's Web site under the Financial
Information section of the Investor tab.
Forward Calendar
- SEC Form 10-Q for the second
quarter of fiscal 2017 filing on or before Feb. 6, 2017; and
- Third quarter earnings release, before market opens,
April 25, 2017.
About Brinker
Brinker International, Inc. is one of
the world's leading casual dining restaurant companies. Founded in
1975 and based in Dallas, Texas,
as of Dec. 28, 2016, Brinker owned,
operated, or franchised 1,658 restaurants under the names
Chili's® Grill & Bar (1,606 restaurants) and
Maggiano's Little Italy® (52 restaurants).
Forward-Looking Statements
The statements contained in
this release that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are based on our current plans and
expectations and involve risks and uncertainties which are, in many
instances, beyond our control. Such risks and uncertainties
include, among other things, general business and economic
conditions, financial and credit market conditions, credit
availability, reduced disposable income, the impact of competition,
the impact of mergers, acquisitions, divestitures and other
strategic transactions, franchisee success, the seasonality of the
company's business, increased minimum wages, increased health care
costs, adverse weather conditions, future commodity prices, product
availability, fuel and utility costs and availability, terrorist
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 business strategy plan, acts of God,
governmental regulations, inflation, technology failures, and
failure to protect the security of data of our guests and
teammates, as well as the risks described under the caption "Risk
Factors" in our Annual Report on Form 10-K and future filings with
the Securities and Exchange Commission.
BRINKER
INTERNATIONAL, INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
|
(In thousands,
except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
Thirteen Week
Periods Ended
|
|
Twenty-Six Week
Periods Ended
|
|
|
Dec. 28,
2016
|
|
Dec. 23,
2015
|
|
Dec. 28,
2016
|
|
Dec. 23,
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
Company
sales
|
|
$
|
748,709
|
|
|
$
|
765,672
|
|
|
$
|
1,486,119
|
|
|
$
|
1,506,153
|
|
Franchise and other
revenues (a)
|
|
22,334
|
|
|
22,938
|
|
|
43,416
|
|
|
45,016
|
|
Total
revenues
|
|
771,043
|
|
|
788,610
|
|
|
1,529,535
|
|
|
1,551,169
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
Company restaurants
(excluding depreciation and amortization)
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
193,537
|
|
|
203,799
|
|
|
385,839
|
|
|
400,402
|
|
Restaurant
labor
|
|
248,692
|
|
|
247,596
|
|
|
499,262
|
|
|
494,173
|
|
Restaurant
expenses
|
|
193,131
|
|
|
190,660
|
|
|
389,774
|
|
|
379,833
|
|
Company restaurant
expenses
|
|
635,360
|
|
|
642,055
|
|
|
1,274,875
|
|
|
1,274,408
|
|
Depreciation and
amortization
|
|
39,305
|
|
|
39,114
|
|
|
78,191
|
|
|
78,285
|
|
General and
administrative
|
|
33,546
|
|
|
31,909
|
|
|
66,083
|
|
|
65,020
|
|
Other gains and
charges (b)
|
|
1,306
|
|
|
(87)
|
|
|
7,384
|
|
|
1,590
|
|
Total operating costs
and expenses
|
|
709,517
|
|
|
712,991
|
|
|
1,426,533
|
|
|
1,419,303
|
|
Operating
income
|
|
61,526
|
|
|
75,619
|
|
|
103,002
|
|
|
131,866
|
|
Interest
expense
|
|
13,641
|
|
|
7,907
|
|
|
22,450
|
|
|
15,674
|
|
Other, net
|
|
(383)
|
|
|
(560)
|
|
|
(682)
|
|
|
(833)
|
|
Income before
provision for income taxes
|
|
48,268
|
|
|
68,272
|
|
|
81,234
|
|
|
117,025
|
|
Provision for income
taxes
|
|
13,631
|
|
|
20,578
|
|
|
23,364
|
|
|
36,124
|
|
Net income
|
|
$
|
34,637
|
|
|
$
|
47,694
|
|
|
$
|
57,870
|
|
|
$
|
80,901
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
|
$
|
0.70
|
|
|
$
|
0.81
|
|
|
$
|
1.11
|
|
|
$
|
1.35
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per share
|
|
$
|
0.69
|
|
|
$
|
0.80
|
|
|
$
|
1.09
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
|
Basic weighted
average shares outstanding
|
|
49,833
|
|
|
59,198
|
|
|
52,339
|
|
|
59,712
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
50,480
|
|
|
59,899
|
|
|
53,028
|
|
|
60,553
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment (c)
|
|
$
|
(1,664)
|
|
|
$
|
(460)
|
|
|
$
|
(2,145)
|
|
|
$
|
(3,265)
|
|
Other comprehensive
loss
|
|
(1,664)
|
|
|
(460)
|
|
|
(2,145)
|
|
|
(3,265)
|
|
Comprehensive
income
|
|
$
|
32,973
|
|
|
$
|
47,234
|
|
|
$
|
55,725
|
|
|
$
|
77,636
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Franchise and other
revenues primarily includes royalties, development fees, franchise
fees, Maggiano's banquet service charge income, gift card breakage
and discounts, tabletop gaming revenue, Chili's retail food product
royalties and delivery fee income.
|
(b)
|
Other gains and
charges include:
|
|
Thirteen Week
Periods Ended
|
|
Twenty-Six Week
Periods Ended
|
|
Dec. 28,
2016
|
|
Dec. 23,
2015
|
|
Dec. 28,
2016
|
|
Dec. 23,
2015
|
Gain on the sale of
assets, net
|
$
|
(2,569)
|
|
|
$
|
—
|
|
|
$
|
(2,569)
|
|
|
$
|
(1,762)
|
|
Restaurant impairment
charges
|
1,851
|
|
|
468
|
|
|
1,851
|
|
|
525
|
|
Restaurant closure
charges
|
321
|
|
|
—
|
|
|
2,827
|
|
|
—
|
|
Information
technology restructuring
|
209
|
|
|
—
|
|
|
2,700
|
|
|
—
|
|
Severance
|
—
|
|
|
209
|
|
|
293
|
|
|
2,368
|
|
Litigation
|
—
|
|
|
(2,032)
|
|
|
—
|
|
|
(2,032)
|
|
Acquisition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
580
|
|
Other
|
1,494
|
|
|
1,268
|
|
|
2,282
|
|
|
1,911
|
|
|
$
|
1,306
|
|
|
$
|
(87)
|
|
|
$
|
7,384
|
|
|
$
|
1,590
|
|
|
|
(c)
|
The foreign currency
translation adjustment included in comprehensive income on the
consolidated statements of comprehensive income represents the
unrealized impact of translating the financial statements of the
Canadian restaurants and the Mexican joint venture from their
respective functional currencies to U.S. dollars. This amount is
not included in net income and would only be realized upon
disposition of the businesses.
|
BRINKER
INTERNATIONAL, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Dec. 28,
2016
|
|
June 29,
2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
$
|
224,268
|
|
|
$
|
176,774
|
|
Net property and
equipment (a)
|
|
1,018,221
|
|
|
1,043,152
|
|
Total other
assets
|
|
255,616
|
|
|
249,534
|
|
Total
assets
|
|
$
|
1,498,105
|
|
|
$
|
1,469,460
|
|
LIABILITIES AND
SHAREHOLDERS' DEFICIT
|
|
|
|
|
Current installments
of long-term debt
|
|
$
|
3,815
|
|
|
$
|
3,563
|
|
Other current
liabilities
|
|
465,989
|
|
|
428,880
|
|
Long-term debt, less
current installments
|
|
1,416,212
|
|
|
1,110,693
|
|
Other
liabilities
|
|
142,675
|
|
|
139,423
|
|
Total shareholders'
deficit
|
|
(530,586)
|
|
|
(213,099)
|
|
Total liabilities and
shareholders' deficit
|
|
$
|
1,498,105
|
|
|
$
|
1,469,460
|
|
|
|
(a)
|
At Dec. 28, 2016, the
company owned the land and buildings for 190 of the 1,001
company-owned restaurants. The net book values of the land totaled
$143.2 million and the buildings totaled $101.0 million associated
with these restaurants.
|
BRINKER
INTERNATIONAL, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
Twenty-Six Week
Periods Ended
|
|
|
Dec. 28,
2016
|
|
Dec. 23,
2015
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Net income
|
|
$
|
57,870
|
|
|
$
|
80,901
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
78,191
|
|
|
78,285
|
|
Stock-based
compensation
|
|
8,152
|
|
|
7,522
|
|
Restructure charges
and other impairments
|
|
8,000
|
|
|
1,229
|
|
Net gain on disposal
of assets
|
|
(811)
|
|
|
(274)
|
|
Changes in assets and
liabilities
|
|
(10,266)
|
|
|
(11,424)
|
|
Net cash provided by
operating activities
|
|
141,136
|
|
|
156,239
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
Payments for property
and equipment
|
|
(60,055)
|
|
|
(52,199)
|
|
Proceeds from sale of
assets
|
|
3,022
|
|
|
2,756
|
|
Payment for business
acquisition, net of cash acquired
|
|
—
|
|
|
(105,577)
|
|
Net cash used in
investing activities
|
|
(57,033)
|
|
|
(155,020)
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
Proceeds from
issuances of long-term debt
|
|
350,000
|
|
|
—
|
|
Purchases of treasury
stock
|
|
(349,994)
|
|
|
(140,089)
|
|
Payments on revolving
credit facility
|
|
(138,000)
|
|
|
(20,000)
|
|
Borrowings on
revolving credit facility
|
|
100,000
|
|
|
207,500
|
|
Payments of
dividends
|
|
(36,944)
|
|
|
(37,363)
|
|
Payments for debt
issuance costs
|
|
(10,216)
|
|
|
—
|
|
Proceeds from
issuances of treasury stock
|
|
3,837
|
|
|
1,691
|
|
Payments on long-term
debt
|
|
(1,862)
|
|
|
(1,698)
|
|
Excess tax benefits
from stock-based compensation
|
|
1,688
|
|
|
4,907
|
|
Net cash (used in)
provided by financing activities
|
|
(81,491)
|
|
|
14,948
|
|
Net change in cash
and cash equivalents
|
|
2,612
|
|
|
16,167
|
|
Cash and cash
equivalents at beginning of period
|
|
31,446
|
|
|
55,121
|
|
Cash and cash
equivalents at end of period
|
|
$
|
34,058
|
|
|
$
|
71,288
|
|
BRINKER
INTERNATIONAL, INC.
|
RESTAURANT
SUMMARY
|
|
|
|
|
|
|
|
|
|
Second Quarter
Openings
Fiscal
2017
|
|
Total Restaurants
Dec. 28,
2016
|
|
Projected
Openings
Fiscal 2017
|
Company-owned
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
1
|
|
935
|
|
5-6
|
Chili's
international
|
|
1
|
|
14
|
|
1
|
Maggiano's
|
|
1
|
|
52
|
|
2
|
Total
company-owned
|
|
3
|
|
1,001
|
|
8-9
|
Franchise
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
1
|
|
316
|
|
5-8
|
Chili's
international
|
|
8
|
|
341
|
|
35-40
|
Total
franchise
|
|
9
|
|
657
|
|
40-48
|
Total
restaurants:
|
|
|
|
|
|
|
Chili's
domestic
|
|
2
|
|
1,251
|
|
10-14
|
Chili's
international
|
|
9
|
|
355
|
|
36-41
|
Maggiano's
|
|
1
|
|
52
|
|
2
|
Grand
total
|
|
12
|
|
1,658
|
|
48-57
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brinker-international-reports-second-quarter-results-300396253.html
SOURCE Brinker International, Inc.