Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial
results for the thirteen weeks ended March 30, 2014.
Key highlights for the thirteen weeks ended March 30, 2014
include the following:
- Total revenues increased 6.0% to $1.2 billion and include the
impact of one less operating day due to the change in the Company's
fiscal year end from a calendar year ending on December 31 to a
52-53 week fiscal year
- Comparable sales for Company-owned core domestic concepts were
flat while traffic decreased 1.6% driven by an estimated (1.7%) of
aggregate impact from unfavorable weather and a shift in the timing
of holidays
- Adjusted operating income margin* was 8.4% versus 8.9% in the
first quarter of 2013 and U.S. GAAP operating income margin was
7.8% versus 8.9% in the first quarter of 2013
- Effective income tax rate of 24.8% versus 14.1% in the first
quarter of 2013
- Adjusted EBITDA* was $143.1 million versus $140.9 million in
the first quarter of 2013
- Adjusted net income* was $58.5 million versus $63.2 million in
the first quarter of 2013 and U.S. GAAP Net income attributable to
Bloomin' Brands was $53.7 million versus $63.2 million in the first
quarter of 2013
- Adjusted diluted earnings per share* were $0.46 per share, a
decrease of $0.04 from the first quarter of 2013, and GAAP Diluted
earnings per share were $0.42 per share, a decrease of $0.08 from
the first quarter of 2013
The following table reconciles Adjusted diluted earnings per
share to Diluted earnings per share for the periods as indicated
below:
|
THIRTEEN |
THREE |
|
|
WEEKS ENDED MARCH
30, 2014 |
MONTHS ENDED
MARCH 31, 2013 |
CHANGE |
Adjusted diluted earnings per share* |
$ 0.46 |
$ 0.50 |
$ (0.04) |
Adjustments* |
(0.04) |
— |
(0.04) |
Diluted earnings per share |
$ 0.42 |
$ 0.50 |
$ (0.08) |
|
|
|
|
* Denoted items are
non-GAAP measurements, which include adjustments to the financial
results as determined under U.S. GAAP. See Reconciliations of
Non-GAAP Measures to U.S. GAAP Results included later in this
release. |
|
|
|
"Our brands held up well in a challenging environment and we
continued to gain share," said Elizabeth Smith, CEO. "First quarter
results were consistent with our expectations and we remain on
track to deliver our sales and earnings guidance for the year."
Financial Results
The following summarizes the Company's results for the thirteen
weeks ended March 30, 2014:
- Total revenues increased 6.0% to $1.2 billion. This
increase was primarily due to the consolidation of restaurant
sales generated by the formerly unconsolidated joint venture
restaurants in Brazil and additional revenues from opening new
restaurants. The increase in Total revenues was partially
offset by declines in average unit volumes in the Company's South
Korean restaurants, the loss of one operating day due to the the
Company's change to a 52-53 week fiscal year, the closing of
25 restaurants since March 31, 2013, and the removal of royalty
income related to the consolidation of the Company's Brazilian
operation.
- Comparable sales for Company-owned core domestic concepts were
flat as a result of increases in general menu prices offset by a
1.6% decline in customer traffic. Traffic was negatively
impacted by approximately 1.7% due to the combined impact of
unfavorable weather and a shift in the timing of holidays in
2014. In addition, comparable sales were negatively impacted
by a change in mix in the Company's product sales. Results by
concept were as follows:
|
COMPANY- |
THIRTEEN WEEKS ENDED
MARCH 30, 2014 |
OWNED |
Domestic comparable restaurant sales (stores
open 18 months or more) |
|
Outback Steakhouse |
0.8% |
Carrabba's Italian Grill |
(1.8)% |
Bonefish Grill |
(1.5)% |
Fleming's Prime Steakhouse and
Wine Bar |
1.7% |
- Adjusted restaurant-level operating margin as a percentage of
Restaurant sales was 18.0% for the thirteen weeks ended March 30,
2014 versus 18.4% for the comparable period in 2013. This
decrease was primarily attributable to commodity inflation, costs
associated with lunch expansion, lower average unit volumes in the
Company's South Korean restaurants, higher advertising expenses,
and costs associated with the new menu rollout at Carrabba's
Italian Grill. The decrease was partially offset by
productivity savings, menu pricing and the operating margin benefit
from the consolidation of the formerly unconsolidated joint venture
restaurants in Brazil.
- Adjusted operating income as a percentage of Total revenues was
8.4% for the thirteen weeks ended March 30, 2014 versus 8.9%
for the comparable period in 2013. This decrease was driven
primarily by lower Adjusted restaurant-level operating margins and
higher Depreciation and amortization. This was partially
offset by lower expense associated with the timing of the Company's
annual managing partner conference.
- The Company opened 15 new system-wide locations: six Bonefish
Grill restaurants, two Carrabba's Italian Grill restaurants, one
Outback Steakhouse, one Fleming's Prime Steakhouse and Wine Bar and
five Company-owned international Outback Steakhouse restaurants,
three in Brazil and one each in South Korea and China.
Other Events
- The Company's fiscal first quarter adjusted results reflect the
following items:
- As previously announced, in the fourth quarter of 2013 the
Company completed an assessment of its restaurant base in advance
of capital and development planning for the 2014 fiscal
year. As a result of this assessment, the Company decided to
close 22 underperforming restaurants primarily within the Outback
Steakhouse concept. In connection with this initiative, the
Company incurred an aggregate $4.9 million for non-cancelable
operating lease liabilities and restaurant closing costs in the
thirteen weeks ended March 30, 2014.
- In connection with the Company's acquisition of a controlling
interest in its Brazilian joint venture, an adjustment of
approximately $1.5 million for pre-tax, non-cash amortization of
intangibles was recorded in the thirteen weeks ended March 30,
2014. This amount represents the Company's portion of the
amortization of reacquired franchise rights and favorable and
unfavorable leases.
- On March 10, 2014, certain stockholders of the Company
completed a secondary public offering of 20.7 million shares of the
Company's common stock at a public offering price
of $24.50 per share. All of the shares were offered
by certain stockholders of the Company, and the Company did not
receive any proceeds from the offering. After the completion
of this transaction, the Company no longer qualifies as a
"controlled company" within the meaning of the corporate governance
rules of Nasdaq. The Company incurred approximately $1.1
million of transaction-related expenses in the thirteen weeks ended
March 30, 2014, primarily related to this transaction.
- As previously reported, the Company's Board of Directors
approved a change in the Company's fiscal year end from a calendar
year ending on December 31 to a 52-53 week fiscal year ending on
the last Sunday in December, effective beginning with fiscal year
2014. The fiscal year change was made on a prospective basis
and the Company did not adjust operating results for prior
periods. For the thirteen weeks ended March 30, 2014, the
fiscal year end change had the following impact as compared to
prior year primarily because of one fewer operating day in the
current period:
- Total revenues were approximately $7.5 million lower;
- Adjusted net income and U.S. GAAP Net income were approximately
$1.5 million lower; and
- Adjusted diluted earnings per share and U.S. GAAP Diluted
earnings per share were approximately $0.01 lower.
- During the thirteen weeks ended March 30, 2014, the
Company's wholly-owned subsidiary, OSI Restaurant Partners,
LLC, ("OSI") made $10.0 million of voluntary prepayments
on its outstanding senior secured Term Loan B. The balance of
the Term Loan B as of March 30, 2014 was $925.0 million.
- In April 2014, the Company initiated a process to refinance its
outstanding senior secured credit facilities. At the time of
this release, the terms of the agreement are not final. Upon
completion of the refinancing, we expect total outstanding
indebtedness under the new credit facilities to be consistent with
the total amount outstanding under our current credit
facilities. If the refinancing is completed, the Company
anticipates lower interest expense in 2014.
Fiscal 2014 Financial Outlook
The Company is reaffirming its full-year guidance for blended
core domestic comparable restaurant sales growth of between 1.0% to
2.0% and Adjusted diluted earnings per share to be at
least $1.21 as previously communicated in its February 25,
2014 earnings release.
U.S. GAAP net income, U.S. GAAP diluted earnings per share and
General and Administrative expense may differ from guidance. This
is the result of expenses related to the Company's anticipated
refinancing of its senior secured credit facilities. These expenses
will be excluded from all adjusted metrics. All other elements
of the guidance included in the February 25, 2014 release
remain intact.
Conference Call
The Company will host a conference call today, May 9, 2014
at 9:00 AM ET. The conference call can be accessed live over
the telephone by dialing (877) 941-1427 or (480) 629-9664 for
international callers. A replay will be available beginning
two hours after the call and can be accessed by dialing (877)
870-5176 or (858) 384-5517 for international callers; the
conference ID is 4678154. The replay will be available through
Friday, May 16, 2014. The call will also be webcast live from
the Company's website at http://www.bloominbrands.com under the
Investors section. A replay of this webcast will be available
on the Company's website, after the call.
About Bloomin' Brands, Inc.
The Company is one of the largest casual dining restaurant
companies in the world with a portfolio of leading, differentiated
restaurant concepts. The Company has five founder-inspired brands:
Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill,
Fleming's Prime Steakhouse and Wine Bar and Roy's, with all except
Roy's considered core concepts. The Company operates more than
1,500 restaurants in 48 states, Puerto Rico, Guam and 21 countries,
some of which are franchise locations. For more information,
please visit www.bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including statements under
the headings "Fiscal 2014 Financial Outlook" are not based on
historical fact and are "forward-looking statements" within the
meaning of applicable securities laws. Generally, these
statements can be identified by the use of words such as
"believes," "estimates," "anticipates," "expects," "on track,"
"feels," "forecasts," "seeks," "projects," "intends," "plans,"
"may," "will," "should," "could," "would" and similar expressions
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying
words. These forward-looking statements include all matters
that are not historical facts. By their nature,
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from the Company's
forward-looking statements. These risks and uncertainties
include, but are not limited to: local, regional, national and
international economic conditions; consumer confidence and spending
patterns; price and availability of commodities, such as beef,
chicken, shrimp, pork, seafood, dairy, potatoes, onions and energy
supplies, which are subject to fluctuation and could increase or
decrease more than the Company expects; weather, acts of God and
other disasters; the seasonality of the Company's business;
inflation or deflation; increases in unemployment rates and taxes;
increases in labor and health insurance costs; competition and
changes in consumer tastes and the level of acceptance of the
Company's restaurant concepts (including consumer acceptance of
prices); consumer reaction to public health issues; consumer
perception of food safety; demographic trends; the cost of
advertising and media; government actions and policies; interest
rate changes, compliance with debt covenants and the Company's
ability to make debt payments; the availability of credit presently
arranged from the Company's revolving credit facilities; and the
cost and availability of credit for the proposed refinancing of the
Company's credit facilities including the possibility the
refinancing is not completed. Further information on potential
factors that could affect the financial results of the Company and
its forward-looking statements is included in its Form 10-K filed
with the Securities and Exchange Commission on March 3,
2014. The Company assumes no obligation to update any
forward-looking statement, except as may be required by
law. These forward-looking statements speak only as of the
date of this release. All forward-looking statements are
qualified in their entirety by this cautionary statement.
Note: Numerical figures included in this release have been
subject to rounding adjustments.
BLOOMIN' BRANDS,
INC. |
|
|
|
CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME |
(IN THOUSANDS, EXCEPT
PER SHARE DATA) |
|
|
|
|
THIRTEEN |
THREE |
|
WEEKS ENDED MARCH
30, 2014 |
MONTHS ENDED
MARCH 31, 2013 |
|
(unaudited) |
(unaudited) |
Revenues |
|
|
Restaurant sales |
$ 1,150,525 |
$ 1,082,356 |
Other revenues |
7,334 |
9,894 |
Total revenues |
1,157,859 |
1,092,250 |
Costs and expenses |
|
|
Cost of sales |
373,614 |
349,989 |
Labor and other related |
311,418 |
299,867 |
Other restaurant operating |
256,518 |
233,809 |
Depreciation and
amortization |
46,165 |
40,196 |
General and administrative |
74,054 |
72,491 |
Provision for impaired assets
and restaurant closings |
6,064 |
1,896 |
Income from operations of
unconsolidated affiliates |
— |
(2,858) |
Total costs and expenses |
1,067,833 |
995,390 |
Income from operations |
90,026 |
96,860 |
Other expense, net |
(164) |
(217) |
Interest expense, net |
(16,598) |
(20,880) |
Income before provision for income taxes |
73,264 |
75,763 |
Provision for income taxes |
18,164 |
10,707 |
Net income |
55,100 |
65,056 |
Less: net income attributable
to noncontrolling interests |
1,367 |
1,833 |
Net income attributable to Bloomin'
Brands |
$ 53,733 |
$ 63,223 |
|
|
|
Net income |
$ 55,100 |
$ 65,056 |
Other comprehensive income: |
|
|
Foreign currency translation
adjustment |
(5,365) |
(4,532) |
Comprehensive income |
49,735 |
60,524 |
Less: comprehensive income
attributable to noncontrolling interests |
1,367 |
1,833 |
Comprehensive income attributable to Bloomin'
Brands |
$ 48,368 |
$ 58,691 |
|
|
|
Earnings per share: |
|
|
Basic |
$ 0.43 |
$ 0.52 |
Diluted |
$ 0.42 |
$ 0.50 |
Weighted average common shares
outstanding: |
|
|
Basic |
124,542 |
121,238 |
Diluted |
127,851 |
126,507 |
|
|
|
Supplemental Balance Sheet Information (in thousands):
|
March 30,
2014 |
December 31,
2013 |
|
(unaudited) |
|
Cash and cash equivalents (1) |
$ 172,604 |
$ 209,871 |
Net working capital (deficit) (2) |
(226,345) |
(260,471) |
Total assets |
3,208,790 |
3,274,174 |
Total debt, net |
1,405,133 |
1,419,143 |
Total stockholders' equity |
530,176 |
482,709 |
|
|
|
(1) |
Excludes restricted cash. |
(2) |
The Company has, and in the future may
continue to have, negative working capital balances (as is common
for many restaurant companies). The Company operates successfully
with negative working capital because cash collected on Restaurant
sales is typically received before payment is due on its current
liabilities and its inventory turnover rates require relatively low
investment in inventories. Additionally, ongoing cash flows from
restaurant operations and gift card sales are used to service debt
obligations and to make capital expenditures. |
|
|
Reconciliations of Non-GAAP Measures to
U.S. GAAP Results (unaudited)
In addition to the results provided in accordance with generally
accepted accounting principles in the United States ("U.S. GAAP"),
the Company provides non-GAAP measures which present operating
results on an adjusted basis. These are supplemental measures
of performance that are not required by or presented in accordance
with U.S. GAAP and include the following: (i) Adjusted
restaurant-level operating margins, (ii) Adjusted income from
operations and the corresponding margins, (iii) Adjusted net
income, (iv) Adjusted diluted earnings per share and (v) EBITDA and
Adjusted EBITDA. These non-GAAP measures are not measurements of
the Company's operating or financial performance under U.S. GAAP
and should not be considered as an alternative to performance
measures derived in accordance with U.S. GAAP or as an alternative
to cash flow from operating activities as measures of the Company's
liquidity. These non-GAAP measures may not be comparable to
similarly titled measures used by other companies and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with U.S. GAAP.
- Restaurant-level operating margins are calculated as Restaurant
sales after deduction of the main restaurant-level operating costs
(comprising Cost of sales, Labor and other related and Other
restaurant operating). Adjusted restaurant-level operating
margins are calculated by eliminating from Restaurant-level
operating margins the impact of items that are not considered
indicative of ongoing operations consistent with the other non-GAAP
measures discussed below. The Company provides this non-GAAP
measure because it believes it is useful for investors to assess
core restaurant operations without the effect of certain
adjustments. For the periods presented, Adjusted
restaurant-level operating margin includes the adjustment for the
deferred rent write-off associated with the fourth quarter of 2013
decision to close 22 underperforming locations. The write-off
of the deferred rent liability was recorded in Other restaurant
operating during the thirteen weeks ended March 30, 2014. No
adjustments impacted Restaurant-level operating margins during the
three months ended March 31, 2013.
- Adjusted income from operations, Adjusted net income and
Adjusted diluted earnings per share are calculated by eliminating
from Income from operations, Net income attributable to Bloomin'
Brands and Diluted earnings per share the impact of items that are
not considered indicative of ongoing operations. The Company
provides these non-GAAP measures because it believes they are
useful for investors to assess the operating performance of the
business without the effect of certain adjustments. For the periods
presented, the non-GAAP adjustments include transaction-related
expenses primarily attributable to costs associated with the
secondary offering of the Company's common stock in March 2014;
certain restaurant closing charges; purchased intangibles
amortization; and an adjustment to the Provision for income taxes
based on the statutory rate applicable to jurisdictions in which
the above non-GAAP adjustments relate.
- Earnings before interest, taxes and depreciation and
amortization ("EBITDA") and Adjusted EBITDA (calculated by
adjusting EBITDA to exclude certain stock-based compensation
expenses, non-cash expenses and other significant unusual items
that the Company does not consider representative of its underlying
business performance) are supplemental measures of operating
performance. The Company believes that EBITDA and Adjusted
EBITDA are useful measures for investors as they permit a
comparative assessment of its operating performance relative to its
performance based on its U.S. GAAP results, while isolating the
effects of some items that vary from period to period and to
facilitate company-to-company comparisons within the restaurant
industry by eliminating some of these foregoing
variations.
The use of these measures permits a comparative assessment of
the Company's operating performance relative to its performance
based on U.S. GAAP results, while isolating the effects of certain
items that vary from period to period without correlation to core
operating performance or that vary widely among similar
companies. However, the inclusion of these adjusted measures
should not be construed as an indication that future results will
be unaffected by unusual or infrequent items or that the items for
which the adjustments have been made are unusual or
infrequent. In the future, the Company may incur expenses or
generate income similar to the adjusted items. The Company
further believes that the disclosure of these non-GAAP measures is
useful to investors as they form the basis for how
the Company's management team and Board of Directors evaluate
the Company's performance including for achievement of objectives
under the Company's cash and equity compensation plans. By
disclosing these non-GAAP measures, the Company believes that it is
providing for investors the basis for a greater understanding of,
and an enhanced level of transparency into, the means by which the
management team operates the business.
Reconciliations of Non-GAAP Financial Measures - Adjusted
Restaurant-Level Operating Margin
The following tables show the percentages of certain operating
cost financial statement line items in relation to Restaurant sales
on both a U.S. GAAP basis and an adjusted basis, as indicated, for
the thirteen weeks ended March 30, 2014 and the three months ended
March 31, 2013:
|
THIRTEEN WEEKS ENDED March 30, 2014 |
THREE MONTHS
ENDED MARCH 31, 2013 |
(UNFAVORABLE) FAVORABLE CHANGE IN
ADJUSTED 2014 |
|
U.S.
GAAP |
ADJUSTED
(1) |
U.S. GAAP AND
ADJUSTED (2) |
VS. ADJUSTED
2013 |
Restaurant sales |
100.0% |
100.0% |
100.0% |
|
|
|
|
|
|
Cost of sales |
32.5% |
32.5% |
32.3% |
(0.2)% |
Labor and other related |
27.1% |
27.1% |
27.7% |
0.6% |
Other restaurant operating |
22.3% |
22.5% |
21.6% |
(0.9)% |
|
|
|
|
|
Restaurant-level operating margin |
18.2% |
18.0% |
18.4% |
(0.4)% |
|
|
|
|
|
(1) |
Adjusted restaurant-level operating margins
include the adjustment for the deferred rent liability write-off
associated with the fourth quarter of 2013 decision to close 22
underperforming locations. The write-off of the deferred rent
liability was recorded in Other restaurant operating during the
thirteen weeks ended March 30, 2014. |
(2) |
No adjustments impacted Restaurant-level
operating margins during the three months ended March 31,
2013. |
Reconciliations of Non-GAAP Financial Measures - Adjusted Income
from Operations, Adjusted Net Income, Adjusted Diluted Earnings Per
Share and Adjusted Diluted Earnings Per Share
The following table reconciles Adjusted income from operations
and the corresponding margins, Adjusted net income and Adjusted
diluted earnings per share, for the thirteen weeks ended March 30,
2014 and the three months ended March 31, 2013 to their respective
most comparable U.S. GAAP measures (in thousands, except per share
amounts):
|
THIRTEEN |
THREE |
|
WEEKS ENDED MARCH
30, 2014 |
MONTHS ENDED
MARCH 31, 2013 |
Income from operations |
$ 90,026 |
$ 96,860 |
Operating income margin |
7.8% |
8.9% |
Adjustments: |
|
|
Transaction-related expenses
(1) |
1,118 |
— |
Other losses (2) |
4,929 |
— |
Purchased intangibles
amortization (3) |
1,458 |
— |
Adjusted income from operations |
$ 97,531 |
$ 96,860 |
Adjusted operating income
margin |
8.4% |
8.9% |
|
|
|
Net income attributable to Bloomin'
Brands |
$ 53,733 |
$ 63,223 |
Adjustments: |
|
|
Transaction-related expenses
(1) |
1,118 |
— |
Other losses (2) |
4,929 |
— |
Purchased intangibles
amortization (3) |
1,458 |
— |
Total adjustments, before income taxes |
7,505 |
— |
Adjustment to provision for
income taxes (4) |
(2,695) |
— |
Net adjustments |
4,810 |
— |
Adjusted net income |
$ 58,543 |
$ 63,223 |
|
|
|
Diluted earnings per share |
$ 0.42 |
$ 0.50 |
Adjusted diluted earnings per share |
$ 0.46 |
$ 0.50 |
|
|
|
Diluted weighted average common shares
outstanding |
127,851 |
126,507 |
|
|
(1) |
Transaction-related expenses primarily relate
to costs incurred with the secondary offering of the Company's
common stock completed in March 2014. |
(2) |
During the thirteen weeks ended March 30,
2014, the Company incurred additional expenses for non-cancelable
operating lease liabilities and restaurant closing costs associated
with the fourth quarter of 2013 decision to close 22
underperforming locations. |
(3) |
Represents the Company's proportional share
of non-cash amortization of intangibles recorded as a result of the
acquisition of a controlling ownership interest in the Company's
Brazilian operations and includes amortization for reacquired
franchise rights and favorable and unfavorable leases. |
(4) |
Income tax effect of adjustments for the
thirteen weeks ended March 30, 2014 was calculated based on the
statutory rate applicable to jurisdictions in which the above
non-GAAP adjustments relate. |
|
|
Reconciliations of Non-GAAP Financial Measures - EBITDA and
Adjusted EBITDA
The following table reconciles Net income attributable to
Bloomin' Brands to EBITDA and Adjusted EBITDA for the thirteen
weeks ended March 30, 2014 and the three months ended March 31,
2013 (in thousands):
|
THIRTEEN |
THREE |
|
WEEKS ENDED MARCH
30, 2014 |
MONTHS ENDED
MARCH 31, 2013 |
Net income attributable to Bloomin'
Brands |
$ 53,733 |
$ 63,223 |
Provision for income taxes |
18,164 |
10,707 |
Interest expense, net |
16,598 |
20,880 |
Depreciation and amortization |
46,165 |
40,196 |
EBITDA |
134,660 |
135,006 |
Impairments and disposals (1) |
399 |
876 |
Transaction-related expenses (2) |
1,118 |
— |
Stock-based compensation expense |
3,575 |
4,429 |
Other losses (3) |
3,335 |
582 |
Adjusted EBITDA |
$ 143,087 |
$ 140,893 |
|
|
|
(1) |
Represents the elimination of non-cash
impairment charges for fixed assets and intangible assets and net
gains or losses on the disposal of fixed assets. |
(2) |
Transaction-related expenses primarily relate
to costs incurred with the secondary offering of the Company's
common stock completed in March 2014. |
(3) |
Represents expenses incurred as a result of
(losses) gains on the Company's partner deferred compensation
participant investment accounts net of the loss (gain) on the
corporate-owned life insurance policies that are held for
settlement of the Company's obligations under these programs,
foreign currency loss (gain), the loss (gain) on the cash surrender
value of executive life insurance and additional expenses for
non-cancelable operating lease liabilities and restaurant closing
costs of approximately $4.9 million associated with the fourth
quarter of 2013 decision to close 22 underperforming
locations. |
|
|
Comparative Store Information
The table below presents the number of the Company's restaurants
in operation at the end of the periods indicated:
|
MARCH 30, |
MARCH 31, |
|
2014 |
2013 |
Number of restaurants (at end of the
period): |
|
|
Outback Steakhouse |
|
|
Company-owned—domestic |
650 |
663 |
Company-owned—international (1)
(2) |
171 |
117 |
Franchised—domestic |
104 |
106 |
Franchised and joint
venture—international (1) |
51 |
89 |
Total |
976 |
975 |
Carrabba's Italian Grill |
|
|
Company-owned |
240 |
234 |
Franchised |
1 |
1 |
Total |
241 |
235 |
Bonefish Grill |
|
|
Company-owned |
192 |
174 |
Franchised |
5 |
7 |
Total |
197 |
181 |
Fleming's Prime Steakhouse and Wine Bar |
|
|
Company-owned |
66 |
65 |
Roy's |
|
|
Company-owned |
20 |
22 |
System-wide total |
1,500 |
1,478 |
|
|
|
(1) |
Effective November 1, 2013, the Company
acquired a controlling interest in its Brazilian operations
resulting in the consolidation and reporting of 47 restaurants (as
of the acquisition date) as Company-owned locations that are
reported as unconsolidated joint venture locations in the
historical period presented. |
(2) |
The restaurant count for Brazil is reported
as of February 28, 2014 to correspond with the balance sheet date
of this subsidiary and, therefore, excludes one restaurant that
opened in March 2014. Restaurant counts for the Company's
Brazilian operations were reported as of March 31st in the
historical period presented. |
CONTACT: Chris Meyer
Vice President, Investor Relations & Treasurer
(813) 830-5311
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