TAMPA, Fla., Dec. 16, 2014 /PRNewswire/ -- Bloomin'
Brands, Inc. (Nasdaq: BLMN) is hosting its first Analyst and
Investor Day beginning at 9:00 AM EST
today in New York City. In advance
of the meeting, the Company is announcing the following:
- Fiscal 2014 domestic comparable sales are expected to be at
least 1.5%;
- New system-wide restaurant openings are expected to be 55 for
fiscal 2014;
- All other aspects of the fiscal 2014 financial outlook remain
unchanged;
- Initial fiscal 2015 financial outlook is outlined below;
- Intent to pay a quarterly dividend beginning in the first
quarter of 2015; and
- Implementation of a share repurchase program
Fiscal 2015 Financial Outlook
Below are the Company's current expectations for the full-year
fiscal 2015:
- Adjusted diluted earnings per share(1) growth of at least 15% or at least 10% on a
comparable calendar basis(2)(3)
- Comparable sales growth for Company-owned core domestic
concepts of at least 1.5%
- 40 - 50 system-wide restaurant openings
- Commodity inflation of between 4% and 6%
- Capital expenditures of between $235
million and $255 million
The Company also intends to discuss its long-term growth goals
at today's meeting.
(1) The 2015 Adjusted diluted earnings per share
outlook includes estimates of expected adjustments for: (i)
restaurant closing expenses related to our planned international
restaurant closures; (ii) asset impairment charges related to the
implementation of a domestic relocation program; and (iii)
amortization of intangibles recorded as a result of the
Brazil acquisition.
(2) In fiscal 2014, the Company changed its year-end
to a 52-53 weeks fiscal year-end. Fiscal 2014 included 362 days
whereas fiscal 2015 will include 364 days. A "comparable calendar"
adjusted diluted earnings per share outlook removes the estimated
impact of those two additional days, which will occur in the first
fiscal quarter 2015.
(3) GAAP diluted earnings per share growth is
expected to be at least 60%. Fiscal 2014 GAAP diluted earnings per
share includes: (i) asset impairments and closing costs associated
with domestic and international restaurant closings; (ii) asset
impairments associated with our decision to sell the Roy's concept
and corporate aircraft; (iii) loss on extinguishment and
modification of debt due to the refinancing of our Senior Secured
Credit Facility; and (iv) severance expense incurred as a result of
our organizational realignment.
Details on Dividend and Share Repurchase Programs
Bloomin' Brands announced today that its Board of Directors has
adopted a dividend policy under which it intends to declare
quarterly cash dividends on shares of its common stock. Subject to
declaration by the Board of Directors, the Company anticipates that
the first quarterly dividend of $0.06
per share will be paid in the first quarter of 2015.
In addition, the Board of Directors has approved a share
repurchase program under which the Company is authorized to
repurchase up to $100.0 million of
the Company's outstanding common stock from time to time on the
open market, including through a Rule 10b5-1 plan, or in privately
negotiated transactions. The plan has been authorized effective
December 12, 2014 and will expire
after 18 months.
The timing and amount of any shares repurchased will be
determined by the Company's management based on its evaluation of
market conditions, share price and other factors. The share
repurchase program does not obligate the Company to repurchase any
dollar amount or number of common shares and may be suspended or
discontinued at any time. Any repurchased shares will be available
for use in connection with Bloomin' Brands stock plans and for
other corporate purposes.
Details on Analyst and Investor Day
The meeting will begin at approximately 9:00 AM EST and will end at approximately
1:00 PM EST. A live webcast of the
meeting will be available from the Company's website at
http://www.bloominbrands.com under the Investors section. A replay
of the webcast will be available following the conclusion of the
presentation. A copy of the presentations can be viewed at
http://www.bloominbrands.com under the Investors section.
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 20
countries, some of which are franchise locations. For more
information, please visit www.bloominbrands.com.
Forward-Looking Statements
Certain statements contained herein, including those related to
our fiscal 2014 and 2015 guidance and our dividend and share
repurchase plans 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 future cost and
availability of credit. 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 and its subsequent filings with the
Securities and Exchange Commission. 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.
Chris
Meyer
Group Vice President, IR &
Finance
(813) 830-5311
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SOURCE Bloomin' Brands, Inc.