Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining
restaurant chain focused on serving an innovative selection of
high-quality gourmet burgers in a family-friendly atmosphere, today
reported financial results for the 12 weeks ended July 10,
2011.
Financial and Operational Highlights
Highlights for the 12 weeks ended July 10, 2011, compared to the
12 weeks ended July 11, 2010, are as follows:
- Restaurant revenue increased 7.1% to
$212.1 million.
- Company-owned comparable restaurant
sales increased 3.1%.
- Restaurant-level operating profit
margin increased to 20.8% from 18.3%.
- Restaurant-level operating profit
increased 21.6% to $44.1 million.
- Year to date through the Company’s
fiscal second quarter 2011, cash from operations increased 55.6% to
$54.2 million.
- GAAP diluted earnings per share were
$0.44 vs. $0.28 in the same period a year ago.
- Non-GAAP adjusted earnings per diluted
share were $0.48 compared to adjusted earnings per diluted share of
$0.29 in the same period a year ago. (See Schedule II at the end of
this release for a reconciliation of these non-GAAP calculations to
GAAP.)
- Six new company-owned Red Robin®
restaurants and one new franchised restaurant opened during the
fiscal second quarter 2011.
As of the end of the fiscal second quarter 2011, there were 321
company-owned and 137 franchised Red Robin® restaurants.
“We’re pleased with our second quarter 2011 performance, which
represents our fourth consecutive quarter of higher same store
sales and third consecutive quarter of higher earnings,” said Steve
Carley, Red Robin Gourmet Burgers, Inc.’s chief executive officer.
“Our Team Members continue to work with a sense of urgency to
strengthen our business and build a foundation for long-term growth
and profitability. Our results to date in 2011 reflect our Team
Members focus on achieving that goal.”
Fiscal Second Quarter 2011 Results
Comparable restaurant sales increased 3.1% for company-owned
restaurants in the fiscal second quarter of 2011 compared to the
fiscal second quarter of 2010, driven by a 4.5% increase in average
guest check, partially offset by a 1.4% decrease in guest counts.
Average weekly comparable sales from the 303 company-owned
comparable restaurants were $56,299 in the fiscal second quarter of
2011, compared to $54,549 for the 290 company-owned comparable
restaurants in the fiscal second quarter of 2010. Average weekly
sales for the 18 non-comparable company-owned restaurants were
$74,397 in the fiscal second quarter of 2011, compared to $58,449
for the 19 non-comparable restaurants in the fiscal second quarter
a year ago. For all company-owned restaurants, average weekly sales
were $57,161 from 3,818 operating weeks in the fiscal second
quarter of 2011 compared to $54,786 from 3,705 operating weeks in
the fiscal second quarter of 2010.
Total Company revenues, which include company-owned restaurant
sales, franchise royalties and fees, and gift card breakage income,
which is included in other revenue, increased 7.2% to $215.8
million in the fiscal second quarter of 2011 versus $201.3 million
in the same period last year. Franchise royalties and fees
increased 7.0% to $3.3 million in the fiscal second quarter of 2011
compared to $3.1 million for the same period in 2010.
For the fiscal second quarter of 2011, the Company’s U.S.
franchise restaurant sales of $74.2 million were 6.0% higher
compared to $70.0 million in the prior year period. Comparable
sales in the fiscal second quarter of 2011 for franchise
restaurants in the U.S. increased 2.6% and for franchise
restaurants in Canada increased 3.4% from the fiscal second quarter
of 2010. Average weekly comparable sales for the U.S. franchised
restaurants were $52,165 for the 108 comparable restaurants in the
fiscal second quarter of 2011, compared to $50,622 for the 109
comparable restaurants in the fiscal second quarter of 2010.
Average weekly sales in the fiscal second quarter of 2011 for the
Company’s 18 comparable franchise restaurants in Canada were
C$56,333 versus C$54,380 for the 17 comparable franchise
restaurants in Canada in the same period last year. Canadian
results are in Canadian dollars.
Restaurant-level operating profit margins at company-owned
restaurants were 20.8% in the fiscal second quarter of 2011
compared to 18.3% in the fiscal second quarter of 2010. As a
percentage of restaurant revenue, fiscal second quarter 2011
restaurant-level operating profit margins improved as a result of a
180 basis point decrease in labor costs, a 90 basis point decrease
in other operating costs and a 40 basis point decrease in occupancy
costs, partially offset by a 60 basis point increase in food and
beverage costs.
Schedule I of this earnings release defines restaurant-level
operating profit and reconciles this metric to income from
operations and net income for all periods presented. The Company’s
restaurant-level operating profit metric is designed to afford
management and investors with a basis for considering and comparing
restaurant performance. It is not calculated in conformity with
generally accepted accounting principles (“GAAP”). It is intended
to supplement, rather than replace GAAP results. Restaurant-level
operating profit is useful to management and to the Company’s
investors because it is widely regarded in the restaurant industry
as a meaningful metric by which to evaluate restaurant-level
operating efficiency and performance.
Selling, general and administrative (“SG&A”) expenses were
$24.5 million in the fiscal second quarter of 2011 and $20.0
million in the fiscal second quarter of 2010, which were 11.4% and
9.9% of total revenue, respectively. Included in the fiscal second
quarter of 2011 was a $3.9 million investment in the Company’s
television media campaign, compared to $3.3 million in the fiscal
second quarter of 2010. In addition, the Company accrued $1.2
million in higher performance-based bonuses in the fiscal second
quarter of 2011 compared to the prior year. Finally, about $2
million was incurred in the fiscal second quarter of 2011 primarily
for legal and corporate governance expenses, expenses related to
infrastructure investments and severance charges related to
leadership team changes.
Interest expense was $1.5 million in the fiscal second quarter
of 2011, compared to $1.3 million in the fiscal second quarter of
2010.
Net income for the fiscal second quarter of 2011 was $6.9
million or $0.44 per diluted share, compared to net income of $4.3
million, or $0.28 per diluted share, in the fiscal second quarter
of 2010. Schedule II of this earnings release reconciles the impact
on the net income and earnings per share as reported on a GAAP
basis to adjusted amounts excluding certain revenue and expenses in
the fiscal second quarters of 2011 and 2010.
The Company had an effective tax rate of 8.8% in the fiscal
second quarter of 2011, compared to an effective tax rate of 9.1%
in the fiscal second quarter 2010. The Company anticipates that the
effective tax rate for the full fiscal year 2011 will be
approximately 10.0%.
During the fiscal second quarter of 2011, the Company
repurchased 25,000 shares of Company stock for $840,000.
Balance Sheet and Liquidity
On July 10, 2011, the Company held $42.5 million in cash and
cash equivalents and had a total outstanding debt balance of $159.1
million, including $148.1 million of borrowings under its $150
million term loan and $11.0 million outstanding for capital leases.
The Company had also issued $6.6 million of outstanding letters of
credit under its revolving credit facility.
Year to date through the Company’s fiscal second quarter 2011,
cash from operations of $54.2 million exceeded capital expenditures
of $19.5 million.
The Company amended its credit agreement effective May 6, 2011,
which decreased the aggregate loan commitments under the credit
agreement from $300 million to $250 million. The amended agreement
is comprised of a $150 million term loan and a $100 million
revolving line of credit. The amended agreement extended the
maturity date on the term loan and the revolving line of credit to
May 6, 2016, with an option to extend the maturity date on the
revolving line of credit for two additional one-year extensions at
the Company’s request and subject to lender participation.
Outlook
The Company’s fiscal third quarter of 2011 is a 12-week quarter.
Five new company-owned restaurants are under construction, and one
new franchised restaurant is currently under construction. During
the full fiscal year 2011, the Company expects to open 12 new
full-size company-owned restaurants, seven of which opened in the
first two fiscal quarters of 2011 and two of which opened early in
the fiscal third quarter of 2011. Three additional full-size
company-owned restaurants are expected to open in the fiscal fourth
quarter of 2011. In addition, the Company plans to open the first
of its smaller prototype restaurants in the fiscal fourth quarter
of 2011. Franchisees are expected to open three to four new
restaurants in fiscal 2011, one of which opened in the fiscal first
quarter of 2011 and another in the fiscal second quarter of 2011.
For development in 2012, the Company expects to open between 12 and
15 new restaurants, which will include the Company’s traditional
full-size footprint as well as smaller prototype units.
Through August 7, 2011, the first four weeks of the Company’s
fiscal third quarter of 2011, comparable restaurant sales increased
0.5% from the prior year comparable period for company-owned
restaurants, compared to a year-over-year increase of 1.4% in the
first four weeks of the fiscal third quarter of 2010. In the first
four weeks of the fiscal third quarter 2010, the Company had one
week of TV media support versus no TV media support in the first
four weeks of the fiscal third quarter of 2011.
The Company expects commodity inflation of 5.0% to 5.5% for the
full fiscal year 2011 mainly due to the continued increase in
ground beef costs. Labor costs are expected to be lower for the
full fiscal year 2011 compared to the fiscal year 2010 by
approximately 100 to 120 basis points, taking into account savings
year to date through the fiscal second quarter 2011 from improved
leverage, reduced training costs and improved labor costs, offset
by payroll tax holiday benefits realized last year that are not
continuing in 2011.
In the fiscal third quarter of 2011, the Company will support
its fall limited time offer (LTO) promotion with TV advertising.
The cost of the TV advertising support is expected to be
approximately $2.6 million in the fiscal third quarter of 2011 and
$2.0 million in the fiscal fourth quarter of 2011. Television
advertising spending during fiscal 2011 is expected to be $12
million to $13 million. The Company’s total marketing expense in
the full fiscal year 2011 is expected to be about $28.6 million
compared to $28.8 million spent in the full fiscal year 2010, which
is included in selling, general and administrative expense in both
years. Total SG&A for fiscal 2011 is expected to be $100.0
million to $101.0 million, including approximately $2.4 million in
executive transition costs and severance expense.
Based on the Company’s development plans and other
infrastructure and maintenance costs, the Company expects total
fiscal year 2011 capital expenditures to be between $43 million and
$45 million, which the Company expects to fund entirely out of
operating cash flow. Under the terms of the amended term loan
facility, the Company began making scheduled quarterly principal
payments on June 30, 2011, of $1.875 million. The Company expects
to use its remaining free cash flow to maintain financial
flexibility so that it can opportunistically repurchase shares of
the Company’s common stock and execute its long term strategic
initiatives. The Company’s Board had previously authorized up to
$50 million for the opportunistic repurchases of the Company’s
stock from operating cash flow and available, subject to
appropriate valuation of the Company’s shares and other customary
considerations. In the first fiscal quarter of 2011, $9.5 million
in stock was repurchased, and in the second fiscal quarter of 2011,
$840,000 in stock was repurchased.
The sensitivity of the Company’s restaurant sales to a 1% change
in Guest counts for fiscal 2011 equates to approximately $0.25 per
diluted share, and a 1% change in price for fiscal 2011 is about
$0.43 per diluted share. A 10 basis point change in
restaurant-level operating margin is about $0.05 per diluted share,
and a change of $173,000 in pre-tax income or expense is $0.01 per
diluted share.
Investor Conference Call and
Webcast
Red Robin will host an investor conference call to discuss its
fiscal second quarter 2011 results today at 5:00 p.m. ET. The
conference call number is (877) 591-4959, or for international
callers (719) 325-4747. The financial information that the Company
intends to discuss during the conference call is included in this
press release and will be available on the “Investors” link of the
Company's website at www.redrobin.com. Prior to the conference
call, the Company will post supplemental financial information that
will be discussed during the call and live webcast. To access the
supplemental financial information and webcast, please visit
www.redrobin.com and select the “Investors” link from the menu. A
replay of the live conference call will be available one hour after
the call and available until Thursday, August 18, 2011. The replay
can be accessed by dialing (877) 870-5176 or (858) 384-5517 for
international callers. The conference ID is 4010144. The
supplemental financial information and webcast replay will also be
available on the Company’s website until Thursday, August 18,
2011.
About Red Robin Gourmet Burgers, Inc.
(NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual
dining restaurant chain founded in 1969 that operates through its
wholly-owned subsidiary, Red Robin International, Inc., serves up
wholesome, fun, feel-good experiences in a family-friendly
environment. Red Robin® restaurants are famous for serving more
than two dozen insanely delicious, high-quality gourmet burgers in
a variety of recipes with Bottomless Steak Fries®, as well as
salads, soups, appetizers, entrees, desserts, and signature Mad
Mixology® Beverages. There are 460 Red Robin® restaurants located
across the United States and Canada, including company-owned
locations and those operating under franchise agreements.
Forward-Looking Statements:
Certain information and statements contained in this press
release, including those statements regarding anticipated
unredeemed gift card revenue, anticipated effective tax rate for
2011, as well as certain statements under the heading “Outlook,”
including those regarding the Company’s anticipated new restaurant
openings, commodity prices, labor costs, LTO promotions and TV
advertising support, marketing expense, selling, general and
administrative expense, capital expenditures and stock repurchase
program, are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include statements regarding the
Company’s expectations, beliefs, intentions, plans, objectives,
goals, strategies, future events or performance and underlying
assumptions and other statements which are other than statements of
historical facts. These statements may be identified, without
limitation, by the use of forward-looking terminology such as
“anticipates,” “assumes,” “believes,” “continue,” “expects,”
“intends,” “plans”, “will” or comparable terms or the negative
thereof. All forward-looking statements included in this press
release are based on information available to the Company on the
date hereof. Such statements speak only as of the date hereof and
we undertake no obligation to update any such statement to reflect
events or circumstances arising after the date hereof. These
statements are based on assumptions believed by the Company to be
reasonable, and involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those
described in the statements. These risks and uncertainties include,
but are not limited to, the following: the ability to
effectively implement strategies and achieve anticipated revenue
and cost savings from the Project RED, data infrastructure overhaul
and other initiatives; the downturn in general economic conditions
including volatility in financial markets, high levels of
unemployment and uncertain consumer confidence, resulting in
changes in consumer preferences, consumer discretionary spending or
consumer acceptance of pricing changes and increases; the
effectiveness of the Company’s marketing and advertising
strategies, including the Company’s loyalty program; changes in
commodity prices, particularly ground beef; potential fluctuation
in the Company’s quarterly operating results due to economic
conditions, seasonality and other factors; changes in availability
of capital or credit facility borrowings to us and to the Company’s
franchisees; the adequacy of cash flows generated by the Company’s
business or available debt resources to fund operations and growth
opportunities and repurchases of the Company’s common stock;
further limitations on the Company’s ability to execute stock
repurchases due to lack of available shares or acceptable stock
price levels or other market or company-specific conditions; the
effect of increased competition in the casual dining market and
discounting by competitors; the Company’s ability to achieve and
manage the Company’s planned expansion, including both in new
markets and existing markets; changes in the cost and availability
of building materials and restaurant supplies; the concentration of
the Company’s restaurants in the Western United States and the
associated disproportionate impact of macroeconomic factors;
changes in the availability and costs of food; changes in labor and
energy costs; changes in the ability of the Company’s vendors to
meet its supply requirements; labor shortages, particularly in new
markets; the effectiveness of the Company’s initiative to normalize
new restaurant operations; lack of awareness of the Company’s brand
in new markets; concentration of less mature restaurants in the
comparable restaurant base which impacts profitability; the ability
of the Company’s franchisees to open and manage new restaurants;
health concerns about the Company’s food products and food
preparation; the Company’s ability to protect its intellectual
property and proprietary information; the impact of federal, state
or local government regulations relating to the Company’s team
members or the sale of food or alcoholic beverages; the Company’s
franchisees’ adherence to its practices, policies and procedures;
and other risk factors described from time to time in the Company’s
10-Q and 10-K filings with the SEC.
RED ROBIN GOURMET BURGERS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
amounts)
(Unaudited)
July 10, December 26,
2011 2010 Assets: Current Assets: Cash and
cash equivalents $ 42,531 $ 17,889 Restricted cash—marketing funds
26 91 Accounts receivable, net 7,711 6,983 Inventories 16,699
16,037 Prepaid expenses and other current assets 8,268 7,509 Income
tax receivable 809 3,822 Deferred tax asset 2,335
1,294 Total current assets $ 78,379 $ 53,625
Property and equipment, net 408,480 414,048 Goodwill
61,769 61,769 Intangible assets, net 40,810 43,056 Other assets,
net 9,254 6,759 Total assets $ 598,692
$ 579,257
Liabilities and Stockholders’
Equity: Current Liabilities: Trade accounts payable $ 11,972 $
12,776 Construction related payables 5,179 2,943 Accrued payroll
and payroll related liabilities 31,840 29,137 Unearned revenue
10,197 14,391 Accrued liabilities 25,614 18,592 Current portion of
term loan notes payable 8,438 18,739 Current portion of long-term
debt and capital lease obligations 724 838
Total current liabilities $ 93,964 $ 97,416
Deferred rent 37,669 34,214 Long-term portion of term loan
notes payable 139,688 85,214 Other long-term debt and capital lease
obligations 10,258 53,731 Other non-current liabilities
6,945 8,021 Total liabilities $ 288,524
$ 278,596 Stockholders’ Equity: Common stock; $0.001
par value: 30,000,000 shares authorized; 17,245,798 and 17,101,897
shares issued; 15,322,238 and 15,600,867 shares outstanding 17 17
Preferred stock, $0.001 par value: 3,000,000 shares authorized; no
shares issued and outstanding - - Treasury stock, 1,923,560 and
1,501,030 shares, at cost (60,698 ) (50,321 ) Paid-in capital
175,642 171,558 Accumulated other comprehensive income (loss), net
of tax - (197 ) Retained earnings 195,207
179,604 Total stockholders’ equity 310,168
300,661 Total liabilities and stockholders’ equity $
598,692 $ 579,257
RED ROBIN GOURMET BURGERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except per share
data)
(Unaudited)
Twelve Weeks Ended Twenty-eight Weeks
Ended July 10, July 11, July 10,
July 11, 2011 2010 2011
2010 Revenues: Restaurant revenue $ 212,111 $ 197,977
$ 493,659 $ 465,482 Franchise royalties and fees 3,339 3,122 7,805
7,291 Other revenue 345 244 1,161 4,080
Total revenues 215,795 201,343 502,625
476,853 Costs and expenses:
Restaurant operating costs (exclusive of
depreciation
and amortization shown separately below): Cost of sales 53,551
48,697 123,911 113,709 Labor (includes $130, $211, $375 and $420 of
stock- based compensation, respectively) 70,574 69,488 167,445
164,849 Operating 28,981 28,976 67,742 67,615 Occupancy 14,929
14,579 34,757 34,287 Depreciation and amortization 12,634 13,185
29,745 30,436 Selling, general, and administrative (includes $493,
$857, $1,106 and $1,751 of stock-based compensation, respectively)
24,540 20,008 56,582 50,843 Pre-opening costs 1,516
375 2,177 1,252 Total costs and
expenses 206,725 195,308 482,359
462,991 Income from operations 9,070 6,035 20,266
13,862 Other expense (income): Interest expense, net 1,473
1,257 2,827 3,142 Other 40 10 41 (20 )
Total other expenses 1,513 1,267 2,868
3,122 Income before income taxes 7,557 4,768 17,398
10,740 Income tax expense 663 435 1,795
1,455 Net income $ 6,894 $ 4,333 $ 15,603 $ 9,285
Earnings per share: Basic $ 0.45 $ 0.28 $ 1.01 $ 0.60
Diluted $ 0.44 $ 0.28 $ 1.00 $ 0.59 Weighted average shares
outstanding: Basic 15,263 15,494 15,399
15,484 Diluted 15,539 15,671 15,631
15,654
Schedule I
Reconciliation of Non-GAAP Restaurant-Level
Operating Profit to Incomefrom Operations and Net
Income(In thousands, except percentage data)
The Company believes that restaurant-level operating profit is
an important measure for management and investors because it is
widely regarded in the restaurant industry as a useful metric by
which to evaluate restaurant-level operating efficiency and
performance. The Company defines restaurant-level operating profit
to be restaurant revenues minus restaurant-level operating costs,
excluding restaurant closures and impairment costs. The measure
includes restaurant level occupancy costs, which include fixed
rents, percentage rents, common area maintenance charges, real
estate and personal property taxes, general liability insurance and
other property costs, but excludes depreciation related to
restaurant buildings and leasehold improvements. The measure
excludes depreciation and amortization expense, substantially all
of which is related to restaurant level assets, because such
expenses represent historical sunk costs which do not reflect a
current cash outlay for the restaurants. The measure also excludes
selling, general and administrative costs, and therefore excludes
occupancy costs associated with selling, general and administrative
functions, and pre-opening costs. The Company excludes restaurant
closure costs as they do not represent a component of the
efficiency of continuing operations. Restaurant impairment costs
are excluded, because, similar to depreciation and amortization,
they represent a non-cash charge for the Company’s investment in
its restaurants and not a component of the efficiency of restaurant
operations. Restaurant-level operating profit is not a measurement
determined in accordance with generally accepted accounting
principles (“GAAP”) and should not be considered in isolation, or
as an alternative, to income from operations or net income as
indicators of financial performance. Restaurant-level operating
profit as presented may not be comparable to other similarly titled
measures of other companies. The table below sets forth certain
unaudited information for the 12 and 28 weeks ended July 10, 2011,
and July 11, 2010, expressed as a percentage of total revenues,
except for the components of restaurant operating costs, which are
expressed as a percentage of restaurant revenues.
Certain percentage amounts in the table above do not total due
to rounding as well as the fact that restaurant operating costs are
expressed as a percentage of restaurant revenues, as opposed to
total revenues.
Twelve Weeks Ended Twenty-eight
Weeks Ended July 10, 2011 July 11, 2010
July 10, 2011 July 11, 2010 Restaurant
revenues $ 212,111 98.3 % $ 197,977 98.3 % $ 493,659
98.2 % $ 465,482 97.6 %
Restaurant operating costs (exclusive
of
depreciation and amortization shown
separately below): Cost of sales 53,551 25.2 48,697 24.6 123,911
25.1 113,709 24.4 Labor 70,574 33.3 69,488 35.1 167,445 33.9
164,849 35.4 Operating 28,981 13.7 28,976 14.6 67,742 13.7 67,615
14.5 Occupancy 14,929 7.0 14,579 7.4 34,757
7.0 34,287 7.4 Restaurant-level operating profit
44,076 20.8 36,237 18.3 99,804 20.2 85,022
18.3 Add – other revenues 3,684 1.7 3,366 1.7 8,966 1.8
11,371 1.5 Deduct – other operating: Depreciation and amortization
12,634 5.9 13,185 6.5 29,745 5.9 30,436 6.4 Selling, general, and
administrative 24,540 11.4 19,998 9.9 56,527 11.3 50,748 10.7
Pre-opening costs 1,516 0.7 375 0.2 2,177 0.4 1,252 0.3 Restaurant
closure costs - 0.0 10 - 55 0.0 95 -
Total other operating 38,690 17.9 33,568 16.7
88,504 17.6 82,531 17.3 Income from operations 9,070
4.2 6,035 3.0 20,266 4.0 13,862 2.9 Total other expenses,
net 1,513 0.7 1,267 0.6 2,868 0.6 3,122 0.7 Income tax expense
663 0.3 435 0.2 1,795 0.4 1,455 0.3
Total other 2,176 1.0 1,702 0.8 4,663 0.9 4,577 1.0 Net
income $ 6,894 3.2 % $ 4,333 2.2 % $ 15,603 3.1 % $ 9,285 1.9 %
Certain percentage amounts in the table above do not total due
to rounding as well as the fact that restaurant operating costs are
expressed as a percentage of restaurant revenues, as opposed to
total revenues.
Schedule II
Reconciliation of Non-GAAP Results to GAAP
Results
In addition to the results provided in accordance with Generally
Accepted Accounting Principles (“GAAP”) throughout this press
release, the Company has provided non-GAAP measurements which
present the twelve and twenty-eight weeks ended July 10, 2011, and
July 11, 2010, net income and basic and diluted earnings per share,
excluding the effects of the severance expense, executive
transition costs, and initial gift card breakage revenue recorded
in first quarter 2010 and first quarter 2011. The Company believes
that the presentation of net income and earnings per share
exclusive of the identified items gives the reader additional
insight into the ongoing operational results of the Company. This
supplemental information will assist with comparisons of past and
future financial results against the present financial results
presented herein. The non-GAAP results were calculated using an
assumed 11.4% normalized tax rate in 2011 and 6.2% in 2010 on
income and expense items before taxes excluding the identified
items. The non-GAAP measurements are intended to supplement the
presentation of the Company’s financial results in accordance with
GAAP.
Twelve Weeks Ended
Twenty-eight Weeks Ended July 10, 2011 July
11, 2010 July 10, 2011 July 11, 2010
Net income as reported $ 6,894 $ 4,333 $ 15,603 $
9,285 Initial cumulative gift card breakage income - - (438 )
(3,507 ) Executive transition and severance expense 902 - 1,687 -
Income tax benefit (expense) (302 ) 138 (333 )
1,004 Adjusted net income $ 7,494 $ 4,471 $
16,519 $ 6,782 Basic net income (loss) per share: Net
income as reported $ 0.45 $ 0.28 $ 1.01 0.60 Initial cumulative
gift card breakage income - - (0.03 ) (0.23 ) Executive transition
and severance expense 0.06 - 0.11 - Income tax benefit (expense)
(0.02 ) 0.01 (0.02 ) 0.06
Adjusted earnings per basic share $ 0.49 $ 0.29 $ 1.07 $ 0.43
Diluted net income (loss) per share: Net
income as reported $ 0.44 $ 0.28 $ 1.00 $ 0.59 Initial cumulative
gift card breakage income - - (0.03 ) (0.22 ) Executive transition
and severance expense 0.06 - 0.11 - Income tax benefit (expense)
(0.02 ) 0.01 (0.02 ) 0.06
Adjusted earnings per diluted share $ 0.48 $ 0.29 $ 1.06 $ 0.43
Weighted average shares outstanding: Basic 15,263 15,494
15,399 15,484 Diluted 15,539 15,671 15,631 15,654
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