LOUISVILLE, Ky.--(BUSINESS WIRE)--
Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial
results for the 13 and 26 week periods ended June 26, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
|
Year to Date
|
|
($000's)
|
|
|
2012
|
|
|
2011
|
|
|
% Change
|
|
|
2012
|
|
|
|
2011
|
|
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
320,275
|
|
|
279,572
|
|
|
15
|
|
|
645,114
|
|
|
|
563,357
|
|
|
|
15
|
|
Income from operations (1)
|
|
|
31,247
|
|
|
23,748
|
|
|
32
|
|
|
60,649
|
|
|
|
53,957
|
|
|
|
12
|
|
Net income (1)
|
|
|
20,310
|
|
|
16,076
|
|
|
26
|
|
|
39,179
|
|
|
|
35,869
|
|
|
|
9
|
|
Diluted EPS (1)
|
|
|
$0.28 |
|
|
$0.22 |
|
|
28
|
|
|
$0.55 |
|
|
|
$0.49 |
|
|
|
12
|
|
|
|
(1) 2012 YTD includes a charge related to a legal settlement
discussed below.
|
|
|
Results for the second quarter included:
-
Comparable restaurant sales increased 4.5% at company restaurants and
4.8% at franchise restaurants;
-
7 company restaurants were opened;
-
Restaurant margins, as a percentage of restaurant sales, increased 91
basis points to 19.1%;
-
Diluted earnings per share increased 28% to $0.28 from $0.22 in the
prior year.
Results year-to-date included:
-
Comparable restaurant sales increased 5.3% at company restaurants and
5.9% at franchise restaurants;
-
15 company restaurants were opened;
-
Restaurant margins, as a percentage of restaurant sales, increased 39
basis points to 19.1%;
-
As previously disclosed, the Company recorded a one-time, pre-tax
charge of $5.0 million ($3.1 million after-tax) in the first quarter
of 2012 for a legal settlement, which had a $0.04 impact on diluted
earnings per share;
-
Before the previously disclosed first quarter charge, diluted earnings
per share increased 20% to $0.59 from $0.49 in the prior year.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, "Our
results remained strong in the second quarter highlighted by 15 percent
revenue growth and a 28 percent increase in diluted earnings per share.
We are encouraged by the impressive sales volumes currently being
generated by our 2012 restaurant class. Our solid real estate pipeline
will enable us to grow at least 25 restaurants in 2013. Finally, our
balance sheet and cash flow remain healthy as we continue to internally
fund our growth while returning excess capital to our shareholders
through dividends."
2012 Outlook
The Company reported that comparable restaurant sales at company
restaurants for the first four weeks of its third quarter of fiscal 2012
increased approximately 5.5% compared to the prior year period which
includes a benefit from the timing of the fourth of July holiday.
The Company currently anticipates that GAAP diluted earnings per share
for 2012, which includes the legal settlement charge discussed below,
will be $0.94 to $0.96. This compares to diluted earnings per share of
$0.88 in 2011. The updated guidance is based, in part, on the following
assumptions and other information:
-
Comparable restaurant sales growth of 4.0% to 4.5%, the low end of our
previously expected range;
-
Approximately 25 company restaurant openings;
-
Food cost inflation of approximately 7.0%, the low end of our
previously expected range;
-
A pre-tax charge of $5.0 million ($3.1 million after-tax) relating to
a legal settlement. This charge was recorded in the first quarter of
2012 and is expected to negatively impact full year 2012 diluted
earnings per share by approximately $0.04;
-
An income tax rate of 32.5% to 33.0%, which is higher than the prior
year rate of 29.5% as a result of the expiration of certain federal
tax credits at the end of 2011. The increased tax rate is expected to
negatively impact full year 2012 diluted earnings per share by
approximately $0.04; and
-
Total capital expenditures of approximately $90.0 million, higher than
our previous range of $80.0 to $85.0 million.
Conference Call
The Company is hosting a conference call today, July 30, 2012, at 5:00
p.m. Eastern Time to discuss these results. The dial-in number is (888)
204-4426 or (913) 312-1301 for international calls. A replay of the call
will be available for one week following the conference call. To access
the replay, please dial (877) 870-5176 or (858) 384-5517 for
international calls, and use 6138467 as the pass code. There will be a
simultaneous Web cast conducted at www.texasroadhouse.com.
About the Company
Texas Roadhouse is a casual dining concept that first opened in 1993 and
today operates over 380 restaurants system-wide in 47 states and one
foreign country. For more information, please visit the Company's Web
site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release that are not historical facts,
including, without limitation, those relating to our anticipated
financial performance, are forward-looking statements that involve risks
and uncertainties. Such statements are based upon the current beliefs
and expectations of the management of the Company. Actual results may
vary materially from those contained in forward-looking statements based
on a number of factors including, without limitation, the actual number
of restaurants opening, the sales at these and our other company and
franchise restaurants, changes in restaurant development or operating
costs, such as food and labor, our ability to acquire franchise
restaurants, our ability to integrate the franchise restaurants we
acquire or other concepts we develop, strength of consumer spending,
pending or future legal claims, conditions beyond the Company's control
such as weather, natural disasters, disease outbreaks, epidemics or
pandemics impacting the Company's customers or food supplies, acts of
war or terrorism and other factors disclosed from time to time in the
Company's filings with the U.S. Securities and Exchange Commission.
Investors should take such risks into account when making investment
decisions. Stockholders and other readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as
of the date on which they are made. The Company undertakes no obligation
to update any forward-looking statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Income
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks Ended
|
|
|
26 Weeks Ended
|
|
|
|
|
|
|
June 26, 2012 |
|
|
June 28, 2011 |
|
|
June 26, 2012 |
|
|
June 28, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales
|
|
|
$
|
317,546
|
|
|
$
|
277,089
|
|
|
$
|
639,558
|
|
|
$
|
558,409
|
|
Franchise royalties and fees
|
|
|
|
2,729
|
|
|
|
2,483
|
|
|
|
5,586
|
|
|
|
4,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
|
320,275
|
|
|
|
279,572
|
|
|
|
645,144
|
|
|
|
563,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
106,860
|
|
|
|
92,266
|
|
|
|
216,515
|
|
|
|
185,807
|
|
Labor
|
|
|
|
93,235
|
|
|
|
82,912
|
|
|
|
186,582
|
|
|
|
165,632
|
|
Rent
|
|
|
|
6,379
|
|
|
|
5,700
|
|
|
|
12,631
|
|
|
|
11,357
|
|
Other operating
|
|
|
|
50,555
|
|
|
|
45,938
|
|
|
|
101,784
|
|
|
|
91,219
|
|
Pre-opening
|
|
|
|
2,780
|
|
|
|
2,196
|
|
|
|
6,365
|
|
|
|
4,086
|
|
Depreciation and amortization
|
|
|
|
11,546
|
|
|
|
10,553
|
|
|
|
22,893
|
|
|
|
21,153
|
|
Impairment and closure
|
|
|
|
20
|
|
|
|
20
|
|
|
|
39
|
|
|
|
46
|
|
General and administrative
|
|
|
|
17,653
|
|
|
|
16,239
|
|
|
|
37,686
|
|
|
|
30,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
|
289,028
|
|
|
|
255,824
|
|
|
|
584,495
|
|
|
|
509,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
31,247
|
|
|
|
23,748
|
|
|
|
60,649
|
|
|
|
53,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
|
568
|
|
|
|
542
|
|
|
|
1,173
|
|
|
|
1,107
|
|
Equity income from investments in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unconsolidated affiliates
|
|
|
|
121
|
|
|
|
97
|
|
|
|
162
|
|
|
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before taxes
|
|
|
|
30,800
|
|
|
|
23,303
|
|
|
|
59,638
|
|
|
|
53,050
|
|
Provision for income taxes
|
|
|
|
9,952
|
|
|
|
6,604
|
|
|
|
19,037
|
|
|
|
15,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income including noncontrolling interests (1)
|
|
|
$
|
20,848
|
|
|
$
|
16,699
|
|
|
$
|
40,601
|
|
|
$
|
37,174
|
|
Less: Net income attributable to noncontrolling interests
|
|
|
|
538
|
|
|
|
623
|
|
|
|
1,422
|
|
|
|
1,305
|
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries
|
|
|
$
|
20,310
|
|
|
$
|
16,076
|
|
|
$
|
39,179
|
|
|
$
|
35,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Texas Roadhouse, Inc.
and subsidiaries:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.29
|
|
|
$
|
0.23
|
|
|
$
|
0.56
|
|
|
$
|
0.50
|
|
Diluted
|
|
|
$
|
0.28
|
|
|
$
|
0.22
|
|
|
$
|
0.55
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
70,129
|
|
|
|
71,261
|
|
|
|
69,763
|
|
|
|
71,654
|
|
Diluted
|
|
|
|
71,587
|
|
|
|
72,791
|
|
|
|
71,247
|
|
|
|
73,256
|
|
|
|
|
|
|
(1)
|
|
Results for the 26 weeks ended June 26, 2012 include a $5.0
million charge ($3.1 million, net of tax), before the statutory
income tax rate, relating to the settlement of a legal matter. The
settlement is included in general and administrative costs.
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
|
Condensed Consolidated Balance Sheets
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
June 26, 2012 |
|
|
December 27, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
77,225
|
|
|
$
|
73,731
|
|
Other current assets
|
|
|
|
34,469
|
|
|
|
38,243
|
|
Property and equipment, net
|
|
|
|
515,620
|
|
|
|
497,217
|
|
Goodwill
|
|
|
|
110,946
|
|
|
|
110,946
|
|
Intangible assets, net
|
|
|
|
8,504
|
|
|
|
9,042
|
|
Other assets
|
|
|
|
12,612
|
|
|
|
11,491
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
$
|
759,376
|
|
|
$
|
740,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
|
|
|
|
and obligations under capital leases
|
|
|
|
321
|
|
|
|
304
|
|
Other current liabilities
|
|
|
|
122,771
|
|
|
|
136,068
|
|
Long-term debt and obligations under
|
|
|
|
|
|
|
|
capital leases, excluding current maturities
|
|
|
|
51,437
|
|
|
|
61,601
|
|
Other liabilities
|
|
|
|
46,979
|
|
|
|
46,875
|
|
Texas Roadhouse, Inc. and subsidiaries stockholders' equity
|
|
|
|
533,007
|
|
|
|
491,904
|
|
Noncontrolling interests
|
|
|
|
4,861
|
|
|
|
3,918
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
$
|
759,376
|
|
|
$
|
740,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(in thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Weeks Ended
|
|
|
|
|
|
|
June 26, 2012 |
|
|
June 28, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income including noncontrolling interests
|
|
|
$
|
40,601
|
|
|
|
$
|
37,174
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
22,893
|
|
|
|
|
21,153
|
|
|
Share-based compensation expense
|
|
|
|
6,324
|
|
|
|
|
5,733
|
|
|
Other noncash adjustments
|
|
|
|
(2,991
|
)
|
|
|
|
2,075
|
|
|
Change in working capital
|
|
|
|
(6,576
|
)
|
|
|
|
(9,784
|
)
|
|
Net cash provided by operating activities
|
|
|
|
60,251
|
|
|
|
|
56,351
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Capital expenditures - property and equipment
|
|
|
|
(42,547
|
)
|
|
|
|
(29,093
|
)
|
|
Proceeds from sale of property and equipment, including insurance
proceeds
|
|
|
|
106
|
|
|
|
|
75
|
|
|
Net cash used in investing activities
|
|
|
|
(42,441
|
)
|
|
|
|
(29,018
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
(Repayments) of revolving credit facility, net
|
|
|
|
(10,000
|
)
|
|
|
|
-
|
|
|
Repurchase shares of common stock
|
|
|
|
-
|
|
|
|
|
(25,269
|
)
|
|
Dividends paid
|
|
|
|
(11,806
|
)
|
|
|
|
(5,692
|
)
|
|
Other financing activities
|
|
|
|
7,490
|
|
|
|
|
789
|
|
|
Net cash used in financing activities
|
|
|
|
(14,316
|
)
|
|
|
|
(30,172
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
3,494
|
|
|
|
|
(2,839
|
)
|
|
Cash and cash equivalents - beginning of year
|
|
|
|
73,731
|
|
|
|
|
82,215
|
|
|
Cash and cash equivalents - end of year
|
|
|
$
|
77,225
|
|
|
|
$
|
79,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
|
|
Supplemental Financial and Operating Information
|
|
($ amounts in thousands, except weekly sales by group)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
|
Change
|
|
|
Year to Date
|
|
|
Change
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
vs LY
|
|
|
2012
|
|
|
2011
|
|
|
vs LY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant openings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
|
|
7
|
|
|
|
3
|
|
|
4
|
|
|
|
|
15
|
|
|
|
5
|
|
|
10
|
|
|
|
Company - Aspen Creek |
|
|
|
0
|
|
|
|
0
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
0
|
|
|
|
Franchise - Texas Roadhouse |
|
|
|
0
|
|
|
|
0
|
|
|
0
|
|
|
|
|
0
|
|
|
|
0
|
|
|
0
|
|
|
|
Total
|
|
|
|
7
|
|
|
|
3
|
|
|
4
|
|
|
|
|
15
|
|
|
|
5
|
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants open at the end of the quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Texas Roadhouse |
|
|
|
306
|
|
|
|
276
|
|
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
Company - Aspen Creek |
|
|
|
3
|
|
|
|
3
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise - Texas Roadhouse |
|
|
|
72
|
|
|
|
71
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
381
|
|
|
|
350
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company-owned restaurants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant sales
|
|
|
$
|
317,546
|
|
|
$
|
277,089
|
|
|
14.6
|
|
%
|
|
$
|
639,558
|
|
|
$
|
558,409
|
|
|
14.5
|
|
%
|
|
Store weeks
|
|
|
|
3,962
|
|
|
|
3,607
|
|
|
9.8
|
|
%
|
|
|
7,813
|
|
|
|
7,175
|
|
|
8.9
|
|
%
|
|
Comparable restaurant sales growth (1)
|
|
|
|
4.5
|
|
%
|
|
4.4
|
|
%
|
|
|
|
|
5.3
|
%
|
|
|
4.5
|
%
|
|
|
|
|
Texas Roadhouse restaurants only:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurant sales growth (1)
|
|
|
|
4.5
|
|
%
|
|
4.4
|
|
%
|
|
|
|
|
5.3
|
%
|
|
|
4.6
|
%
|
|
|
|
|
Average unit volume (2)
|
|
|
$
|
1,038
|
|
|
$
|
997
|
|
|
4.1
|
|
%
|
|
$
|
2,118
|
|
|
$
|
2,019
|
|
|
4.9
|
|
%
|
|
Weekly sales by group:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable restaurants (265 units)
|
|
|
$
|
80,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average unit volume restaurants (16 units)
|
|
|
$
|
74,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurants less than 6 months old (25 units)
|
|
|
$
|
87,954
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant operating costs (as a % of restaurant sales)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
33.7
|
|
%
|
|
33.3
|
|
%
|
35
|
|
bps
|
|
|
33.9
|
%
|
|
|
33.3
|
%
|
|
58
|
|
bps
|
|
Labor
|
|
|
|
29.4
|
|
%
|
|
29.9
|
|
%
|
(56
|
)
|
bps
|
|
|
29.2
|
%
|
|
|
29.7
|
%
|
|
(49
|
)
|
bps
|
|
Rent
|
|
|
|
|
2.0
|
|
%
|
|
2.1
|
|
%
|
(5
|
)
|
bps
|
|
|
2.0
|
%
|
|
|
2.0
|
%
|
|
(6
|
)
|
bps
|
|
Other operating
|
|
|
|
15.9
|
|
%
|
|
16.6
|
|
%
|
(66
|
)
|
bps
|
|
|
15.9
|
%
|
|
|
16.3
|
%
|
|
(42
|
)
|
bps
|
|
Total
|
|
|
|
|
80.9
|
|
%
|
|
81.9
|
|
%
|
(91
|
)
|
bps
|
|
|
80.9
|
%
|
|
|
81.3
|
%
|
|
(39
|
)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant margins (3)
|
|
|
|
19.1
|
|
%
|
|
18.1
|
|
%
|
91
|
|
bps
|
|
|
19.1
|
%
|
|
|
18.7
|
%
|
|
39
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise-owned restaurants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise royalties and fees
|
|
|
$
|
2,729
|
|
|
$
|
2,483
|
|
|
9.9
|
|
%
|
|
$
|
5,586
|
|
|
$
|
4,948
|
|
|
12.9
|
|
%
|
|
Store weeks
|
|
|
|
936
|
|
|
|
923
|
|
|
1.4
|
|
%
|
|
|
1,872
|
|
|
|
1,846
|
|
|
1.4
|
|
%
|
|
Comparable restaurant sales growth (1)
|
|
|
|
4.8
|
|
%
|
|
3.6
|
|
%
|
|
|
|
|
5.9
|
%
|
|
|
3.8
|
%
|
|
|
|
|
Average unit volume (2)
|
|
|
$
|
1,030
|
|
|
$
|
983
|
|
|
4.8
|
|
%
|
|
$
|
2,091
|
|
|
$
|
1,972
|
|
|
6.1
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-opening expense
|
|
|
$
|
2,780
|
|
|
$
|
2,196
|
|
|
26.6
|
|
%
|
|
$
|
6,365
|
|
|
$
|
4,086
|
|
|
55.8
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
$
|
11,546
|
|
|
$
|
10,553
|
|
|
9.4
|
|
%
|
|
$
|
22,893
|
|
|
$
|
21,153
|
|
|
8.2
|
|
%
|
|
As a % of revenue
|
|
|
|
3.6
|
|
%
|
|
3.8
|
|
%
|
(17
|
)
|
bps
|
|
|
3.5
|
%
|
|
|
3.8
|
%
|
|
(21
|
)
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses (4)
|
|
|
$
|
17,653
|
|
|
$
|
16,239
|
|
|
8.7
|
|
%
|
|
$
|
37,686
|
|
|
$
|
30,100
|
|
|
25.2
|
|
%
|
|
As a % of revenue
|
|
|
|
5.5
|
|
%
|
|
5.8
|
|
%
|
(30
|
)
|
bps
|
|
|
5.8
|
%
|
|
|
5.3
|
%
|
|
50
|
|
bps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Comparable restaurant sales growth includes sales from domestic
restaurants open 18 months as of the beginning of the measurement
period, excluding sales from restaurants closed during the period.
|
|
(2)
|
|
Average unit volume includes sales from domestic Texas Roadhouse
restaurants open six months as of the beginning of the measurement
period, excluding sales from restaurants closed during the period.
|
|
(3)
|
|
Restaurant margins represent restaurant sales less restaurant
operating costs (as a percentage of restaurant sales).
|
|
(4)
|
|
Results for the 26 weeks ended June 26, 2012 include a $5.0
million pre-tax charge for the settlement of a legal matter.
|
|
|
|
Amounts may not foot due to rounding.
|
|
|
Texas Roadhouse, Inc. and Subsidiaries
Reconciliation of
GAAP and Non-GAAP Information
(in thousands, except per
share data)
(unaudited)
In addition to the results provided in accordance with U.S. Generally
Accepted Accounting Principles ("GAAP") throughout this document, the
Company has provided non-GAAP measurements which present operating
results on a basis before the impact of a settlement of a legal matter.
This item is described in detail throughout this document.
The Company used earnings before the impact of the legal settlement as a
key performance measure of results of operations for purposes of
evaluating performance internally. This non-GAAP measurement is not
intended to replace the presentation of our financial results in
accordance with GAAP. Rather, the Company believes that the presentation
of results before the legal settlement provides additional information
to facilitate the comparison of past and present operations, excluding
items that the Company does not believe are indicative of our ongoing
operations in the 26 weeks ended June 26, 2012.
|
|
|
|
For the 26 weeks Ended
|
|
|
|
|
June 26, 2012 |
|
|
June 28, 2011 |
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries,
excluding settlement charge
|
|
|
$
|
42,240
|
|
|
|
$
|
35,869
|
|
Amount reserved for settlement of a legal matter, net of tax (1)
|
|
|
$
|
(3,062
|
)
|
|
|
$
|
-
|
|
Net income attributable to Texas Roadhouse, Inc. and subsidiaries
|
|
|
$
|
39,179
|
|
|
|
$
|
35,869
|
|
|
|
|
|
|
|
|
|
Weighted average diluted shares outstanding
|
|
|
|
71,247
|
|
|
|
|
73,256
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share, excluding settlement charge
|
|
|
$
|
0.59
|
|
|
|
$
|
0.49
|
|
Impact of settlement charge on diluted earnings per share
|
|
|
$
|
(0.04
|
)
|
|
|
$
|
-
|
|
Diluted earnings per share
|
|
|
$
|
0.55
|
|
|
|
$
|
0.49
|
|
|
|
|
|
(1)
|
|
Amount reserved in the first quarter of fiscal 2012 for the
settlement of a legal matter was $5.0 million before the statutory
income tax rate. The settlement amount was included in general and
administrative costs on the Company's Condensed Consolidated
Statements of Income and Comprehensive Income.
|
Texas Roadhouse
Investor Relations:
Tonya Robinson,
502-515-7300
or
Media:
Travis Doster, 502-638-5457
Source: Texas Roadhouse, Inc.
News Provided by Acquire Media