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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bloomin Brands Inc | NASDAQ:BLMN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.79 | 10.38 | 26.65 | 0 | 09:09:57 |
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:
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:
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% |
Other Events
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.
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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