We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brinker International Inc | NYSE:EAT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.60 | 38 | 10:00:51 |
DELAWARE
|
|
75-1914582
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
6820 LBJ FREEWAY, DALLAS, TEXAS
|
|
75240
|
(Address of principal executive offices)
|
|
(Zip Code)
|
(972) 980-9917
|
||
(Registrant’s telephone number, including area code)
|
Large accelerated filer
|
x
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
Class
|
Outstanding at October 31, 2016
|
Common Stock, $0.10 par value
|
49,656,312 shares
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Consolidated Financial Statements
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 28,
2016 |
|
June 29,
2016 |
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
34,155
|
|
|
$
|
31,446
|
|
Accounts receivable, net
|
39,035
|
|
|
43,944
|
|
||
Inventories
|
24,978
|
|
|
25,104
|
|
||
Restaurant supplies
|
45,295
|
|
|
45,455
|
|
||
Prepaid expenses
|
30,990
|
|
|
30,825
|
|
||
Total current assets
|
174,453
|
|
|
176,774
|
|
||
Property and Equipment, at Cost:
|
|
|
|
||||
Land
|
149,094
|
|
|
147,626
|
|
||
Buildings and leasehold improvements
|
1,639,356
|
|
|
1,626,924
|
|
||
Furniture and equipment
|
676,818
|
|
|
663,472
|
|
||
Construction-in-progress
|
16,190
|
|
|
23,965
|
|
||
|
2,481,458
|
|
|
2,461,987
|
|
||
Less accumulated depreciation and amortization
|
(1,453,350
|
)
|
|
(1,418,835
|
)
|
||
Net property and equipment
|
1,028,108
|
|
|
1,043,152
|
|
||
Other Assets:
|
|
|
|
||||
Goodwill
|
163,933
|
|
|
164,007
|
|
||
Deferred income taxes, net
|
29,972
|
|
|
27,003
|
|
||
Intangibles, net
|
29,692
|
|
|
30,225
|
|
||
Other
|
32,368
|
|
|
28,299
|
|
||
Total other assets
|
255,965
|
|
|
249,534
|
|
||
Total assets
|
$
|
1,458,526
|
|
|
$
|
1,469,460
|
|
LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current installments of long-term debt
|
$
|
3,848
|
|
|
$
|
3,563
|
|
Accounts payable
|
93,576
|
|
|
95,414
|
|
||
Gift card liability
|
120,725
|
|
|
122,329
|
|
||
Accrued payroll
|
66,247
|
|
|
70,999
|
|
||
Other accrued liabilities
|
133,550
|
|
|
121,324
|
|
||
Income taxes payable
|
7,675
|
|
|
18,814
|
|
||
Total current liabilities
|
425,621
|
|
|
432,443
|
|
||
Long-term debt, less current installments
|
1,441,979
|
|
|
1,110,693
|
|
||
Other liabilities
|
141,991
|
|
|
139,423
|
|
||
Commitments and Contingencies (Note 10)
|
|
|
|
||||
Shareholders’ Deficit:
|
|
|
|
||||
Common stock—250,000,000 authorized shares; $0.10 par value; 176,246,649 shares issued and 50,136,232 shares outstanding at September 28, 2016, and 176,246,649 shares issued and 55,420,656 shares outstanding at June 29, 2016
|
17,625
|
|
|
17,625
|
|
||
Additional paid-in capital
|
434,097
|
|
|
495,110
|
|
||
Accumulated other comprehensive loss
|
(12,075
|
)
|
|
(11,594
|
)
|
||
Retained earnings
|
2,562,444
|
|
|
2,558,193
|
|
||
|
3,002,091
|
|
|
3,059,334
|
|
||
Less treasury stock, at cost (126,110,417 shares at September 28, 2016 and 120,825,993 shares at June 29, 2016)
|
(3,553,156
|
)
|
|
(3,272,433
|
)
|
||
Total shareholders’ deficit
|
(551,065
|
)
|
|
(213,099
|
)
|
||
Total liabilities and shareholders’ deficit
|
$
|
1,458,526
|
|
|
$
|
1,469,460
|
|
|
Thirteen Week Periods Ended
|
||||||
|
September 28,
2016 |
|
September 23,
2015 |
||||
Revenues:
|
|
|
|
||||
Company sales
|
$
|
737,410
|
|
|
$
|
740,481
|
|
Franchise and other revenues
|
21,082
|
|
|
22,078
|
|
||
Total revenues
|
758,492
|
|
|
762,559
|
|
||
Operating costs and expenses:
|
|
|
|
||||
Company restaurants (excluding depreciation and amortization)
|
|
|
|
||||
Cost of sales
|
192,302
|
|
|
196,603
|
|
||
Restaurant labor
|
250,570
|
|
|
246,577
|
|
||
Restaurant expenses
|
196,643
|
|
|
189,173
|
|
||
Company restaurant expenses
|
639,515
|
|
|
632,353
|
|
||
Depreciation and amortization
|
38,886
|
|
|
39,171
|
|
||
General and administrative
|
32,537
|
|
|
33,111
|
|
||
Other gains and charges
|
6,078
|
|
|
1,677
|
|
||
Total operating costs and expenses
|
717,016
|
|
|
706,312
|
|
||
Operating income
|
41,476
|
|
|
56,247
|
|
||
Interest expense
|
8,809
|
|
|
7,767
|
|
||
Other, net
|
(299
|
)
|
|
(273
|
)
|
||
Income before provision for income taxes
|
32,966
|
|
|
48,753
|
|
||
Provision for income taxes
|
9,733
|
|
|
15,546
|
|
||
Net income
|
$
|
23,233
|
|
|
$
|
33,207
|
|
|
|
|
|
||||
Basic net income per share
|
$
|
0.42
|
|
|
$
|
0.55
|
|
|
|
|
|
||||
Diluted net income per share
|
$
|
0.42
|
|
|
$
|
0.54
|
|
|
|
|
|
||||
Basic weighted average shares outstanding
|
54,844
|
|
|
60,225
|
|
||
|
|
|
|
||||
Diluted weighted average shares outstanding
|
55,576
|
|
|
61,208
|
|
||
|
|
|
|
||||
Other comprehensive loss:
|
|
|
|
||||
Foreign currency translation adjustment
|
$
|
(481
|
)
|
|
$
|
(2,805
|
)
|
Other comprehensive loss
|
(481
|
)
|
|
(2,805
|
)
|
||
Comprehensive income
|
$
|
22,752
|
|
|
$
|
30,402
|
|
|
|
|
|
||||
Dividends per share
|
$
|
0.34
|
|
|
$
|
0.32
|
|
|
Thirteen Week Periods Ended
|
||||||
|
September 28,
2016 |
|
September 23,
2015 |
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
23,233
|
|
|
$
|
33,207
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
38,886
|
|
|
39,171
|
|
||
Stock-based compensation
|
4,034
|
|
|
4,189
|
|
||
Deferred income taxes
|
(2,968
|
)
|
|
1,375
|
|
||
Restructure charges and other impairments
|
5,150
|
|
|
574
|
|
||
Net loss (gain) on disposal of assets
|
481
|
|
|
(1,233
|
)
|
||
Undistributed earnings on equity investments
|
(186
|
)
|
|
(173
|
)
|
||
Other
|
490
|
|
|
435
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
8,261
|
|
|
6,904
|
|
||
Inventories
|
20
|
|
|
22
|
|
||
Restaurant supplies
|
(784
|
)
|
|
(138
|
)
|
||
Prepaid expenses
|
(216
|
)
|
|
(676
|
)
|
||
Intangibles
|
17
|
|
|
(86
|
)
|
||
Other assets
|
(351
|
)
|
|
(440
|
)
|
||
Accounts payable
|
1,392
|
|
|
(12,175
|
)
|
||
Gift card liability
|
(1,604
|
)
|
|
(8,644
|
)
|
||
Accrued payroll
|
(4,748
|
)
|
|
(22,404
|
)
|
||
Other accrued liabilities
|
6,017
|
|
|
9,908
|
|
||
Current income taxes
|
(11,672
|
)
|
|
(7,427
|
)
|
||
Other liabilities
|
768
|
|
|
3,497
|
|
||
Net cash provided by operating activities
|
66,220
|
|
|
45,886
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Payments for property and equipment
|
(27,111
|
)
|
|
(23,731
|
)
|
||
Payment for business acquisition, net of cash acquired
|
0
|
|
|
(105,577
|
)
|
||
Proceeds from sale of assets
|
0
|
|
|
2,756
|
|
||
Net cash used in investing activities
|
(27,111
|
)
|
|
(126,552
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
350,000
|
|
|
0
|
|
||
Purchases of treasury stock
|
(349,963
|
)
|
|
(51,061
|
)
|
||
Payments on revolving credit facility
|
(83,000
|
)
|
|
0
|
|
||
Borrowings on revolving credit facility
|
70,000
|
|
|
155,500
|
|
||
Payments of dividends
|
(18,298
|
)
|
|
(18,076
|
)
|
||
Payments for debt issuance costs
|
(9,183
|
)
|
|
0
|
|
||
Excess tax benefits from stock-based compensation
|
1,538
|
|
|
4,752
|
|
||
Proceeds from issuances of treasury stock
|
3,396
|
|
|
1,306
|
|
||
Payments on long-term debt
|
(890
|
)
|
|
(849
|
)
|
||
Net cash (used in) provided by financing activities
|
(36,400
|
)
|
|
91,572
|
|
||
Net change in cash and cash equivalents
|
2,709
|
|
|
10,906
|
|
||
Cash and cash equivalents at beginning of period
|
31,446
|
|
|
55,121
|
|
||
Cash and cash equivalents at end of period
|
$
|
34,155
|
|
|
$
|
66,027
|
|
|
Thirteen Week Periods Ended
|
||||
|
September 28, 2016
|
|
September 23, 2015
|
||
Basic weighted average shares outstanding
|
54,844
|
|
|
60,225
|
|
Dilutive stock options
|
246
|
|
|
400
|
|
Dilutive restricted shares
|
486
|
|
|
583
|
|
|
732
|
|
|
983
|
|
Diluted weighted average shares outstanding
|
55,576
|
|
|
61,208
|
|
|
|
|
|
||
Awards excluded due to anti-dilutive effect on diluted net income per share
|
1,027
|
|
|
357
|
|
|
September 28,
2016 |
|
June 29,
2016 |
||||
Revolving credit facility
|
$
|
517,250
|
|
|
$
|
530,250
|
|
5.00% notes
|
350,000
|
|
|
0
|
|
||
3.88% notes
|
300,000
|
|
|
300,000
|
|
||
2.60% notes
|
250,000
|
|
|
250,000
|
|
||
Capital lease obligations
|
37,788
|
|
|
37,532
|
|
||
Total long-term debt
|
1,455,038
|
|
|
1,117,782
|
|
||
Less unamortized debt issuance costs and discounts
|
(9,211
|
)
|
|
(3,526
|
)
|
||
Total long-term debt less unamortized debt issuance costs and discounts
|
1,445,827
|
|
|
1,114,256
|
|
||
Less current installments
|
(3,848
|
)
|
|
(3,563
|
)
|
||
|
$
|
1,441,979
|
|
|
$
|
1,110,693
|
|
|
Thirteen Week Periods Ended
|
||||||
|
September 28,
2016 |
|
September 23,
2015 |
||||
Restaurant closure charges
|
$
|
2,506
|
|
|
$
|
0
|
|
Information technology restructuring
|
2,491
|
|
|
0
|
|
||
Severance
|
293
|
|
|
2,159
|
|
||
Gain on the sale of assets, net
|
0
|
|
|
(1,762
|
)
|
||
Acquisition costs
|
0
|
|
|
580
|
|
||
Other
|
788
|
|
|
700
|
|
||
|
$
|
6,078
|
|
|
$
|
1,677
|
|
|
September 28,
2016 |
|
June 29,
2016 |
||||
Sales tax
|
$
|
19,823
|
|
|
$
|
26,280
|
|
Insurance
|
21,862
|
|
|
19,976
|
|
||
Property tax
|
20,316
|
|
|
15,762
|
|
||
Dividends
|
18,631
|
|
|
17,760
|
|
||
Other
|
52,918
|
|
|
41,546
|
|
||
|
$
|
133,550
|
|
|
$
|
121,324
|
|
|
September 28,
2016 |
|
June 29,
2016 |
||||
Straight-line rent
|
$
|
56,537
|
|
|
$
|
56,896
|
|
Insurance
|
39,853
|
|
|
38,433
|
|
||
Landlord contributions
|
25,884
|
|
|
24,681
|
|
||
Unfavorable leases
|
6,167
|
|
|
6,521
|
|
||
Unrecognized tax benefits
|
5,955
|
|
|
5,811
|
|
||
Other
|
7,595
|
|
|
7,081
|
|
||
|
$
|
141,991
|
|
|
$
|
139,423
|
|
•
|
Level 1 – inputs are quoted prices in active markets for identical assets or liabilities.
|
•
|
Level 2 – inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities.
|
•
|
Level 3 – inputs are unobservable and reflect our own assumptions.
|
(a)
|
Non-Financial Assets Measured on a Non-Recurring Basis
|
(b)
|
Other Financial Instruments
|
|
September 28, 2016
|
|
June 29, 2016
|
||||||||||||
|
Carrying Amount
|
|
Fair Value
|
|
Carrying Amount
|
|
Fair Value
|
||||||||
2.60% Notes
|
$
|
249,062
|
|
|
$
|
250,790
|
|
|
$
|
248,918
|
|
|
$
|
252,445
|
|
3.88% Notes
|
$
|
297,645
|
|
|
$
|
285,528
|
|
|
$
|
297,556
|
|
|
$
|
302,655
|
|
5.00% Notes
|
$
|
344,082
|
|
|
$
|
354,081
|
|
|
$
|
0
|
|
|
$
|
0
|
|
|
September 28,
2016 |
|
September 23,
2015 |
||||
Income taxes, net of refunds
|
$
|
21,992
|
|
|
$
|
15,266
|
|
Interest, net of amounts capitalized
|
2,781
|
|
|
2,280
|
|
|
September 28,
2016 |
|
September 23,
2015 |
||||
Retirement of fully depreciated assets
|
$
|
2,844
|
|
|
$
|
3,757
|
|
Dividends declared but not paid
|
18,982
|
|
|
19,288
|
|
||
Accrued capital expenditures
|
3,664
|
|
|
3,010
|
|
|
|
Thirteen Week Period Ended September 28, 2016
|
||||||||||||||
|
|
Chili's
|
|
Maggiano's
|
|
Other
|
|
Consolidated
|
||||||||
Company sales
|
|
$
|
648,643
|
|
|
$
|
88,767
|
|
|
$
|
0
|
|
|
$
|
737,410
|
|
Franchise and other revenues
|
|
16,915
|
|
|
4,167
|
|
|
0
|
|
|
21,082
|
|
||||
Total revenues
|
|
665,558
|
|
|
92,934
|
|
|
0
|
|
|
758,492
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operational expenses (a)
|
|
555,570
|
|
|
83,585
|
|
|
360
|
|
|
639,515
|
|
||||
Depreciation and amortization
|
|
32,601
|
|
|
3,886
|
|
|
2,399
|
|
|
38,886
|
|
||||
General and administrative
|
|
9,930
|
|
|
1,524
|
|
|
21,083
|
|
|
32,537
|
|
||||
Other gains and charges
|
|
1,926
|
|
|
734
|
|
|
3,418
|
|
|
6,078
|
|
||||
Total operating costs and expenses
|
|
600,027
|
|
|
89,729
|
|
|
27,260
|
|
|
717,016
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
$
|
65,531
|
|
|
$
|
3,205
|
|
|
$
|
(27,260
|
)
|
|
$
|
41,476
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment assets
|
|
$
|
1,194,678
|
|
|
$
|
166,937
|
|
|
$
|
96,911
|
|
|
1,458,526
|
|
|
Equity method investment
|
|
10,275
|
|
|
0
|
|
|
0
|
|
|
10,275
|
|
||||
Payments for property and equipment
|
|
18,829
|
|
|
4,896
|
|
|
3,386
|
|
|
27,111
|
|
(a)
|
Operational expenses includes cost of sales, restaurant labor and restaurant expenses.
|
|
|
Thirteen Week Period Ended September 23, 2015
|
||||||||||||||
|
|
Chili's
|
|
Maggiano's
|
|
Other
|
|
Consolidated
|
||||||||
Company sales
|
|
$
|
653,051
|
|
|
$
|
87,430
|
|
|
$
|
0
|
|
|
$
|
740,481
|
|
Franchise and other revenues
|
|
17,602
|
|
|
4,476
|
|
|
0
|
|
|
22,078
|
|
||||
Total revenues
|
|
670,653
|
|
|
91,906
|
|
|
0
|
|
|
762,559
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operational expenses (a)
|
|
548,766
|
|
|
83,141
|
|
|
446
|
|
|
632,353
|
|
||||
Depreciation and amortization
|
|
33,131
|
|
|
3,634
|
|
|
2,406
|
|
|
39,171
|
|
||||
General and administrative
|
|
9,419
|
|
|
1,813
|
|
|
21,879
|
|
|
33,111
|
|
||||
Other gains and charges
|
|
(942
|
)
|
|
173
|
|
|
2,446
|
|
|
1,677
|
|
||||
Total operating costs and expenses
|
|
590,374
|
|
|
88,761
|
|
|
27,177
|
|
|
706,312
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income
|
|
$
|
80,279
|
|
|
$
|
3,145
|
|
|
$
|
(27,177
|
)
|
|
$
|
56,247
|
|
|
|
|
|
|
|
|
|
|
||||||||
Segment assets
|
|
$
|
1,248,541
|
|
|
$
|
161,168
|
|
|
$
|
135,715
|
|
|
$
|
1,545,424
|
|
Equity method investment
|
|
10,756
|
|
|
0
|
|
|
0
|
|
|
10,756
|
|
||||
Payments for property and equipment
|
|
15,972
|
|
|
4,568
|
|
|
3,191
|
|
|
23,731
|
|
(a)
|
Operational expenses includes cost of sales, restaurant labor and restaurant expenses.
|
|
|
|
|
Thirteen Week Periods Ended
|
||||||
|
|
|
|
Sept. 28, 2016
|
|
Sept. 23, 2015
|
||||
Operating income
|
|
|
|
$
|
41,476
|
|
|
$
|
56,247
|
|
Less interest expense
|
|
|
|
(8,809
|
)
|
|
(7,767
|
)
|
||
Plus other, net
|
|
|
|
299
|
|
|
273
|
|
||
Income before provision for income taxes
|
|
|
|
$
|
32,966
|
|
|
$
|
48,753
|
|
|
Thirteen Week Periods Ended
|
||||
|
September 28,
2016 |
|
September 23,
2015 |
||
Revenues:
|
|
|
|
||
Company sales
|
97.2
|
%
|
|
97.1
|
%
|
Franchise and other revenues
|
2.8
|
%
|
|
2.9
|
%
|
Total revenues
|
100.0
|
%
|
|
100.0
|
%
|
Operating costs and expenses:
|
|
|
|
||
Company restaurants (excluding depreciation and amortization)
|
|
|
|
||
Cost of sales
(1)
|
26.1
|
%
|
|
26.6
|
%
|
Restaurant labor
(1)
|
34.0
|
%
|
|
33.3
|
%
|
Restaurant expenses
(1)
|
26.6
|
%
|
|
25.5
|
%
|
Company restaurant expenses
(1)
|
86.7
|
%
|
|
85.4
|
%
|
Depreciation and amortization
|
5.1
|
%
|
|
5.1
|
%
|
General and administrative
|
4.3
|
%
|
|
4.3
|
%
|
Other gains and charges
|
0.8
|
%
|
|
0.2
|
%
|
Total operating costs and expenses
|
94.5
|
%
|
|
92.6
|
%
|
Operating income
|
5.5
|
%
|
|
7.4
|
%
|
Interest expense
|
1.2
|
%
|
|
1.0
|
%
|
Other, net
|
0.0
|
%
|
|
0.0
|
%
|
Income before provision for income taxes
|
4.3
|
%
|
|
6.4
|
%
|
Provision for income taxes
|
1.2
|
%
|
|
2.0
|
%
|
Net income
|
3.1
|
%
|
|
4.4
|
%
|
(1)
|
As a percentage of company sales.
|
|
First Quarter Openings
|
|
Total Open at End Of First Quarter
|
|
Projected
Openings
|
||||
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
|
Fiscal 2016
|
|
Fiscal 2017
|
Company-owned restaurants:
|
|
|
|
|
|
|
|
|
|
Chili's domestic
|
2
|
|
4
|
|
936
|
|
933
|
|
5-6
|
Chili's international
|
0
|
|
0
|
|
13
|
|
13
|
|
1
|
Maggiano's
|
1
|
|
0
|
|
51
|
|
49
|
|
2
|
Total company-owned
|
3
|
|
4
|
|
1,000
|
|
995
|
|
8-9
|
Franchise restaurants:
|
|
|
|
|
|
|
|
|
|
Chili's domestic
|
1
|
|
1
|
|
317
|
|
327
|
|
5-8
|
Chili's international
|
4
|
|
6
|
|
335
|
|
310
|
|
35-40
|
Total franchise
|
5
|
|
7
|
|
652
|
|
637
|
|
40-48
|
Total restaurants:
|
|
|
|
|
|
|
|
|
|
Chili's domestic
|
3
|
|
5
|
|
1,253
|
|
1,260
|
|
10-14
|
Chili's international
|
4
|
|
6
|
|
348
|
|
323
|
|
36-41
|
Maggiano's
|
1
|
|
0
|
|
51
|
|
49
|
|
2
|
Grand total
|
8
|
|
11
|
|
1,652
|
|
1,632
|
|
48-57
|
|
Thirteen Week Period Ended September 28, 2016
|
|||||||||||||
|
Comparable
Sales (1)
|
|
Price
Increase
|
|
Mix
Shift (2)
|
|
Traffic
|
|
Capacity
|
|||||
Company-owned
|
(1.3
|
)%
|
|
1.4
|
%
|
|
1.2
|
%
|
|
(3.9
|
)%
|
|
0.7
|
%
|
Chili’s
|
(1.4
|
)%
|
|
1.2
|
%
|
|
1.5
|
%
|
|
(4.1
|
)%
|
|
0.6
|
%
|
Maggiano’s
|
(0.6
|
)%
|
|
2.3
|
%
|
|
(1.3
|
)%
|
|
(1.6
|
)%
|
|
3.0
|
%
|
Chili's Franchise
(3)
|
(0.6
|
)%
|
|
|
|
|
|
|
|
|
||||
U.S.
|
(1.6
|
)%
|
|
|
|
|
|
|
|
|
||||
International
|
0.9
|
%
|
|
|
|
|
|
|
|
|
||||
Chili's Domestic
(4)
|
(1.3
|
)%
|
|
|
|
|
|
|
|
|
||||
System-wide
(5)
|
(1.1
|
)%
|
|
|
|
|
|
|
|
|
|
Thirteen Week Period Ended September 23, 2015
|
|||||||||||||
|
Comparable
Sales (1)
|
|
Price
Increase (6)
|
|
Mix
Shift (2)(6)
|
|
Traffic (6)
|
|
Capacity
|
|||||
Company-owned
|
(1.6
|
)%
|
|
1.6
|
%
|
|
(1.5
|
)%
|
|
(1.7
|
)%
|
|
12.2
|
%
|
Chili’s
|
(1.6
|
)%
|
|
1.4
|
%
|
|
(1.6
|
)%
|
|
(1.4
|
)%
|
|
12.6
|
%
|
Maggiano’s
|
(1.7
|
)%
|
|
2.8
|
%
|
|
(0.9
|
)%
|
|
(3.6
|
)%
|
|
4.1
|
%
|
Chili's Franchise
(3)
|
2.2
|
%
|
|
|
|
|
|
|
|
|
||||
U.S.
|
0.8
|
%
|
|
|
|
|
|
|
|
|
||||
International
|
4.8
|
%
|
|
|
|
|
|
|
|
|
||||
Chili's Domestic
(4)
|
(1.1
|
)%
|
|
|
|
|
|
|
|
|
||||
System-wide
(5)
|
(0.5
|
)%
|
|
|
|
|
|
|
|
|
(1)
|
Comparable restaurant sales includes all restaurants that have been in operation for more than 18 months.
|
(2)
|
Mix shift is calculated as the year-over-year percentage change in company sales resulting from the change in menu items ordered by guests.
|
(3)
|
Revenues generated by franchisees are not included in revenues on the consolidated statements of comprehensive income; however, we generate royalty revenue and advertising fees based on franchise sales, where applicable. We believe including franchise comparable restaurant sales provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.
|
(4)
|
Domestic comparable restaurant sales percentages are derived from sales generated by company-owned and franchise operated Chili's restaurants in the United States.
|
(5)
|
System-wide comparable restaurant sales are derived from sales generated by company-owned Chili’s and Maggiano’s restaurants in addition to the sales generated at franchise operated restaurants.
|
(6)
|
Reclassifications have been made between pricing impact, mix-shift and traffic in the prior year to conform with current year classification.
|
|
Thirteen Week Periods Ended
|
||||||
|
September 28,
2016 |
|
September 23,
2015 |
||||
Net cash used in investing activities (in thousands):
|
|
|
|
||||
Payments for property and equipment
|
(27,111
|
)
|
|
(23,731
|
)
|
||
Payment for business acquisition, net of cash acquired
|
0
|
|
|
(105,577
|
)
|
||
Proceeds from sale of assets
|
0
|
|
|
2,756
|
|
||
|
$
|
(27,111
|
)
|
|
$
|
(126,552
|
)
|
|
Thirteen Week Periods Ended
|
||||||
|
September 28,
2016 |
|
September 23,
2015 |
||||
Net cash (used in) provided by financing activities (in thousands):
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
$
|
350,000
|
|
|
$
|
0
|
|
Purchases of treasury stock
|
(349,963
|
)
|
|
(51,061
|
)
|
||
Borrowings on revolving credit facility
|
70,000
|
|
|
155,500
|
|
||
Payments of dividends
|
(18,298
|
)
|
|
(18,076
|
)
|
||
Payments on revolving credit facility
|
(83,000
|
)
|
|
0
|
|
||
Excess tax benefits from stock-based compensation
|
1,538
|
|
|
4,752
|
|
||
Proceeds from issuances of treasury stock
|
3,396
|
|
|
1,306
|
|
||
Payments on long-term debt
|
(890
|
)
|
|
(849
|
)
|
||
Payments for debt issuance costs
|
(9,183
|
)
|
|
0
|
|
||
|
$
|
(36,400
|
)
|
|
$
|
91,572
|
|
•
|
The effect of competition on our operations and financial results.
|
•
|
Changes in consumer preferences may decrease demand for food at our restaurants.
|
•
|
Food safety incidents at our restaurants or in our industry or supply chain may adversely affect customer perception of our brand or industry and result in declines in sales and profits.
|
•
|
Global and domestic economic conditions may negatively impact consumer discretionary spending and could have a materially negative affect on our financial performance.
|
•
|
Disruptions in the global financial markets may affect our business plan by adversely impacting the availability and cost of credit.
|
•
|
A decrease in our credit ratings may increase our cost of credit.
|
•
|
The large number of company-owned restaurants concentrated in Texas, Florida and California makes us susceptible to changes in economic and other trends in those regions.
|
•
|
The effect of governmental regulation on our ability to maintain our existing and future operations and to open new restaurants.
|
•
|
Increased costs and/or reduced revenues from shortages or interruptions in the availability and delivery of food and other supplies.
|
•
|
The risk that inflation may increase our operating expenses.
|
•
|
Our ability to consummate successful strategic transactions that are important to our future growth and profitability.
|
•
|
Our inability to meet our business strategy plan and the impact on our profitability in the future.
|
•
|
Loss of key management personnel could hurt our business and limit our ability to operate and grow successfully.
|
•
|
The impact of slow economic growth on our landlords or other tenants in retail centers in which we or our franchisees are located, which in turn could negatively affect our financial results.
|
•
|
The success of our franchisees to our future growth.
|
•
|
The general decrease in sales volumes during winter months.
|
•
|
Unfavorable publicity relating to one or more of our company-owned or franchised restaurants in a particular brand that may taint public perception of the brand.
|
•
|
Failure to recognize, respond to and effectively manage the accelerated impact of social media could adversely impact our business.
|
•
|
Litigation could have a material adverse impact on our business and our financial performance.
|
•
|
Dependence on information technology and any material failure in the operation or security of that technology or our ability to execute a comprehensive business continuity plan could impair our ability to efficiently operate our business.
|
•
|
Failure to protect the integrity and security of individually identifiable data of our guests and teammates and confidential and proprietary information of the company could expose us to litigation and damage our reputation.
|
•
|
Failure to protect our service marks and intellectual property could harm our business.
|
•
|
Outsourcing of certain business processes to third-party vendors that subject us to risk, including disruptions in business and increased costs.
|
•
|
Declines in the market price of our common stock or changes in other circumstances that may indicate an impairment of goodwill possibly adversely affecting our financial position and results of operations.
|
•
|
Changes to estimates related to our property and equipment or operating results that are lower than our current estimates at certain restaurant locations, possibly causing us to incur impairment charges on certain long-lived assets.
|
•
|
Identification of a material weakness in internal control over financial reporting may adversely affect our stock price.
|
•
|
Failure to achieve our target for growth in total return to shareholders may adversely affect our stock price.
|
•
|
Other risk factors that could cause our actual results to differ materially from those indicated in the forward-looking statements by affecting, among many things, pricing, consumer spending, consumer confidence, and operating costs, include, without limitation, changes in financial and credit markets (including rising interest rates); increases in costs of food commodities; increases in fuel costs and availability for our team members, customers and suppliers; increases in utility and energy costs on regional or national levels; increases in health care costs; health epidemics or pandemics or the prospects of these events; changes in consumer behaviors; changes in demographic trends; labor shortages and availability of employees; union organization; strikes; terrorist acts; energy shortages and rolling blackouts; and weather (including major hurricanes and regional winter storms) and other acts of God.
|
|
Total Number
of Shares
Purchased (a)(c)
|
|
Average
Price
Paid per
Share (c)
|
|
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Program (c)
|
|
Approximate
Dollar Value
that May Yet
be Purchased
Under the
Program (b)(c)
|
||||||
June 30, 2016 through August 3, 2016
|
429,167
|
|
|
$
|
47.47
|
|
|
429,167
|
|
|
$
|
312,578
|
|
August 4, 2016 through August 31, 2016
|
403,218
|
|
|
$
|
50.88
|
|
|
352,296
|
|
|
$
|
444,799
|
|
September 1, 2016 through September 28, 2016
|
4,740,906
|
|
|
$
|
52.53
|
|
|
4,739,798
|
|
|
$
|
135,800
|
|
|
5,573,291
|
|
|
$
|
52.02
|
|
|
5,521,261
|
|
|
|
(a)
|
These amounts include shares purchased as part of our publicly announced programs and shares owned and tendered by team members to satisfy tax withholding obligations on the vesting of restricted share awards, which are not deducted from shares available to be purchased under publicly announced programs. Unless otherwise indicated, shares owned and tendered by team members to satisfy tax withholding obligations were purchased at the average of the high and low prices of the Company’s shares on the date of vesting. During the
first quarter
of fiscal
2017
, 52,030 shares were tendered by team members at an average price of $53.86.
|
(b)
|
On August 10, 2016, our Board of Directors authorized an additional $150 million in share repurchases.
|
(c)
|
In September 2016, we entered into a $300 million accelerated share repurchase agreement ("ASR Agreement") with Bank of America, N.A. (“BofA”). Pursuant to the terms of the ASR Agreement, we paid BofA $300 million in cash, which immediately reduced the remaining amount available under our share repurchase program, and received an initial delivery of approximately 4.6 million shares of common stock. Additional shares may be received prior to and/or at final settlement, based generally on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR Agreement, less a discount. Final settlement of the ASR Agreement will occur no later than March 31, 2017, although the settlement may be accelerated at BofA’s option.
|
|
BRINKER INTERNATIONAL, INC.
|
||
|
|||
Date: November 3, 2016
|
By:
|
|
/s/ Wyman T. Roberts
|
|
|
|
Wyman T. Roberts,
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|||
Date: November 3, 2016
|
By:
|
|
/s/ Thomas J. Edwards, Jr.
|
|
|
|
Thomas J. Edwards, Jr.,
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
1 Year Brinker Chart |
1 Month Brinker Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions