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Brinker International Inc (EAT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, June 30, 2010

Brinker International Inc

CIK: 703351 Ticker: EAT

Exhibit 99(a)

LOGO

FOR IMMEDIATE RELEASE

 

Contacts: Stacey Sullivan, Media Relations   Marie Perry, Investor Relations
(800) 775-7290   (972) 770-1276

BRINKER INTERNATIONAL REPORTS FOURTH QUARTER FISCAL 2010 EPS

DALLAS (Aug. 12, 2010) – Brinker International, Inc. (NYSE: EAT) announced fourth quarter fiscal 2010 earnings per diluted share from continuing operations of $0.44 compared to $0.45 in the fourth quarter of fiscal 2009, before special items. For the full-year fiscal 2010, earnings per diluted share from continuing operations was $1.18 compared to $1.28 in the prior year, before special items and excluding Macaroni Grill. In 2010, the fourth quarter and fiscal year included an additional operating week compared to fiscal 2009. (Reconciliations to GAAP earnings per diluted share amounts are included in Tables 3 and 4.)

On a GAAP basis, earnings per diluted share increased to $0.62 for the fourth quarter compared to $0.41 in the prior year. For the full-year fiscal 2010, earnings per diluted share increased to $1.34 from $0.77 in the prior year.

On June 30, 2010, the company completed the sale of On The Border Mexican Grill & Cantina® to OTB Acquisition LLC, an affiliate of Golden Gate Capital, for gross proceeds of approximately $180 million and recognized a gain of approximately $16.5 million. Therefore, the results of On The Border are presented as discontinued operations. All amounts presented below relate to continuing operations unless otherwise stated.

Quarterly Revenues

Brinker reported fourth quarter revenues of $743.1 million compared to $742.1 million in the prior year (14-weeks vs. 13-weeks). The company experienced a 3.4 percent decrease in comparable restaurant sales (see Table 1) in the fourth quarter of fiscal 2010. Revenues were positively affected by a net increase in capacity of 3.0 percent due to the impact of the 53rd week in fiscal 2010, partially offset by the sale of 21 restaurants to a franchisee and 11 restaurant closures since the fourth quarter of fiscal 2009. Royalty and franchise revenues were $16.7 million for the quarter.

Table 1: Q4 comparable restaurant sales1, 2

Q4 10 and Q4 09, company and two reported brands; percentage

 

     Q4 10
Comparable
Sales
    Q4 09
Comparable
Sales
    Q4 10
Pricing
Impact
   Q4 10
Mix-Shift

Brinker International 3

   (3.4   (9.4   1.2    0.9

Chili’s

   (4.1   (9.4   1.4    1.0

Maggiano’s

   1.3      (9.2   0.2    0.2

 

1 Amounts are calculated based on comparable 13 weeks in each fiscal quarter.
2 Brinker International comparable restaurant sales by period are provided on the company’s website.
3 Brinker International comparable restaurant sales exclude the impact of On The Border.


The following information was filed by Brinker International Inc (EAT) on Thursday, August 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: EAT
CIK: 703351
Form Type: 10-K Annual Report
Accession Number: 0001193125-10-195848
Submitted to the SEC: Tue Aug 24 2010 4:45:56 PM EST
Accepted by the SEC: Tue Aug 24 2010
Period: Wednesday, June 30, 2010
Industry: Retail Eating Places

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