Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2009 Results

 

LOUISVILLE, Ky (February 22, 2010)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 29, 2009.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2009

 

2008

 

% Change

 

2009

 

2008

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

227,368

 

234,202

 

(3

)

942,331

 

880,461

 

7

 

Income from operations

 

14,803

 

10,866

 

36

 

75,861

 

62,027

 

22

 

Net income

 

8,709

 

6,139

 

42

 

47,479

 

38,168

 

24

 

Diluted EPS

 

$

0.12

 

$

0.09

 

40

 

$

0.67

 

$

0.52

 

29

 

 

NOTE> Q4 2008 and 2008 YTD include 14 and 53 weeks, respectively, compared to 13 and 52 weeks in Q4 2009 and 2009 YTD.  The 53rd week in 2008 YTD added $18.0 million to total weeks in Q4 2009 and 2009 YTD.  The extra week in 2008 added $18.0 million to total revenues and approximately $0.03 to diluted earnings per share for Q4 2008 and 2008 YTD.

 

Results for the fourth quarter:

 

·                  Comparable restaurant sales decreased 2.6% at company restaurants and 1.2% at franchise restaurants;

·                  Five company restaurants opened and one franchise restaurant was acquired;

·                  Restaurant margins increased 237 basis points to 17.4%;

·                  Diluted earnings per share increased 40% to $0.12 from $0.09 in the prior year period.

 

Results for the full year:

 

·                  Comparable restaurant sales decreased 2.8% at company restaurants and 2.5% at franchise restaurants;

·                  17 company restaurants and 3 franchise restaurants opened and one franchise restaurant was acquired;

·                  Restaurant margins increased 71 basis points to 17.7%;

·                  Diluted earnings per share increased 29% to $0.67 from $0.52 in the prior year period.

 

G.J. Hart, President and Chief Executive Officer of Texas Roadhouse, commented, “Sales trends continued to improve throughout the fourth quarter and, combined with a favorable commodities environment, we were able to generate our third consecutive quarter of year-over-year restaurant margin improvement.  This drove profitability for the period and capped off a year where earnings per diluted share increased 29%, solidly exceeding our expectations.  Looking to 2010 and beyond, we continue to believe Texas Roadhouse is well-positioned to gain market share based on our ongoing commitment to the basics of providing Legendary Food and Legendary Service.  In addition, we remain committed to maintaining a conservative balance sheet.”

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, February 22, 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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