Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2010 Results, Stock

Repurchase Authorization and Quarterly Dividend

 

LOUISVILLE, Ky (February 22, 2011)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 28, 2010.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2010

 

2009

 

% Change

 

2010

 

2009

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

244,594

 

227,368

 

8

 

1,004,993

 

942,331

 

7

 

Income from operations

 

15,734

 

14,803

 

6

 

90,617

 

75,861

 

19

 

Net income

 

10,060

 

8,709

 

16

 

58,289

 

47,479

 

23

 

Diluted EPS

 

$

0.14

 

$

0.12

 

13

 

$

0.80

 

$

0.67

 

20

 

 

Results for the quarter included:

 

·                  Comparable restaurant sales increased 3.1% at company restaurants and 2.9% at franchise restaurants;

·                  Seven company restaurants opened;

·                  Restaurant margins decreased 35 basis points to 17.1%;

·                  Diluted earnings per share increased 13% to $0.14 from $0.12 in the prior year period.

 

Results for the full year included:

 

·                  Comparable restaurant sales increased 2.4% at company restaurants and 2.5% at franchise restaurants;

·                  Fourteen company restaurants and one franchise restaurant opened, while one company restaurant closed;

·                  Restaurant margins increased 78 basis points to 18.5%;

·                  Diluted earnings per share increased 20% to $0.80 from $0.67 in the prior year-to-date period.

 

G.J. Hart, President and Chief Executive Officer of Texas Roadhouse, commented, “2010 ended on a very strong note with sales growth continuing through the fourth quarter.  And despite severe weather in early 2011, our momentum has continued and we are pleased to have seen continued traffic growth.  While we do anticipate inflation this year, we believe we are in a good position to manage through this pressure with limited pricing actions.  Consequently, we expect solid profitability in 2011.”  Hart continued, “Our balance sheet remains strong and due to a proven economic model, we are excited to be adding more restaurants this year.  We are also very pleased to announce that we will be returning excess capital to shareholders through share repurchases and dividends, thus enhancing total shareholder returns.”

 

Stock Repurchase Authorization

 

The Company announced today that on February 17, 2011 its Board of Directors approved a stock repurchase program under which it authorized the Company to repurchase up to $50 million of its common stock.  Any repurchases will be made through open market transactions.  The previous stock repurchase program, which had been extended by the Board of Directors in November 2009, expired on February 14, 2011.

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Tuesday, February 22, 2011 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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