Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2011 Results; Board of Directors Increases Stock Repurchase Authorization to $100 million and Increases Quarterly Dividend by 12.5%

 

LOUISVILLE, KY. (February 21, 2012)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 27, 2011.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2011

 

2010

 

% Change

 

2011

 

2010

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

276,616

 

244,594

 

13

 

1,109,226

 

1,004,993

 

10

 

Income from operations

 

18,210

 

15,734

 

16

 

95,239

 

90,617

 

5

 

Net income

 

12,297

 

10,060

 

22

 

63,964

 

58,289

 

10

 

Diluted EPS

 

$

0.17

 

$

0.14

 

28

 

$

0.88

 

$

0.80

 

11

 

 

Results for the fourth quarter included:

 

·                  Comparable restaurant sales increased 5.6% at all company restaurants and 5.7% at all franchise restaurants;

·                  Ten company restaurants opened;

·                  Restaurant margins, as a percentage of restaurant sales, decreased 25 basis points to 16.8%;

·                  Diluted earnings per share increased 28% to $0.17 from $0.14 in the prior year period;

·                  The Company repurchased 968,700 shares of its common stock for a total purchase price of $12.7 million.

 

Results for the full year included:

 

·                  Comparable restaurant sales increased 4.7% at all company restaurants and 4.3% at all franchise restaurants;

·                  20 company restaurants and one international franchise restaurant opened;

·                  Restaurant margins, as a percentage of restaurant sales, decreased 45 basis points to 18.1%;

·                  Diluted earnings per share increased 11% to $0.88 from $0.80 in the prior year;

·                  The Company repurchased 3,972,100 shares of its common stock for a total purchase price of $59.1 million.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “We are very pleased with our 2011 results and are particularly encouraged that our strong sales trends were driven largely by increased traffic.  Despite a challenging consumer environment and continued commodity cost pressures, we reported double-digit revenue and earnings per share growth in 2011, while our strong balance sheet and healthy cash flows enabled us to return $76 million of excess capital to shareholders through share repurchases and quarterly dividend payments.”

 

Taylor concluded, “For 2012, we have assembled a healthy pipeline of new locations and are on track to open 25 company restaurants.  Although we expect to face short-term cost pressures, we remain excited by the ongoing momentum in our top-line and will continue to focus on our long-term brand positioning and growth potential.”

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Tuesday, February 21, 2012 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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