Exhibit 99.1

 

Texas Roadhouse, Inc. Announces Fourth Quarter 2014 Results

Increases Quarterly Dividend 13% to $0.17 per Share

 

LOUISVILLE, KY. (February 23, 2015)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 30, 2014.

 

 

 

Fourth Quarter

 

Year to Date

 

($000’s)

 

2014

 

2013

 

% Change

 

2014

 

2013

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

 

$

404,425

 

$

376,020

 

8

 

$

1,582,148

 

$

1,422,585

 

11

 

Income from operations

 

27,043

 

26,054

 

4

 

130,449

 

119,715

 

9

 

Net income

 

18,595

 

17,119

 

9

 

87,022

 

80,423

 

8

 

Diluted EPS

 

$

0.26

 

$

0.24

 

11

 

$

1.23

 

$

1.13

 

9

 

 

NOTE: Fourth quarter and full year 2014 results include 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the fourth quarter and full year of 2013.

 

Results for the fourth quarter included the following highlights:

 

·                  Diluted earnings per share increased 10.9% to $0.26 from $0.24 in the prior year.  Diluted earnings per share in the prior year period was positively impacted by an estimated $0.03 to $0.04 as a result of the 14th week;

·                  Comparable restaurant sales increased 7.0% at company restaurants and 5.7% at franchise restaurants on a comparable 13-week basis;

·                  Seven Texas Roadhouse and two Bubba’s 33 companyowned restaurants were opened, along with five Texas Roadhouse franchise-owned restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 47 basis points to 16.5%, primarily due to food cost inflation of approximately 4.5%;

·                  Income tax rate decreased 156 basis points to 27.7%, primarily due to the retroactive reinstatement of certain federal tax credits during the current year quarter; and

·                  The Company repurchased 100,000 shares of its common stock for $2.8 million.

 

Results for the full year included the following highlights:

 

·                  Diluted earnings per share increased 9.4% to $1.23 from $1.13 in the prior year.  Diluted earnings per share in the prior year was positively impacted by an estimated $0.03 to $0.04 as a result of the 53rd week;

·                  Comparable restaurant sales increased 4.7% at company restaurants and 4.9% at franchise restaurants on a comparable 52-week basis;

·                  22 Texas Roadhouse and two Bubba’s 33 company-owned restaurants were opened along with six franchise-owned restaurants;

·                  Restaurant margin, as a percentage of restaurant sales, decreased 26 basis points to 17.6%;

·                  Income tax rate increased 112 basis points to 30.0%, primarily due to the retroactive reinstatement of certain federal tax credits in 2013; and

·                  The Company repurchased 1,675,000 shares of its common stock for $42.7 million.

 

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are very pleased with our 2014 results and the fact that we achieved our fifth consecutive year of positive comparable restaurant sales growth.  We reported double digit revenue growth and strong diluted earnings per share growth for the year, despite continued commodity cost pressures and the impact of lapping an extra week last year.  At the same

 


The following information was filed by Texas Roadhouse, Inc. (TXRH) on Monday, February 23, 2015 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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