Texas Roadhouse, Inc. (TXRH) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 27, 2016

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Texas Roadhouse, Inc.
Ticker: TXRH CIK: 1289460

Exhibit 99.1

Texas Roadhouse, Inc. Announces Fourth Quarter 2016 Results

Increases Quarterly Dividend 10.5% to $0.21 per Share

LOUISVILLE, KY. (February 21, 2017)

— Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 27, 2016.

	Fourth Quarter						Year to Date
($000’s)	2016		2015		% Change		2016		2015		% Change

Total revenue	$	484,710	$	454,351	7	%	$	1,990,714	$	1,807,368	10	%
Income from operations	30,839		33,713		(9	)%	171,900		144,565		19	%
Net income	20,725		22,982		(10	)%	115,598		96,894		19	%
Diluted EPS	$	0.29	$	0.32	(10	)%	$	1.63	$	1.37	19	%

Results for the fourth quarter included the following highlights:

· Comparable restaurant sales growth of 1.2% at company restaurants, including a negative impact of approximately 0.5% related to the calendar shift of the Christmas holiday, and 2.0% at domestic franchise restaurants;

· Restaurant margin, as a percentage of restaurant sales, decreased 44 basis points to 17.1%. Wage rate inflation and higher costs associated with payroll taxes, insurance reserve adjustments and gift card fees more than offset the benefit of lower food costs;

· Restaurant margin dollars increased 4.0% to $82.4 million from $79.2 million in the prior year;

· Diluted earnings per share decreased 10.3% to $0.29 from $0.32 in the prior year primarily due to restaurant margin performance, higher general and administrative expenses and higher depreciation costs; and

· Nine company-owned restaurants were opened, including four Bubba’s 33 restaurants.

Results for the full year included the following highlights:

· Comparable restaurant sales growth of 3.5% at company restaurants and 3.3% at domestic franchise restaurants;

· Restaurant margin, as a percentage of restaurant sales, increased 134 basis points to 18.7%. The benefit of lower food costs more than offset the impact of higher wage rate inflation;

· Restaurant margin dollars increased 18.7% to $368.9 million from $310.8 million in the prior year;

· Diluted earnings per share increased 18.8% to $1.63 from $1.37 in the prior year. During fiscal 2016, we recorded a pre-tax charge of $7.3 million ($4.5 million after-tax) related to a legal settlement which had a $0.06 impact on diluted earnings per share and a 4.6% impact on diluted earnings per share growth;

· 30 company-owned restaurants were opened, including nine Bubba’s 33 restaurants; and

· We repurchased 114,700 shares of our common stock for $4.1 million.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We are pleased to deliver another strong year of results including a 19% increase in diluted earnings per share driven by double-digit revenue growth and restaurant margin expansion. We also delivered impressive comparable restaurant sales growth during 2016 with an increase of 3.5%, and we extended our streak of consecutive quarters of comparable restaurant sales growth to 28 with our fourth quarter increase. Lastly, our strong balance sheet and healthy cash flows allowed us to return $56.2 million of excess capital to shareholders through quarterly dividend payments and share repurchases during 2016.”

Taylor continued, “In 2017, we expect to open approximately 30 company restaurants and seven franchise restaurants this year, which is over 7% growth system-wide. Going forward, the strength of our brand continues to be our people and our operational focus on delivering legendary food and legendary service.”

The following information was filed by Texas Roadhouse, Inc. (TXRH) on Tuesday, February 21, 2017 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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