Brinker Income Up 22 Percent in Third Quarter

Apr 24, 2001, 01:00 ET from Brinker International, Inc.

    DALLAS, April 24 /PRNewswire Interactive News Release/ -- Casual dining
 leader Brinker International, Inc. (NYSE:   EAT), has turned in another quarter
 of strong financial performance.  Net income was up 21.9 percent for the
 company's third quarter ended March 28, 2001, and it was the 16th consecutive
 quarter in which Brinker has exceeded its stated long-term goal of at least
 15 percent earnings per share growth.
     Brinker reported third quarter revenues for the 13-week period of
 $626.0 million, an increase of 13.6 percent over the $551.2 million reported
 for the same period of fiscal 2000.  The revenue gains were driven primarily
 by comparable same store sales increases for Chili's and Macaroni Grill, which
 were up 6.9 percent and 4.0 percent, respectively.  Comparable same store
 sales were down 2.1 percent at On The Border.  Overall comparable same store
 sales for all Brinker concepts were up 5.2 percent, and capacity gains were
 8.1 percent for the quarter.  Net income was $34.9 million for the third
 quarter of fiscal 2001, which resulted in diluted earnings per share of $0.34
 as compared to $0.29 diluted earnings per share reported in the same quarter
 of fiscal 2000.
     Revenues for the 39-week period rose 13.6 percent to $1,798.6 million from
 $1,583.1 million reported for the same period last fiscal year.  Net income
 for the 39-week period increased 26.1 percent from $81.1 million to
 $102.3 million.  Diluted net income per share for the 39-week period of fiscal
 2001 increased 25.0 percent from $0.80 to $1.00.
     "We have again delivered excellent results in an extremely challenging
 macro environment," said Ron McDougall, Chairman and CEO.  "The recent
 acquisition of Big Bowl, combined with the addition of 47 restaurants and the
 corresponding development territory from New England Restaurant Company in
 April 2001, have further enhanced Brinker's long-term growth potential."
     Brinker anticipates earnings growth to remain strong during the fourth
 quarter of fiscal 2001.  Current company estimates for fourth quarter earnings
 per share are $0.41 to $0.42.  The earnings expectations are based on
 estimates of comparable same store sales growth in the three to five percent
 range.
     The company also repurchased approximately 416,000 shares of its common
 stock in the third quarter, bringing the cumulative repurchase total to
 approximately 10.1 million shares, or $170.1 million, under its $210 million
 share repurchase program.
     Investors and interested parties are invited to listen to today's
 conference call, during which management will provide further details of the
 quarter and an outlook for future periods.  The call will be broadcast live at
 this web site, www.videonewswire.com/BRINKER/042401 at 10 a.m. CDT today
 (April 24).  After the call, a replay will be available for two days on the
 Brinker Web site, www.brinker.com.
     Brinker International either owns, operates, or franchises 1,109
 restaurants under the names Chili's Grill & Bar, Romano's Macaroni Grill, On
 The Border Mexican Grill & Cantina, Cozymel's Coastal Mexican Grill,
 Maggiano's Little Italy, Corner Bakery Cafe, Big Bowl, and EatZi's Market and
 Bakery.
     The statements contained in this release that are not historical facts are
 forward-looking statements.  These forward-looking statements involve risks
 and uncertainties and, consequently, could be affected by general business and
 economic conditions, the impact of competition, the seasonality of the
 company's business, adverse weather conditions, future commodity prices, fuel
 and utility costs, governmental regulations, and inflation.
 
 
                            BRINKER INTERNATIONAL, INC.
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per share amounts)
                                    (Unaudited)
 
                                   13 Weeks  13 Weeks   39 Weeks     39 Weeks
                                     Ended     Ended      Ended        Ended
                                    Mar. 28,  Mar. 29,   Mar. 28,     Mar. 29,
                                      2001      2000       2001         2000
 
     Revenues                       $626,007  $551,191  $1,798,553  $1,583,124
 
     Operating Costs and Expenses:
       Cost of Sales                 167,604   146,490     480,435     422,219
       Restaurant Expenses           348,814   307,730     998,256     883,090
       Depreciation and
        Amortization                  25,405    22,432      73,157      67,333
       General and Administrative     28,193    26,554      82,102      74,466
            Total Operating Costs
             and Expenses            570,016   503,206   1,633,950   1,447,108
 
     Operating Income                 55,991    47,985     164,603     136,016
 
     Interest Expense                  1,906     2,882       5,580       8,400
     Other, Net                          284       828       1,197       2,900
 
     Income Before Provision for
      Income Taxes                    53,801    44,275     157,826     124,716
     Provision for Income Taxes       18,938    15,673      55,555      43,586
            Net Income               $34,863   $28,602    $102,271     $81,130
 
     Basic Net Income per Share        $0.35     $0.29       $1.03       $0.83
 
     Diluted Net Income per Share      $0.34     $0.29       $1.00       $0.80
 
     Basic Weighted Average
       Shares Outstanding             99,450    97,898      98,868      98,235
     Diluted Weighted Average
       Shares Outstanding            102,498   100,220     101,927     100,809
 
 
 
                            BRINKER INTERNATIONAL, INC.
                                   UNITS SUMMARY
 
 
                                              Third
                                             Quarter
                              Total Units    Fiscal    Total Units   Projected
                                Dec. 27,      2001       Mar. 28     Openings
                                  2000    Net Activity    2001      Fiscal 2001
     Company-Owned Units:
          Chili's                 479          8           487           37
          Macaroni Grill          151          5           156        15-16
          On The Border            87          4            91            9
          Cozymel's                13        ---            13            1
          Maggiano's               13        ---            13            2
          Corner Bakery            58        ---            58            7
          Big Bowl                ---          7             7            3
                                  801         24           825        74-75
 
     JV/Franchise Units:
          Chili's                 235          8           243        32-33
          Macaroni Grill            6        ---             6            2
          On The Border            29        ---            29          3-4
          Corner Bakery             2        ---             2            1
          Big Bowl                  6         (6)          ---          ---
          Wildfire                  3         (3)          ---          ---
          Eatzi's                   4        ---             4          ---
                                  285         (1)          284        38-40
 
     Total Units:
          Chili's                 714         16           730        69-70
          Macaroni Grill          157          5           162        17-18
          On The Border           116          4           120        12-13
          Cozymel's                13        ---            13            1
          Maggiano's               13        ---            13            2
          Corner Bakery            60        ---            60            8
          Big Bowl                  6          1             7            3
          Wildfire                  3         (3)          ---          ---
          Eatzi's                   4        ---             4          ---
                                1,086         23         1,109      112-115
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X03033716
 
 

SOURCE Brinker International, Inc.
    DALLAS, April 24 /PRNewswire Interactive News Release/ -- Casual dining
 leader Brinker International, Inc. (NYSE:   EAT), has turned in another quarter
 of strong financial performance.  Net income was up 21.9 percent for the
 company's third quarter ended March 28, 2001, and it was the 16th consecutive
 quarter in which Brinker has exceeded its stated long-term goal of at least
 15 percent earnings per share growth.
     Brinker reported third quarter revenues for the 13-week period of
 $626.0 million, an increase of 13.6 percent over the $551.2 million reported
 for the same period of fiscal 2000.  The revenue gains were driven primarily
 by comparable same store sales increases for Chili's and Macaroni Grill, which
 were up 6.9 percent and 4.0 percent, respectively.  Comparable same store
 sales were down 2.1 percent at On The Border.  Overall comparable same store
 sales for all Brinker concepts were up 5.2 percent, and capacity gains were
 8.1 percent for the quarter.  Net income was $34.9 million for the third
 quarter of fiscal 2001, which resulted in diluted earnings per share of $0.34
 as compared to $0.29 diluted earnings per share reported in the same quarter
 of fiscal 2000.
     Revenues for the 39-week period rose 13.6 percent to $1,798.6 million from
 $1,583.1 million reported for the same period last fiscal year.  Net income
 for the 39-week period increased 26.1 percent from $81.1 million to
 $102.3 million.  Diluted net income per share for the 39-week period of fiscal
 2001 increased 25.0 percent from $0.80 to $1.00.
     "We have again delivered excellent results in an extremely challenging
 macro environment," said Ron McDougall, Chairman and CEO.  "The recent
 acquisition of Big Bowl, combined with the addition of 47 restaurants and the
 corresponding development territory from New England Restaurant Company in
 April 2001, have further enhanced Brinker's long-term growth potential."
     Brinker anticipates earnings growth to remain strong during the fourth
 quarter of fiscal 2001.  Current company estimates for fourth quarter earnings
 per share are $0.41 to $0.42.  The earnings expectations are based on
 estimates of comparable same store sales growth in the three to five percent
 range.
     The company also repurchased approximately 416,000 shares of its common
 stock in the third quarter, bringing the cumulative repurchase total to
 approximately 10.1 million shares, or $170.1 million, under its $210 million
 share repurchase program.
     Investors and interested parties are invited to listen to today's
 conference call, during which management will provide further details of the
 quarter and an outlook for future periods.  The call will be broadcast live at
 this web site, www.videonewswire.com/BRINKER/042401 at 10 a.m. CDT today
 (April 24).  After the call, a replay will be available for two days on the
 Brinker Web site, www.brinker.com.
     Brinker International either owns, operates, or franchises 1,109
 restaurants under the names Chili's Grill & Bar, Romano's Macaroni Grill, On
 The Border Mexican Grill & Cantina, Cozymel's Coastal Mexican Grill,
 Maggiano's Little Italy, Corner Bakery Cafe, Big Bowl, and EatZi's Market and
 Bakery.
     The statements contained in this release that are not historical facts are
 forward-looking statements.  These forward-looking statements involve risks
 and uncertainties and, consequently, could be affected by general business and
 economic conditions, the impact of competition, the seasonality of the
 company's business, adverse weather conditions, future commodity prices, fuel
 and utility costs, governmental regulations, and inflation.
 
 
                            BRINKER INTERNATIONAL, INC.
                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per share amounts)
                                    (Unaudited)
 
                                   13 Weeks  13 Weeks   39 Weeks     39 Weeks
                                     Ended     Ended      Ended        Ended
                                    Mar. 28,  Mar. 29,   Mar. 28,     Mar. 29,
                                      2001      2000       2001         2000
 
     Revenues                       $626,007  $551,191  $1,798,553  $1,583,124
 
     Operating Costs and Expenses:
       Cost of Sales                 167,604   146,490     480,435     422,219
       Restaurant Expenses           348,814   307,730     998,256     883,090
       Depreciation and
        Amortization                  25,405    22,432      73,157      67,333
       General and Administrative     28,193    26,554      82,102      74,466
            Total Operating Costs
             and Expenses            570,016   503,206   1,633,950   1,447,108
 
     Operating Income                 55,991    47,985     164,603     136,016
 
     Interest Expense                  1,906     2,882       5,580       8,400
     Other, Net                          284       828       1,197       2,900
 
     Income Before Provision for
      Income Taxes                    53,801    44,275     157,826     124,716
     Provision for Income Taxes       18,938    15,673      55,555      43,586
            Net Income               $34,863   $28,602    $102,271     $81,130
 
     Basic Net Income per Share        $0.35     $0.29       $1.03       $0.83
 
     Diluted Net Income per Share      $0.34     $0.29       $1.00       $0.80
 
     Basic Weighted Average
       Shares Outstanding             99,450    97,898      98,868      98,235
     Diluted Weighted Average
       Shares Outstanding            102,498   100,220     101,927     100,809
 
 
 
                            BRINKER INTERNATIONAL, INC.
                                   UNITS SUMMARY
 
 
                                              Third
                                             Quarter
                              Total Units    Fiscal    Total Units   Projected
                                Dec. 27,      2001       Mar. 28     Openings
                                  2000    Net Activity    2001      Fiscal 2001
     Company-Owned Units:
          Chili's                 479          8           487           37
          Macaroni Grill          151          5           156        15-16
          On The Border            87          4            91            9
          Cozymel's                13        ---            13            1
          Maggiano's               13        ---            13            2
          Corner Bakery            58        ---            58            7
          Big Bowl                ---          7             7            3
                                  801         24           825        74-75
 
     JV/Franchise Units:
          Chili's                 235          8           243        32-33
          Macaroni Grill            6        ---             6            2
          On The Border            29        ---            29          3-4
          Corner Bakery             2        ---             2            1
          Big Bowl                  6         (6)          ---          ---
          Wildfire                  3         (3)          ---          ---
          Eatzi's                   4        ---             4          ---
                                  285         (1)          284        38-40
 
     Total Units:
          Chili's                 714         16           730        69-70
          Macaroni Grill          157          5           162        17-18
          On The Border           116          4           120        12-13
          Cozymel's                13        ---            13            1
          Maggiano's               13        ---            13            2
          Corner Bakery            60        ---            60            8
          Big Bowl                  6          1             7            3
          Wildfire                  3         (3)          ---          ---
          Eatzi's                   4        ---             4          ---
                                1,086         23         1,109      112-115
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X03033716
 
 SOURCE  Brinker International, Inc.