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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%

Stocks in this article: TXRH

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.”

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