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Texas Roadhouse, Inc. Announces Second Quarter 2012 Results

Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 26 week periods ended June 26, 2012.
                         
Second Quarter Year to Date
($000's)

2012
   

2011

% Change

2012

2011

% Change
 
Total revenue 320,275 279,572 15 645,114 563,357 15
Income from operations (1) 31,247 23,748 32 60,649 53,957 12
Net income (1) 20,310 16,076 26 39,179 35,869 9
Diluted EPS (1) $0.28 $0.22 28 $0.55 $0.49 12
 
(1) 2012 YTD includes a charge related to a legal settlement discussed below.
 

Results for the second quarter included:
  • Comparable restaurant sales increased 4.5% at company restaurants and 4.8% at franchise restaurants;
  • 7 company restaurants were opened;
  • Restaurant margins, as a percentage of restaurant sales, increased 91 basis points to 19.1%;
  • Diluted earnings per share increased 28% to $0.28 from $0.22 in the prior year.

Results year-to-date included:
  • Comparable restaurant sales increased 5.3% at company restaurants and 5.9% at franchise restaurants;
  • 15 company restaurants were opened;
  • Restaurant margins, as a percentage of restaurant sales, increased 39 basis points to 19.1%;
  • As previously disclosed, the Company recorded a one-time, pre-tax charge of $5.0 million ($3.1 million after-tax) in the first quarter of 2012 for a legal settlement, which had a $0.04 impact on diluted earnings per share;
  • Before the previously disclosed first quarter charge, diluted earnings per share increased 20% to $0.59 from $0.49 in the prior year.

Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “Our results remained strong in the second quarter highlighted by 15 percent revenue growth and a 28 percent increase in diluted earnings per share. We are encouraged by the impressive sales volumes currently being generated by our 2012 restaurant class. Our solid real estate pipeline will enable us to grow at least 25 restaurants in 2013. Finally, our balance sheet and cash flow remain healthy as we continue to internally fund our growth while returning excess capital to our shareholders through dividends.”

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