Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 12 weeks ended July 8, 2012.
Financial and Operational Results
During the Company’s fiscal second quarter 2012:
- Earnings per diluted share were $0.52, an increase of 8.3% compared to fiscal second quarter 2011 adjusted earnings per diluted share of $0.48. On a GAAP basis, fiscal second quarter 2011 earnings per diluted share were $0.44. (See Schedule I)
- Total revenues increased 3.7% to $223.7 million; Company-owned comparable restaurant net revenues increased 0.8%
- Restaurant-level operating profit margin increased to 21.1% from 20.8% in the same period last year (See Schedule II)
- The Company opened one Red Robin’s Burger Works ® and acquired one franchised restaurant.
Net income for the 12 weeks ended July 8, 2012, was $7.7 million compared to $6.9 million for the comparable period in 2011. Fiscal second quarter 2011 net income excluding executive transition and severance expenses was $7.5 million. See Schedule I below for a reconciliation of adjustments to net income in the fiscal second quarter of 2011.Year to date through the Company’s fiscal second quarter 2012, net income was $18.3 million compared to $15.6 million for the comparable period in 2011. Earnings per diluted share were $1.23, an increase of 16.0% compared to 2011 adjusted earnings per diluted share of $1.06. On a GAAP basis, earnings per diluted share through the first two fiscal quarters of 2011 were $1.00. “During our fiscal second quarter of 2012 we achieved year-over-year gains in restaurant revenues, earnings per share and continued expansion in our operating margins, as well as a significant improvement in guest count trends from the first quarter,” said Steve Carley, Red Robin Gourmet Burgers, Inc. Chief Executive Officer. “While weakness in consumer confidence and the economy in general continue to create a challenging operating environment, we are encouraged by the response to the introduction of our Red’s Tavern Double™ platform, which allows us to provide burger innovation and everyday value to our guests. We also feel good about the disciplines and processes we’ve put in place to strengthen our business, and the talent we’ve added to our operations and culinary teams to help us achieve our long-term strategic goals.”
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