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Bloomin' Brands, Inc. Announces Second Quarter EPS Of $0.16 Or 23% Above A Year Ago; Reports Ninth Consecutive Quarter Of Positive Comparable Restaurant Sales Growth For All Core Domestic Concepts; And Provides Full-Year Guidance For 2012

Note: Numerical figures included in this release have been subject to rounding adjustments.

  (unaudited) (unaudited)
  2012 2011 2012 2011
Restaurant sales  $ 970,021  $ 946,033  $2,015,487  $1,939,142
Other revenues 10,845 9,469 21,005 18,209
Total revenues 980,866 955,502 2,036,492 1,957,351
Costs and expenses        
Cost of sales 315,472 305,003 651,331 622,767
Labor and other related 271,400 275,314 564,901 558,121
Other restaurant operating 230,877 224,692 449,842 438,849
Depreciation and amortization 39,247 38,463 78,107 76,751
General and administrative 72,216 69,548 148,218 131,126
Provision for impaired assets and restaurant closings 4,654 3,723 9,089 3,931
Income from operations of unconsolidated affiliates (1,720) (1,995) (4,124) (5,641)
Total costs and expenses 932,146 914,748 1,897,364 1,825,904
Income from operations 48,720 40,754 139,128 131,447
Loss on extinguishment of debt (2,851)
Other (expense) income, net (183) 559 (129) 256
Interest expense, net (24,037) (20,692) (45,011) (41,885)
Income before provision for income taxes 24,500 20,621 91,137 89,818
Provision for income taxes 3,936 4,178 16,741 15,260
Net income 20,564 16,443 74,396 74,558
Less: net income attributable to noncontrolling interests 3,124 2,440 6,957 5,663
Net income attributable to Bloomin' Brands, Inc.  $ 17,440  $ 14,003  $ 67,439  $ 68,895
Net income  $ 20,564  $ 16,443  $ 74,396  $ 74,558
Other comprehensive income:        
Foreign currency translation adjustment (6,662) 4,124 (3,513) 7,144
Comprehensive income 13,902 20,567 70,883 81,702
Less: comprehensive income attributable to noncontrolling interests 3,124 2,440 6,957 5,663
Comprehensive income attributable to Bloomin' Brands, Inc.  $ 10,778  $ 18,127  $ 63,926  $ 76,039
Net income attributable to Bloomin' Brands, Inc. per common share:        
Basic  $ 0.16  $ 0.13  $ 0.63  $ 0.65
Diluted  $ 0.16  $ 0.13  $ 0.63  $ 0.65
Weighted average common shares outstanding:        
Basic 106,361 106,135 106,361 106,135
Diluted 107,380 106,214 107,255 106,362

Supplemental Balance Sheet Information (in thousands)

  JUNE 30, 2012 DECEMBER 31, 2011
Cash and cash equivalents (1)  $ 279,954  $ 482,084
Net working capital (deficit) (2) (3) (47,184) (248,145)
Total assets 3,000,822 3,353,936
Total debt, net (3) 1,788,290 2,109,290
Total stockholders' equity 105,441 40,297
(1) Excludes restricted cash.
(2) The Company has, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). The Company operates successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on its current liabilities and its inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are used to service debt obligations and for capital expenditures.
(3) On June 14, 2007, Private Restaurant Properties, LLC, an indirect wholly-owned subsidiary, entered into a commercial mortgage-backed securities loan (the "CMBS Loan") totaling $790.0 million, which had a maturity date of June 9, 2012. Effective March 27, 2012, New Private Restaurant Properties, LLC and two of the Company's other indirect wholly-owned subsidiaries entered into a new commercial mortgage-backed securities loan (the "2012 CMBS Loan") totaling $500.0 million and used the proceeds, together with the proceeds from a sale-leaseback transaction and existing cash, to repay the CMBS Loan. The 2012 CMBS Loan and the repayment of the CMBS Loan are collectively referred to as the "CMBS Refinancing." The 2012 CMBS Loan is a five-year loan maturing on April 10, 2017. As a result of the CMBS Refinancing, the net amount repaid along with scheduled maturities within one year, $281.3 million, was classified as current at December 31, 2011.

Reconciliations of Non-GAAP Measurements to U.S. GAAP Results (unaudited)

In addition to the results provided in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), the Company has provided non-GAAP measures which present operating results in 2012 and 2011 on an adjusted basis. These are supplemental measures of profitability that are not required by or presented in accordance with U.S. GAAP. They are not measurements of the Company's financial performance under U.S. GAAP and should not be considered as an alternative to Income from operations, Net income, Diluted earnings per share or any other performance measures derived in accordance with U.S. GAAP.

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