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 September 30, 2012.
Financial and Operational Results
During the Company’s fiscal third quarter 2012:
- Earnings per diluted share were $0.24, compared to fiscal third quarter 2011 earnings per diluted share of $0.14, on a GAAP basis. Adjusted earnings per diluted share during the fiscal third quarter a year ago were $0.24 (See Schedule I)
- Total revenues increased 3.4% to $213.3 million; Company-owned comparable restaurant revenues increased 1.1%
- Restaurant-level operating profit margin increased to 19.7% from 18.8% in the same period last year (See Schedule II)
- The Company opened four Red Robin ® restaurants and two Red Robin’s Burger Works ®
Net income for the 12 weeks ended September 30, 2012, was $3.5 million compared to $2.1 million for the comparable period in 2011. Fiscal third quarter 2011 net income excluding charges related to impairment of a Company-owned restaurant and executive transition and severance expenses was $3.7 million. See Schedule I below for a reconciliation of these adjustments to net income in the fiscal third quarter of 2011.
For the 40 weeks ended September 30, 2012, GAAP net income was $21.8 million, or $1.48 per diluted share, compared to $17.7 million, or $1.15 per diluted share, for the comparable period in 2011. Adjusted net income for the same period a year ago was $20.2 million, or $1.31 per diluted share.
“The success of Red Robin’s marketing initiatives and solid operational performance of our restaurant teams contributed to strong results in the third quarter and allowed us to outperform the casual dining category in an intensely competitive market,” said Steve Carley, Red Robin Gourmet Burgers, Inc. Chief Executive Officer. “During the quarter, we again achieved year-over-year improvement in guest counts, gains in restaurant revenues and continued expansion in our operating margins. We were especially pleased with the performance of our Tavern Double™ platform, which is our most successful new platform launch and continues to offer innovation and everyday value to our guests while reinforcing Red Robin’s burger authority. Given our progress so far this year, we are on track to meet our objectives for 2012, including continued operational discipline, building our new product pipeline, elevating the guest experience and expanding our restaurant base through new unit development.”