Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 39 week periods ended September 25, 2012.
|Third Quarter||Year to Date|
|($000's)||2012||2011||% Change||2012||2011||% Change|
|Income from operations (1)||27,734||23,072||20||88,383||77,029||15|
|Net income (1)||18,067||15,798||14||57,246||51,667||11|
|Diluted EPS (1)||$||0.25||$||0.22||15||$||0.80||$||0.71||13|
|(1) 2012 YTD includes a charge related to a legal settlement discussed below.|
Results for the third quarter included:
- Comparable restaurant sales increased 3.6% at company restaurants and 4.9% at franchise restaurants;
- Three company restaurants were opened;
- Restaurant margins, as a percentage of restaurant sales, decreased 8 basis points to 17.9%; and
- Diluted earnings per share increased 15% to $0.25 from $0.22 in the prior year.
Results year-to-date included:
- Comparable restaurant sales increased 4.8% at company restaurants and 5.5% at franchise restaurants;
- 18 company restaurants were opened;
- Restaurant margins, as a percentage of restaurant sales, increased 24 basis points to 18.7%;
- 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; and
- Before the previously disclosed first quarter charge, diluted earnings per share increased 18% to $0.84 from $0.71 in the prior year.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “We are pleased to report double-digit revenue and earnings per share growth in the third quarter, despite a challenging consumer environment and continued commodity cost pressures. Our success is a direct result of our operators’ dedication to delivering legendary food and legendary service to our guests. Development remains on track in 2012 with approximately 25 new company openings and we expect to increase that number to approximately 28 new company restaurants in 2013. We will continue to focus on our long-term growth potential and brand positioning, and we are pleased that our strong balance sheet and cash flow allow us to internally fund our new restaurant growth and return excess capital to shareholders through dividends and share repurchases.”