Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 25, 2012.
|Fourth Quarter||Year to Date|
|($000's)||2012||2011||% Change||2012||2011||% Change|
|Income from operations (1)||22,075||18,210||21||110,458||95,239||16|
|Net income (1)||13,924||12,297||13||71,170||63,964||11|
|Diluted EPS (1)||$0.19||$0.17||12||$1.00||$0.88||13|
|(1) 2012 YTD includes a charge related to a legal settlement discussed below.|
Results for the fourth quarter included:
- Comparable restaurant sales increased 4.4% at company restaurants and 4.5% at franchise restaurants;
- Seven company and two franchise restaurants were opened;
- Restaurant margins, as a percentage of restaurant sales, increased 74 basis points to 17.6%;
- Diluted earnings per share increased 12% to $0.19 from $0.17 in the prior year; and
- The Company repurchased 1,786,855 shares of its common stock for a total purchase price of $29.4 million.
Results year-to-date included:
- Comparable restaurant sales increased 4.7% at company restaurants and 5.3% at franchise restaurants;
- 25 company and two franchise restaurants were opened;
- Restaurant margins, as a percentage of restaurant sales, increased 37 basis points to 18.4%;
- 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 17% to $1.04 from $0.88 in the prior year; and
- In the fourth quarter, the Company repurchased 1,786,855 shares of its common stock for a total purchase price of $29.4 million.
Kent Taylor, Chief Executive Officer of Texas Roadhouse, commented, “We were very pleased to have finished 2012 on a strong note, with double-digit revenue and earnings per share growth. Despite the consumer and inflationary challenges, we achieved our third consecutive year of positive same-store sales growth and another year of increased store level profitability. In addition, our strong balance sheet and healthy cash flows enabled us to return $54 million of excess capital to shareholders through share repurchases and quarterly dividend payments. While we anticipate further commodity inflation in 2013, we believe our brand is well-positioned for future growth and feel confident about increasing our new restaurant growth for the third consecutive year.”
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