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Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 and 52 week periods ended December 25, 2012.
Year to Date
Income from operations (1)
Net income (1)
Diluted EPS (1)
(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.”