Bloomin' Brands, Inc. Announces Fourth Quarter Adjusted Diluted Earnings Per Share Of $0.20, An Increase Of $0.10; Fourth Quarter GAAP Diluted Earnings Per Share Of $0.15, A Decrease Of $0.13; Eleventh Consecutive Quarter Of Growth For Core Domestic Comparable Sales

TAMPA, Fla., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the fourth quarter and year ended December 31, 2012.

Key highlights for the fourth quarter and full-year include the following:

• Fourth quarter Adjusted diluted earnings per share was $0.20 per share, an increase of $0.10 per share from the same quarter in 2011. Full-year Adjusted diluted earnings per share was $0.99 per share, an increase of $0.18 per share from 2011. Fourth Quarter Diluted earnings per share was $0.15 per share, a decrease of $0.13 per share from the same quarter in 2011. Full-year Diluted earnings per share was $0.44 per share, a decrease of $0.50 per share from 2011.

	THREE MONTHS ENDED DECEMBER 31,			YEARS ENDED DECEMBER 31,
	2012	2011	$ Change	2012	2011	$ Change
Diluted earnings per share	$ 0.15	$ 0.28	$ (0.13)	$ 0.44	$ 0.94	$ (0.50)
Adjustments (1)	0.05	$ (0.18)	0.23	0.55	$ (0.13)	0.68
Adjusted diluted earnings per share	$ 0.20	$ 0.10	$ 0.10	$ 0.99	$ 0.81	$ 0.18
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(1) See Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release. Adjustments for 2012 primarily relate to certain IPO related expenses as well as management fees and expenses and loss on debt extinguishment and modification related to debt refinancing. Adjustments for 2011 primarily include the recovery of a note receivable related to the T-Bird settlement.

• Total revenues for the fourth quarter increased by 4.5% to $998.4 million versus $955.6 million for the same quarter in 2011. Total revenues increased by 3.8% to $4.0 billion for the full-year versus $3.8 billion for 2011.
• Blended domestic comparable restaurant sales for Company-owned restaurants for the fourth quarter grew by 3.5% for the Company's four core concepts, driven by a 2.2% traffic increase. For the full-year 2012, blended domestic comparable restaurant sales for Company-owned restaurants grew by 3.7%, driven by a 2.7% traffic increase.  
• For the fourth quarter of 2012, restaurant level operating margins (calculated as restaurant sales less cost of sales, labor and other related costs and other restaurant operating expenses) were 15.4% as a percentage of Restaurant sales, a decrease of 20 basis points from the same quarter in 2011.   For the full-year, restaurant level operating margins were 15.9% as a percentage of Restaurant sales, an increase of 30 basis points from 2011.
• Adjusted income from operations was $51.1 million in the fourth quarter of 2012 as compared to $37.2 million for the same period in 2011, an increase of over 37%. For the full-year 2012, Adjusted income from operations was $236.9 million as compared to $197.3 million in 2011, an increase of over 20%. Income from operations for the fourth quarter of 2012 was $53.6 million as compared to $61.0 million for the same quarter of the prior year and $181.1 million for the full-year 2012 as compared to $213.5 million in 2011.
• Adjusted net income attributable to Bloomin' Brands, Inc. in the fourth quarter of 2012 increased to $25.8 million as compared to $10.7 million for the same period in 2011. For the full-year 2012, Adjusted net income attributable to Bloomin' Brands, Inc. increased to $114.0 million as compared to $86.5 million in 2011. Net income attributable to Bloomin' Brands, Inc. for the fourth quarter 2012 was $18.4 million as compared to $30.5 million for the same period in 2011. For the full-year 2012, Net income attributable to Bloomin' Brands, Inc. was $50.0 million as compared to $100.0 million in 2011.
• Productivity savings for the full-year 2012 were approximately $59 million.
• During 2012, the Company continued to expand the number of its restaurants that serve lunch. Lunch is now fully rolled out at Outback and Carrabba's for Saturday and Sunday and to approximately 25% of Outback locations and 9% of Carrabba's locations for weekdays. In addition, the Company launched Sunday brunch at approximately 75% of all Company-owned Bonefish Grill locations.
• During 2012, the Company renovated 172 Company-owned restaurants and opened 37 new system-wide locations: 17 Bonefish Grill restaurants, four Carrabba's Italian Grill restaurants, one Fleming's Prime Steakhouse and Wine Bar restaurant, 12 Company-owned and joint venture international Outback Steakhouse restaurants and three international Outback Steakhouse franchise locations.

"The fourth quarter represented a strong finish to a year characterized by continued operational success and transformation at Bloomin' Brands," said Elizabeth Smith, Chairman of the Board and CEO. "Adjusted net income grew by over 140% for the quarter and approximately 32% for the year. We continued to gain market share in a highly competitive environment as demonstrated by the impressive growth in our core domestic blended comps of 3.5% and 3.7% for the quarter and year, respectively. In 2013, we will continue to strive to provide the most compelling 360 degree customer experience in casual dining, driven by menu and promotional innovation, attractive ambience and world-class service at affordable prices."

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