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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

Stocks in this article: BLMN

Note: Numerical figures included in this release have been subject to rounding adjustments.

  2012 2011 2012 2011
  (unaudited) (unaudited) (unaudited)  
Restaurant sales  $ 987,369  $ 945,017  $ 3,946,116  $ 3,803,252
Other revenues 11,018 10,621 41,679 38,012
Total revenues 998,387 955,638 3,987,795 3,841,264
Costs and expenses        
Cost of sales 320,251 303,191 1,281,002 1,226,098
Labor and other related 282,712 273,651 1,117,624 1,094,117
Other restaurant operating 232,362 220,887 918,522 890,004
Depreciation and amortization 39,028 39,131 155,482 153,689
General and administrative 66,622 83,117 326,473 291,124
Recovery of note receivable from affiliated entity (33,150) (33,150)
Provision for impaired assets and restaurant closings 3,916 8,900 13,005 14,039
Income from operations of unconsolidated affiliates (58) (1,052) (5,450) (8,109)
Total costs and expenses 944,833 894,675 3,806,658 3,627,812
Income from operations 53,554 60,963 181,137 213,452
Loss on extinguishment and modification of debt (9,150) (20,957)
Other (expense) income, net (82) (660) (128) 830
Interest expense, net (20,458) (20,828) (86,642) (83,387)
Income before provision for income taxes 23,864 39,475 73,410 130,895
Provision for income taxes 3,201 6,222 12,106 21,716
Net income 20,663 33,253 61,304 109,179
Less: net income attributable to noncontrolling interests 2,265 2,722 11,333 9,174
Net income attributable to Bloomin' Brands, Inc.  $ 18,398  $ 30,531  $ 49,971  $ 100,005
Net income  $ 20,663  $ 33,253  $ 61,304  $ 109,179
Other comprehensive income:        
Foreign currency translation adjustment 4,346 5,670 7,543 (2,711)
Comprehensive income 25,009 38,923 68,847 106,468
Less: comprehensive income attributable to noncontrolling interests 2,265 2,722 11,333 9,174
Comprehensive income attributable to Bloomin' Brands, Inc.  $ 22,744  $ 36,201  $ 57,514  $ 97,294
Net income attributable to Bloomin' Brands, Inc. per common share:        
Basic  $ 0.15  $ 0.28  $ 0.45  $ 0.94
Diluted  $ 0.15  $ 0.28  $ 0.44  $ 0.94
Weighted average common shares outstanding:        
Basic 120,850 106,333 111,999 106,224
Diluted 125,768 106,949 114,821 106,689
Supplemental Balance Sheet Information (in thousands):
  2012 2011
Cash and cash equivalents (1)  $ 261,690  $ 482,084
Net working capital (deficit) (2) (3) (203,566) (248,145)
Total assets 3,016,553 3,353,936
Total debt, net (3) (4) (5) 1,494,440 2,109,290
Total stockholders' equity (6) 220,205 40,297
(1) Excludes restricted cash.
(2) The Company has, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). The Company operates successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on its current liabilities and its inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are used to service debt obligations and for capital expenditures.
(3) On June 14, 2007, Private Restaurant Properties, LLC, an indirect wholly-owned subsidiary, entered into a commercial mortgage-backed securities loan (the "CMBS Loan") totaling $790.0 million, which had a maturity date of June 9, 2012. Effective March 27, 2012, New Private Restaurant Properties, LLC and two of the Company's other indirect wholly-owned subsidiaries entered into a new commercial mortgage-backed securities loan (the "2012 CMBS Loan") totaling $500.0 million and used the proceeds, together with the proceeds from a sale-leaseback transaction and existing cash, to repay the CMBS Loan. The 2012 CMBS Loan and the repayment of the CMBS Loan are collectively referred to as the "CMBS Refinancing." The 2012 CMBS Loan is a five-year loan maturing on April 10, 2017. As a result of the CMBS Refinancing, the net amount repaid along with scheduled maturities within one year, $281.3 million, was classified as current at December 31, 2011.
(4) During the third quarter of 2012, OSI retired the aggregate outstanding principal amount of its 10% Senior Notes due in 2015 ("Senior Notes") through a combination of a tender offer and early redemption call. The Senior Notes retirement was funded using a portion of the net proceeds from the Company's IPO together with cash on hand. OSI paid an aggregate of $259.8 million to retire the Senior Notes which included $248.1 million in aggregate outstanding principal, $6.5 million of prepayment premium and early tender incentive fees and $5.2 million of accrued interest. The Senior Notes were satisfied and discharged on August 13, 2012. 
(5) During the fourth quarter of 2012, OSI completed a refinancing of its outstanding senior secured credit facilities from 2007 and entered into a credit agreement with a syndicate of institutional lenders and financial institutions.  The new facilities provide for senior secured financing of up to $1.225 billion, consisting of a $1.0 billion term loan B and a $225.0 million revolving credit facility, including letter of credit and swing-line loan sub-facilities. The term loan B was issued with an original issue discount of of $10.0 million. 
(6) On August 13, 2012, the Company completed an IPO in which (i) the Company issued and sold an aggregate of 14,196,845 shares of common stock (including 1,196,845 shares sold pursuant to an underwriters' option to purchase additional shares) at a price to the public of $11.00 per share for aggregate gross offering proceeds of $156.2 million and (ii) certain of the Company's stockholders sold 4,196,845 shares of the Company's common stock (including 1,196,845 shares pursuant to the underwriters' option to purchase additional shares) at a price to the public of $11.00 per share for aggregate gross offering proceeds of $46.2 million. The Company received net proceeds in the offering of approximately $142.2 million after deducting underwriting discounts and commissions of approximately $9.4 million on the Company's sale of shares and $4.6 million of offering related expenses payable by the Company. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders. All of the net proceeds, together with cash on hand, were applied to the retirement of the Senior Notes. 

Reconciliations of Non-GAAP Measurements to U.S. GAAP Results (unaudited)

In addition to the results provided in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), the Company provides non-GAAP measures which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with U.S. GAAP and include Adjusted income from operations, Adjusted net income attributable to Bloomin' Brands, Inc. and Adjusted diluted earnings per share. These non-GAAP measures are not measurements of the Company's operating or financial performance under U.S. GAAP and should not be considered as an alternative to performance measures derived in accordance with U.S. GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.

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