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Bloomin' Brands, Inc. Announces First Quarter Adjusted Diluted Earnings Per Pro Forma Share Of $0.50 And GAAP Diluted Earnings Per Share Of $0.50; Raises Full-Year 2013 Guidance For Adjusted Diluted Earnings Per Share From At Least $1.06 To At Least $1.10

Stocks in this article: BLMN

TAMPA, Fla., April 30, 2013 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the first quarter ended March 31, 2013.

Key highlights for the first quarter include the following:

  • First quarter Adjusted diluted earnings per pro forma share were $0.50 per share, an increase of 2.0% from the same period in 2012. First quarter Diluted earnings per share were $0.50 per share, an increase of 6.4% from the same period in 2012.
  THREE MONTHS ENDED MARCH 31,  
  2013 2012 $ Change
Diluted earnings per share  $ 0.50  $ 0.47  $ 0.03
Adjustments (1) 0.02 (0.02)
Adjusted diluted earnings per pro forma share (1)  $ 0.50  $ 0.49  $ 0.01
_________________       
(1) See Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release. Adjustments for the first quarter of 2012 primarily relate to the refinancing of long-term debt including the related loss on extinguishment as well as management fees and expenses. Adjusted diluted earnings per pro forma share in 2012 gives pro forma effect to the issuance of shares in the initial public offering ("IPO") as if they were all outstanding on January 1, 2012.
  • Total revenues for the first quarter of 2013 increased by 3.5% to $1.1 billion.   
  • Blended domestic comparable restaurant sales for Company-owned restaurants for the first quarter grew by a reported 1.6% (2.4% when adjusted for the impact of trading day) for the Company's four core concepts. The increase was driven by a 2.2% traffic increase.  
  • For the first quarter of 2013, restaurant level operating margins (calculated as Restaurant sales less Cost of sales, Labor and other related costs and Other restaurant operating expenses) were 18.4% as a percentage of Restaurant sales, a decrease of 50 basis points from the same quarter in 2012.  
  • Adjusted income from operations was $96.9 million in the first quarter of 2013 as compared to $99.5 million for the same period in 2012, a decrease of $2.6 million. Income from operations for the first quarter of 2013 was $96.9 million as compared to $90.4 million for the same quarter of the prior year.  
  • Adjusted net income attributable to Bloomin' Brands, Inc. in the first quarter of 2013 increased to $63.2 million as compared to $59.6 million for the same period in 2012. Net income attributable to Bloomin' Brands, Inc. for the first quarter of 2013 was $63.2 million as compared to $50.0 million for the same period in 2012.   
  • During the first quarter of 2013, the Company opened 10 new Company-owned locations: seven Bonefish Grill restaurants, one domestic Outback Steakhouse restaurant and two international Outback Steakhouse restaurants in Korea. In addition, 15 Company-owned restaurant renovations were completed during the quarter.

"We were quite pleased with the way we closed the first quarter, despite a challenging start to the year for the entire casual dining segment," said Elizabeth Smith, Chairman of the Board and CEO. "We made further gains in market share which demonstrates the resiliency of our brands and the strength of our strategy to drive sustainable growth."

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