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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

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

BLOOMIN' BRANDS, INC.
     
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
     
  THREE MONTHS ENDED MARCH 31,
  2013 2012
  (unaudited) (unaudited)
Revenues    
Restaurant sales  $ 1,082,356  $ 1,045,466
Other revenues 9,894 10,160
Total revenues 1,092,250 1,055,626
Costs and expenses    
Cost of sales 349,989 335,859
Labor and other related 299,867 293,501
Other restaurant operating 233,809 218,965
Depreciation and amortization 40,196 38,860
General and administrative 72,491 76,002
Provision for impaired assets and restaurant closings 1,896 4,435
Income from operations of unconsolidated affiliates (2,858) (2,404)
Total costs and expenses 995,390 965,218
Income from operations 96,860 90,408
Loss on extinguishment of debt (2,851)
Other (expense) income, net (217) 54
Interest expense, net (20,880) (20,974)
Income before provision for income taxes 75,763 66,637
Provision for income taxes 10,707 12,805
Net income 65,056 53,832
Less: net income attributable to noncontrolling interests 1,833 3,833
Net income attributable to Bloomin' Brands, Inc.  $ 63,223  $ 49,999
     
Net income  $ 65,056  $ 53,832
Other comprehensive income:    
Foreign currency translation adjustment (4,532) 3,149
Comprehensive income 60,524 56,981
Less: comprehensive income attributable to noncontrolling interests 1,833 3,833
Comprehensive income attributable to Bloomin' Brands, Inc.  $ 58,691  $ 53,148
     
Earnings per share:    
Basic  $ 0.52  $ 0.47
Diluted  $ 0.50  $ 0.47
Weighted average common shares outstanding:    
Basic 121,238 106,332
Diluted 126,507 107,058
   
Supplemental Balance Sheet Information (in thousands):  
     
  MARCH 31, 2013 DECEMBER 31, 2012
  (unaudited)
Cash and cash equivalents (1)  $ 217,469  $ 261,690
Net working capital (deficit) (2) (146,838) (203,566)
Total assets 2,954,393 3,016,553
Total debt, net 1,464,861 1,494,440
Total stockholders' equity 298,739 220,205
_________________     
(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.

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 or pro forma 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., Adjusted diluted earnings per share and Adjusted diluted earnings per pro forma 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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