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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

Reconciliations of Non-GAAP Financial Measures - Adjusted Income from Operations, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted Diluted Earnings Per Pro Forma Share

The following table reconciles 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, for the three months ended March 31, 2013 and 2012 to their respective most comparable GAAP measures (in thousands, except per share amounts):
  THREE MONTHS ENDED MARCH 31,
  2013 2012
Income from operations  $ 96,860  $ 90,408
Transaction-related expenses (1) 6,761
Management fees and expenses (2) 2,326
Adjusted income from operations  $ 96,860  $ 99,495
     
Net income attributable to Bloomin' Brands, Inc.  $ 63,223  $ 49,999
Transaction-related expenses (1) 6,761
Management fees and expenses (2) 2,326
Loss on extinguishment of debt (3) 2,851
Total adjustments, before income taxes 11,938
Income tax effect of adjustments (4) (2,291)
Net adjustments 9,647
Adjusted net income attributable to Bloomin' Brands, Inc.  $ 63,223  $ 59,646
     
Diluted earnings per share  $ 0.50  $ 0.47
Adjusted diluted earnings per share  $ 0.50  $ 0.56
Adjusted diluted earnings per pro forma share  $ 0.50  $ 0.49
     
Diluted weighted average common shares outstanding 126,507 107,058
Pro forma IPO adjustment (5) 14,197
Pro forma diluted weighted average common shares outstanding (5) 126,507 121,255
_________________    
(1) Transaction-related expenses primarily relate to costs incurred in association with the refinancing of the 2012 CMBS loan. 
(2) Represents management fees, out-of-pocket expenses and certain other reimbursable expenses paid to a management company owned by the sponsors and founders under a management agreement with the Company. In accordance with the terms of an amendment, this agreement terminated immediately prior to the completion of the Company's IPO in August 2012.
(3) Loss on extinguishment of debt is related to the extinguishment of the previous CMBS loan in connection with New Private Restaurant Properties, LLC, a wholly-owned subsidiary of Bloomin' Brands, Inc., entering into the 2012 CMBS loan.
(4) Income tax effect of adjustments for the three months ended March 31, 2012 was calculated using the projected full-year effective tax rate of 19.2%.  
(5) Gives pro forma effect to the issuance of shares in the IPO as if they were all outstanding on January 1, 2012. There is no effect of this adjustment for the three months ended March 31, 2013.

Comparative Store Information

The table below presents the number of the Company's restaurants in operation at the end of the periods indicated:
  MARCH 31,
  2013 2012
Number of restaurants (at end of the period):    
Outback Steakhouse    
Company-owned—domestic (1) 663 670
Company-owned—international (1) 117 110
Franchised—domestic 106 106
Franchised and joint venture—international 89 81
Total 975 967
Carrabba's Italian Grill    
Company-owned 234 230
Franchised 1 1
Total 235 231
Bonefish Grill    
Company-owned 174 151
Franchised 7 7
Total 181 158
Fleming's Prime Steakhouse and Wine Bar    
Company-owned 65 64
Roy's    
Company-owned 22 22
System-wide total 1,478 1,442
____________________    
(1) One Company-owned restaurant in Puerto Rico that was previously included in Outback Steakhouse (international) is now included in Outback Steakhouse (domestic). The prior period has been revised to conform to the current period presentation.    
CONTACT: Mark W. Seymour, Jr.
         Vice President, Investor Relations
         (813) 830-5311

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