TAMPA, Fla., July 31, 2013 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the second quarter ended June 30, 2013.
Key highlights for the second quarter include the following:
- Second quarter Adjusted diluted earnings per pro forma share were $0.25 per share, a 56.0% increase from the same period in 2012. Second quarter Diluted earnings per share were $0.58 per share, an increase of $0.42 from the same period in 2012.
|THREE MONTHS ENDED JUNE 30,|
|Diluted earnings per share||$ 0.58||$ 0.16||$ 0.42|
|Adjusted diluted earnings per pro forma share (1)||$ 0.25||$ 0.16||$ 0.09|
|(1) See Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release. Adjustments for the second quarter of 2013 primarily relate to the loss incurred for the extinguishment and modification of long-term debt incurred in the repricing transaction, costs incurred in association with the secondary offering of common stock and an adjustment to apply a normalized tax rate to remove the effect of the income tax benefit of the valuation allowance release in the current year. Adjustments for the second quarter of 2012 primarily relate to 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 second quarter of 2013 increased by 3.9% to over $1.0 billion.
- Blended domestic comparable restaurant sales for Company-owned restaurants for the second quarter grew by a reported 2.0% (2.2% when adjusted for the impact of trading day) and traffic rose by 1.2% for the Company's four core concepts.
- Restaurant level operating margins (calculated as Restaurant sales less Cost of sales, Labor and other related costs and Other restaurant operating expenses) in the second quarter were 16.0%, an increase of 30 basis points from the same period in 2012.
- Adjusted income from operations was $68.6 million in the second quarter of 2013 as compared to $51.0 million for the same period in 2012, an increase of $17.6 million. Income from operations for the second quarter of 2013 was $67.9 million versus $48.7 million for the same quarter of the prior year.
- Adjusted net income attributable to Bloomin' Brands, Inc. in the second quarter of 2013 was $31.8 million versus $19.3 million for the same period in 2012. Net income attributable to Bloomin' Brands, Inc. for the second quarter of 2013 was $74.9 million versus $17.4 million for the same period in 2012.
- During the second quarter of 2013, the Company opened seven new locations: one domestic Bonefish Grill restaurant, one Outback Steakhouse in South Korea, two new Brazilian joint venture locations and three international franchise restaurants. The Company also completed 31 restaurant renovations during the quarter: 14 Outback Steakhouse and 17 Carrabba's Italian Gill locations.
- During the second quarter of 2013, the Company determined that recoverability of certain net deferred income tax assets was more likely than not. Accordingly, in the second quarter, the Company recorded a $67.7 million reduction of its valuation allowance, of which $52.0 million was recorded as income tax benefit and $15.7 million as an increase to Additional paid-in capital. For purposes of calculating Adjusted net income attributable to Bloomin' Brands, Inc., the Company applied a normalized annual effective income tax rate primarily to remove the effect of the income tax benefit of the valuation allowance release in the current year. Please see the Reconciliations of Non-GAAP Measurements to U.S. GAAP Results included later in this release.
"We were very pleased with our second quarter results in a highly competitive and challenged casual dining segment," said Elizabeth Smith, Chairman of the Board and CEO. "We posted our 13th consecutive quarter of positive comp sales for our blended core domestic concepts, capturing additional market share."