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Bloomin' Brands, Inc. Announces Second Quarter Adjusted Diluted Earnings Per Pro Forma Share Of $0.25 A 56.0% Increase Versus 2012; GAAP Diluted Earnings Per Share Of $0.58; 13th Consecutive Quarter Of Positive Blended Same Store Sales Comps

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

  2013 2012 2013 2012
  (unaudited) (unaudited) (unaudited) (unaudited)
Restaurant sales  $ 1,007,991  $ 970,021  $ 2,090,347  $ 2,015,487
Other revenues 10,865 10,845 20,759 21,005
Total revenues 1,018,856 980,866 2,111,106 2,036,492
Costs and expenses        
Cost of sales 325,453 315,472 675,442 651,331
Labor and other related 284,028 271,400 583,895 564,901
Other restaurant operating 237,440 230,877 471,249 449,842
Depreciation and amortization 40,889 39,247 81,085 78,107
General and administrative 65,094 72,216 137,585 148,218
Provision for impaired assets and restaurant closings 689 4,654 2,585 9,089
Income from operations of unconsolidated affiliates (2,623) (1,720) (5,481) (4,124)
Total costs and expenses 950,970 932,146 1,946,360 1,897,364
Income from operations 67,886 48,720 164,746 139,128
Loss on extinguishment and modification of debt (14,586) (14,586) (2,851)
Other expense, net (133) (183) (350) (129)
Interest expense, net (18,015) (24,037) (38,895) (45,011)
Income before (benefit) provision for income taxes 35,152 24,500 110,915 91,137
(Benefit) provision for income taxes (41,312) 3,936 (30,605) 16,741
Net income 76,464 20,564 141,520 74,396
Less: net income attributable to noncontrolling interests 1,596 3,124 3,429 6,957
Net income attributable to Bloomin' Brands, Inc.  $ 74,868  $ 17,440  $ 138,091  $ 67,439
Net income  $ 76,464  $ 20,564  $ 141,520  $ 74,396
Other comprehensive income:        
Foreign currency translation adjustment (8,144) (6,662) (12,676) (3,513)
Comprehensive income 68,320 13,902 128,844 70,883
Less: comprehensive income attributable to noncontrolling interests 1,596 3,124 3,429 6,957
Comprehensive income attributable to Bloomin' Brands, Inc.  $ 66,724  $ 10,778  $ 125,415  $ 63,926
Earnings per share:        
Basic  $ 0.61  $ 0.16 $ 1.13  $ 0.63
Diluted  $ 0.58  $ 0.16  $ 1.08  $ 0.63
Weighted average common shares outstanding:        
Basic 122,858 106,361 122,052 106,361
Diluted 128,338 107,380 127,599 107,255
Supplemental Balance Sheet Information (in thousands):    
  JUNE 30, 2013 DECEMBER 31, 2012
Cash and cash equivalents (1)  $ 222,441  $ 261,690
Net working capital (deficit) (2) (110,180) (203,566)
Total assets 2,980,390 3,016,553
Total debt, net 1,463,771 1,494,440
Total stockholders' equity 395,474 220,205
(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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