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Bloomin' Brands, Inc. Announces Third Quarter Adjusted Diluted Earnings Per Pro Forma Share Of $0.10, A 43% Increase Versus 2012; GAAP Diluted Earnings Per Share Of $0.09

Stocks in this article: BLMN

TAMPA, Fla., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Bloomin' Brands, Inc. (Nasdaq:BLMN) today reported financial results for the third quarter ended September 30, 2013.

Key highlights for the third quarter include the following:

  • Third quarter Adjusted diluted earnings per pro forma share were $0.10 per share, a 42.9% increase from the same period in 2012. Third quarter diluted earnings per share were $0.09 per share, an increase of $0.40 from the same period in 2012.
  2013 2012 $ Change
Diluted earnings (loss) per share $ 0.09 $ (0.31) $ 0.40
Adjustments (1) 0.01 0.38 (0.37)
Adjusted diluted earnings per pro forma share (1) $ 0.10 $ 0.07 $ 0.03
(1) See Reconciliations of Non-GAAP Measures to U.S. GAAP Results included later in this release. Adjustments for the third quarter of 2013 primarily relate to costs associated with a payroll tax audit contingency, transaction costs for the acquisition of a controlling ownership interest in the Company's Brazilian operations 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 third quarter of 2012 primarily relate to certain initial public offering ("IPO") related expenses as well as management fees and expenses and a loss on debt extinguishment. In addition, Adjusted diluted earnings per pro forma share gives effect to the issuance of shares in the Company's initial public offering as if they were all outstanding on January 1, 2012 and the dilutive effect of outstanding equity awards for the three months ended September 30, 2012.
  • Total revenues for the third quarter of 2013 increased by 1.5% to $967.6 million.   
  • Blended domestic comparable restaurant sales for Company-owned restaurants for the third quarter declined by a reported 0.3% and traffic rose by 0.2% for the Company's four core concepts. When adjusted for the impact of trading day, blended domestic comparable restaurant sales for Company-owned restaurants increased by 0.4% for the third quarter of 2013.  
  • Restaurant level operating margin in the third quarter was 12.5%, a decrease of 100 basis points from the same period in 2012. Excluding the effect of the payroll tax audit contingency that is included in Labor and other related costs, restaurant level operating margin in the third quarter of 2013 would have been 50 basis points higher or 13.0%.  
  • Adjusted income from operations was $35.4 million in the third quarter of 2013 as compared to $35.3 million for the same period in 2012, an increase of $0.1 million. Income from operations for the third quarter of 2013 was $29.5 million versus a loss from operations of $11.5 million for the same quarter of the prior year.  
  • Adjusted net income attributable to Bloomin' Brands, Inc. in the third quarter of 2013 was $13.2 million versus $9.3 million for the same period in 2012. Net income attributable to Bloomin' Brands, Inc. for the third quarter of 2013 was $11.3 million versus a net loss of $35.9 million for the same period in 2012.   
  • During the third quarter of 2013, the Company opened 14 new system-wide locations: six Bonefish Grill restaurants, three Carrabba's Italian Grill restaurants, one domestic Outback Steakhouse restaurant, two international Outback Steakhouse restaurants, one each in South Korea and Mexico, one Brazilian joint venture location and one new international franchise restaurant. The Company also completed 44 restaurant renovations during the quarter: 23 Outback Steakhouse and 21 Carrabba's Italian Grill locations.

"Our brands continued to meaningfully outperform the segment during a challenging quarter for the industry," said Elizabeth Smith, Chairman of the Board and CEO. "We beat the Knapp index for traffic by 400 basis points and remain on track to deliver our earnings goal for the year. Also of note, we were pleased to acquire control of our Brazilian joint venture and we look forward to accelerating growth in this key market."

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