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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

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

 
BLOOMIN' BRANDS, INC.
         
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
         
  THREE MONTHS ENDED NINE MONTHS ENDED
  SEPTEMBER 30, SEPTEMBER 30,
  2013 2012 2013 2012
  (unaudited) (unaudited) (unaudited) (unaudited)
Revenues        
Restaurant sales  $ 957,507  $ 943,260  $ 3,047,854  $ 2,958,747
Other revenues 10,062 9,656 30,821 30,661
Total revenues 967,569 952,916 3,078,675 2,989,408
Costs and expenses        
Cost of sales 317,589 309,420 993,031 960,751
Labor and other related 274,125 270,011 858,020 834,912
Other restaurant operating 246,240 236,318 717,489 686,160
Depreciation and amortization 40,135 38,347 121,220 116,454
General and administrative 61,822 111,633 199,407 259,851
Provision for impaired assets and restaurant closings 121 2,706 9,089
Income from operations of unconsolidated affiliates (1,973) (1,268) (7,454) (5,392)
Total costs and expenses 938,059 964,461 2,884,419 2,861,825
Income (loss) from operations 29,510 (11,545) 194,256 127,583
Loss on extinguishment and modification of debt (8,956) (14,586) (11,807)
Other income (expense), net 223 83 (127) (46)
Interest expense, net (17,690) (21,173) (56,585) (66,184)
Income (loss) before (benefit) provision for income taxes 12,043 (41,591) 122,958 49,546
(Benefit) provision for income taxes (91) (7,836) (30,696) 8,905
Net income (loss) 12,134 (33,755) 153,654 40,641
Less: net income attributable to noncontrolling interests 840 2,111 4,269 9,068
Net income (loss) attributable to Bloomin' Brands, Inc.  $ 11,294  $ (35,866)  $ 149,385  $ 31,573
         
Net income (loss)  $ 12,134  $ (33,755)  $ 153,654  $ 40,641
Other comprehensive income (loss):        
Foreign currency translation adjustment 10,697 6,710 (1,979) 3,197
Comprehensive income (loss) 22,831 (27,045) 151,675 43,838
Less: comprehensive income attributable to noncontrolling interests 840 2,111 4,269 9,068
Comprehensive income (loss) attributable to Bloomin' Brands, Inc.  $ 21,991  $ (29,156)  $ 147,406  $ 34,770
         
Earnings (loss) per share:        
Basic  $ 0.09  $ (0.31)  $ 1.22  $ 0.29
Diluted  $ 0.09  $ (0.31)  $ 1.16  $ 0.28
Weighted average common shares outstanding:        
Basic 123,747 114,331 122,624 109,028
Diluted 129,439 114,331 128,464 111,145

Supplemental Balance Sheet Information (in thousands):

  SEPTEMBER 30, 2013 DECEMBER 31, 2012
  (unaudited)  
Cash and cash equivalents (1) $ 183,658 $ 261,690
Net working capital (deficit) (2) (148,448) (203,566)
Total assets 2,998,127 3,016,553
Total debt, net 1,461,109 1,494,440
Total stockholders' equity 422,713 220,205
 
(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 Measures 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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