Brinker Interrnational

(EAT) - Get Report

posted a loss in the fiscal second quarter quarter due to its sale of the Macaroni Grill chain and because of other charges.

The restaurant operator beat analyst expectations, reported a loss of $21.8 million, or 21 cents per share, compared with a profit of $54.5 million, or 52 cents per share, in the year-ago quarter.

Excluding the sale of Macaroni Grill and other one-time charges, Brinker said it earned 27 cents per share.

Analysts polled by Thomson Reuters expected a profit of 18 cents per share.

On Dec. 18, the company, which operates the Chili's Grill & Bar, On The Border Mexican Grill & Cantina and Maggiano's Little Italy restaurant chains, completed the sale of Romano's Macaroni Grill to Mac Acquisition, an affiliate of San Francisco-based Golden Gate Capital, for $88 million while retaining a 19.9% continuing ownership interest. Cash attributable to the transaction of approximately $130 million either has been or will be used to pay down outstanding bank debt.

Brinker reported revenue of $949.4 million, down 7.8% compared with $1.023 billion for the same period of fiscal 2008. Same restaurant sales fell 5.4% in the second quarter of fiscal 2009 due to decreases across all brands.

Revenues was also negatively impacted by a net decline in capacity of 3.3% due to 47 restaurant closures (26 of which were Macaroni Grills) and the sale of 198 restaurants since the second quarter of fiscal 2008 (189 of which were Macaroni Grills).

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