This excerpt taken from the EAT 8-K filed Apr 27, 2007.
AND ANNOUNCES ACCELERATED SHARE REPURCHASE TRANSACTION
DALLAS (April 24, 2007) Brinker International, Inc. (NYSE: EAT) reported income from continuing operations of $54.6 million, or $0.43 diluted earnings per share, for the companys third quarter ended March 28, 2007. For the same quarter of fiscal 2006, the company reported income from continuing operations of $63.1 million, or $0.48 diluted earnings per share. Before special items, earnings per diluted share from continuing operations increased to $0.44 from $0.43 in the prior year (reconciliation included in Table 3).
As a part of its plan to return capital to shareholders, Brinker also announced that it intends to enter into an agreement to repurchase approximately $300 million of its common stock through a broker-dealer in an accelerated share repurchase (ASR) transaction.
Highlights for third quarter 2007:
· Opened 55 restaurants, 41 company-owned, 14 franchised, including seven international restaurants;
· Signed agreement with Pepper Dining, Inc. to sell 89 company-owned Chilis restaurants with plans to develop an additional 20-44 new franchised Chilis locations;
· Signed three new international development agreements for nine new restaurants;
· Sold one company-owned On The Border Mexican Grill & Cantina restaurant with development commitments to build a total of five new franchised restaurants;
· Entered into a domestic development agreement with a franchisee to build three new Macaroni Grill restaurants;
· Declared and paid quarterly dividend of $0.09 per share; and
· Repurchased 3.2 million common shares for approximately $102.7 million.
Year-to-Date highlights for fiscal year 2007:
· Increased earnings per share from continuing operations before special items by approximately 18 percent;
· Opened 148 restaurants, 107 company-owned, 41 franchised, including 23 international restaurants;
· Signed agreements with franchisees to sell
104 company-owned Chilis restaurants with plans to develop an
· Signed eight new international development agreements for 31 new restaurants;
· Increased quarterly dividend in November by 35%; and
· Repurchased 7.7 million common shares for approximately $222.1 million.