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This excerpt taken from the EAT 8-K filed Apr 27, 2007. AND ANNOUNCES ACCELERATED SHARE REPURCHASE TRANSACTIONDALLAS (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. |
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