EAT » Topics » AND ANNOUNCES ACCELERATED SHARE REPURCHASE TRANSACTION

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 company’s 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 Chili’s restaurants with plans to develop an additional 20-44 new franchised Chili’s 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 Chili’s restaurants with plans to develop an
        additional 51-75 new domestic franchised Chili’s locations;

·                  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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