Total revenues were
In compliance with accounting rules, the Company recorded a pre-tax,
non-cash charge of
Operating Results
Comparable restaurant sales at The
“We delivered our best comparable sales and highest guest traffic levels
of the year, driving 36 percent earnings per share growth.
“Continued focus on an exceptional guest experience will be a key to extending our market share, and we expect that 2012 will represent our third consecutive year of comparable sales and guest traffic growth.
“This year also marks the beginning of our global expansion, which will be an important component to our future earnings potential, adding to our confidence that mid-teens earnings per share growth is a realistic and achievable goal going forward,” concluded Overton.
Development
The Company now expects it will open as many as seven to eight new
restaurants in the U.S. in fiscal 2012. In addition, the Company expects
that as many as three restaurants in the
Capital Allocation
During the fourth quarter of fiscal 2011, the Company repurchased
973,243 shares of its common stock at a cost of approximately
Financial Reporting Dates for Fiscal 2012
The Company plans to announce quarterly financial results and hold
conference calls to discuss its results for the first three quarters of
fiscal 2012 as outlined below. The earnings press releases will be
issued at approximately
Quarter Ending |
Earnings Release and Conference Call Dates |
||
April 3, 2012 | April 25, 2012 | ||
July 3, 2012 | July 25, 2012 | ||
October 2, 2012 | October 24, 2012 |
Conference Call and Webcast
A conference call to review the Company’s results for the fourth quarter
of fiscal 2011 will be held today at
About The
The
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or achievements
of the Company to be materially different from any future results,
performance or achievements expressed or implied by forward-looking
statements, including uncertainties related to: the Company’s ability to
increase guest traffic levels in its restaurants, deliver positive
comparable restaurant sales and effectively leverage incremental sales;
the Company’s ability to manage expenses and increase profit margins;
the Company’s ability to deliver financial results within the range that
it has publicly disclosed; the Company’s ability to meet its new
restaurant opening target; the Company’s ability to generate high levels
of cash flow and utilize it to repurchase the Company’s common stock;
factors outside of the Company’s control that impact consumer confidence
and spending; current and future macro national and regional economic
and credit market conditions; changes in national and regional
unemployment rates; the economic health of the Company’s landlords and
other tenants in retail centers in which its restaurants are located;
the economic health of suppliers, vendors and other third parties
providing goods or services to the Company; adverse weather conditions
in regions in which the Company’s restaurants are located; factors that
are under the control of government agencies, landlords and other third
parties; and other risks and uncertainties detailed from time to time in
the Company’s filings with the
The Cheesecake Factory Incorporated and Subsidiaries | |||||||||||||||||||||||||||
Consolidated Financial Statements | |||||||||||||||||||||||||||
(unaudited; in thousands, except per share and statistical data) | |||||||||||||||||||||||||||
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||||||
Consolidated Statements of Operations | January 3, 2012 | December 28, 2010 | January 3, 2012 | December 28, 2010 | |||||||||||||||||||||||
Amounts |
Percent of Revenue |
Amounts |
Percent of Revenue |
|
Amounts |
Percent of Revenue |
|
Amounts |
Percent of Revenue | ||||||||||||||||||
Revenues | $ | 477,696 | 100.0 | % | $ | 416,710 | 100.0 | % | $ | 1,757,624 | 100.0 | % | $ | 1,659,404 | 100.0 | % | |||||||||||
Costs and expenses: | |||||||||||||||||||||||||||
Cost of sales | 124,606 | 26.1 | % | 109,427 | 26.3 | % | 448,468 | 25.5 | % | 412,855 | 24.9 | % | |||||||||||||||
Labor expenses | 151,306 | 31.7 | % | 128,479 | 30.8 | % | 567,358 | 32.3 | % | 536,954 | 32.4 | % | |||||||||||||||
Other operating costs and expenses | 115,266 | 24.1 | % | 104,452 | 25.1 | % | 428,442 | 24.3 | % | 408,362 | 24.6 | % | |||||||||||||||
General and administrative expenses | 24,348 | 5.1 | % | 24,582 | 5.9 | % | 96,263 | 5.5 | % | 95,729 | 5.8 | % | |||||||||||||||
Depreciation and amortization expenses | 19,434 | 4.1 | % | 18,057 | 4.3 | % | 71,958 | 4.1 | % | 72,140 | 4.3 | % | |||||||||||||||
Impairment of assets | 1,547 | 0.3 | % | – | – | 1,547 | 0.1 | % | – | – | |||||||||||||||||
Preopening costs | 3,006 | 0.6 | % | 883 | 0.2 | % | 10,138 | 0.6 | % | 5,153 | 0.3 | % | |||||||||||||||
Total costs and expenses | 439,513 | 92.0 | % | 385,880 | 92.6 | % | 1,624,174 | 92.4 | % | 1,531,193 | 92.3 | % | |||||||||||||||
Income from operations | 38,183 | 8.0 | % | 30,830 | 7.4 | % | 133,450 | 7.6 | % | 128,211 | 7.7 | % | |||||||||||||||
Interest expense | (1,265 | ) | (0.3 | )% | (1,504 | ) | (0.4 | )% | (4,918 | ) | (0.3 | )% | (16,808 | ) | (1.0 | )% | |||||||||||
Interest income | 730 | 0.2 | % | 4 | – | 842 | – | 192 | – | ||||||||||||||||||
Other (expense)/income, net | (75 | ) | – | (652 | ) | (0.1 | )% | (231 | ) | – | (506 | ) | – | ||||||||||||||
Income before income taxes | 37,573 | 7.9 | % | 28,678 | 6.9 | % | 129,143 | 7.3 | % | 111,089 | 6.7 | % | |||||||||||||||
Income tax provision | 7,631 | 1.6 | % | 6,813 | 1.7 | % | 33,423 | 1.9 | % | 29,376 | 1.8 | % | |||||||||||||||
Net income | $ | 29,942 | 6.3 | % | $ | 21,865 | 5.2 | % | $ | 95,720 | 5.4 | % | $ | 81,713 | 4.9 | % | |||||||||||
Basic net income per share | $ | 0.55 | $ | 0.37 | $ | 1.70 | $ | 1.39 | |||||||||||||||||||
Basic weighted average shares outstanding | 54,267 | 58,452 | 56,378 | 58,905 | |||||||||||||||||||||||
Diluted net income per share | $ | 0.54 | $ | 0.36 | $ | 1.64 | $ | 1.35 | |||||||||||||||||||
Diluted weighted average shares outstanding | 55,894 | 60,563 | 58,190 | 60,446 | |||||||||||||||||||||||
Selected Segment Information | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
Restaurants | $ | 448,270 | $ | 384,780 | $ | 1,685,037 | $ | 1,586,274 | |||||||||||||||||||
Bakery | 44,301 | 45,691 | 131,264 | 128,527 | |||||||||||||||||||||||
Intercompany bakery sales | (14,875 | ) | (13,761 | ) | (58,677 | ) | (55,397 | ) | |||||||||||||||||||
$ | 477,696 | $ | 416,710 | $ | 1,757,624 | $ | 1,659,404 | ||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||
Restaurants | $ | 58,113 | $ | 48,041 | $ | 217,350 | $ | 208,117 | |||||||||||||||||||
Bakery | 3,496 | 4,951 | 8,670 | 12,122 | |||||||||||||||||||||||
Impairment | (1,547 | ) | – | (1,547 | ) | – | |||||||||||||||||||||
Corporate | (21,879 | ) | (22,162 | ) | (91,023 | ) | (92,028 | ) | |||||||||||||||||||
$ | 38,183 | $ | 30,830 | $ | 133,450 | $ | 128,211 | ||||||||||||||||||||
Selected Consolidated Balance Sheet Information |
January 3, 2012 |
December 28, 2010 |
|||||||||||||||||||||||||
Cash and cash equivalents | $ | 48,211 | $ | 81,619 | |||||||||||||||||||||||
Total assets | 1,022,570 | 1,037,307 | |||||||||||||||||||||||||
Total liabilities | 479,817 | 444,970 | |||||||||||||||||||||||||
Stockholders' equity | 542,753 | 592,337 | |||||||||||||||||||||||||
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||||||||||||||
Supplemental Information | January 3, 2012 | December 28, 2010 | January 3, 2012 | December 28, 2010 | |||||||||||||||||||||||
Comparable restaurant sales percentage change | 2.7 | % | 0.9 | % | 1.8 | % | 2.0 | % | |||||||||||||||||||
Restaurants opened during period | 2 | - | 7 | 3 | |||||||||||||||||||||||
Restaurants open at period-end | 170 | 163 | 170 | 163 | |||||||||||||||||||||||
Restaurant operating weeks | 2,367 | 2,119 | 8,777 | 8,426 |
Reconciliation of Non-GAAP Results to GAAP Results
In addition to the results provided in accordance with Generally Accepted Accounting Principles ("GAAP") in this press release, the Company is providing non-GAAP measurements which present the fourth quarter and full year fiscal 2011 and fiscal 2010 net income and diluted net income per share excluding the impact from certain items. Additional detail regarding the fourth quarter fiscal 2011 items can be found on the first page of this press release.
The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. The Company believes that the presentation of these items provides additional information to facilitate the comparison of past and present financial results.
14 Weeks Ended | 13 Weeks Ended | 53 Weeks Ended | 52 Weeks Ended | ||||||||||||
January 3, 2012 | December 28, 2010 | January 3, 2012 | December 28, 2010 | ||||||||||||
(unaudited; in thousands, except per share data) | |||||||||||||||
Net income (GAAP) | $ | 29,942 | $ | 21,865 | $ | 95,720 | $ | 81,713 | |||||||
After-tax impact from: | |||||||||||||||
- Impairment of assets (1) | 928 |
- |
928 | - | |||||||||||
- Partial IRS settlement (2) | (1,506 | ) | - | (1,506 | ) | - | |||||||||
- Unwinding of interest rate collar (3) | - | - | - | 4,425 | |||||||||||
Net income (non-GAAP) | $ | 29,364 | $ | 21,865 | $ | 95,142 | $ | 86,138 | |||||||
Diluted net income per share (GAAP) | $ | 0.54 | $ | 0.36 | $ | 1.64 | $ | 1.35 | |||||||
After-tax impact from: | |||||||||||||||
- Impairment of assets | 0.02 | - | 0.02 | - | |||||||||||
- Partial IRS settlement | (0.03 | ) | - | (0.03 | ) | - | |||||||||
- Unwinding of interest rate collar | - | - | - | 0.07 | |||||||||||
Diluted net income per share (non-GAAP) (4) | $ 0.53 | $ | 0.36 | $ | 1.64 | $ | 1.42 |
(1) The pre-tax amount associated with this item was
(2) The pre-tax amounts associated with this item were
(3) The pre-tax amount associated with this item was
(4) Diluted net income per share may not add due to rounding.
Source: The
The Cheesecake Factory Incorporated
Jill Peters, 818) 871-8342
jpeters@thecheesecakefactory.com