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FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, DC  20549

  

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 23, 2003

 

BRINKER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

 

Delaware

1-10275

75-1914582

(State or other jurisdiction of

(Commission File Number)

(I.R.S. Employer

incorporation or

 

Identification No.)

organization)

 

 

 

6820 LBJ Freeway, Dallas, Texas

75240

(Address of Principal Executive Offices)

(Zip Code)

Registrant's telephone number,
including area code: (972) 980-9917

 

 


 

Item 7.  Exhibits.

            (c)        Exhibits.

                        99      Press Release, dated April 23, 2003, announcing third quarter fiscal 2003 results.

Item 12.  Results of Operations and Financial Condition.

On April 23, 2003, Brinker International, Inc. (the "Registrant") issued a Press Release announcing its third quarter fiscal 2003 results.  The information in the Press Release attached hereto as Exhibit 99 is furnished pursuant to Item 12.

                                                                        SIGNATURE

             Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

                                                                        BRINKER INTERNATIONAL, INC.,
                                                                        a Delaware corporation

                                                            By:          /s/Roger F. Thomson                           
                                                                                    Roger F. Thomson
                                                                                    Executive Vice President
                                                                                    and General Counsel

Date: April 29, 2003

ex99

EXHIBIT 99

FOR IMMEDIATE RELEASE

Contacts:  Tim Smith/Louis Adams, Media Relations   Chuck Sonsteby, Investor Relations
                  (972) 770-4959 /(972) 770-4967                    (972) 770-9406

          BRINKER INTERNATIONAL REPORTS $0.47 EARNINGS PER SHARE

             DALLAS (April 23, 2003) - Dallas-based Brinker International, Inc. (NYSE - EAT), a leader in the casual dining industry, reported its earnings per share increased 38.2 percent for the company's third quarter ended March 26, 2003. Net income for the third quarter of fiscal 2003 was $46.2 million or $0.47 diluted earnings per share as compared to $34.2 million or $0.34 per share, reported in the same quarter of fiscal 2002.  Exclusive of the California labor settlement recorded in the third quarter of fiscal 2002, earnings per share increased 14.6 percent.

            Brinker reported third quarter revenues for the 13-week period of $840.8 million, an increase of 12.7 percent compared with the $745.8 million reported for the same period in fiscal 2002.  These revenue gains were primarily driven by a combination of 11.6 percent capacity gains and overall comparable same store sales for all Brinker concepts, which were up 0.9 percent for the quarter.  Quarterly comparable same store sales were up 2.3 percent at Chili's and up 0.3 percent at Maggiano's.  Comparable same store sales were down 1.1 percent at Macaroni Grill and down 1.8 percent at On The Border.

            "Our long term strategic game plan continues to deliver solid results." said Ron McDougall, Brinker's Chairman and CEO.  " While this quarter contained some unusual challenges, we responded by executing our plans and driving our business forward.  Our teams have done an exceptional job, remaining focused and adapting to a changing environment."

            Brinker estimates fourth quarter earnings per share for fiscal 2003 to be $0.55 to $0.56 based on expectations of comparable same store sales growth in the 1 to 2 percent range.

            Brinker continues to be active in its share repurchase program, acquiring approximately 435,000 shares during the third quarter.  Since the inception of its share repurchase program, the company has purchased approximately $380.9 million of its common stock.

            Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter and an outlook for future periods.  The call will be broadcast live at the following Web site address:http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=EAT&script=1010&item_id=729763 at 10 a.m. CDT today (April 23).  For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on the Brinker Web site (www.brinker.com) until the end of the day April 25, 2003.

            At the end of the third quarter of fiscal 2003, Brinker International either owned, operated, franchised, or was involved in the ownership of 1,370 restaurants under the names Chili's Grill & Bar (880 units), Romano's Macaroni Grill (196 units), On The Border Mexican Grill & Cantina (134 units), Maggiano's Little Italy (24 units), Cozymel's Coastal Grill (15 units), Corner Bakery Cafe (84 units), Big Bowl Asian Kitchen (17 units), and Rockfish Seafood Grill (20 units).

            The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by general business and economic conditions, the impact of competition, the seasonality of the company's business, adverse weather conditions, future commodity prices, fuel and utility costs, governmental regulations, and inflation.

   
   
BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
 
Thirteen Week Periods Ended Thirty-Nine Week Periods Ended
March 26, 2003 March 27, 2002 March 26, 2003 March 27, 2002
Revenues $
               840,776
$
               745,786
$
            2,409,178 
  $ 
            2,104,192
 
Operating Costs and Expenses:
Cost of Sales                231,054                207,871                659,151                 584,529
Restaurant Expenses                461,360                417,407             1,332,309              1,161,487
Depreciation and Amortization                  40,380                  34,273                116,238                   92,610
General and Administrative                  34,810                  29,586                  99,131                   87,833
     Total Operating Costs and Expenses                767,604                689,137             2,206,829              1,926,459
Operating Income                  73,172                  56,649                202,349                 177,733
Interest Expense                    3,730                    4,034                  10,151                   10,655
Other, Net
                      237
                      998
                     (593)
                   1,806
       
Income Before Provision for Income Taxes                  69,205                  51,617                192,791                 165,272
Provision for Income Taxes
                 23,045
                 17,447
                 64,402 
                 56,832
     Net Income $
                 46,160
$
                 34,170
$
               128,389 
$
               108,440
Basic Net Income per Share $
                     0.48
$
                     0.35
$
                     1.32 
 $
                     1.11
Diluted Net Income per Share $
                     0.47
$
                     0.34
$
                     1.30 
 $
                     1.08
Basic Weighted Average
Shares Outstanding
                 97,025
                 97,694
                 96,996 
                 97,924
Diluted Weighted Average
Shares Outstanding
                 98,901
               100,652
                 98,988 
               100,588
BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 26, 2003
June 26, 2002
ASSETS
Total current assets $ 136,176 $ 141,954
Net property and equipment 1,473,644 1,355,417
Total other assets
280,032
285,965
Total assets $
1,889,852
 $
1,783,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities $ 331,840 $ 302,220
Long-term debt, less current installments 395,348 426,679
Other liabilities 84,085 77,341
Total shareholders' equity
1,078,579
977,096
Total liabilities and shareholders' equity $
1,889,852
 $
1,783,336
FOR ADDITIONAL INFORMATION, CONTACT:
CHUCK SONSTEBY
INVESTOR RELATIONS
(972) 770-9406
6820 LBJ FREEWAY
DALLAS, TEXAS  75240

BRINKER INTERNATIONAL, INC.

UNITS SUMMARY
         
         
 
Total Units  
Dec. 25, 2002
Third Quarter Fiscal2003
Net Activity    
Total Units   
Mar. 26, 2003
Projected Openings
Fiscal 2003    
Company-Owned Units:
     Chili's      664    13   677 63-65
     Macaroni Grill      188      1   189 20-22
     On The Border      115       -   115 3-5
     Maggiano's        23      1   24 4-5
     Cozymel's        15       -   15 1
     Corner Bakery        78      3   81 10-12
     Big Bowl
       16
     1
 
17
7-8
  1,099
   19
1,118
108-118
 
JV/Franchise Units:  
     Chili's      200      3   203 19-22
     Macaroni Grill         6      1           7 2
     On The Border        19       -         19 1
     Corner Bakery         3       -           3 1
     Rockfish
       16
     4
 
      20
6-8
 
     244
     8
 
     252
29-34
     
Total Units:  
     Chili's      864    16        880 82-87
     Macaroni Grill      194      2        196 22-24
     On The Border      134       -        134 4-6
     Maggiano's        23      1         24 4-5
     Cozymel's        15       -         15 1
     Corner Bakery        81      3         84 11-13
     Big Bowl        16      1         17 7-8
     Rockfish
       16
     4
 
      20
6-8
 
  1,343
   27
 
  1,370
137-152