Now that we've got much of the Q1 EPS out, I've started going back over them. I'm amazed - absolutely astounded - at how well some of them held up. Are these guys really weathering the storm that well, or have they been to the Jack Welch school of earnings management?
EAT is interesting - they claim they did OK - 17 cents - excluding "discontinued" operations. But they haven't even sold Romano's yet! Then it gets more interesting - excluding "other charges" they made 33 cents. WTF are they excluding?
If they really made 33 cents, then earnings weren't hit badly at all in the face of weakening demand and rising costs.
Estimates call for a bigger sales decline this quarter, but still very little EPS hit. I'm skeptical.
finance.yahoo.com
Shareholder's equity sure dumped; those buybacks aren't free:
biz.yahoo.com
March 26, June 27,
2008 2007
(Unaudited)
ASSETS
Current assets of continuing operations $309,893 $249,289
Assets held for sale 218,411 423,378
Net property and equipment (a) 1,516,264 1,465,241
Total other assets 186,335 180,113
Total assets $2,230,903 $2,318,021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current installments of long-term debt $1,918 $1,761
Current liabilities of continuing operations 534,215 519,269
Liabilities associated with assets held for sale 16,840 23,856
Long-term debt, less current installments 910,860 826,918
Other liabilities 167,434 141,128
Total shareholders' equity 599,636 805,089
Total liabilities and shareholders' equity $2,230,903 $2,318,021
biz.yahoo.com
Brinker swings to 3Q loss due to discontinued operations
Tuesday April 22, 8:47 am ET
Brinker swings to fiscal 3rd-quarter loss due mainly from discontinued operations, charges
DALLAS (AP) -- Brinker International Inc., which operates the Chili's Grill & Bar chain, said Tuesday it swung to a loss in its fiscal third quarter, but results beat Wall Street estimates, once discontinued operations and charges were excluded.
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For the quarter ended March 26, the company reported a loss of $38.8 million, or 38 cents per share, compared to a profit of $54.6 million, or 43 cents per share in the prior-year quarter.
Excluding discontinued operations, the company earned 17 cents per share, compared to 37 cents per share for continuing operations a year ago. Brinker includes the results of its Romano's Macaroni Grill chain as discontinued operations because it plans to sell the brand.
Excluding other charges and costs, the company said it earned 33 cents per share.
Analysts polled by Thomson Financial, on average, expected profit of 32 cents per share.
Revenue fell 4 percent to $907.7 million, from $944 million in the third quarter of 2007. Analysts predicted revenue of $895.6 million.
Same-store sales, or sales at locations open at least a year, rose 1.1 percent. Same-store sales is a key indicator of restaurant performance, since it measures growth at established locations rather than newly opened ones.
Capacity fell 7 percent, due to the sales of restaurants to franchises and the closing of locations.
Shares rose $1.30, or 6.6 percent, to $20.90 in premarket electronic trading. The shares closed at $19.60 in Monday's regular session.
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