Archive for October, 2010

HOUSTON  (Restaurant News Release)  The Board of Directors of Mexican Restaurants, Inc. announced it has taken definitive action to voluntarily delist its common stock on NASDAQ. Subsequent to the delisting, the Company intends to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934 (the “Exchange Act”). The Company is taking these steps in order to avoid various public company costs, including Sarbanes-Oxley Act costs, that the Company believes disproportionately affect smaller publicly traded companies. The Company intends to maintain a market in its common shares by having the shares listed on a quotation service that does not require an issuer to be registered with the Securities and Exchange Commission (“SEC”) such as the Pink Sheets, but currently has no arrangement for listing in place. The Company is eligible to deregister its common stock under the Exchange Act because it has fewer than 300 shareholders of record.

Notwithstanding the deregistration, the Company will continue to maintain a system of internal controls over financial reporting to ensure the continuing accuracy and reliability of results of operations reported to its shareholders. Following deregistration, the Company will no longer bear the financial burden of complying with the Exchange Act and the Sarbanes-Oxley Act of 2002, legal and auditor reviews of SEC disclosures, as well as accounting and other administrative expenses related to the Company’s NASDAQ listing and SEC reporting requirements.

The Board of Directors believe that the Company’s stockholders will be better served if the Company spends more of its financial resources and management’s time on the Company’s business without the substantial cost and time associated with having to comply with NASDAQ rules and SEC reporting obligations. The Board of Directors’ determination to delist, deregister and suspend its public reporting obligations followed extensive deliberations of the advantages and disadvantages of no longer being a public reporting company and careful consideration of the recommendations of an independent board committee and the advice of the Company’s legal counsel and other outside advisors. The Board of Directors and management believe that the expense reductions inherent in delisting and deregistering the common stock will benefit the Company and its shareholders.

Curt Glowacki, the Company’s CEO, stated, “We’re taking this important step with our shareholders’ interests in mind. The burden of reporting under the Exchange Act, and in recent years the added burden of numerous Sarbanes-Oxley requirements, has become too expensive for many small companies such as Mexican Restaurants. After careful consideration, the Company believes that by having our stock listed on the over-the-counter market and deregistering our common stock, we can re-invest significant resources to help drive growth and profitability. We believe that by utilizing the over-the-counter market platform, material savings can be achieved while still providing reliable information to our shareholders.”

Mexican Restaurants, Inc. operates and franchises 72 Mexican restaurants. The current system includes 55 Company-operated restaurants, 16 franchisee operated restaurants and one licensed restaurant.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which 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 such forward-looking statements. Such factors include, among others, the following: growth strategy; dependence on executive officers; geographic concentration; increasing susceptibility to adverse conditions in the region; changes in consumer tastes and eating habits; national, regional or local economic and real estate conditions; demographic trends; inclement weather; traffic patterns; the type, number and location of competing restaurants; inflation; increased food, labor and benefit costs; the availability of experienced management and hourly employees; seasonality and the timing of new restaurant openings; changes in governmental regulations; dram shop exposure; the potential consequences of delisting and deregistering the Company’s stock; and other factors not yet experienced by the Company. The use of words such as “believes”, “anticipates”, “expects”, “intends” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Readers are urged to carefully review and consider the various disclosures made by the Company in this release and in the Company’s most recent Annual Report and Form 10-K, that attempt to advise interested parties of the risks and factors that may affect the Company’s business.

 

Saladworks Wins Telly AwardCONSHOHOCKEN, Pa.  (Restaurant News Release)  Saladworks, the nation’s first and largest fresh-tossed salad franchise concept, is proud to announce that its series of regional television commercials has won a 2010 People’s Telly Award. Produced by Emmy award winning Joe Schreiber and his team at Mattmar Productions, the Saladworks Commercial Campaign highlighted the franchise concept’s line of seasonal salads, available in stores in 2009. The campaign won a bronze award in the regional TV commercial category.

The Telly Award honors outstanding local, regional, and cable TV commercials and programs, as well as the finest video and film productions, and web commercials, videos and films. The Telly Awards is a widely known and highly respected national and international competition and receives over 11,000 entries annually from all 50 states and many foreign countries.

“The recognition from the 2010 Telly Award is a wonderful acknowledgement of the collaboration with Saladworks and InterArch, which fostered the creativity and production of the commercial campaign,” said Joe Schreiber, President of Mattmar Productions. “Mattmar Productions salutes the support of the franchisees and corporate management that enabled this production to brought in on time, on budget, and most importantly, help drive business growth.”

“The Saladworks commercial campaign was wildly successful for us as brand, as well as for our franchisees,” said Saladworks Founder/CEO, John Scardapane. “Sales in our Philadelphia market showed over a 10% increase during the run of the commercials. This success was garnered with the help of the teams at Mattmar Productions and InterArch in creating such an influential and fun campaign. We’re thrilled to be recognized with a 2010 Telly Award.”

TAMPA, Fla.  (Restaurant News Release)  The Melting Pot Restaurants (http://www.meltingpot.com) join St. Jude Children’s Research Hospital (http://www.stjude.org) in the seventh annual Thanks and Giving campaign (http://www.meltingpot.com/fondueforthekids) from Nov. 1 – Dec. 4, to “give thanks for the healthy kids in your life, and give to those who are not” by donating to cancer research.

The Melting Pot and St. Jude Children's Research Hospital Partner For the 7th Annual 'Thanks and Giving' Campaign“The Melting Pot of Atlantic City was the No. 1 fundraiser during the Thanks and Giving campaign for St. Jude out of all The Melting Pot Restaurants in 2009, and I’m proud to be leading The Melting Pot’s efforts for the 2010 program to break all previous records as we strive to help our partner find cures for cancer,” said Charlie Haney, co-chair of The Melting Pot’s Thanks and Giving campaign and owner of The Melting Pot of Atlantic City. “Giving back to the community during programs like this are rewarding for our employees and guests, especially during the holiday season.”

With every donation of $10 or more, guests will receive a Fondue for the Kids card that offers $20 off any future purchase of $50 or more. All proceeds from the Fondue for the Kids card will be donated to St. Jude (http://www.meltingpot.com/fondueforthekids). The Melting Pot Restaurants also offer additional support for St. Jude with the ongoing Fondue a Cure for Childhood Cancer signature chocolate fondue bars. For each $5 bar purchased, $1 is given to the hospital.

Since becoming a partner in 2003, The Melting Pot Restaurants have raised more than $5 million for St. Jude.

In 2010, St. Jude was ranked the most trusted charity in the nation in a public survey conducted by Harris Interactive, as well as named the nation’s No. 1 children’s cancer hospital for 2010-2011 by U.S. News & World Report. It is the nation’s leading pediatric research and treatment center devoted solely to children with cancer and other catastrophic diseases and the only Hospital that covers all of the costs for treatment, travel, food, and lodging for a patient and a family member. At St. Jude, no child is ever turned away because of a family’s inability to pay.

Since opening its doors in 1962, St. Jude has developed protocols that have helped push survival rates for childhood cancers from less than 20 percent to 80 percent overall. In fact, the survival rate for the most common form of childhood cancer, acute lymphoblastic leukemia, has risen from just 4 percent in 1962 to 94 percent today.

For more information or to make a donation, visit http://www.meltingpot.com/fondueforthekids, or call 1-800-4STJUDE. The Melting Pot chocolate fondue bars and Fondue for the Kids cards can also be purchased online at http://www.meltingpot.com.

About The Melting Pot Restaurants Inc.

With 143 restaurants in North America, existing locations in 36 states and Canada and over 20 locations currently in development, The Melting Pot Restaurants is the premier fondue restaurant franchise. At The Melting Pot, fondue becomes a memorable four-course dining experience where patrons can dip into something different. Guests enjoy a choice of fondue cooking styles and a variety of unique entrées combined with dipping sauces. The menu also includes cheese fondues, salads, fine wines and chocolate fondue desserts. Founded in 1975, The Melting Pot’s corporate headquarters are in Tampa, Fla. For more information, visit http://www.meltingpot.com or email info@meltingpot.com.

About St. Jude Children’s Research Hospital

St. Jude Children’s Research Hospital is internationally recognized for its pioneering work in finding cures and saving children with cancer and other catastrophic diseases. St. Jude is the first and only pediatric cancer center to be designated as a Comprehensive Cancer Center by the National Cancer Institute. Founded by late entertainer Danny Thomas and based in Memphis, Tenn., St. Jude freely shares its discoveries with scientific and medical communities around the world. St. Jude is the only pediatric cancer research center where families never pay for treatment not covered by insurance. No child is ever denied treatment because of the family’s inability to pay. St. Jude is financially supported by ALSAC, its fundraising organization. In 2010, St. Jude was ranked the most trusted charity in the nation in a public survey conducted by Harris Interactive, a highly respected international polling and research firm. St. Jude was also named the nation’s top children’s cancer hospital in the 2010-11 Best Children’s Hospitals rankings published by U.S. News & World Report. For more information, go to www.stjude.org and follow St. Jude on www.facebook.com/stjude and www.twitter.com/stjude.

‘Sabor de Verdad’™ creates emotional connection among Hispanics to restaurant’s ‘real food’

Wendy's Bravo Group Launches Campaign for Hispanic Consumer MarketDUBLIN, Ohio  (Restaurant News Release)  Wendy’s International, Inc. and its Miami-based Hispanic advertising agency The Bravo Group, announce the launch of Wendy’s “Sabor de Verdad” advertising campaign for the U.S. Hispanic consumer market.

The central theme, “Sabor de Verdad,” loosely translated as “Real Taste,” neatly encompasses Wendy’s core principals of superior, quality food prepared with fresh ingredients, while appealing to Hispanic customers’ savvy and appreciation for real, quality, tasty food. “Sabor,” representing taste, flavor and character, and “de verdad” meaning authentic, real and true, plainly spell out Wendy’s food philosophy for Hispanic customers.  

“Our research shows that the phrase ‘Sabor de Verdad’ produces a strong, emotional connection for Hispanic consumers with its multi-faceted meanings — authentic food with true flavor from Wendy’s,” said Bravo Renee Lavecchia, Vice President, Managing Director. “It communicates the benefits and value of Wendy’s ‘real’ strategy in a fresh, memorable way for Hispanic consumers.”

In conjunction with the “Sabor to Verdad” launch, Wendy’s plans to introduce expanded offerings to their 99 cents Everyday Value Menu at participating Wendy’s. For Hispanic customers, advertising will focus on the ability to enjoy “sabor de verdad” by satisfying whatever “antojos” or taste cravings they may have  — at an everyday, affordable price point of 99 cents.

“In addition to showing dedication to quality, fresh food, Wendy’s seeks to build faith among the more than 45 million U.S.-based Hispanics that we will deliver the best tasting fast food experience every time at everyday prices,” said Wendy’s Bob Holtcamp, SVP Brand Marketing. ‘Sabor de Verdad’ provides a platform for a long-term campaign aimed at our ever-growing Hispanic consumer base, while directly reflecting our goal to be the ‘real choice in fast food’.”

Wendy’s International Overview

Wendy’s International, Inc. is one of the world’s most successful restaurant operating and franchising companies with more than 6,600 restaurants worldwide.  Wendy’s is a subsidiary of Wendy’s/Arby’s Group, Inc (NYSE: WEN).  More information is available at www.wendys.com, or www.wendysarbys.com.

The Bravo Group Overview

The Bravo Group is part of the WPP Group plc (Nasdaq: WPPGY) and is one of the most recognized and successful Hispanic marketing agencies in the U.S.  More information can be found at www.bebravo.com.

HEATHROW, Fla.  (Restaurant News Release)  Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its third quarter ended September 26, 2010.

Highlights for the third quarter of 2010 compared to the third quarter of 2009 were as follows:

  • Total revenues were $79.8 million compared to $76.1 million in the prior year.
  • Net loss available to common shareholders of $0.5 million, or $0.01 per diluted share, compared to a net loss of $1.0 million, or $0.04 per diluted share, in the third quarter of 2009. The third quarter of 2009 results included restructuring costs related to two restaurant lease terminations of $0.4 million or $0.01 per diluted share.
  • Company-owned comparable restaurant sales for Ruth’s Chris Steak House increased 4.9%. Company-owned comparable restaurant sales for Mitchell’s Fish Market decreased 2.8%.
  • Food and beverage costs, as a percentage of restaurant sales, increased 80 basis points to 30.0%, which was primarily driven by unfavorable beef costs.
  • Restaurant operating expenses, as a percentage of restaurant sales, decreased 40 basis points to 56.1%.
  • General and administrative expenses were $5.4 million, unchanged from the prior year.
  • Depreciation and amortization expenses, as a percentage of total revenues, decreased 60 basis points to 4.8% primarily due to the home office building sale in the fourth quarter of 2009.
  • Interest expense decreased by $0.9 million to $1.0 million in the third quarter of 2010.
  • At the end of the third quarter of 2010, the Company had $67.0 million in debt outstanding under its senior credit agreement. This represents a reduction of $2.0 million from the June 27, 2010 balance of $69.0 million.

Ruth's Hospitality Group, Inc. Reports Third Quarter 2010 Financial ResultsMichael P. O’Donnell, Chairman, President and Chief Executive Officer of Ruth’s Hospitality Group, Inc., stated, “During the third quarter, we generated our strongest comparable restaurant sales at the Ruth’s Chris brand since the fourth quarter of 2006, and that helped narrow our net loss compared to the year-ago period. Against a backdrop of continued economic uncertainty, we were pleased with this progress and continue to work diligently to improve top line trends at both brands while managing expenses carefully.”

O’Donnell continued, “We are also pleased to have restarted the development process at the Ruth’s Chris Steak House brand by evaluating sites for Company-owned restaurants and seeking alliances with the gaming and hospitality industries. We are also pursuing Company development at Mitchell’s Fish Market, where we believe that the Florida market represents a strong opportunity. We have strengthened our balance sheet, and now believe prudent development is an attractive use of our capital. We look forward to communicating our first development agreement as soon as it is signed.”

Review of Operating Results

Total revenues, which include Company-owned restaurant sales, franchise income, and other operating income, were $79.8 million compared to $76.1 million in the third quarter of 2009.

Company-owned restaurant sales increased 4.4% to $76.9 million for the third quarter of 2010 from $73.6 million in the same quarter last year. Total operating weeks increased 1.2% to 1,131 from 1,118.

Average weekly sales for Ruth’s Chris Steak House were $69.3 thousand in the third quarter of 2010 compared to $66.1 thousand in the third quarter of 2009. Average weekly sales at Mitchell’s Fish Market were $66.4 thousand compared to $67.9 thousand in the prior year third quarter.

For the third quarter of 2010, Company-owned comparable restaurant sales at Ruth’s Chris Steak House increased 4.9%, which consisted of an entrée increase of 5.3% offset by an average check decrease of 0.3%. Company-owned comparable restaurant sales at Mitchell’s Fish Market decreased 2.8%, which consisted of an entrée decrease of 2.5% and an average check decrease of 0.3%.

Franchise income increased 11.7% to $2.6 million from $2.4 million. Comparable franchise-owned restaurant sales increased 6.8%.

Operating income was $1.6 million in the third quarter of 2010 and $1.0 million in the prior year third quarter, which included a $0.4 million charge for lease terminations

Net loss available to common shareholders was $0.5 million, or $0.01 per diluted share, compared to a net loss of $1.0 million, or $0.04 per diluted share, in the third quarter of 2009. The third quarter of 2009 results included restructuring costs related to two restaurant lease terminations of $0.4 million or $0.01 per diluted share

Financial Outlook

Based on current information, Ruth’s Hospitality Group, Inc. is reaffirming its 2010 outlook:

  • Cost of goods sold of 29% to 30% of restaurant sales
  • General and administrative expenses of $22 million to $24 million
  • Effective tax rate of 25% to 30%
  • Capital expenditures of $5 million to $6 million

Michael P. O’Donnell Named Chairman of the Board

Effective immediately, Michael P. O’Donnell, who has served as the Company’s President and Chief Executive Officer since August 2008, was named Chairman of the Board of Directors. In his new capacity, Mr. O’Donnell replaces Robin P. Selati, who has served as the Chairman of the Board of Directors since April 2008 and as a member of the Company’s Board of Directors since 1999. Mr. Selati will continue to serve the Company in a newly created position of Lead Director.

Conference Call

The Company will host a conference call to discuss third quarter 2010 financial results today at 8:30 AM Eastern Time. Hosting the call will be Mike O’Donnell, Chairman, President and Chief Executive Officer, and Bob Vincent, Executive Vice President and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 800-474-8920 or for international callers by dialing 719-457-2633. A replay will be available one hour after the call and can be accessed by dialing 877-870-5176 or 858-384-5517 for international callers; the password is 6746399. The replay will be available until November 5, 2010. The call will also be webcast live from the Company’s website at www.rhgi.com under the investor relations section.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth’s Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.

RUTH’S HOSPITALITY GROUP, INC
Condensed Consolidated Statements of Income – Unaudited
(dollar amounts in thousands, except share and per share data)
                               
                               
            13 Weeks Ending     39 Weeks Ending
            September 27,     September 26,     September 27,     September 26,
            2009     2010     2009     2010
Revenues:                              
Restaurant sales           $   73,646       $   76,913       $   246,770       $   251,919  
Franchise income               2,367           2,645           7,524           8,358  
Other operating income               126           284           2,961           3,231  
Total revenues               76,139           79,842           257,255           263,508  
                               
Costs and expenses:                              
Food and beverage costs               21,520           23,040           72,538           74,353  
Restaurant operating expenses               41,644           43,155           132,836           134,724  
Marketing and advertising               2,011           2,799           8,914           8,224  
General and administrative costs               5,374           5,380           16,468           16,304  
Depreciation and amortization expenses               4,130           3,839           12,375           11,583  
Pre-opening costs               -           38           16           384  
Loss on impairment               -           -           286           -  
Restructuring expense (benefit)               419           -           419           (1,683 )
Loss on the disposal of property and equipment, net               87           -           1,020           -  
Operating income               954           1,591           12,383           19,619  
                               
Other income (expense):                              
Interest expense, net               (1,926 )         (1,000 )         (6,060 )         (3,318 )
Other               (59 )         (2 )         359           (145 )
                               
Income (loss) from continuing operations before income tax               (1,031 )         589           6,682           16,156  
                               
Income tax expense (benefit)               (113 )         235           1,203           3,749  
                               
Income (loss) from continuing operations               (918 )         354           5,479           12,407  
                               
Loss on discontinued operations, net of income tax benefit               36           120           363           1,081  
                               
Net income (loss)           $   (954 )     $   234       $   5,116       $   11,326  
Preferred stock dividends               -           623           -           1,555  
Accretion of preferred stock redemption value               -           88           -           220  
Net income (loss) available to preferred and common shareholders           $   (954 )     $   (477 )     $   5,116       $   9,551  
Basic earnings (loss) per common share:                              
Continuing operations           $   (0.04 )     $   (0.01 )     $   0.23       $   0.27  
Discontinued operations               -           -           (0.01 )         (0.03 )
Basic earnings (loss) per share           $   (0.04 )     $   (0.01 )     $   0.22       $   0.24  
                               
Diluted earnings (loss) per common share:                              
Continuing operations           $   (0.04 )     $   (0.01 )     $   0.23       $   0.27  
Discontinued operations               -           -           (0.01 )         (0.03 )
Diluted earnings (loss) per share           $   (0.04 )     $   (0.01 )     $   0.22       $   0.24  
                               
Shares used in computing net income per common share:                              
Basic               23,603,180           33,975,061           23,552,830           32,025,538  
Diluted               23,603,180           33,975,061           23,711,674           39,380,308  
                               
                               
                               
                               
RUTH’S HOSPITALITY GROUP, INCSelected Balance Sheet Data
(dollar amounts in thousands)
 
            December 27,     September 26,            
            2009     2010            
Cash and cash equivalents           $   1,681       $   3,086              
Total assets               254,415           247,188              
Long-term debt               125,500           67,000              
Total shareholders’ equity               41,765           75,834      

Treat your little ghosts and goblins to a free Pepper Pal’s kid’s meal at Chili’s from 3 p.m. to close

Have A Spooky Good Time At Chili's This Halloween!DALLAS  (Restaurant News Release)  To celebrate Halloween this year, Chili’s® Grill & Bar invites guests to cast their spell and fly into Chili’s to receive a free treat – not trick – for their kids. On Halloween, Sunday, Oct. 31, from 3 p.m. until close, participating Chili’s locations will offer a free Pepper Pal’s® kid’s meal for children 12 years and under.

Before heading out under the shadows of the moonlight, stop by Chili’s to give kids healthy treats before their candy sweets. Chili’s now offers four new nutritional side items to the Pepper Pal’s menu including, fresh pineapple, salad with low-fat ranch dressing, steamed broccoli and celery sticks served with low-fat ranch. Each Pepper Pal’s Kids Menu comes with a choice of entree, side item and a drink.

“We know that our guests – little kids and big kids alike – love Halloween,” said Krista Gibson, senior vice president, brand strategy for Chili’s Grill & Bar. “Dining with us before going out for trick-or-treating is a win for all – kids will have an opportunity to fuel up for the big night out and parents will feel good about the money they’ll save!”

To take advantage of the offer, simply click on this link: http://tinyurl.com/2fgt24y to open and print the free kid’s meal coupon. One adult entree must be purchased per table, but there is no limit on the number of kids per guest. While costumes are encouraged, they are not required to receive this special offer.

Chili’s is spreading the word about this ‘hauntingly’ good deal to E-Mail Club members, as well as on Chili’s Facebook and Twitter pages. Follow news about the brand on Facebook at www.facebook.com/chilis, @Chilis on Twitter and on YouTube at www.youtube.com/chilis. For more information, visit www.chilis.com.

About Chili’s Grill & Bar

Chili’s Grill & Bar is the flagship brand of Dallas-based Brinker International, Inc. (NYSE: EAT), a recognized leader in casual dining. Chili’s offers a fun, energetic atmosphere and a distinct, fresh mix of grilled American favorites at 1,510 locations in 30 countries and two territories. Brinker’s wholly-owned restaurant brands include Chili’s® Grill & Bar, and Maggiano’s Little Italy®. Brinker also holds a minority investment in Romano’s Macaroni Grill®.

 

Saladworks Adds New Soups to MenuCONSHOHOCKEN, Pa.  (Restaurant News Release)  Saladworks, the nation’s first and largest fresh-tossed salad franchise concept, proudly announces the addition of two new soups to the franchise’s already extensive menu offering. Creamy Roasted Corn Tomato with Smoked Cheddar and hearty Chicken Pot Pie soups are now available in all Saladworks locations.

Saladworks fans can warm up with Roasted Corn Tomato with Smoked Cheddar – a delicious vegetarian soup of fire roasted corn, tomatoes, poblano chilies, garlic, cheddar cheese, fresh herbs, and a touch of cream.

Chicken Pot Pie, the ultimate “comfort food,” is now a hearty soup you can feel good about eating – chock full of chicken, spaetzle dumplings, and sweet peas in a creamy base.

Saladworks offers over 15 varieties of soups, including Butternut Squash, Cream of Broccoli, Chicken Orzo, and Italian Wedding. The Roasted Corn Tomato with Smoked Cheddar and Chicken Pot Pie soups are delicious additions to the menu, and pair wonderfully with Saladworks’ entrée-sized salads.

“All of Saladworks’ soups are made from our original recipes, passed down from my mother and grandmother. Every soup is crafted to give our customers the best combination of satisfying flavors and tastes, while maintaining proper nutritional balance,” said Saladworks’ Founder/CEO, John Scardapane. “The Roasted Corn Tomato with Smoked Cheddar and Chicken Pot Pie soups are sure to be a hit with our fans’ taste buds and waistlines, at less than 140 calories per serving.”

About Saladworks

Saladworks, the nation’s first and largest fresh-tossed salad franchise concept, operates over 100 franchise locations in 12 states. In addition to its existing stores, the chain currently has over 60 units in development across the country. Saladworks locations offer a “fanatic’ly fresh” menu of flavorful salads with signature dressings, proprietary soups and Fusion sandwiches. With the addition of the True Nutrition menu, Saladworks’ varieties of signature salads are all 300 calories or less. Saladworks was voted the nation’s number one salad franchise by Entrepreneur Magazine for 2009 and 2010. For more information on franchising or True Nutrition, please visit www.saladworks.com.

Famous Dave's Reports Third Quarter Earnings of $0.17 Per ShareMINNEAPOLIS  (Restaurant News Release)  Famous Dave’s of America, Inc. (Nasdaq:DAVE) today announced revenue and net income of $38.7 million and $1.5 million, respectively, or $0.17 per diluted share, for the third quarter ended October 3, 2010. This compares to revenue and net income of $33.3 million and $1.2 million, respectively, or $0.13 per diluted share for the comparable period in 2009. For the nine months ended October 3, 2010, the Company had revenue and net income of $112.1 million and $6.7 million, respectively, or $0.76 per diluted share. For the 2009 comparable period, the Company had revenue and net income of $103.4 million and $4.9 million, respectively, or $0.54 per diluted share.

“During the third quarter, a number of strong promotions, combined with continued discipline on cost control, produced improved same store sales and financial results,” said Christopher O’Donnell, president and CEO of Famous Dave’s. “We experienced year-over-year improvement in all sales levers of our business, including dine-in, catering and to-go.”

Same store sales for company-owned restaurants open for 24 months or more increased 2.4 percent during the quarter, an improvement over a negative 6.8 percent for the third quarter of 2009. The comparable sales increase included a weighted average price increase of approximately 1.0 percent. Comparable sales for company-owned restaurants decreased 0.3 percent on a year-to-date basis, compared to a decrease of 7.3 percent for the comparable period in 2009.

Franchise royalty revenue for the third quarter of 2010 totaled $4.0 million, a decrease of 5.4 percent from the comparable period in 2009. The decrease in royalty revenue primarily reflects the impact of lost royalties from eight New York and New Jersey locations, seven of which were purchased by the company in March of this year, partially offset by an increase in comparable sales of 0.7 percent. Franchise royalty revenue on a year-to-date basis totaled $12.2 million, with the year over year decrease of 5.0 percent again reflecting the impact of lost royalties from the New York and New Jersey restaurants acquisition, as well as a decrease of approximately 0.8 percent in comparable sales.

Stock-based and Board of Directors Cash Compensation and Common Share Repurchase

Earnings results for the third quarter of 2010 included approximately $325,000 or $0.02 per diluted share, in compensation expense related to the company’s stock-based incentive programs and board of directors’ cash compensation, as compared to approximately $236,000 or $0.02 per diluted share, for the prior year comparable period. The increase in stock-based compensation is primarily due to an increase in the Company’s stock price over the prior year. Stock-based compensation expense and board of directors’ cash compensation expense for the nine months ended October 3, 2010 was approximately $1.0 million or $0.08 per diluted share, compared to approximately $610,000 or $0.04 per diluted share for the prior year comparable period.

During the fiscal 2010 third quarter, the company completed its share buyback authorization, and repurchased 239,040 shares of common stock, at an average price of $8.42 per share, excluding commissions, for a total of approximately $2.0 million. The company repurchased approximately 893,000 shares of common stock during the year-to-date period of 2010 at an average price of $7.76 per share, excluding commissions, for a total of $6.9 million.

Marketing and Development

Development and marketing highlights during the quarter included a successful “limited time offer” of “Wing Wars” – an offering of both bone-in and boneless wings featuring two new hot sauces – Pineapple Rage™ and Wilbur’s Revenge™. Also during the quarter, we had a second successful “Dave’s Day” which included increased participation from our franchise system. The current limited time offering, “Ribzilla,” consists of a beef short rib prepared as an entree or sandwich and also features a bleu cheese wedge salad and cherry cobbler. Included in this offering is a special beer pairing with Samuel Adams® Seasonals. 

“In early August, we resumed our company-owned growth with the Bel Air restaurant opening,” O’Donnell said. ”This was a very successful opening where we achieved the highest opening week of sales in our history and further expanded our footprint on the East Coast.” 

In addition, during the third quarter, Famous Dave’s opened one new franchise-operated restaurant in San Jose, CA. Famous Dave’s ended the quarter with 179 restaurants, including 53 company-owned restaurants and 126 franchise-operated restaurants, located in 36 states. Subsequent to the quarter end, the company opened a franchise-operated restaurant in Peoria, IL to bring the total current count of restaurants to 180.

Outlook

The company has opened one company-owned location and five franchise-operated locations to date and anticipates opening approximately three to four additional franchise-operated restaurants during the fourth quarter.  

Conference Call

The company will host a conference call tomorrow, October 28, 2010, at 10:00 a.m. Central Time to discuss its third quarter financial results. There will be a live webcast of the discussion through the Investor Relations section of Famous Dave’s web site at www.famousdaves.com.

About Famous Dave’s

Famous Dave’s of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the company owns 53 locations and franchises 127 additional units in 36 states. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts.

 
FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
 
  Three Months Ended Nine Months Ended
  October 3,
 2010
September 27,
 2009
October 3,
 2010
September 27,
 2009
Revenue:        
Restaurant sales, net $ 34,313  $ 28,763 $   98,919  $ 89,600
Franchise royalty revenue 4,012 4,242 12,208 12,851
Franchise fee revenue 145 80 235 155
Licensing and other revenue 233 220 689 811
Total revenue 38,703 33,305 112,051 103,417
         
Costs and expenses:        
Food and beverage costs 10,177 8,762 29,121 27,046
Labor and benefits costs 10,944 9,174 31,217 27,857
Operating expenses 9,475 7,760 26,719 23,492
Depreciation and amortization 1,401 1,253 4,070 3,834
General and administrative expenses 4,027 3,701 11,753 11,976
Asset impairment and estimated lease termination and other closing costs 4 446  (68) 119
Pre-opening expenses 219  300  –
Gain on acquisition, net of acquisition costs –  –   (2,036)  – 
Net loss on disposal of property 12 7 20 13
Total costs and expenses 36,259 31,103 101,096 94,337
         
Income from operations 2,444 2,202 10,955 9,080
         
Other expense:        
Loss on early extinguishment of debt  –     (40)  – (489)
Interest expense  (238)   (277)  (800) (1,177)
Interest income  19   26       78   93
Other (expense) income, net    (8)  7    (12)  (1)
Total other expense  (227) (284)   (1,574)
         
Income before income taxes 2,217 1,918   10,221 7,506
         
Income tax expense    (759) (679) (3,520) (2,579)
         
Net income $ 1,458 $ 1,239 $ 6,701  $   4,927
         
Basic net income per common share $ 0.17 $     0.14 $  0.77  $   0.54
Diluted net income per common share $ 0.17 $     0.13 $  0.76  $   0.54
Weighted average common shares outstanding – basic 8,498,000 9,124,000 8,715,000 9,104,000
Weighted average common shares outstanding – diluted 8,631,000 9,254,000 8,870,000 9,184,000
 
 
FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES
OPERATING RESULTS
(unaudited)
 
  Three Months Ended Nine Months Ended
  October 3,
2010
September 27,
2009
October 3,
2010
September 27,
2009
Food and beverage costs (1) 29.7% 30.5%  29.4% 30.2%
Labor and benefits (1) 31.9% 31.9%  31.6% 31.1%
Operating expenses (1) 27.6% 27.0%  27.0% 26.2%
Depreciation & amortization (restaurant level) (1) 3.7% 3.9%  3.7%  3.8%
Depreciation & amortization (corporate level) (2) 0.4% 0.4%  0.4%  0.4%
General and administrative (2) 10.4%  11.1% 10.5% 11.6%
Asset impairment and estimated lease termination and other closing costs (1)   1.6%  (0.1%)  0.1%
Pre-opening expenses and net loss on disposal of property (1)  0.6%  0.3%
Gain on acquisition, net of acquisition costs(1)  (2.1%)
         
Total costs and expenses (2) 93.7% 93.4% 90.2% 91.2%
Income from operations (2)  6.3%   6.6%  9.8%   8.8%
         
(1) As a percentage of restaurant sales, net
(2) As a percentage of total revenue
 
FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands)
(unaudited)
 
  October 3,
2010
January 3,
2010
ASSETS    
Cash and cash equivalents $ 1,712 $ 2,996
Other current assets 9,495 9,486
Property, equipment and leasehold improvements, net 61,851 54,818
Other assets 3,387 1,081
Total assets $ 76,445 $ 68,381
     
LIABILITIES AND SHAREHOLDERS’ EQUITY    
Current liabilities $ 12,498 $ 12,464
Line of credit 13,600 13,500
Other long-term obligations 16,462 9,423
Shareholders’ equity 33,885 32,994
Total liabilities and shareholders’ equity $ 76,445 $ 68,381
 
 
FAMOUS DAVE’S OF AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
  Nine Months Ended
  October 3,
2010
September 27,
2009
     
Cash flows provided by operating activities $ 8,986 $ 11,684
Cash flows used for investing activities (10,250) (1,039)
Cash flows used for financing activities  (20) (10,703)
Decrease in cash and cash equivalents $ (1,284) $ (58)
 
 
SUPPLEMENTAL SALES INFORMATION
(unaudited)
 
  Three Months Ended Nine Months Ended
  October 3,
2010
September 27,
2009
October 3,
2010
September 27,
2009
Restaurant Sales (in thousands)        
Company-Owned $ 34,313 $ 28,763 $ 98,919 $ 89,600
Franchised-Operated $ 85,968 $   90,138 $ 261,245 $ 270,993
         
Total number of restaurants:        
Company-Owned 53 46 53 46
Franchise-Operated 126 131 126 131
Total 179 177 179 177
         
Total weighted average weekly net sales (AWS):        
Company-Owned $ 50,106 $ 47,706 $ 49,927 $ 49,427
Franchise-Operated $ 53,367 $ 53,524 $ 54,057 $ 54,870
         
AWS 2005 and Post 2005: (1)        
Company-Owned $ 57,343 $ 55,340 $ 56,946 $ 58,909
Franchise-Operated $ 56,740 $ 57,683 $ 58,002 $ 60,201
         
AWS Pre 2005: (1)        
Company-Owned $ 45,791 $ 45,011 $ 46,183 $ 46,112
Franchise-Operated $ 47,567 $ 47,472 $ 47,470 $ 47,326
         
Operating Weeks:        
Company-Owned 680 598 1,969 1,807
Franchise-Operated 1,607 1,684 4,826 4,934
         
Comparable net sales (24 month):        
Company-Owned %  2.4% (6.8%) (0.3%) (7.3%)
Franchise-Operated %  0.7% (9.5%) (0.8%) (8.8%)
         
Total number of comparable restaurants:        
Company-Owned 42 38 41 38
Franchise-Operated 102 100 95 92
 
(1) Provides further delineation of AWS for restaurants opened during the pre-fiscal 2005, and restaurants opened during the post-fiscal 2005, timeframes.

Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company’s actual results to differ materially from expected results. Although Famous Dave’s of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave’s expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company’s SEC reports.

New Restaurant Brings Western-Style Food and Hospitality to Pennsylvania

LongHorn Steakhouse Brings the Spirit of the West to GreensburgORLANDO, Fla.  (Restaurant News Release)  LongHorn Steakhouse today announced the opening of its first location in Greensburg. The restaurant, best known for its atmosphere and flavor of the American West, is located at 5296 Rt. 30.  As part of its pre-opening training period, the restaurant recently hosted a Friends and Family night which helped raise more than $1,000 for the Big Brothers and Big Sisters of the Laurel Region.

The 5,574-square foot restaurant will employ more than 75 team members and seat 204 guests. Beth Lease, a restaurant industry veteran of 12 years, will serve as managing partner.

“LongHorn Steakhouse has been looking to bring its tradition of Western hospitality to Greensburg for some time and we are excited about the warm welcome we have received from the community,” Lease said.  ”We look forward to helping our guests relax and unwind in an inviting atmosphere while savoring a great steakhouse meal served with genuine western hospitality. We’re also pleased we could help support Big Brothers and Big Sisters and look forward to making more contributions to the local community for many years to come.”

LongHorn opened its first restaurant in Atlanta 29 years ago and has grown steadily – becoming known for its passion for grilling fresh, never frozen, steaks served in a relaxed, comfortable steakhouse atmosphere. LongHorn is known for more than its signature hand-seasoned Flo’s Filet and the bone-in Outlaw Ribeye.  LongHorn chefs love to grill fresh fish and chicken in addition to steak. Items such as LongHorn Salmon, a fresh, hand-cut salmon fillet seasoned with a bourbon marinade; fall-off-the-bone tender Baby Back Ribs; and Parmesan Crusted Chicken, two juicy chicken breasts grilled and topped with a parmesan cheese and garlic crust, are just some of the other specialties guests will find on the menu.

The restaurant opens daily at 11 a.m. for lunch.  It is open until 10 p.m. Sunday through Thursday and until 11 p.m. on Friday and Saturday.

About LongHorn Steakhouse 

More than 25 years after opening its first restaurant in Atlanta, today LongHorn Steakhouse operates more than 330 restaurants in 32 states.  LongHorn is a division of Darden Restaurants, Inc. (NYSE: DRI), the world’s largest full-service restaurant operating company. For more information about LongHorn, please visit www.longhornsteakhouse.com.

About Darden

Darden Restaurants, Inc., (NYSE: DRI), the world’s largest full-service restaurant company, owns and operates 1,800 restaurants that generate more than $7 billion in annual sales. Headquartered in Orlando, and employing approximately 180,000 people, Darden is recognized for a culture that rewards caring for and responding to people. Our restaurant brands – Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52 – reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want.  For more information, please visit www.darden.com.

New Restaurant Brings Western-Style Food and Hospitality to Pennsylvania

LongHorn Steakhouse Brings the Spirit of the West to SelinsgroveORLANDO, Fla.  (Restaurant News Release) LongHorn Steakhouse today announced the opening of its first location in Selinsgrove. The restaurant, best known for its atmosphere and flavor of the American West, is located at 44 Nina Dr.  As part of its pre-opening training period, the restaurant recently hosted a Friends and Family night which helped raise more than $850 for the Hummels Wharf Fire Company in Shamokin Dam, Penn.

The 5,400-square foot restaurant will employ more than 70 team members and seat 200 guests. Mark Sirianni, a restaurant industry veteran of 10 years, will serve as managing partner.

“LongHorn Steakhouse has been looking to bring its tradition of Western hospitality to Selinsgrove for some time and we are excited about the warm welcome we have received from the community,” Sirianni said.  ”We look forward to helping our guests relax and unwind in an inviting atmosphere while savoring a great steakhouse meal served with genuine western hospitality. We’re also pleased we could help support the Hummels Wharf Fire Company and look forward to making more contributions to the local community for many years to come.”

LongHorn opened its first restaurant in Atlanta 29 years ago and has grown steadily – becoming known for its passion for grilling fresh, never frozen, steaks served in a relaxed, comfortable steakhouse atmosphere. LongHorn is known for more than its signature hand-seasoned Flo’s Filet and the bone-in Outlaw Ribeye.  LongHorn chefs love to grill fresh fish and chicken in addition to steak. Items such as LongHorn Salmon, a fresh, hand-cut salmon fillet seasoned with a bourbon marinade; fall-off-the-bone tender Baby Back Ribs; and Parmesan Crusted Chicken, two juicy chicken breasts grilled and topped with a parmesan cheese and garlic crust, are just some of the other specialties guests will find on the menu.

The restaurant opens daily at 11 a.m. for lunch.  It is open until 10 p.m. Sunday through Thursday and until 11 p.m. on Friday and Saturday.

About LongHorn Steakhouse

More than 25 years after opening its first restaurant in Atlanta, today LongHorn Steakhouse operates more than 330 restaurants in 32 states.  LongHorn is a division of Darden Restaurants, Inc. (NYSE: DRI), the world’s largest full-service restaurant operating company. For more information about LongHorn, please visit www.longhornsteakhouse.com.

About Darden

Darden Restaurants, Inc., (NYSE: DRI), the world’s largest full-service restaurant company, owns and operates 1,800 restaurants that generate more than $7 billion in annual sales. Headquartered in Orlando, and employing approximately 180,000 people, Darden is recognized for a culture that rewards caring for and responding to people. Our restaurant brands – Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52 – reflect the rich diversity of those who dine with us. Our brands are built on deep insights into what our guests want.  For more information, please visit www.darden.com.

UFood Submits Application For Listing on US Small Business Administration's Franchise RegistryBOSTON  (Restaurant News Release)  UFood Restaurant Group, Inc. (OTCBB:UFFC) is pleased to report that it has submitted an application for listing on the Franchise Registry with the U.S. Small Business Administration. The Franchise Registry lists names of franchise systems whose franchisees enjoy the benefits of a streamlined review process for U.S. Small Business Administration (SBA) financings. Loan applications for franchises on the Franchise Registry can be reviewed and processed more efficiently and quickly by SBA and its lenders because the respective franchise agreements do not need to be reviewed in each individual franchisee situation.

“Part of the Company’s strategy to expand franchise locations is supported by offering first-class operational and development support,” said George Naddaff, the Company’s Chairman and CEO. “Applying to be listed on the Franchise Registry is a way of improving the probability that its franchisees will find start-up, renovation or expansion funds. Franchising tries to alleviate the uncertainties by having ready answers and with a proven system in place to follow and we determined it was important to do whatever we could to expedite the financing process, which included pursuing a listing on the SBA Franchise Registry.”

About UFood Restaurant Group, Inc.

Headquartered in Boston, MA UFood Restaurant Group, Inc. is a franchisor and operator of fast-casual food service restaurants. UFood Grill offers healthy lifestyle alternative to consumers in the fast-casual restaurant space and is positioned to become a leading player in the “better-for-you” quick-serve restaurant category. The Company is led by franchise innovator George Naddaff, who founded Boston Market and led the franchising of several companies including Sylvan Learning Center and VR Business Brokers. Mr. Naddaff has assembled a veteran management team with a successful record in the franchise market. UFood is currently launching a growth plan to franchise nationwide. To learn more, visit www.ufoodgrill.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

New Menu Items Range from 150 to 450 Calories Each

Taco Bueno Expands Menu to Include Low-Calorie ItemsDALLAS  (Restaurant News Release)  Healthier, made-from-scratch Mexican food in a hurry is now a reality at your favorite Taco Bueno, which should be good news for the 73 percent of adults who say they now try to eat healthier at restaurants more than they did two years ago*. The regional Mexican quick-service restaurant chain today announced the rollout of the Taco Bueno Choice Menu – a line of nine low calorie menu items from 150 – 450 calories. The menu features their new Fresco Chicken Soup made with seven vegetables and white meat chicken in a savory broth, along with eight other fresh menu items. The lineup also includes two vegetarian options – the BC Vegetarian Black Bean Burrito and the Vegetarian Tostella™.

“Healthy dining is top of mind for consumers,” said John Miller, CEO, Taco Bueno Restaurants. “Our new Taco Bueno Choice Menu was created to meet the demands of these health conscience consumers and is perfect for those looking for lower calorie meals with fresh ingredients. Our extensive menu is constantly evolving to meet the needs of today’s consumers.”

For more than 40 years, Taco Bueno has served its customers freshly-prepared, high quality ingredients, including pico de gallo, salsa and guacamole made from scratch daily in-store. Leading the menu is the new Taco Bueno Choice flame-grilled chicken and steak fajita tacos with pico de gallo instead of cheese.

Along with the 280 calorie Fresco Chicken Soup, the menu also includes:

  • BC Fajita Chicken and Steak Tacos, 190 – 210 calories
  • BC Soft or Crispy Chicken and Beef Tacos, 150 – 200 calories
  • BC Vegetarian Black Bean Burrito made with vegetarian black beans, cilantro lime rice and pico de gallo, 440 calories
  • BC Vegetarian Tostella™, 160 calories

Keeping moms in mind who reported that one of their top barriers to getting their families to eat more fruits and vegetables was not having a good range of fruits and vegetables available in restaurants**, Taco Bueno has added the Taco Bueno Choice Kids Meal for younger guests. The Kids Meal will include apple slices instead of cinnamon chips and a fruit smoothie to replace soda.

The Fresco Chicken Soup is available for a limited time only; however, other items are permanent additions to the menu. All items will be available restaurant-wide on Oct. 26. For more information about Taco Bueno, or to find a restaurant near you, visit www.tacobueno.com.

About Taco Bueno

Taco Bueno is a Mexican quick-service restaurant concept that offers Fast Casual Quality at Fast Food Price and ConvenienceTM. Founded in 1967 in Abilene, Texas, Taco Bueno today has nearly 190 locations in Arkansas, Kansas, Louisiana, Missouri, Nebraska, New Mexico, Oklahoma and Texas. Find out more about Taco Bueno by logging on to www.tacobueno.com.

*National Restaurant Association, 2010

** Produce for Better Health Foundation, 2010

Guests can enjoy Starbucks aboard world’s largest cruise ship starting December 2010

SEATTLE & MIAMI  (Restaurant News Release)  Something unique is brewing onboard Royal Caribbean International’s new Allure of the Seas, the world’s largest and most innovative cruise ship – the first Starbucks at sea. Through the licensing agreement between Starbucks (NASDAQ: SBUX) and Royal Caribbean International, the global cruise brand owned and operated by Royal Caribbean Cruises Ltd. (NYSE/OSX: RCL), guests seeking signature made-to-order espresso beverages and Frappuccino® blended beverages will have to look no further than their neighborhood Starbucks on the bustling Royal Promenade.

Starbucks and Royal Caribbean to Offer First Ever Starbucks at Sea on Allure of the Seas“We are always looking for unique ways and places to connect with our customers and deliver the Starbucks Experience,” said Chris Carr, senior vice president and general manager of Starbucks Licensed Stores. “Starbucks presence aboard Allure of the Seas is another place where our customers want and expect us to be.”

Trained baristas will offer signature and seasonal beverages and food, as well as the complete line of Starbucks VIA® Ready Brew products, between 7 a.m. to 11 p.m. daily, based on a la carte pricing. In addition to the Starbucks store, Seattle’s Best Coffee®, a featured brand in the Starbucks portfolio and a Foodservice provider to Royal Caribbean for the past 10 years, will be served throughout the cruise ship, including in the Adagio main dining room, conference rooms and the ship’s signature specialty restaurants.

“We are passionate about delivering the WOW,” said Lisa Bauer, senior vice president of Hotel Operations, Royal Caribbean International. “Opening the first ever Starbucks at sea is another example of how Royal Caribbean is delivering distinctive beverage and dining options to our guests and exceeding their expectations. We are offering something that no other cruise brand can.”

Allure of the Seas shares the title of the world’s largest and most revolutionary cruise ship with sister-ship Oasis of the Seas. With a cache of new distinct onboard activities and amenities, Allure of the Seas offers one-of-a-kind entertainment performances, culinary concepts, retail venues and technology innovations. An architectural marvel at sea, Allure’s neighborhoods are divided into seven distinct themed areas, which include Central Park, Boardwalk, the Royal Promenade, the Pool and Sports Zone, Vitality at Sea Spa and Fitness Center, Entertainment Place and Youth Zone. She spans 16 decks, encompasses 225,282 gross registered tons, carries 5,400 guests at double occupancy, and features 2,700 staterooms. Allure of the Seas alternates a Western Caribbean with an Eastern Caribbean seven-night itinerary from her home port of Port Everglades in Fort Lauderdale, Fla. Additional information is available at www.AllureoftheSeas.com.

About Starbucks Coffee Company

Since 1971, Starbucks Coffee Company has been committed to ethically sourcing and roasting the highest-quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. Through our unwavering commitment to excellence and our guiding principles, we bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit us in our stores or online at www.starbucks.com.

About Royal Caribbean International

Royal Caribbean International is a global cruise brand with 21 ships currently in service and one under construction. The line also offers unique cruisetour land packages in Alaska, Dubai, Europe, Australia and New Zealand, and South America. For additional information or to make reservations, call your travel agent, visit www.royalcaribbean.com or call (800) ROYAL-CARIBBEAN. Travel professionals should visit www.cruisingpower.com or call (800) 327-2056.

Wendy's Serves Up Seven Fan Favorites for 99¢DUBLIN, Ohio  (Restaurant News Release)  Wendy’s believes no one should have to choose between inexpensive food and what they really want, so their 99¢ Everyday Value Menu lets customers nationwide choose from seven popular food choices that satisfy their taste for Real food on a budget.*

“Real value means getting more of what you really want for a fair price,” said Ken Calwell, Wendy’s chief marketing officer. “We offer the best variety – from a fresh beef hamburger and crispy chicken sandwich, to a baked potato, fries and a small Frosty™. Our 99¢ Everyday Value Menu continues our history of being a favorite place for value among customers.”

Wendy’s first introduced the 99¢ Value Menu more than 20 years ago. Better quality and more variety have been hallmarks of Wendy’s Value Menu. Today’s 99¢ Everyday Value Menu features seven customer favorites:

  • Hot ‘n Juicy Double Stack™ — Two junior hamburger patties topped off with American cheese, ketchup, mustard, pickle and onion, made fresh when you order it
  • Tender and delicious Crispy Chicken Sandwich — A tender, breaded chicken patty topped with crisp lettuce and creamy mayo done Wendy’s way
  • 5-Piece Spicy Chicken Nuggets — Crispy, all-white meat chicken nuggets with three kinds of peppers and savory spices
  • Small Original Chocolate or Vanilla Frosty — Cool, creamy and made from real Grade A fresh milk and rich cream
  • Sour Cream and Chives Oven-Baked Potato
  • Value Soft Drink
  • Value French Fry

*At participating locations

Wendy’s International Overview

Wendy’s International is one of the world’s most successful restaurant operating and franchising companies with more than 6,600 restaurants worldwide. Wendy’s is a subsidiary of Wendy’s/Arby’s Group, Inc (NYSE: WEN). More information is available at www.wendys.com or www.wendysarbys.com.

Healthy Fast Food Signs Area Development Deal to Open a Minimum of Five U-Swirl Self-Serve Frozen Yogurt Cafes in Salt Lake City Metro MarketHENDERSON  (Restaurant News Release)  Healthy Fast Food, Inc. (OTC Bulletin Board: HFFI, HFFIU), parent to U-SWIRL International, Inc., the owner and franchisor of U-SWIRL Frozen Yogurt® cafes, today announced the signing of a franchise area development agreement with Regents Management, LLC, who has contracted to open an initial two U-SWIRL self-serve frozen yogurt cafes in the Salt Lake City metropolitan area, with another three cafes to follow in that market over the next five years.  

This marks the second signed area development deal between U-SWIRL International and Regents. In July 2010, Regents secured franchise development rights to open several U-SWIRL cafes in the Boise, Idaho metro area, where it is currently undergoing the build-out of its first location scheduled to be opened in the next few weeks.  

Rick Bailey, General Manager of Regent’s new Salt Lake City U-SWIRL operations, stated, “Working with the franchise development team at U-SWIRL International has been nothing short of fantastic, thus fueling our interest in expanding our relationship with the U-SWIRL brand.  We chose Salt Lake City as our second U-SWIRL area to develop due to the fact that it is one of the fastest growing markets in the nation with the highest rate of job growth.  Moreover, it has long proven to be a city where family values are greatly emphasized and healthy, active lifestyles are preferred.  Consequently, we are confident that the U-SWIRL self-serve concept will be quickly embraced by Salt Lakers of all ages and win market distinction as the ‘go to’ place for delicious, healthier frozen treats.”

Since first launching the national franchise marketing effort for its U-SWIRL self-serve frozen yogurt concept in mid 2009, U-SWIRL International has granted area development rights to partners in Monmouth County, NJ; Phoenix, AZ; Tucson, AZ; Boise, ID and now Salt Lake City, UT; and signed franchise agreements with partners in Reno, NV and Marietta, GA for its U-SWIRL self-serve frozen yogurt concept. With the signing of the area development agreement with Regents, it brings the number of new U-SWIRL franchise cafes expected to be opened over the next three to five years to 35, and will increase the total number of Company-owned (6) and franchised cafes (37) to 43.

About U-SWIRL International, Inc.

U-SWIRL International is a wholly owned subsidiary of Healthy Fast Food, Inc., and is launching a national chain of self-serve frozen yogurt cafes called U-SWIRL Frozen Yogurt®.  U-SWIRL allows guests the ultimate choice in frozen yogurt by providing up to 20 non-fat flavors, including tart, traditional, no sugar-added options, and up to 70 toppings, including seasonal fresh fruit, sauces, candy and granola.  Guests serve themselves and pay by the ounce instead of by the cup size.  A healthier alternative to a coffee shop hang out, locations are furnished with couches and tables, and patio seating.   In addition to its development of Company–owned cafes, U-SWIRL International has also launched its franchise program to roll out the concept nationwide in those states in which the Company is qualified to offer franchises.

About Healthy Fast Food, Inc.

Headquartered in Henderson, Nevada, Healthy Fast Food, Inc. is on a mission to deliver consumers a smarter alternative to America’s favorite meals and snacks. In September 2008, the Company and its wholly-owned subsidiary, U-SWIRL International, Inc., acquired the worldwide rights to the U-SWIRL Frozen Yogurt system.  Sole ownership of the system was transferred to U-SWIRL International, Inc., and it has been executing an aggressive strategy to build the brand into a globally recognized chain of highly experiential frozen yogurt cafes. For more information, please visit www.U-SWIRL.com.  You can also follow the Company on Facebook (U-SWIRL Frozen Yogurt) and on Twitter (U_SWIRL).  

Safe Harbor Statement

This press release contains forward-looking statements regarding the timing and financial impact of Healthy Fast Food, Inc.’s  ability to implement its business plan, expected revenues and future success.  These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company’s  control.  Some of the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements are general economic conditions, failure to achieve expected revenue growth, changes in our operating expenses, legal developments, competitive pressures, changes in customer and market requirements and standards, and the risk factors detailed from time to time in Healthy Fast Food’s  periodic filings with the Securities and Exchange Commission, including without limitation, the Company’s Annual Report  for the year ended December 31, 2009. The forward looking-statements in this press release are based upon management’s reasonable belief as of the date hereof.  Healthy Fast Food undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

 

Genghis Grill Opens First Location in LubbockDALLAS  (Restaurant News Release)  Genghis Grill is opening a brand new location in Lubbock, TX, its first Lubbock-area restaurant. The new location will offer residents a chance to “build your own bowl” to your liking from over 70 fresh ingredients.

The Lubbock site is located at the intersection of Slide Road and 62nd Street, in the former T.G.I. Friday’s location. Lubbock fans can look forward to the grand opening by next week.

Clark Mandigo and William Rodriguez, existing Papa John’s franchisees in West Texas, including Lubbock, have teamed up with Genghis Grill corporate for the joint venture opportunity. “We are proud and very excited to bring the great food and unique Genghis Mongolian Grill dining experience to Lubbock where we have proudly served the community with our Papa John’s Pizza brand for over 14 years,” said William Rodriguez, Genghis Grill’s West Texas Region President.

Genghis Grill, the largest Mongolian Grill in the US, is well-known for its fresh, hot and healthy food, and for its style of fun service. It offers a Heart Healthy dining option along with an array of recipes to choose from KHAN’S KITCHEN (food bar) where one can “build your own bowl” from 14 proteins, 12 seasonings, 30 veggies, 15 sauces, and 6 starches.

The first Genghis Grill opened in 1998 in Dallas, TX. Today, Genghis Grill is a segment leader when it comes to Mongolian Barbecue. Genghis Grill has been ranked #2 on the Fast Casual Top 100 Movers and Shakers and ranked #6 on the Future 50 list by Restaurant Business magazine.

Seven more new restaurants are slated to open around the country in 2010, KHANQUERING throughout the southwest, south central, Midwest, and southeast. Expansion has been a company focus for years and you can now find Genghis Grill in 15 states.

The aggressively expanding 54 unit chain operates locations through franchised and corporate restaurants throughout AR, AZ, CO, FL, GA, IA, IL, KS, MO, MN, NM, NV, OK, TN and TX. Additional locations in AR, AL, FL, GA, KS, KY, LA, MD, MO, NE, NC, NM, NV, OK, TN, TX and VA are pending upon construction or site selection.

For more information about Genghis Grill-The Mongolian Stir Fry, contact Liz Jones at liz@genghisgrill.com or 972.996.4017. For more information, visit www.genghisgrill.com.

Buffet deals encourage kids and guests to express gratitude.

CiCi's Pizza Launches Campaign to Show Families That 'Thank Yous Count'COPPELL, Texas  (Restaurant News Release)  Every visit to CiCi’s Pizza, home of the $4.99 endless pizza, pasta, salad and dessert buffet, ends with two words: Thank You. This November, CiCi’s will provide our communities and guests an opportunity to show appreciation this Thanksgiving with “Thank Yous Count.”

Starting Nov. 1 and continuing through the end of the month, each restaurant will stock “Thank Yous Count” trackers. The pocket-sized cards help parents note each time their child offers an unprompted “thank you.” Once the card is full, parents can present the card for a free buffet for kids 10 and under with the purchase of an adult buffet.

Guests can also log on to CiCi’s Pizza Facebook page, www.facebook.com/cicis, write a note of thanks to teachers, firefighters, military personnel or any Facebook friend who deserves a special thank you – the possibilities for sharing are endless. And as a thanks from CiCi’s, during the month of November thank you recipients will receive a 2 can dine for $9.99 offer (includes two endless adult buffets and drinks).

“At CiCi’s, we believe an environment that fosters kindness, and appreciation is as essential to our success as our hot, fresh buffet,” CEO Mike Shumsky said. “That’s why we greet every guest with ‘Hi, welcome to CiCi’s’ and conclude with ‘thank you,’ and it’s why we created the ‘Thank Yous Count’ campaign.”

Some locations will also have giant thank you cards, posters or banners for guests to sign. CiCi’s employees will then hand deliver the cards along with piping hot CiCi’s pizza, fresh salad and its signature ooey, gooey cinnamon rolls throughout November to community groups they would like to thank.

About CiCi’s Pizza

CiCi’s first restaurant opened in Plano, Texas in 1985. The family-oriented restaurant is known for its popular pizza, pasta, salad and dessert buffet featuring up to 20 varieties of pizza and fresh ingredients for $5 and change. Today, the expanding franchise company has more than 600 restaurants in 35 states and is actively recruiting franchisees. CiCi’s commitment to value was recently recognized in USA Today, Restaurants & Institutions and Nation’s Restaurant News, which ranked CiCi’s No. 1 in sales and unit growth among pizza chains for the past four years. In 2010, Parents magazine ranked CiCi’s to its top family-friendly list. Entrepreneur magazine ranked CiCi’s Pizza first in the Italian restaurant industry category in 2009 and 2007. CiCi’s was also named to a list of the top 25 performing brands in the Wall Street Journal’s guide for entrepreneurs and a top 200 franchise concepts by Franchise Today.

For more information about CiCi’s, visit www.cicispizza.com or www.facebook.com/cicis. For franchising information, visit www.cicispizza.com or contact Jim Sheahan, jsheahan@cicispizza.com.

DALLAS  (Restaurant News Release)  Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal first quarter ended Sept. 29, 2010.

Highlights for the first quarter of fiscal 2011 include the following:

  • Earnings per diluted share, before special items, increased to $0.21 compared to $0.12 for the first quarter of fiscal 2010 (see non-GAAP reconciliation below)
  • On a GAAP basis, earnings per diluted share increased to $0.21 from $0.15 in the first quarter of the prior year
  • Restaurant operating margin(1) improved 190 basis points to 15.0 percent
  • Total revenues decreased 6.0 percent to $654.9 million
  • Same restaurant sales at company-owned restaurants decreased 4.2 percent consisting of a 5.0 percent decrease at Chili’s and a 1.4 percent increase at Maggiano’s
  • Cash flows used in operating activities were $6.6 million and capital expenditures totaled $15.6 million
  • The Company repurchased approximately 5.3 million shares of its common stock for $92.7 million in the first quarter and repurchased an additional 4.3 million shares of its common stock for $83.1 million subsequent to the end of the quarter
  • The Company paid a dividend of 14 cents per share in the first quarter, an increase of 27.3 percent over the prior year quarter

Brinker International Reports Year Over Year Increase in First Quarter Fiscal 2011 EPS“Our team is aggressively pursuing several key strategies to continue to build sales and improve margins,” said Doug Brooks, President and Chief Executive Officer.  ”And the rollout of Team Service is already resulting in a better guest experience and better margins.”

(1) Restaurant operating margin is defined as Revenues less Cost of sales, Restaurant labor and Restaurant expenses.

Q1 Comparable Restaurant Sales; percentage  
Jul Aug Sep Q1 11 Q1 10(1)  
Brinker International (3.7) (7.5) (1.3) (4.2) (6.1)  
 Chili’s Company-Owned  
    Comparable Restaurant Sales (4.3) (8.4) (1.9) (5.0) (6.0)  
    Pricing Impact 1.2 1.1 1.6 1.1 1.9  
    Mix-Shift 3.2 3.1 (1.4) 2.0 (2.4)  
    Traffic (8.7) (12.6) (2.1) (8.1) (5.5)  
 Maggiano’s  
    Comparable Restaurant Sales 1.8 (0.5) 3.0 1.4 (6.6)  
    Pricing Impact 0.0 0.0 (0.1) 0.0 0.9  
    Mix-Shift (1.2) (1.8) (2.3) (1.8) (2.0)  
    Traffic 3.0 1.3 5.4 3.2 (5.5)  
 
Franchise(2)  
 Domestic Comparable Restaurant Sales (5.8)  
 International Comparable Restaurant Sales 0.4  
(1) Brinker International comparable restaurant sales for prior year exclude the impact of discontinued operations.

(2) Although franchise comparable sales are not sales attributable to the Company, including franchise comparable restaurant sales provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.   The Company generates royalty revenue, advertising fees and rental payments based on franchisee sales, where applicable.  

 
           

The Company’s fiscal 2010 consisted of 53 weeks compared to 52 weeks for fiscal 2011.  The comparable restaurant sales percentages above have not been adjusted to reflect the one week calendar shift.  Considering this shift, Brinker comparable restaurant sales were (5.8), (5.2) and (0.8) percent for July, August and September, respectively, resulting in (4.2) percent for the quarter.  Management believes the adjusted presentation is a useful gauge of the company’s performance.  

Quarterly Operating Performance

CHILI’S first quarter revenues of $557.8 million represent a 7.7 percent decrease from the prior year period driven by a 5.0 percent decline in comparable restaurant sales.  Revenues were also impacted by a net decline in capacity of 3.5 percent due to the sale of 21 restaurants to a franchisee and nine restaurant closures since the first quarter of fiscal 2010.  Restaurant operating margin increased compared to the prior year due to favorable cost of sales driven by the positive impact of changes to value offerings and decreased commodity prices for proteins including ribs, beef and chicken.  Restaurant labor was positively impacted by the implementation of team service, largely offset by higher restaurant management compensation and sales deleverage.  Restaurant expenses decreased primarily due to favorable restaurant supply expenses, partially offset by sales deleverage compared to the prior year.  

MAGGIANO’S first quarter revenues were $81.7 million and comparable restaurant sales increased 1.4 percent primarily driven by improved traffic.  This increase represents the third consecutive quarterly increase.  Restaurant operating margin decreased compared to the prior year primarily due to unfavorable restaurant labor and repairs and maintenance expense.  

ROYALTY AND FRANCHISE revenues totaled $15.4 million for the quarter, an increase of 3.4 percent over the prior year.  International franchise same restaurant sales increased 0.4 percent for the quarter while domestic franchise same restaurant sales decreased 5.8 percent for the same period.  Since the first quarter of fiscal 2010, international and domestic franchisees have had net openings of 19 and 29 restaurants, respectively.

Other

General and administrative expense decreased $5.0 million for the quarter primarily due to decreased salary expense from lower headcount, increased income from transaction support services provided to On The Border and decreased stock-based compensation expense.  

The effective income tax rate decreased to 20.4 percent in the current quarter as compared to 23.4 percent in the same quarter last year primarily due the resolution of certain tax positions which resulted in a positive impact to tax expense in the current quarter.  Excluding the impact of special items, the effective income tax rate from continuing operations increased to 27.9 percent in the current quarter from 25.8 percent in the same quarter last year driven primarily by increased earnings.

Non-GAAP Reconciliation

The company believes excluding special items from its financial results provides investors with a clearer perspective of the company’s ongoing operating performance and a more relevant comparison to prior period results.  

$ millions and $ per diluted share after-tax  
Q1 11 EPS

Q1 11

Q1 10 EPS

Q1 10

 
Income from Continuing Operations 21.4 0.21 10.3 0.10  
 Other (Gains) and Charges 1.9 0.02  1.8 0.02  
 Adjustment for Tax Items (1.7) (0.02)     -     -  
Income from Continuing Operations before Special Items 21.6 0.21 12.1 0.12  
 
 
         

“Our earnings growth and solid balance sheet give us the flexibility to invest in key initiatives, pay down debt, repurchase shares and deliver best in class retail dividends. We’re committed to this balanced approach to delivering long-term value to our shareholders,” said Guy Constant, Executive Vice President and Chief Financial Officer.

Guidance Policy

Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.

Webcast Information

Investors and interested parties are invited to listen to today’s conference call, as management will provide further details of the quarter. The call will be broadcast live on the Brinker website (www.brinker.com) at 9 a.m. CDT today (Oct. 27). 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 website until the end of the day Dec. 1, 2010.  

Additional financial information, including statements of income which detail continuing operations excluding  special items, franchise development and royalty fees, and comparable restaurant sales trends by brand, is also available on the Brinker Web site under the Financial Information section of the Investor tab.

Forward Calendar

  • SEC Form 10-Q for first quarter fiscal 2011 filing on or before Nov. 8, 2010; and
  • Second quarter earnings release, before market opens, Jan. 25, 2011.

About Brinker

Brinker, International Inc. is one of the world’s leading casual dining restaurant companies.  Founded in 1975 and based in Dallas, Texas, Brinker currently owns, operates, or franchises 1,555 restaurants under the names Chili’s® Grill & Bar (1,510 restaurants) and Maggiano’s Little Italy® (45 restaurants). Brinker also holds a minority investment in Romano’s Macaroni Grill®.

Forward-Looking Statements

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, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company’s business, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorists acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company’s ability to meet its business strategy plan, acts of God, governmental regulations and inflation.

Contacts: Stacey Sullivan, Media Relations Marie Perry, Investor Relations  
(800) 775-7290 (972) 770-1276  
     
 
BRINKER INTERNATIONAL, INC.  
CONSOLIDATED STATEMENTS OF INCOME  
(In thousands, except per share amounts)  
(Unaudited)  
 
Thirteen Week Periods Ended  
Sept. 29, Sept. 23,  
2010 2009  
 
 
Revenues $  654,893 $  696,543  
Operating Costs and Expenses:  
Cost of sales 174,480 199,874  
Restaurant labor (a) 217,146 231,249  
Restaurant expenses 165,149 174,066  
Depreciation and amortization 32,573 35,153  
General and administrative 30,044 35,088  
Other gains and charges (b) 3,120 2,909  
 
 
Total operating costs and expenses 622,512 678,339  
 
Operating income 32,381 18,204  
 
Interest expense 7,196 6,948  
Other, net (1,734) (2,155)  
 
Income before provision for income taxes 26,919 13,411  
 
Provision for income taxes 5,488 3,132  
 
Income from continuing operations 21,431 10,279  
 
Income from discontinued  operations,  net of taxes - 5,488  
 
Net Income $  21,431 $  15,767  
 
 
 Basic net income per share:  
Income from continuing operations $  0.21 $   0.10  
Income from discontinued operations - $   0.05  
Net income per share $  0.21 $   0.15  
 
 
 Diluted net income per share:  
Income from continuing operations $  0.21 $   0.10  
Income from discontinued operations - $   0.05  
Net income per share $  0.21 $   0.15  
 
 
Basic weighted average shares outstanding 100,667 102,243  
 
Diluted weighted average shares outstanding 101,556 103,016  
 
(a) Restaurant labor includes all compensation-related expenses, including benefits and incentive compensation, for restaurant employees at the general manager level and below.  Labor-related expenses attributable to multi-restaurant (or above-restaurant) supervision is included in Restaurant expenses.

(b) Current year other gains and charges primarily includes $2.8 million of severance costs.
Prior year other gains and charges primarily includes lease termination charges of $2.2 million.  

 
     
 
BRINKER INTERNATIONAL, INC.  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In thousands)  
 
Sept. 29, June 30,  
2010 2010  
(Unaudited)  
ASSETS  
 Current assets $     357,339 $     501,067  
 Net property and equipment (a) 1,104,478 1,129,077  
 Total other assets 222,408 221,960  
    Total assets $  1,684,225 $  1,852,104  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
 Current installments of long-term debt $       21,920 $       16,866  
 Current liabilities 348,430 433,011  
 Long-term debt, less current installments 519,028 524,511  
 Other liabilities 148,961 148,968  
 Total shareholders’ equity 645,886 728,748  
 Total liabilities and shareholders’ equity $  1,684,225 $  1,852,104  
(a) At Sept. 29, 2010, the company owned the land and buildings for 189 of the 871 company-owned restaurants.  The net book values of the land and buildings associated with these restaurants totaled $145.4 million and $141.1 million, respectively.  
       
 
BRINKER INTERNATIONAL, INC.  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In thousands)  
 
Sept. 29, Sept. 23,  
2010 2009  
 
Cash Flows From Operating Activities:  
 Net income $  21,431 $  15,767  
 Income from discontinued operations, net of taxes - (5,488)  
 Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization 32,573 35,153  
Restructure charges and other impairments 3,007 2,841  
Changes in assets and liabilities (63,647) 7,017  
 
Net cash provided by (used in) operating activities of continuing operations (6,636) 55,290  
 
Cash Flows from Investing Activities:  
Payments for property and equipment (15,628) (11,266)  
Proceeds from sale of assets 3,243 -  
Decrease in restricted cash - (14)  
Investment in equity method investee (1,556) -  
 
Net cash used in investing activities of continuing operations (13,941) (11,280)  
 
Cash Flows from Financing Activities:  
Payments on long-term debt (282) (272)  
Purchases of treasury stock (94,536) (2,819)  
Proceeds from issuances of treasury stock 291 224  
Payments of dividends (14,557) (11,882)  
Excess tax benefits from stock-based compensation 106 117  
 
Net cash used in financing activities of continuing operations (108,978) (14,632)  
 
Cash Flows from Discontinued Operations:  
Net cash provided by operating activities - 11,162  
Net cash used in investing activities - (862)  
 
Net cash provided by discontinued operations - 10,300  
 
Net change in cash and cash equivalents (129,555) 39,678  
Cash and cash equivalents at beginning of period 344,624 94,156  
Cash and cash equivalents at end of period $  215,069 $  133,834  
 
 
     
 
BRINKER INTERNATIONAL, INC.  
RESTAURANT SUMMARY  
 
First Quarter
Net Openings/(Closings)
Total Restaurants Projected Openings  
Fiscal 2011 Sept. 29, 2010 Fiscal 2011  
 
Company-Owned

Restaurants:

 
 Chili’s - 827 -  
 Maggiano’s - 44 -  
- 871 -  
 
Franchise

Restaurants:

 
 Chili’s 2 468 10-13  
 International (a) 3 216 35-40  
5 684 45-53  
 
Total Restaurants:  
 Chili’s 2 1,295 10-13  
 Maggiano’s - 44 -  
 International 3 216 35-40  
5 1,555 45-53  
 
(a) At Sept. 29, 2010, international franchise restaurants by brand were 215 Chili’s and one Maggiano’s.  
       

All Bruegger’s locations to donate a portion of proceeds from “Bottomless Mug” sales; national fundraising day set for November 10.

Bruegger's Joins Children's Miracle Network in Mission to Raise Money for Children's HospitalsBURLINGTON, Vt.  (Restaurant News Release)  Today Bruegger’s Enterprises Inc. announced a new partnership with Children’s Miracle Network, a charity that raises funds for 170 children’s hospitals throughout North America.

October 27 will kick off Bruegger’s first company-wide fundraising program with Children’s Miracle Network. The bagel chain, with 299 locations in 26 states, will support the charity by donating a portion of proceeds from sales of its popular Bottomless Mug Club. Guests who purchase the mug will not only receive unlimited free refills of coffee, tea or soft drinks for a full year — they’ll also contribute to a great cause. Every mug purchased between Oct. 27 and Dec. 31, 2010 will help sick and injured children by supporting children’s hospitals in Bruegger’s markets.

To give all their guests a taste of the savings – and Bruegger’s delicious Green Mountain Coffee – the chain will host a Free Coffee Day at all of its locations on Wednesday, November 10 until 2 p.m. Guests can get into the fundraising efforts that day by donating their spare change (or more) at canisters located at the register. Bruegger’s hopes to raise $100,000 this year to benefit children’s hospitals in the neighborhoods it serves.

“We have a strong commitment to our local communities,” said Bruegger’s CEO, Jim Greco. “Children’s Miracle Network reflects these core values and allows everyone associated with Bruegger’s – our guests, employees and franchisees – to make miracles happen in their own neighborhoods.”

Bruegger’s estimates that Bottomless Mug Club members save more than $300 per year by taking advantage of the year long refills of coffee, tea and soda.

“By raising money for Children’s Miracle Network, Bruegger’s is giving its customers an opportunity to help kids and families in their communities while enjoying a cup of their favorite coffee,” said Shirley Rogers, senior vice president, Children’s Miracle Network. “Each dollar stays local, so Bruegger’s customers will be supporting a children’s hospital near them.”

Bruegger’s “Bottomless Mugs” are sold at Bruegger’s 299 locations, while supplies last. Locations and hours of operation can be found at www.brueggers.com.

About Bruegger’s Enterprises, Inc.

Bruegger’s Enterprises, Inc., an affiliate of Sun Capital Partners, Inc., is a leader in the fast casual restaurant segment. In its 299 locations in 26 states, the District of Columbia and Toronto, Bruegger’s is dedicated to serving delicious, authentically made food that brings guests back again and again. Famous for genuine New York-style bagels baked fresh throughout the day, Bruegger’s is headquartered in Burlington, Vermont and supports its neighbors in every community it serves. For more information, please visit www.brueggers.com or become a fan on Facebook at www.facebook.com/brueggers.

About Children’s Miracle Network

Children’s Miracle Network is a charity that raises funds for more than 170 children’s hospitals. Donations to Children’s Miracle Network are used to provide charitable care, purchase life-saving equipment, and fund research and education programs that save and improve the lives of 17 million children each year. To learn more go to ChildrensMiracleNetwork.org.

Hoggy's Offers "10 for 2010" Election Day DiscountCOLUMBUS, OH  (Restaurant News Release)  Hoggy’s Restaurants and Catering encourages all eligible voters to participate in the mid-term elections and let our voices be heard. To celebrate the freedoms we enjoy in this country, Hoggy’s will be offering those who wear their “I Voted Today” sticker into any Hoggy’s restaurant on election day a discount of 10% off their entree*.

Ken Smith, an owner of Hoggy’s Restaurants and Catering, said “At Hoggy’s, we love this country. We live in a land where we can be the best and be rewarded for it, a land where our collective voices can make a difference. On election night, we look forward to serving our premium applewood slow-smoked BBQ and award-winning made-from-scratch side dishes to as many voters as possible and watching the election results on the televisions in our restaurants.”

Hoggy’s Restaurants and Catering has locations in the following cities:

  • Crestview Hills, KY
  • Columbus, OH (Grandview and Polaris locations)
  • Delaware, OH
  • Dublin, OH
  • Gahanna/New Albany, OH
  • Linworth, OH
  • Valley View, OH

Visit http://www.hoggys.com to find a location near you.

About Hoggy’s Restaurants and Catering:

Hoggy’s Restaurants and Catering was launched in 1991 in Linworth, Ohio. With premium applewood slow-smoked BBQ meats and made-from-scratch side dishes, Hoggy’s now provides 8 locations throughout Ohio and Kentucky. Dine-in, carry-out and full-service catering are all provided by Hoggy’s. For more information, visit www.hoggys.com. Follow us on Twitter (@Hoggys) and Facebook.

*The 10% discount does apply to both dine-in and carry-out orders. Not valid on alcohol, tax, merchandise or gratuity. Cannot be combined with other offers or discounts, including Happy Hour and Kids Eat Free. One discount per check, per visit. No cash value.

Media Contact:

Please feel free to contact:
Ray Smith, Marketing Director
(614) 484-0097
Hoggy’s Restaurants and Catering
214 Neilston Street
Columbus, OH 43215

T.G.I. Friday's Introduces an Allergen Supplement MenuCARROLLTON, Texas  (Restaurant News Release)  It is easier and more convenient than ever for guests with food allergies, or those who have gluten sensitivities, to dine at T.G.I. Friday’s, thanks to a new Allergen supplement menu that is in place at participating Friday’s® restaurants as of September 15, 2010.

Using easy-to-read icons T.G.I. Friday’s new allergen menu will break down what food groups/categories may be found in each menu item, including eggs, wheat, soy, peanuts, shellfish and more. This new Allergen menu will help guests make informed meal choices regarding their food allergies and help them find the perfect meal to satisfy their appetite.

“We are sensitive to what our guests require and we absolutely owe it to them to take this extra step and have this new Allergen menu available,” said Ricky Richardson, chief concept officer of T.G.I. Friday’s. “People expect to have a great time with great tasting food and beverages when they come to T.G.I. Friday’s and our new menu supplement will help our guests find the food that is just right for them.”

T.G.I. Friday’s is also refreshing its current menu by adding the most popular items from its recent Caribbean Summer menu, including Grilled Caribbean Wings, Tropical Splash Salad with Ginger Lime Chicken, Conga Line Caribbean Chicken Sandwich and the great taste of the Captain Morgan® Original Spiced Rum Sauce on steaks and seafood.  The same goes for the bar, where T.G.I. Friday’s will add several new drinks to keep the variety as fresh and lively as ever.

About T.G.I. Friday’s:

T.G.I. Friday’s offers great food, innovative drinks and a unique experience filled with flair and a Thank God It’s Friday’s(SM) attitude. Friday’s authentic, engaging atmosphere makes it the perfect place to escape, socialize and connect with people while getting a rejuvenating second wind. As the original casual dining restaurant, T.G.I. Friday’s has a rich food and beverage heritage, which includes being credited with popularizing Happy Hour, the Long Island Iced Tea and Loaded Potato Skins. T.G.I. Friday’s is also famous for its flair bartenders, approximately 7,000 of who compete annually for the title of T.G.I. Friday’s World Bartender Champion.

Carlson Restaurants Worldwide Inc., the parent company of T.G.I. Friday’s, is a privately held company owned by Minneapolis-based Carlson, a world leader in the hospitality and travel industries. As of August 2010, Carlson Restaurants Worldwide owns, operates, franchises or licenses more than 1,000 restaurants in 61 countries. For more information, visit www.fridays.com.

COLUMBUS, Ohio  (Restaurant News Release)  Bravo Brio Restaurant Group, Inc. (“BBRG”) (Nasdaq:BBRG) today announced that it successfully completed its initial public offering of 11,500,000 shares of BBRG’s common stock at $14.00 per share, which included 5,000,000 shares offered by BBRG and 6,500,000 shares offered by certain of BBRG’s existing shareholders, including 1,500,000 shares sold to the underwriters to cover over-allotments. BBRG’s stock began trading on the Nasdaq Global Market on October 21, 2010 under the symbol “BBRG.”

Total net proceeds to BBRG from the offering, after deducting underwriter discounts and commissions and estimated offering expenses, were approximately $62.4 million. BBRG will use the net proceeds from the offering to repay indebtedness and for general corporate purposes. The selling shareholders include affiliates of three private equity firms, Bruckmann, Rosser, Sherrill & Co. Management, L.P., Castle Harlan, Inc. and Golub Capital.

Jefferies & Company, Inc., Piper Jaffray & Co. and Wells Fargo Securities, LLC acted as joint book-running managers for the offering. The co-managers are KeyBanc Capital Markets Inc. and Morgan Keegan & Company, Inc. A copy of the final prospectus related to this offering may be obtained by contacting Jefferies & Company, Inc., 520 Madison Avenue, New York, NY 10022, Attention: Syndicate Prospectus Department, or by calling toll-free 888-449-2342; Piper Jaffray & Co., Prospectus Department, 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402, or by calling toll free 800-747-3924 or by email to prospectus@pjc.com; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, or by calling toll-free 800-326-5897 or by email to equity.syndicate@wellsfargo.com.

About Bravo Brio Restaurant Group, Inc.

Bravo Brio Restaurant Group, Inc. is a leading owner and operator of two distinct Italian restaurant brands, BRAVO! Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its brands as multifaceted culinary destinations that deliver the ambiance, design elements and food quality reminiscent of fine dining restaurants at a value typically offered by casual dining establishments, a combination known as the upscale affordable dining segment. Each of BBRG’s brands provides its guests with a fine dining experience and value by serving affordable cuisine prepared using fresh flavorful ingredients and authentic Italian cooking methods, combined with attentive service in an attractive, lively atmosphere. BBRG strives to be the best Italian restaurant company in America and is focused on providing its guests an excellent dining experience through consistency of execution.