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Potential Cheesecake Factory (CAKE) Trade Has $30.69 Breakeven
| 7:08 AM |
Potential Cheesecake Factory (CAKE) Trade Has $30.69 Breakeven
Market Intelligence Center - 3 hours ago Cheesecake Factory (NASDAQ:CAKE) closed Friday's up-and-down trading session at $32.69. In the past year, the stock has hit a 52-week low of $21.56 and 52-week high of $34.07. Cheesecake Factory ...EARNINGS UPDATE: CHEESECAKE FACTORY RELEASES ITS QUARTERLY EARNINGS ON JULY 20, 2011 (CAKE) - Zacks.com
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Restaurant News: $400 Martini, Anyone? Bova Top Toque Returns, Cheesecake Factory Coming to Pembroke
| Sunday, July 17, 2011 5:05 AM |
Restaurant News: $400 Martini, Anyone? Bova Top Toque Returns, Cheesecake Factory Coming to Pembroke
Broward-Palm Beach New Times - Jul 17, 2011 By Bill Citara Sun., Jul. 17 2011 at 6:00 AM ​• Wretched excess not enough for you? Conspicuous consumption too subtle? Want to lord it over the peasants with their pathetic little well drinks ...
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Cheesecake Factory Opens at Short Hills Mall Today
| Saturday, July 16, 2011 7:21 AM |
Cheesecake Factory Opens at Short Hills Mall Today
Patch.com - Jul 16, 2011 By Laura Griffin The Cheesecake Factory's much anticipated opening is Monday, but 1,300 people enjoyed a preview this week, as The Cheesecake Factory employees practiced their jobs in two days of ...
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Sneak Peek Inside the Cheesecake Factory
| Saturday, July 16, 2011 7:21 AM |
Sneak Peek Inside the Cheesecake Factory
Patch.com - Jul 16, 2011 By Laura Griffin The Cheesecake Factory's much anticipated opening is Monday, but 1,300 people enjoyed a preview this week, as The Cheesecake Factory employees practiced their jobs in two days of ...
Related News: Similar Content http://westorange.patch.com/articles/sneak-peek-inside-the-cheesecake-factory#rssowlmlink
Inside the Cheesecake Factory
| Friday, July 15, 2011 11:37 PM |
Inside the Cheesecake Factory
Patch.com - 4 hours ago By Laura Griffin The Cheesecake Factory's much anticipated opening is Monday, but 1,300 people enjoyed a preview this week, as The Cheesecake Factory employees practiced their jobs in two days of ...
Related News: Similar Content http://millburn.patch.com/articles/inside-the-cheesecake-factory#rssowlmlink
5 Restaurant Stocks Smart Money Is Warning Against
| Friday, July 15, 2011 10:36 AM |
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Cheesecake Factory Earnings Preview
| Friday, July 15, 2011 1:20 PM |
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DA Davidson Comments on Cheesecake Factory (CAKE) Ahead of Earnings, Sees Upside to Guidance
| Thursday, July 14, 2011 1:12 PM |
DA Davidson Comments on Cheesecake Factory (CAKE) Ahead of Earnings, Sees Upside to Guidance
StreetInsider.com - 18 hours ago DA Davidson is maintaining its Neutral rating and $34 price target on shares of Cheesecake Factory (NASDAQ: CAKE) ahead of their Q2 earnings release. The company is expected to release its Q2 ...
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Brooks Brothers, Fossil, Lovesac Coming to Danbury Fair Mall
| 5:26 AM |
Brooks Brothers, Fossil, Lovesac Coming to Danbury Fair Mall
Patch.com - 6 hours ago Three new stores are either under construction or about to begin construction at the mall, and two entrances are being rebuilt. Cheesecake Factory opens on August 29. By Mark Langlois Brooks ...
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Cheesecake Factory, clothing stores and other additions come to The Mall at Short Hills
| Wednesday, July 13, 2011 2:48 PM |
Cheesecake Factory, clothing stores and other additions come to The Mall at Short Hills
NorthJersey.com - 21 hours ago BY LINDSEY KELLEHER Between chocolate ganaches and macarons from La Maison du Chocolat, milk and dark chocolate Godiva candy bars, and various types of coffee cake and flavored coffees and lattes ...
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SHARES OF CAKE UP 11.2% SINCE UPTREND CALL ON SHARES
| Wednesday, July 6, 2011 7:17 AM |
SHARES OF CAKE UP 11.2% SINCE UPTREND CALL ON SHARES
Zacks.com - Jul 6, 2011 Jul 06, 2011 (SmarTrend(R) Spotlight via COMTEX) -- SmarTrend identified an Uptrend for Cheesecake Factory (NASDAQ:CAKE - Snapshot Report) on April 01, 2011 at $29.99. In approximately 3 months ...
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SMARTREND VINDICATED ON CHEESECAKE FACTORY UPTREND CALL: STOCK PRICE UP 10.7% (CAKE)
| Tuesday, July 12, 2011 1:14 PM |
SMARTREND VINDICATED ON CHEESECAKE FACTORY UPTREND CALL: STOCK PRICE UP 10.7% (CAKE)
Zacks.com - 18 hours ago Jul 12, 2011 (SmarTrend(R) Spotlight via COMTEX) -- SmarTrend identified an Uptrend for Cheesecake Factory (NASDAQ:CAKE - Snapshot Report) on April 01, 2011 at $29.99. In approximately 3 months ...
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Justin Bieber Visits Cheesecake Factory Without Selena Gomez
| Tuesday, July 12, 2011 11:40 AM |
Justin Bieber Visits Cheesecake Factory Without Selena Gomez
Gather Celebs News Channel - 19 hours ago Justin Bieber visited the Cheesecake Factory without Selena Gomez. Should the Baby singer, who has made it clear he loves the creamy dessert, be watching what he eats? After Selena's recent health ...
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Justin Bieber Visits Cheesecake Factory Again...So Much For Healthy Eating: He Consumes 2,000 Calories & 70 Grams Of Fat!
| Tuesday, July 12, 2011 8:58 AM |
Justin Bieber Visits Cheesecake Factory Again...So Much For Healthy Eating: He Consumes 2,000 Calories & 70 Grams Of Fat!
Hollywood Life - 22 hours ago A Cheesecake Factory regular, the spunky singer took girlfriend Selena Gomez to the restaurant chain's Arlington, Tex., location in May for a cozy date of pizza, appetizers and lemonade. Now comes ...
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Cheesecake Factory (CAKE) Could Break Through $33.61 Resistance Level
| Tuesday, July 12, 2011 6:54 AM |
Cheesecake Factory (CAKE) Could Break Through $33.61 Resistance Level
Market Intelligence Center - Jul 12, 2011 Cheesecake Factory (NASDAQ:CAKE) closed Monday's unfavorable trading session at $33.02. In the past year, the stock has hit a 52-week low of $21.56 and 52-week high of $34.07. Cheesecake Factory ...
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The Cheesecake Factory: Over 200 Good Meals to Choose From
| Thursday, July 7, 2011 5:30 PM |
The Cheesecake Factory: Over 200 Good Meals to Choose From
Patch.com - Jul 7, 2011 If you can't find anything to eat at The Cheesecake Factory, chances are you're just not hungry. Well, either that or you're just really bad at making decisions faced with pages and pages of ...
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Top 10 Most Widely Followed Small Cap Stocks: STP, SPWRA, TSL, ARO, LEAP, CIEN, WERN, ITRI, CAKE, KNX (Jul 09, 2011)
| Saturday, July 9, 2011 8:17 AM |
Top 10 Most Widely Followed Small Cap Stocks: STP, SPWRA, TSL, ARO, LEAP, CIEN, WERN, ITRI, CAKE, KNX (Jul 09, 2011)
China Analyst - Jul 9, 2011 Below are the top 10 most widely followed Small Cap stocks, UPDATED TODAY before 4:30 AM ET, based on the number of brokerage analysts following them. Two Chinese companies (STP, TSL) are on the ...
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Cheesecake Factory Opening at Short Hills Mall July 18
| Saturday, July 9, 2011 3:59 AM |
Cheesecake Factory Opening at Short Hills Mall July 18
Patch.com - 1 hour ago Restaurant brings jobs to area; offers contest to Twitter followers for a preview before July 18 opening. By Laura Griffin | Email the author | 4:00am When the Cheesecake Factory opens its seventh ...
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Initiated with Neutral: AVP, EL, CAKE
| Friday, July 8, 2011 12:12 PM |
Initiated with Neutral: AVP, EL, CAKE
TomRollins.com - 6 hours ago Avon Products, Inc. (Public, NYSE:AVP). Last Market Price: 28.56, Change: -0.18, % Change: (-0.63%). Shares trade in the range of 28.40 – 28.75 dollars. It has a market capitalization of 12.47B ...
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NIRI Orange County Announces Results of Its 2011 Investor Relations Achievement Awards Program
| Friday, July 8, 2011 9:04 AM |
NIRI Orange County Announces Results of Its 2011 Investor Relations Achievement Awards Program
MarketWatch - Jul 8, 2011 IRVINE, CA, Jul 08, 2011 (MARKETWIRE via COMTEX) -- The Orange County Chapter of the National Investor Relations Institute (NIRI OC) announced the winners of the 2011 Investor Relations ...
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Cheesecake Factory Offers Sneak Peak for Twitter Followers
| Thursday, July 7, 2011 5:30 PM |
Cheesecake Factory Offers Sneak Peak for Twitter Followers
Patch.com - Jul 7, 2011 Restaurant brings jobs to area; offers contest to Twitter followers for a preview before July 18 opening. By Laura Griffin | Email the author | 6:00am When the Cheesecake Factory opens its seventh ...
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Cheesecake Factory Offers Sneak Peak for Twitter Followers
| 5:30 PM |
Cheesecake Factory Offers Sneak Peak for Twitter Followers
Patch.com - 1 hour ago Restaurant brings jobs to area; offers contest to Twitter followers for a preview before July 18 opening. By Laura Griffin | Email the author | 5:59pm When the Cheesecake Factory opens its seventh ...
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CHEESECAKE FACTORY LOOKS TO CONTINUE TO TRADE ABOVE ITS ANNUAL-HIGH SHARE PRICE TODAY (CAKE)
| 1:24 PM |
CHEESECAKE FACTORY LOOKS TO CONTINUE TO TRADE ABOVE ITS ANNUAL-HIGH SHARE PRICE TODAY (CAKE)
Zacks.com - 5 minutes ago Jul 07, 2011 (SmarTrend(R) News Watch via COMTEX) -- Shares of Cheesecake Factory (NASDAQ:CAKE - Snapshot Report) traded at a new 52-week high today of $34.07. Approximately 671,000 shares have ...
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The Cheesecake Factory Reaches New 52-Week High (CAKE)
| 1:24 PM |
The Cheesecake Factory Reaches New 52-Week High (CAKE)
TheStreet.com - 5 minutes ago By TheStreet Wire 07/07/11 - 02:12 PM EDT NEW YORK (TheStreet) -- The Cheesecake Factory Incorporated (Nasdaq:CAKE) hit a new 52-week high Thursday as it is currently trading at $34.02, above its ...
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SHARES OF CAKE UP 11.2% SINCE UPTREND CALL ON SHARES
| Wednesday, July 6, 2011 7:17 AM |
SHARES OF CAKE UP 11.2% SINCE UPTREND CALL ON SHARES
Zacks.com - 17 hours ago Jul 06, 2011 (SmarTrend(R) Spotlight via COMTEX) -- SmarTrend identified an Uptrend for Cheesecake Factory (NASDAQ:CAKE - Snapshot Report) on April 01, 2011 at $29.99. In approximately 3 months ...
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The Cheesecake Factory to Webcast Second Quarter Fiscal 2011 Earnings Conference Call on July 20, 2011
| Wednesday, July 6, 2011 7:09 AM |
The Cheesecake Factory to Webcast Second Quarter Fiscal 2011 Earnings Conference Call on July 20, 2011
MarketWatch - 17 hours ago CALABASAS HILLS, Calif., Jul 06, 2011 (BUSINESS WIRE) -- The Cheesecake Factory Incorporated /quotes/zigman/69373/quotes/nls/cake CAKE -0.54% today announced it will release second quarter fiscal ...Potential Cheesecake Factory (CAKE) Trade Has 5.55% Downside Protection - Market Intelligence Center
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The Cheesecake Factory Proclaims July National Cheesecake History Month
| Friday, July 1, 2011 7:14 AM |
The Cheesecake Factory Proclaims July National Cheesecake History Month
MarketWatch - Jul 1, 2011 CALABASAS HILLS, Calif., Jul 01, 2011 (BUSINESS WIRE) -- Recognizing cheesecake has a history as rich as the dessert itself, The Cheesecake Factory(R) proclaims July as National Cheesecake History ...
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3 Restaurant Buy Ideas From High Alpha Funds
| Wednesday, June 29, 2011 10:46 AM |
3 Restaurant Buy Ideas From High Alpha Funds
Seeking Alpha - Jun 29, 2011 Summary: Leading hedge fund and mutual fund managers that have a long-term track record of generating high alpha are generally bullish on the restaurant group. Their best picks in the restaurant ...
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Cheesecake Factory (CAKE) Showing Bullish Technicals But Could Fall Through $31.19 Support
| Wednesday, June 29, 2011 7:14 AM |
Cheesecake Factory (CAKE) Showing Bullish Technicals But Could Fall Through $31.19 Support
Market Intelligence Center - Jun 29, 2011 Cheesecake Factory (NASDAQ:CAKE) closed Tuesday's positive trading session at $31.80. In the past year, the stock has hit a 52-week low of $21.56 and 52-week high of $34.00. Cheesecake Factory ...
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CHEESECAKE FACTORY INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits
| Wednesday, July 6, 2011 3:51 PM |
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The Cheesecake Factory to Webcast Second Quarter Fiscal 2011 Earnings Conference Call on July 20, 2011
| Wednesday, July 6, 2011 3:15 PM |
[Business Wire] - The Cheesecake Factory Incorporated today announced it will release second quarter fiscal 2011 financial results after the market close on Wednesday, July 20, 2011. The Company will hold a conference call to discuss its results on the same day beginning at 2:00 p.m.
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The Cheesecake Factory Earnings Call scheduled for Wed, July 20
| Tuesday, July 5, 2011 12:15 PM |
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The Cheesecake Factory Proclaims July National Cheesecake History Month
| Friday, July 1, 2011 7:11 AM |
[Business Wire] - Recognizing cheesecake has a history as rich as the dessert itself, The Cheesecake Factory® proclaims July as National Cheesecake History Month. All month, The Cheesecake Factory will be sharing little known facts about their delicious namesake dessert by unveiling daily news flashes, quizzes and videos about important moments in history on the restaurant’s page on Facebook.
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3 Restaurant Buy Ideas From High Alpha Funds
| Wednesday, June 29, 2011 10:40 AM |
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Lightning Round: Cheesecake Factory, Imax, Alcoa and More
| Tuesday, June 28, 2011 5:49 PM |
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What happened here?
Another great move today!!!!!!!!!!
Good move here so far today!!!!!!!!
Anyone been enjoying this one like I have?
In a press release dated December 5, 2008, The Cheesecake Factory Incorporated (the “Company”) announced the opening of its newest Cheesecake Factory restaurant at the Westfield Annapolis mall in Annapolis, Maryland on December 4, 2008. The restaurant contains approximately 8,300 square feet and 235 seats.This location is the first of the Company’s smaller prototype restaurants built to support its full menu, but at an investment cost appropriate for the restaurant’s size and expected volume, which will position the restaurant to deliver returns that are consistent with the returns from the Company’s larger restaurants. This opening also marks the Company’s final new restaurant opening for fiscal 2008 having met its goal of opening six Cheesecake Factory restaurants and the initial unit of RockSugar Pan Asian Kitchen this year.
Puts to win here
http://biz.yahoo.com/ap/081021/cheesecake_factory_mover.html?.v=3
The Cheesecake Factory Introduces Summer 2008 Menu Additions
Take a break from the summer heat and visit The Cheesecake Factory® to experience 12 fantastic new menu items ranging in price from $7.50 to $20.95. This summer’s menu additions follow nearly a dozen new items that were introduced this past winter, including such hits as the Wasabi Crusted Ahi Tuna, Maple Pork Tenderloin, Turkey Pastrami Reuben, Vegetable Chopped Salad, Pasta Carbonara and Chicken Sliders. As with the entire menu, the newest menu additions are freshly prepared in our restaurants every day and are available now at a Cheesecake Factory restaurant near you! Highlights include the expansion of The Cheesecake Factory’s popular Weight Management category with the addition of a Weight Management Grilled Chicken™ featuring a lightly pounded chicken breast charbroiled and topped with a tomato and arugula salad, garnished with steamed white rice and asparagus. In keeping with the existing Weight Management menu offerings, the Grilled Chicken entrée is also less than 590 total calories making it the perfect light summer fare. Other key items include a White Chicken Chili—a generous bowl of chicken, white beans, roasted green chilies, onions, garlic and spices, garnished with steamed white rice and a made-from-scratch salsa; a Shrimp and Chicken Gumbo with andouille sausage, tomatoes, peppers, onions and garlic simmered in a spicy Cajun-style broth; and a Hot Turkey Supreme open-faced sandwich on fresh spinach, covered with white cheddar cheese sauce and topped with grilled tomato and bacon.
The Cheesecake Factory also introduced a limited edition 30th Anniversary Chocolate Cake Cheesecake in celebration of the 30 years since its first restaurant opened in Beverly Hills, California in 1978. The four-layer cake combines two layers of our Original Cheesecake and two layers of our creamy Chocolate Fudge Cake filled with chocolate cream and finished with crunchy pearls of Valrhona chocolate.
No menu change would be complete without one of The Cheesecake Factory’s signature cocktails and this summer is no different with the introduction of a refreshing Asian Pear Martini.
About The Cheesecake Factory Incorporated The Cheesecake Factory Incorporated (NASDAQ: CAKE) created the upscale casual dining segment in 1978 with the introduction of its namesake concept and continues to define it today with the two highest productivity concepts in the industry. The Company operates 143 restaurants throughout the U.S. under The Cheesecake Factory® name with an extensive menu of more than 200 items and fiscal 2007 average annual unit sales of approximately $10.4 million. Grand Lux Cafe®, the Company’s second concept, has 13 units in operation across the U.S. offering a broad menu of more than 150 items and average annual unit sales of approximately $12.7 million in fiscal 2007. The Company also operates one unit of its newest concept, RockSugar Pan Asian Kitchen™, and two bakery production facilities in Calabasas Hills, CA and Rocky Mount, NC that produce over 60 varieties of quality cheesecakes and other baked products. Additionally, the Company licenses two bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe® mark. For more information, please visit thecheesecakefactory.com.
The Cheesecake Factory Receives Top Honors from Restaurants and Institutions Magazine's Annual Consumers' Choice in Chains Surve
The Cheesecake Factory Incorporated (NASDAQ:CAKE) was honored last evening by Restaurants & Institutions as the Platinum award winner in the casual dining category.
More than 3,100 consumers were asked to rate nearly 120 chain restaurants in the magazine’s annual Consumers’ Choice in Chains survey across eight customer satisfaction attributes: food quality, menu variety, value, service, atmosphere, cleanliness, reputation and convenience. Now in its 28th year, the Restaurants & Institutions award is a highly coveted honor and is recognized as a measure of success and guest satisfaction by restaurant chains across the country.
“We are delighted to once again receive the Platinum award in the Consumers’ Choice in Chains survey,” said David Overton, Chairman and CEO. “We strive to provide our guests with an exceptional experience and receiving the top overall score in casual dining in a survey voted on by consumers tells us that our brand strategy is as relevant today as it was when our first restaurant opened 30 years ago. We have 33,000 staff members across the country dedicated to a spirit of excellence and quality, and this award comes as a result of their commitment to our Company and our guests.” About The Cheesecake Factory Incorporated The Cheesecake Factory Incorporated created the upscale casual dining segment in 1978 with the introduction of its namesake concept and continues to define it today with the two highest productivity concepts in the industry. The Company operates 143 restaurants throughout the U.S. under The Cheesecake Factory® name with an extensive menu of more than 200 items and fiscal 2007 average annual unit sales of approximately $10.4 million. Grand Lux Cafe®, the Company’s second concept, has 13 units in operation across the U.S. offering a broad menu of more than 150 items and average annual unit sales of approximately $12.7 million in fiscal 2007. The Company also operates one unit of its newest concept, RockSugar Pan Asian Kitchen™, and two bakery production facilities in Calabasas Hills, CA and Rocky Mount, NC that produce over 60 varieties of quality cheesecakes and other baked products. Additionally, the Company licenses two bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe® mark. For more information, please visit thecheesecakefactory.com.
The Cheesecake Factory Commemorates National Cheesecake Day on July 30
It was first served to Olympic athletes in Ancient Greece in 776 B.C. then became popular in America after a dairyman invented cream cheese in 1872. Now, America's favorite dessert gets its due respect, with its very own holiday—National Cheesecake Day. In celebration of this momentous occasion on July 30, The Cheesecake Factory® restaurants will offer every delicious slice of its more than 30 varieties of cheesecake with a dollop of nostalgia by featuring all cheesecakes at $1.50 per slice, limit one per dine-in guest, on that day—the same price cheesecakes were sold when the restaurant first opened in 1978.
This year marks the 30th anniversary of The Cheesecake Factory’s first restaurant opening and the Company will be serving up several sweet initiatives throughout the year, including the launch of a special website (www.cheesecakeanniversary.com) that will highlight various anniversary activities. Among other initiatives, a limited edition cheesecake – the 30th Anniversary Chocolate Cake Cheesecake – will be introduced on July 30, with $0.25 from the sale of each slice sold this year benefiting the national hunger-relief organization, America’s Second Harvest – The Nation’s Food Bank Network.
“National Cheesecake Day is a terrific day for us to kick-off our 30th anniversary activities and a wonderful opportunity for us to celebrate the occasion with our guests,” said David Overton, Chairman and CEO. “Still utilizing my mother’s original cheesecake recipe is a tribute to her sense of quality and taste, and that magic is still alive today.
“We are pleased to commemorate this milestone with the introduction of our special anniversary cheesecake and to donate a portion of the proceeds to support America’s Second Harvest. This organization helps supply food to 25 million people each year in the communities that we are part of. We are proud to be affiliated with America’s Second Harvest,” concluded Overton.
About The Cheesecake Factory Incorporated The Cheesecake Factory Incorporated (NASDAQ: CAKE) created the upscale casual dining segment in 1978 with the introduction of its namesake concept and continues to define it today. The Company operates 143 restaurants throughout the U.S. under The Cheesecake Factory® name with an extensive menu of more than 200 items. Grand Lux Cafe®, the Company’s second concept, has 13 units in operation across the U.S. offering a broad menu of more than 150 items. The Company also operates one unit of its newest concept, RockSugar Pan Asian Kitchen™, and two bakery production facilities in Calabasas Hills, CA and Rocky Mount, NC that produce over 60 varieties of quality cheesecakes and other baked products. Additionally, the Company licenses two bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe® mark. For more information, please visit thecheesecakefactory.com.
Love the price down here. Thinking it may go as low as $13...
49-52
Cheesecake Factory 2Q EPS 29 cents; revenue up 9% to $407.1 million
NEW YORK (Thomson Financial) - The Cheesecake Factory Inc. Thursday reported
second-quarter net income of $19.1 million, or 29 cents a share. The result
includes a stock-based compensation expense of $1.6 million, a $2.2 million
increase in income tax expense and a $2.4 million decrease in income tax
expense.
The mean estimate of analysts polled by Thomson Reuters was for earnings of
29 cents a share.
Revenue for the restaurant chain rose 9% to $407.1 million, while same-store
sales dropped 4.1%. Wall Street was looking for sales of $412.5 million.
Shares of Cheesecake Factory closed Wednesday at $16.19.
Ryan Vlastelica
rv/vj
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The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2008
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the second quarter of fiscal 2008, which ended on July 1, 2008.
Total revenues increased 9% to $407.1 million in the second quarter of fiscal 2008 from $373.2 million in the prior year second quarter. Net income and diluted net income per share were $19.1 million and $0.29, respectively.
Second quarter fiscal 2008 net income and diluted net income per share include the following items: (1) A reduction in after-tax stock-based compensation expense of $1.6 million reflecting an increase in the Company’s estimated rate of forfeited stock options; (2) An increase in income tax expense of $2.2 million in taxes and interest relating to the potential disallowance of the deductibility of certain executive compensation under the provisions of Internal Revenue Code Section 162(m); and (3) A decrease in income tax expense of $2.4 million relating to Internal Revenue Service approval of the Company’s application for a change in accounting for construction allowances.
Operating Results Comparable restaurant sales decreased approximately 4.1% in the second quarter of fiscal 2008 from the prior year second quarter.
By concept, comparable restaurant sales decreased an estimated 4.1% and 4.5% at The Cheesecake Factory and Grand Lux Cafe, respectively, in the second quarter of fiscal 2008 from the prior year second quarter.
“We remain focused on executing against our business plan and controlling our costs, as well as strengthening our infrastructure by adding to our talented management team,” said David Overton, Chairman and CEO. “Similar to most other casual dining operators, we continue to face headwinds from the current macroeconomic environment and are taking action to mitigate the impact of these conditions.
“Furthermore, during the second quarter we made a number of enhancements to our senior management team with appointments to newly created leadership positions in restaurant operations, kitchen operations and marketing. Our management depth in these areas will further support our commitment to guest satisfaction and assist our efforts to continue building our brand in high-quality ways. In addition, we were again active in returning capital to shareholders through our ongoing share repurchase program,” added Overton.
Stock Repurchases The Company repurchased approximately 2.4 million shares of its common stock during the second quarter of fiscal 2008 at a total cost of approximately $52 million as part of its previously announced fiscal 2008 business plan, which includes estimated share repurchases of between $150 million and $200 million. In the first half of fiscal 2008, the Company repurchased shares totaling approximately $97 million and has 12.9 million shares remaining under its 31 million share authorization.
Targeted New Restaurant Openings As planned, the Company opened four Cheesecake Factory restaurants and the initial unit of its newest concept, RockSugar Pan Asian Kitchen, during the second quarter of fiscal 2008. The Company anticipates opening two Cheesecake Factory restaurants in the fourth quarter of fiscal 2008, for a total of seven new restaurants this year, in-line with its expectations.
“We had a few particularly strong openings during the second quarter,” continued Overton. “The two Cheesecake Factory restaurants that opened in California, in Glendale and Roseville, have delivered combined average weekly sales in excess of $250,000 since opening. These are strong numbers by any account, but are especially noteworthy in the current consumer environment, highlighting the strength of our brand. In addition, the response to RockSugar Pan Asian Kitchen has been excellent with average weekly sales in excess of $205,000 since opening, which is a very solid performance for a new concept and for a restaurant that is relatively smaller in size at approximately 7,600 square feet,” concluded Overton.
Conference Call and Webcast A conference call to review the results for the second quarter of fiscal 2008 will be held on Thursday, July 24, 2008 at 10:00 a.m. Pacific Time. The conference call will be broadcast live over the Internet and a replay will be available shortly after the call and continue through August 23, 2008. To listen to the conference call, please go to the Company’s website at thecheesecakefactory.com at least 15 minutes prior to the start of the call to register and download any necessary audio software. Click on the “Investors” link on the home page, and select the link at the top of the page.
About The Cheesecake Factory Incorporated The Cheesecake Factory Incorporated created the upscale casual dining segment in 1978 with the introduction of its namesake concept and continues to define it today with the two highest productivity concepts in the industry. The Company operates 143 restaurants throughout the U.S. under The Cheesecake Factory® name with an extensive menu of more than 200 items and fiscal 2007 average annual unit sales of approximately $10.4 million. Grand Lux Cafe®, the Company’s second concept, has 13 units in operation across the U.S. offering a broad menu of more than 150 items and average annual unit sales of approximately $12.7 million in fiscal 2007. The Company also operates one unit of its newest concept, RockSugar Pan Asian Kitchen™, and two bakery production facilities in Calabasas Hills, CA and Rocky Mount, NC that produce over 60 varieties of quality cheesecakes and other baked products. Additionally, the Company licenses two bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe® mark. For more information, please visit thecheesecakefactory.com.
Safe Harbor Statement This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this release are generally identified by words, such as "believes," "anticipates," "plans," "expects," "will," and "would," and similar expressions that are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. In particular, forward-looking statements regarding the Company’s restaurant sales trends are subject to risks and uncertainties due to national and regional economic and public safety conditions that impact consumer confidence and spending, as well as weather and other factors outside of the Company’s control. Forward-looking statements regarding the number and timing of the Company’s planned new restaurant openings are subject to risks and uncertainties due to factors outside of the Company’s control, including factors that are under the control of government agencies, landlords and others. Approximately 12.9 million shares of the Company’s common stock may be purchased under the Company’s share repurchase authorization. This authorization does not require the Company to purchase a specific number of shares and it may be modified, suspended or terminated at any time. The timing and number of shares repurchased, if any, pursuant to the share repurchase authorization will be subject to a number of factors, including current market conditions, legal constraints and available cash or other sources of funding. Forward-looking statements speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the Securities and Exchange Commission. These filings are available on a website maintained by the Securities and Exchange Commission at www.sec.gov.
The Cheesecake Factory Incorporated and Subsidiaries Consolidated Financial Statements (unaudited; in thousands, except per share and statistical data) Consolidated Statements of Operations 13 Weeks Ended July 1, 2008 13 Weeks Ended July 3, 2007 26 Weeks Ended July 1, 2008 26 Weeks Ended July 3, 2007 Amounts Percent of Revenue Amounts Percent of Revenue Amounts Percent of Revenue Amounts Percent of Revenue Revenues $ 407,134 100.0 % $ 373,167 100.0 % $ 800,937 100.0 % $ 729,750 100.0 % Costs and expenses: Cost of sales 104,540 25.7 % 92,283 24.7 % 205,279 25.6 % 181,843 24.9 % Labor expenses 133,192 32.7 % 120,696 32.3 % 265,715 33.2 % 239,536 32.8 % Other operating costs and expenses 96,243 23.6 % 85,199 22.9 % 192,141 24.0 % 169,993 23.3 % General and administrative expenses 20,211 5.0 % 20,237 5.4 % 40,554 5.1 % 39,709 5.5 % Depreciation and amortization expenses 18,361 4.5 % 15,633 4.2 % 36,454 4.5 % 31,023 4.3 % Preopening costs 4,619 1.1 % 3,724 1.0 % 7,105 0.9 % 6,808 0.9 % Total costs and expenses 377,166 92.6 % 337,772 90.5 % 747,248 93.3 % 668,912 91.7 % Income from operations 29,968 7.4 % 35,395 9.5 % 53,689 6.7 % 60,838 8.3 % Interest expense (4,080 ) (1.0 )% (3,058 ) (0.8 )% (7,619 ) (0.9 )% (4,105 ) (0.5 )% Interest income 596 0.1 % 1,398 0.3 % 1,118 0.1 % 3,030 0.4 % Other income, net 61 0.0 % 272 0.1 % (114 ) 0.0 % 539 0.1 % Income before income taxes 26,545 6.5 % 34,007 9.1 % 47,074 5.9 % 60,302 8.3 % Income tax provision 7,444 1.8 % 10,299 2.7 % 13,644 1.7 % 18,188 2.5 % Net income 19,101 4.7 % 23,708 6.4 % 33,430 4.2 % 42,114 5.8 % Basic net income per share $ 0.29 $ 0.33 $ 0.50 $ 0.57 Basic weighted average shares outstanding 65,474 71,786 66,792 74,404 Diluted net income per share $ 0.29 $ 0.33 $ 0.50 $ 0.56 Diluted weighted average shares outstanding 65,916 72,818 67,240 75,522 Selected Segment Information Revenues: Restaurants 392,604 $ 359,281 771,288 $ 702,362 Bakery 26,736 25,500 53,819 50,440 Intercompany bakery sales (12,206 ) (11,614 ) (24,170 ) (23,052 ) 407,134 $ 373,167 800,937 $ 729,750 Income from operations: Restaurants 46,510 $ 53,238 88,575 $ 95,359 Bakery 2,963 3,696 6,046 7,803 Corporate (19,505 ) (21,539 ) (40,932 ) (42,324 ) 29,968 $ 35,395 53,689 $ 60,838 Selected Consolidated Balance Sheet Information July 1, 2008 January 1, 2008 Cash and cash equivalents $ 93,784 $ 36,867 Investments and marketable securities 1,001 12,362 Total assets 1,143,630 1,145,753 Long-term debt 275,000 175,000 Total liabilities 633,998 582,827 Stockholders' equity 509,632 562,926 13 Weeks Ended 13 Weeks Ended 26 Weeks Ended 26 Weeks Ended Supplemental Information July 1, 2008 July 3, 2007 July 1, 2008 July 3, 2007 Comparable restaurant sales percentage change (1) -4.1 % 1.1 % -3.1 % 0.8 % Restaurants opened during period 5 2 5 3 Restaurants open at period-end (2) 157 135 157 135 Restaurant operating weeks (2) 2,005 1,740 3,993 3,460 (1) Includes The Cheesecake Factory and Grand Lux Cafe (2) Includes The Cheesecake Factory, Grand Lux Cafe and RockSugar Pan Asian Kitchen
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
July 15, 2008
THE CHEESECAKE FACTORY INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
Delaware
0-20574
51-0340466
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
26901 Malibu Hills Road
Calabasas Hills, California 91301
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(818) 871-3000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14.d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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SECTION 8 – OTHER EVENTS
ITEM 8.01 OTHER EVENTS
In a press release dated July 15, 2008, The Cheesecake Factory Incorporated announced that it will kick-off its 30 th Anniversary celebration and commemorate National Cheesecake Day on July 30 by offering every slice of its more than 30 varieties of cheesecake at $1.50 per slice, limit one per guest, on that day—as they were when the restaurant first opened in 1978—in all Cheesecake Factory® restaurants. In addition, a special, limited edition cheesecake, the 30 th Anniversary Chocolate Cake Cheesecake, will be introduced on July 30 with $0.25 from the sale of each slice sold this year benefiting the national hunger-relief organization, America’s Second Harvest – The Nation’s Food Bank Network. Additional activities will be announced throughout the year.
The full text of the press release is attached as Exhibit 99.1 to this report and is hereby incorporated by reference herein .
In a press release dated July 16, 2008, The Cheesecake Factory Incorporated announced the appointment of veteran marketing executive Mark Mears to the position of Senior Vice President and Chief Marketing Officer, a newly created position. Mr. Mears will be responsible for all aspects of the Company’s branding, including the development and execution of innovative marketing strategies designed to further build The Cheesecake Factory brand and increase consumer awareness. He will report directly to David Overton, Chairman and CEO.
The full text of the press release is attached as Exhibit 99.2 to this report and is hereby incorporated by reference herein .
In a press release dated July 17, 2008, The Cheesecake Factory Incorporated announced it will release second quarter fiscal 2008 financial results after the market close on Thursday, July 24, 2008. The Company will hold a conference call the same day, hosted by David Overton, Chairman and CEO, and Michael Dixon, Senior Vice President and CFO, at 2:00 p.m. Pacific Time, which will be broadcast live over the Internet.
To listen to the conference call, participants should go to the Company’s website at thecheesecakefactory.com at least 15 minutes prior to the call to register and download any necessary audio software. Click on the “Investors” link on the home page, and select the link for the “Q2 2008 The Cheesecake Factory Earnings Conference Call” at the top of the page. An archive of the webcast will be available shortly after the call and continue through August 23, 2008.
The full text of the press release is attached as Exhibit 99.3 to this report and is hereby incorporated by reference herein .
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