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The Cheesecake Factory to Webcast Second Quarter Fiscal 2008 Earnings Conference Call on July 24, 2008
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today 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, please 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.
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 Appoints Chief Marketing Officer
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today 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.
Mr. Mears brings nearly 25 years of brand marketing, advertising and promotions experience to the Company, having worked for national retail and restaurant brands such as JCPenney, Blimpie International and Pizza Hut. His background also includes agency experience with global agencies, Leo Burnett Company, Bozell Worldwide and DDB.
Most recently, Mr. Mears was Senior Vice President of Marketing and Sales for Universal Studios Hollywood, a unit of NBC Universal. At Universal, Mr. Mears was responsible for strategic brand positioning, including the development and implementation of all integrated marketing and sales generating activities for the theme park, studio tour, and the CityWalk restaurant, retail and entertainment complex. Mr. Mears serves as Chairman Emeritus of the Promotion Marketing Association, a professional organization representing thousands of brands worldwide whose objective is to foster a better understanding of promotion and integrated marketing, and its role in the overall marketing process.
“We are excited to have Mark join our senior management team,” said David Overton, Chairman and CEO. “We have an incredibly strong, industry-leading brand and we believe there is a great opportunity for us to leverage it through a strategic marketing program under Mark’s leadership. He has a wealth of expertise across all marketing disciplines and he is well-suited to take our brand building efforts to the next level by developing high-quality marketing strategies—an area where he has demonstrated a successful track record of execution.
“Our entire management team extends a warm welcome to Mark,” concluded Overton.
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 Serves up a Delicious 30th Anniversary Celebration
Three decades ago, former law student and rock drummer David Overton opened a neighborhood restaurant in Beverly Hills with the aim of showcasing his mother’s desserts. From that original 78-seat venue, The Cheesecake Factory® has grown to over 140 restaurant locations across the U.S., along the way creating a new category of dining called “upscale casual.” With its ever-evolving menu of more than 200 freshly-prepared items, The Cheesecake Factory has made an extensive range of flavors and cuisines accessible to a broad audience, holding “a mirror to the American palate,” according to Time magazine.
Celebrating “30 Delicious Years,” The Cheesecake Factory is serving up several sweet initiatives throughout the year. To kick-off the anniversary celebration and in commemoration of National Cheesecake Day 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 guest, on that day—as they were when the restaurant first opened in 1978. In addition, a special, 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. Additional activities will be announced throughout the year.
The Cheesecake Factory story began in Detroit where Evelyn Overton created a stir with her original New York-style cheesecake recipe. A gift for her husband Oscar’s boss brought more requests, leading her to open a small bakery shop. In order to raise a family, Evelyn moved the bakery to the basement of their home.
Their children grown, in 1971 Evelyn and Oscar decided to move their cheesecake business from Detroit to Los Angeles. With their life savings they opened a 700-sq. ft. commercial bakery, called The Cheesecake Factory®, in North Hollywood. Four years later, as sales steadily grew, the Overtons moved into a larger facility in suburban Woodland Hills, allowing Evelyn to create more than 20 varieties of her delicious cheesecakes and other desserts, which were snapped up by hundreds of wholesale accounts from Santa Barbara to San Diego and beyond.
On February 25, 1978, having briefly studied law and played drums in San Francisco rock bands (even appearing on the same bill as Janis Joplin), David Overton decided to open a modest restaurant in Beverly Hills focused on his mother’s popular desserts. Five years later, after earning a reputation for its eclectic menu, sharable portions and signature cheesecakes, The Cheesecake Factory opened a second restaurant in Marina del Rey, and from there dotted the landscape with restaurant locations opening across the country. In 1999, the Company’s second concept, Grand Lux Cafe®, opened at the Venetian Resort in Las Vegas, offering “casual global cuisine” in an atmosphere that captured the grandeur and luxury of fine European cafes. And last month saw the debut of the Company’s newest concept, RockSugar Pan Asian Kitchen™, a unique offering in upscale casual dining featuring the cuisines of Thailand, Vietnam, Malaysia, Singapore, Indonesia and India.
In dedication to his parents, who achieved the American Dream through their entrepreneurship and fanatical attention to quality, in 2001 David Overton established The Cheesecake Factory Oscar & Evelyn Overton Charitable Foundation. Among myriad efforts through the Foundation, The Cheesecake Factory prepares and serves an annual Thanksgiving Day Feast at Salvation Army shelters in nearly a dozen cities. It also supports organizations such as the City of Hope, last year fulfilling a five-year commitment to donate $1 million through its annual charity golf tournament.
At the heart of the brand’s 30-year success is an enduring commitment to guest service, a spirit of excellence, and innovation that brings guests back again and again. From the moment guests enter The Cheesecake Factory, they know they are someplace special – with its vibrant décor, friendly, knowledgeable staff and diverse menu. The Cheesecake Factory prepares all of its recipes from scratch, made to order, using only high-quality ingredients. Along with antibiotic-free chicken, premium beef and humanely caught fresh fish, its produce is sourced from premium growers and its cooking oils contain zero trans fats. With a varied menu that includes healthy Weight Management Salad™ and entrée options, and a wide selection of lunch portions based on the restaurant’s most popular items, there’s nothing that America wants to eat that can’t go on The Cheesecake Factory menu.
While its legendary family cheesecake recipe has become an authentic American standard, The Cheesecake Factory remains well ahead of the curve in culinary trends. Time magazine praised the restaurant’s menu for continually growing and changing, much like an annual family portrait. During the late ‘70s and early ‘80s, David Overton “stuffed the sandwiches with sprouts, served espresso drinks nine years before Starbucks did, and kept himself open to new ideas.” From its Cuban Sandwich to the Baja Chicken Tacos, Cajun Jambalaya Pasta to Jamaican Black Pepper Shrimp, Miso Salmon to Vietnamese Summer Rolls, the restaurant has not only infused tastes trending toward the mainstream but, indeed, has helped to make them mainstream. Says Time, “By keeping the door open to Asia, Latin America and Africa,” among other regions, the menu of The Cheesecake Factory has earned a reputation for being “as inclusive as America itself.” 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.
About America’s Second Harvest – The Nation’s Food Bank Network America's Second Harvest — The Nation's Food Bank Network is the largest charitable domestic hunger-relief organization in the United States. Through its network of more than 200 member food banks, America's Second Harvest annually provides assistance to more than 25 million people in need, including more than 9 million children and nearly 3 million seniors in all 50 states, the District of Columbia and Puerto Rico. Each year, America's Second Harvest secures and distributes more than 2 billion pounds of food and grocery products to support feeding programs at approximately 63,000 local charitable agencies, including food pantries, soup kitchens, emergency shelters, after-school programs, and Kids Cafes. To learn more, please visit www.secondharvest.org.
The Cheesecake Factory Opens in Allen, Texas and Columbus, Ohio
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced the opening of its 142nd and 143rd Cheesecake Factory restaurants. The restaurants opened at Watters Creek at Montgomery Farm in Allen, Texas, a suburb of Dallas, and at Polaris Fashion Place in Columbus, Ohio, on June 26, 2008. Both restaurants contain approximately 10,000 square feet and 280 seats.
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
RockSugar Pan Asian Kitchen Opens in Los Angeles, California
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced the opening of its newest concept, RockSugar Pan Asian Kitchen at the Westfield Century City Mall in Los Angeles, California on June 19, 2008. The restaurant contains approximately 7,600 square feet and 220 seats.
“We are very excited to launch RockSugar Pan Asian Kitchen,” said David Overton, Chairman and CEO of The Cheesecake Factory Incorporated. “It is a unique concept, as there is no other restaurant in upscale casual dining that brings the flavors of Thailand, Vietnam, Malaysia, Singapore, Indonesia and East India to a broad audience.” About RockSugar Pan Asian Kitchen™ RockSugar Pan Asian Kitchen™ is the newest concept to debut from The Cheesecake Factory Incorporated, which 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 Cheesecake Factory® and Grand Lux Cafe®. RockSugar Pan Asian Kitchen showcases the cuisines of Thailand, Vietnam, Malaysia, Singapore, Indonesia, and East India with dishes served Asian family-style to create an atmosphere that encourages sharing and conversation. An onsite bakery allows RockSugar to create freshly-made desserts that infuse traditional French flair into nearly a dozen Asian-influenced items. The restaurant also features a full-service bar with an extensive wine list and exotic cocktails. For more information, please visit rocksugarpanasiankitchen.com.
The Cheesecake Factory Further Strengthens Its Restaurant Operations
06/18/2008 @ 4:30PM
The Cheesecake Factory Incorporated (NASDAQ: CAKE) is pleased to announce a number of organizational changes within its Restaurant Operations team that are designed to leverage its deep pool of leadership talent and further strengthen the overall organization.
Effective immediately, David Gordon, a 15-year veteran of The Cheesecake Factory, has been named to the role of Senior Vice President, Operations, and will lead the day-to-day operations for The Cheesecake Factory restaurants. Gordon was most recently Regional Vice President, West Coast Operations, having previously served as an Area Director of Operations, as well as General Manager in two of The Cheesecake Factory’s restaurants. He will report directly to David Overton, Chairman and CEO.
In addition, the Company announced that Russell Greene has been named to the role of Senior Vice President, Operations Services, from his current role of Senior Vice President, Beverage and Bakery; Jack Belk has been named to the role of Senior Regional Vice President from his current role of Regional Vice President; and Donald Moore has been named to the role of Senior Vice President, Kitchen Operations from his current role of Vice President, Kitchen Operations.
“The Cheesecake Factory has a long-standing track record of exceptional restaurant operations and execution, which is due to the strength and tenure of leaders such as David, Russell, Jack and Donald. These individuals are focused on quality and results, and drive our standards of operational excellence,” commented David Overton, Chairman and CEO. “We are proud to recognize their achievements.” 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 141 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 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 Holds Annual Meeting of Stockholders
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced that at its Annual Meeting of Stockholders held on May 22, 2008, stockholders reelected two directors, approved a proposal to eliminate the Company’s classified board structure, ratified the appointment of independent auditors and voted against an amendment to a stock incentive plan.
At the meeting, stockholders voted to reelect both Chairman and CEO David Overton and independent director Agnieszka Winkler each for a three-year term and until their successors are elected and qualified. Each nominee received the affirmative votes of approximately 99% of the total shares voted. Stockholders also approved a proposal to amend the Company’s certificate of incorporation to eliminate its classified board structure and make conforming changes. As a result, the Company intends for all directors to stand for election to one-year terms beginning at the 2011 Annual Meeting of Stockholders. Additionally, stockholders ratified the selection of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm for fiscal 2008, which will end on December 30, 2008. Stockholders voted against an amendment to the Company’s Amended and Restated 2001 Omnibus Stock Incentive Plan to clarify that eligible individuals under the plan include directors, whether or not employed by the Company.
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 141 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 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 to Present at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced that it will present at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on June 3, 2008 at 10:15 a.m. Eastern Time. Michael Dixon, Senior Vice President and CFO, will be presenting on behalf of the Company.
The presentation will be webcast on the Company’s website at thecheesecakefactory.com and can be accessed by clicking on the “Investors” link from the home page and the webcast link at the top of the page. An archive of the webcast will be available following the live presentation through July 2, 2008.
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 141 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 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.
This is starting to look like a good place to nibble...
The Cheesecake Factory Opens in Glendale, California
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced the opening of its 140th Cheesecake Factory restaurant at the Americana at Brand in Glendale, California on May 2, 2008. The restaurant contains approximately 11,500 square feet and 330 seats.
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 140 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 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 operates one self-service, limited menu express foodservice operation and 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 Incorporated
Jill Peters, 818-871-3000
The Cheesecake Factory Reports Results for First Quarter of Fiscal 2008
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2008, which ended on April 1, 2008.
Total revenues increased 10% to $393.8 million from $356.6 million in the first quarter of fiscal 2008. Net income and diluted net income per share were $14.3 million and $0.21, respectively.
Operating Results
Comparable restaurant sales decreased approximately 1.8% in the first quarter of fiscal 2008. Inclement weather in many parts of the country during the first quarter of fiscal 2008 had a net impact on comparable sales of approximately $1.6 million. Excluding the estimated weather-related effect, comparable restaurant sales would have decreased approximately 1.2%.
By concept, comparable restaurant sales decreased an estimated 1.9% and 0.9% at The Cheesecake Factory and Grand Lux Cafe, respectively, in the first quarter of fiscal 2008. Absent any impact from weather, comparable sales would have decreased approximately 1.3% and 0.6% at The Cheesecake Factory and Grand Lux Cafe, respectively.
“We continue to be focused on execution and firmly managing our costs. Our operating margins were in-line with our expectations, despite ongoing cost headwinds and the de-leveraging effect from guest traffic that has not yet returned to normalized levels,” said David Overton, Chairman and CEO. “We executed against our business plan for fiscal 2008 and repurchased shares during the first quarter. We firmly believe in the strength of our brands and view our stock repurchases as a good investment, as well as a means for us to deliver on our commitment to return value to shareholders.”
Stock Repurchases
The Company repurchased approximately 2.2 million shares of its common stock during the first quarter of fiscal 2008 at a total cost of $45 million as part of its previously announced fiscal 2008 business plan, which includes estimated share repurchases of between $150 million and $200 million. The Company has repurchased approximately 15.7 million shares under its 31 million share authorization.
Targeted New Restaurant Openings
The Company continues to expect to open between seven and nine new restaurants in fiscal 2008, consisting of six to eight Cheesecake Factory restaurants as well as the initial unit of its newest concept, RockSugar Pan Asian Kitchen. The Company anticipates opening four Cheesecake Factory restaurants and RockSugar Pan Asian Kitchen in the second quarter of fiscal 2008, and expects the remaining new restaurants to open in the fourth quarter of fiscal 2008. The Company will maintain its focus on selecting only the premier locations for its concepts based upon their availability.
Conference Call and Webcast
A conference call to review the results for the first quarter of fiscal 2008 will be held on Thursday, April 24, 2008 at 2:00 p.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 May 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 links for “Financial Information” and “Webcasts.”
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 139 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 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 operates one self-service, limited menu express foodservice operation and 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 15.3 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)
13 Weeks Ended 13 Weeks Ended
Consolidated Statements of Operations April 1, 2008 April 3, 2007
Amount
Percent of Revenues Amount
Percent of Revenues
Revenues $ 393,803 100.0 % $ 356,583 100.0 %
Costs and expenses:
Cost of sales 100,739 25.6 % 89,560 25.1 %
Labor expenses 132,523 33.7 % 118,840 33.3 %
Other operating costs and expenses 95,898 24.3 % 84,794 23.8 %
General and administrative expenses 20,343 5.2 % 19,472 5.5 %
Depreciation and amortization expenses 18,093 4.6 % 15,390 4.3 %
Preopening costs 2,486 0.6 % 3,084 0.9 %
Total costs and expenses 370,082 94.0 % 331,140 92.9 %
Income from operations 23,721 6.0 % 25,443 7.1 %
Interest expense (3,539 ) (0.9)
%
(1,047 ) (0.3)
%
Interest income 522 0.1 % 1,632 0.5 %
Other income, net (175 ) 0.0 % 267 0.1 %
Income before income taxes 20,529 5.2 % 26,295 7.4 %
Income tax provision 6,200 1.6 % 7,889 2.2 %
Net income $ 14,329
3.6 % $ 18,406 5.2 %
Basic net income per share $ 0.21 $ 0.24
Basic weighted average shares outstanding 68,110 77,022
Diluted net income per share $ 0.21 $ 0.24
Diluted weighted average shares outstanding 68,629 78,165
Selected Segment Information
Revenues:
Restaurants $ 378,684 $ 343,081
Bakery 27,083 24,940
Intercompany bakery sales (11,964 ) (11,438 )
$ 393,803 $ 356,583
Income from operations:
Restaurants $ 42,065 $ 42,121
Bakery 3,083 4,107
Corporate (21,427 ) (20,785 )
$ 23,721 $ 25,443
Selected Consolidated Balance Sheet Information April 1, 2008 January 1, 2008
Cash and cash equivalents $ 128,786 $ 36,867
Investments and marketable securities 1,033 12,362
Total assets 1,191,085 1,145,753
Long-term debt 275,000 175,000
Total liabilities 656,792 582,827
Stockholders' equity 534,293 562,926
13 Weeks Ended 13 Weeks Ended
Supplemental Information April 1, 2008 April 3, 2007
Comparable restaurant sales percentage change (1) -1.8 % 0.4 %
Restaurants opened during period 0 1
Restaurants open at period-end 153 133
Restaurant operating weeks 1,988 1,720
(1) Includes The Cheesecake Factory and Grand Lux Cafe restaurants
The Cheesecake Factory Incorporated
Jill Peters, 818-871-3000
The Cheesecake Factory Announces Corporate Governance Enhancements
The Cheesecake Factory Incorporated (NASDAQ:CAKE), continuing in its commitment to strong corporate governance standards, today announced that its Board of Directors has unanimously adopted enhancements to the Company’s corporate governance policies. These enhancements include:
The adoption of amendments to the Company’s Bylaws to implement a majority voting policy for the election of directors. The amendments require that in order to be considered for nomination by the Board of Directors, a person must agree to submit an irrevocable resignation to the Board if he or she fails to receive a majority vote. The resignation will be contingent upon acceptance by the Board of Directors. The Company anticipates that these amendments will be effective for its 2009 Annual Meeting of Stockholders;
The adoption of a policy requiring the Company’s executive officers to agree to repay, to the extent deemed appropriate by the Audit Committee, that portion of any bonus based directly on financial statements filed with the SEC that are subsequently required to be restated as a result of material noncompliance with applicable financial reporting requirements. The Company expects to implement this policy in the current fiscal year; and
The adoption of amendments to the Company’s Bylaws and the submission to the Company’s stockholders of a proposal to amend the Company’s classified board structure. If this proposal is approved by stockholders, the Company intends for all directors to stand for election to one-year terms beginning at the 2011 Annual Meeting of Stockholders.
“We are pleased to implement these enhancements, which are consistent with best practices in corporate governance today, and serve the interests of our stockholders,” said David Overton, Chairman and CEO.
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 139 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 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 operates one self-service, limited menu express foodservice operation and 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 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 these statements. Forward-looking statements speak only as of the dates on which they were made. Except as may be required by law, the Company undertakes no obligation to update publicly 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 contained in the Company’s filings with the Securities and Exchange Commission.
Important Information
In connection with the solicitation of proxies, the Company filed with the Securities and Exchange Commission (the "SEC") and mailed to stockholders a definitive proxy statement dated April 21, 2008. The Proxy Statement contains important information about the Company and the 2008 Annual Stockholders meeting. The Company’s stockholders are urged to read the Proxy Statement carefully. Stockholders may obtain additional free copies of the Proxy Statement and other relevant documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. The Proxy Statement and other relevant documents may also be obtained free of charge from Company by contacting Investor Relations in writing at 26901 Malibu Hills Road, Calabasas Hills, California 91301. The Proxy Statement is also available on the Company’s website at www.thecheesecakefactory.com. The contents of the website are not deemed to be incorporated by reference into the Proxy Statement.
The Cheesecake Factory
Jill Peters, (818) 871-3000
Source: Business Wire (April 21, 2008 - 4:25 PM EDT)
The Cheesecake Factory to Webcast First Quarter Fiscal 2008 Earnings Conference Call on April 24, 2008
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced it will release first quarter fiscal 2008 financial results after the market close on Thursday, April 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, please 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 “Q1 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 May 23, 2008.
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 139 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 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 operates one self-service, limited menu express foodservice operation and licenses two bakery cafe outlets to another foodservice operator. For more information, please visit thecheesecakefactory.com.
The Cheesecake Factory Incorporated
Jill Peters, 818-871-3000
Source: Business Wire (April 17, 2008 - 4:17 PM EDT)
Grand Lux Cafe Unveils Spring 2008 Menu Additions
Ten New Menu Items and Ten New Handcrafted Cocktails Introduced
Enjoy the longer days of spring by visiting Grand Lux Cafe to experience 10 new menu creations prepared fresh from scratch, as well as 10 new signature cocktails. The new menu items are currently available at all 13 Grand Lux Cafe locations in Scottsdale, Arizona; Los Angeles, California; Park Meadows, Colorado; Aventura, Boca Raton and Sawgrass, Florida; Chicago, Illinois; Las Vegas, Nevada (two locations); Paramus, New Jersey; Garden City, New York; and Dallas and Houston, Texas.
Highlights of the newest Grand Lux Cafe creations include a classic southern Kentucky “Hot Brown” Sandwich; Chicken Enchiladas featuring spicy chicken, an array of toppings and three distinct sauces made fresh daily—tomatillo, roasted yellow tomato and ranchero—available in both lunch and dinner portions; a Grilled Ranchero Steak made with marinated Certified Angus Beef topped with freshly prepared cilantro-lime butter; and a pan-roasted Fresh Alaskan Halibut served with a delicious shrimp and potato hash. To top off the new menu items, Grand Lux Cafe is offering its own presentation of the Boston Cream Pie, done in a Grand Lux Cafe style. The Boston Cream Pie “DeLux” is covered with warm chocolate frosting and is baked fresh in each restaurant’s bakery.
As a complement to the new menu offerings, Grand Lux Cafe is adding to its extensive list of handcrafted cocktails with 10 innovative, as well as classic creations. Cocktail highlights include a Sangria Blanco, Asian Pear Martini and Cucumber Martini. Grand Lux is also now offering a new “Serious Cocktail” section featuring a Bourbon Blinker, Patron Paloma, Pegu Club Cocktail, The Vanderbilt and a Hemingway Daiquiri.
About Grand Lux Cafe®
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’s second concept, Grand Lux Cafe, debuted in 1999 at the Venetian Hotel-Resort-Casino in Las Vegas, Nevada. Today, the 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. For more information, please visit grandluxcafe.com.
The Cheesecake Factory Incorporated
Howard Gordon
818-871-3014
Source: Business Wire (April 14, 2008 - 4:16 PM EDT)
The Cheesecake Factory Announces $100 Million Extension to Revolving Credit Facility to Support Share Repurchases
The Cheesecake Factory Incorporated (NASDAQ:CAKE) today announced that the Company has secured an extension to its revolving credit facility in the amount of $100 million. As part of its fiscal 2008 business plan, the Company intends to utilize the $100 million, in addition to expected free cash flow, in support of share repurchases of between $150 million and $200 million.
As previously announced, the Company’s Board of Directors approved a ten million share increase in the Company’s share repurchase authorization in February 2008. As a result, the Company currently has authorization to repurchase up to 17.5 million shares of its common stock.
“We are pleased to have obtained an increase in our credit facility at the high end of our targeted range and at a favorable rate despite tight credit market conditions,” said David Overton, Chairman and CEO. “We are committed to prudently deploying capital towards earnings per share growth and improved returns on invested capital. Our share repurchases help to accomplish both of these goals, as well as return capital to shareholders.”
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 139 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 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 operates one self-service, limited menu express foodservice operation and licenses two bakery cafe outlets to another foodservice operator. 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, including statements with respect to the Company’s ability to repurchase its shares. 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 these statements. In particular, the Company’s expected free cash flow is dependent upon a variety of risks and uncertainties, some of which, such as adverse economic conditions, weather and litigation are beyond the Company’s control. The share repurchase 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. Except as may be required by law, the Company undertakes no obligation to update publicly 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 contained in the Company’s filings with the Securities and Exchange Commission.
for The Cheesecake Factory Incorporated
Jill Peters
818-871-3000
Source: Business Wire (March 6, 2008 - 7:30 AM EST)
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CAKE, DRI, EAT, RT ....
of the 4, CAKE seems to be tracking the S&P 500 the closest, which is odd cuz its the one that doesn't pay a dividend.
http://finance.yahoo.com/q?s=CAKE,DRI,EAT,RT&d=s
I'm having a tough time believing these dining stocks will do well over the next year, but maybe they will benefit in the next few months tax refunds and stimulus checks.
Chris
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