Replies to post #45 on Bloomin Brands, Inc. (BLMN)

[big-yank]

Bonefish Grille is a growth property with genuine traction and a strong growth pattern. As health consciousness continues, the seafood format is likely to grow in popularity, especially at the expense of dated formats like Darden's Red Lobster.

This stock has been trading in a cycle for the last 6 months. The chartists have had a field day, here. Not so much for me. I give it another quarter or two and then I will move on.

Still hoping...

[UserAlias1]

Bloomin' Brands Announces 2014 Fourth-Quarter Adjusted Diluted EPS of $0.28 and Diluted EPS of $0.17

Last update: 19/02/2015 7:00:32 am


Bloomin' Brands Announces 2014 Fourth Quarter Adjusted Diluted EPS of $0.28 and Diluted EPS of $0.17

Posts Core Domestic Comparable Sales Increase of 4.2%

Declares First Dividend of $0.06 Per Share

Reaffirms 2015 Guidance Including Adjusted Diluted EPS Growth of At Least 15%

PR Newswire

TAMPA, Fla., Feb. 19, 2015

TAMPA, Fla., Feb. 19, 2015 /PRNewswire/ -- Bloomin' Brands, Inc. (Nasdaq: BLMN) today reported financial results for the 13-week fourth quarter ("Q4 2014") and fiscal year ended December 28, 2014 ("Fiscal Year 2014") compared to the fourth quarter ("Q4 2013") and year ended December 31, 2013 ("Fiscal Year 2013").

Key highlights for the thirteen weeks ended December 28, 2014 include the following:
-- Total revenues increased 5.5% to $1.1 billion

-- Comparable sales for Company-owned core domestic concepts increased 4.2%
with a traffic increase of 1.0%

-- System-wide development was 18 new restaurants, including five Outback
Steakhouse restaurants in Brazil

-- Adjusted net income* was $35.5 million versus $34.2 million in the fourth
quarter of 2013 and U.S. GAAP Net income attributable to Bloomin' Brands
was $22.4 million versus $59.0 million in the fourth quarter of 2013

Key highlights for the fiscal year ended December 28, 2014 include the following:
-- Total revenues increased 7.6% to $4.4 billion

-- Comparable sales for Company-owned core domestic concepts increased 2.0%
with flat traffic

-- System-wide development was 57 new restaurants, including 15 Outback
Steakhouse restaurants in Brazil

-- Adjusted net income* was $140.8 million versus $142.4 million in 2013 and
U.S. GAAP Net income attributable to Bloomin' Brands was $91.1 million
versus $208.4 million in 2013

The following table reconciles Adjusted diluted earnings per share to Diluted earnings per share for the periods as indicated below. Due to our conversion to a 52-53 week fiscal year, there was one less day in the fourth quarter and three less days in fiscal 2014, which had an impact of $0.05 and $0.07, respectively, to adjusted diluted EPS.

FISCAL YEAR
---------------
Q4
Q4 2014 2013 CHANGE 2014 2013 CHANGE
-------- ----- ------- -------- ----- ---------
Adjusted
diluted
earnings per
share* $ 0.28 $0.27 $ 0.01 $ 1.10 $1.11 $(0.01)
Adjustments* (0.11) 0.19 (0.30) (0.39) 0.52 (0.91)
-------- ----- ------- -------- ----- -------
Diluted
earnings per
share $ 0.17 $0.46 $(0.29) $ 0.71 $1.63 $(0.92)
==== ==== ====== ==== ==== ======



_________________

* Denoted items are non-GAAP measurements, which include adjustments to the
financial results as determined under U.S. GAAP. See Reconciliations of
Non-GAAP Measures to U.S. GAAP Results included later in this release.


"The fourth quarter was a strong finish to the year. Comp sales at our core domestic concepts grew 4.2% in Q4 as we continued to improve our dinner sales trend behind enhanced brand strategies," said Elizabeth Smith, CEO. "For the year, we once again meaningfully outperformed Knapp and gained share in the CDR category."

Smith continued, "As we enter 2015, we remain confident in the long-term growth opportunities that our portfolio offers. We are focused on executing against our growth strategies with disciplined capital allocation to maximize value for our shareholders."

Fourth Quarter Financial Results

The following summarizes the Company's results for the thirteen weeks ended December 28, 2014:

(dollars in millions): Q4 2014 Q4 2013 % Change
------------ ------------ ----------
Total revenues $1,108.5 $1,050.6 5.5%

Adjusted restaurant level
operating margin* 15.7% 15.9% (0.2)%
U.S. GAAP restaurant level
operating margin 16.3% 14.8% 1.5%

Adjusted operating income
margin* 5.2% 6.1% (0.9)%
U.S. GAAP operating income
margin 3.7% 3.0% 0.7%


_________________

* Denoted items are non-GAAP measurements, which include adjustments to the
financial results as determined under U.S. GAAP. See Reconciliations of
Non-GAAP Measures to U.S. GAAP Results included later in this release.

-- The increase in Total revenues was primarily due to additional sales from
acquired restaurants in Brazil, additional revenues from new restaurant
openings and an increase in domestic comparable restaurant sales at our
existing restaurants. The increase in restaurant sales was partially
offset by the loss of one operating day due to the the Company's change
to a 52-53 week fiscal year, the closing of 52 restaurants since
September 30, 2013 and a decline in comparable restaurant sales in the
Company's South Korea restaurants.
-- The decrease in Adjusted restaurant-level operating margin was primarily
due to lunch expansion rollout costs, commodity inflation and higher than
normal health insurance claims. This decrease was partially offset by
productivity savings and higher domestic average unit volumes.

The improvement in U.S. GAAP restaurant-level operating margin was driven by lapping a payroll tax audit expense from 2013 and from a legal settlement. This increase was partially offset by lower Adjusted restaurant-level operating margin as described above.
-- The decrease in Adjusted operating income margin was driven primarily by
higher employee incentive compensation costs, higher depreciation and
amortization for Brazil acquisition-related assets as well as new
financial systems, and lower Adjusted restaurant-level operating margin
as described above.

The increase in U.S. GAAP operating income margin was driven primarily by higher restaurant-level operating margin and the lapping of our 2013 Domestic Restaurant Closure Initiative. This increase was partially offset by asset impairment charges related to Roy's, which was sold in January 2015, restaurant closing costs related to our International Restaurant Closure Initiative and severance expenses incurred from our organizational realignment.
-- The effective income tax rate on an adjusted basis for fiscal 2014 was
24.8%. The fiscal 2014 tax rate was lower than expected and was driven by
the mix of income across our domestic and international portfolio,
unplanned one-time tax benefits and the benefit of recently enacted tax
regulations.

Fourth Quarter Comparable Restaurant Sales

COMPANY-
THIRTEEN WEEKS ENDED DECEMBER 28, 2014 OWNED
--------------------------------------------------------------- ----------
Domestic comparable restaurant sales (stores open 18 months or
more)
Outback Steakhouse 6.4%
Carrabba's Italian Grill 0.3%
Bonefish Grill 0.7%
Fleming's Prime Steakhouse and Wine Bar 3.4%

-- Blended comparable restaurant sales for Company-owned core domestic
concepts were up 4.2% due to increases in general menu prices and a
strengthening of the dinner sales trend relative to the third quarter.
Customer traffic increased by 1.0% driven primarily by lunch expansion
and promotions.

System-wide Development

The following summarizes the Company's system-wide development for the thirteen weeks ended December 28, 2014:

SEPTEMBER DECEMBER
28, 2014 OPENINGS CLOSURES 28, 2014
--------- -------- -------- ----------
Outback Steakhouse
Company-owned--international
(1) (2) (3) 176 8 (17) 167
Franchised--international 51 4 -- 55
Carrabba's Italian
Grill--Company-owned 243 1 (2) 242
Bonefish Grill-Company--owned 196 5 -- 201
-------- --------
System-wide development 18 (19)
======== ========


____________________

(1) Includes five openings in Brazil, two openings in South Korea and one
opening in Hong Kong. Includes 16 closures in South Korea and one closure in
Mexico.

(2) The restaurant count for Brazil is reported as of November 30, 2014 to
correspond with the balance sheet date of this subsidiary and, therefore,
excludes one restaurant that opened in December 2014.

(3) The restaurant count as of December 28, 2014 includes 21 locations
scheduled to close during 2015 primarily in South Korea.


Dividend Declaration

On February 12, 2015, the Board of Directors declared our first quarterly cash dividend of $0.06 per share to be paid on March 18, 2015 to all shareholders of record as of the close of business on March 4, 2015.

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February 19, 2015 07:00 ET (12:00 GMT)