•Revenues decreased 9.7% to $89.2 million from $98.8 million
•Comparable restaurant sales decreased 12.9%
•Comparable restaurant traffic decreased 7.0%
•Total restaurant operating costs were 86.1% of revenues compared to 86.7%
•In the fourth quarter of 2009, a significant non-cash item in operating loss included an impairment of $19.8 million related to long lived assets that included eight of our restaurants. In the fourth quarter of 2008, significant non-cash items in operating loss included a $54.4 million charge related to the impairment of trademarks and tradenames, a $26.2 million charge related to the impairment of goodwill, a $2.8 million charge related to the impairment of long lived assets of two restaurants, and a $0.4 million write-off of a portion of previously capitalized transaction costs related to the Company's credit agreement
•Net loss of $16.1 million, or $1.09 per basic and diluted share, compared to net loss of $73.4 million, or $4.99 per basic and diluted share
•Pro forma net income of $2.8 million, or $0.19 per diluted share (see attached reconciliation to GAAP), compared to a pro forma net income of $2.4 million, or $0.16 per diluted share
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Wednesday, February 24, 2010
McCormick & Schmick's Seafood Restaurants, Inc. Reports Fourth Quarter and Fiscal Year 2009 Financial Results
Papa John's Announces Fourth Quarter and Full-Year 2009 Earnings
•Fourth quarter earnings per diluted share of $0.49 in 2009 vs. $0.46 in 2008 and full-year earnings per diluted share of $2.06 in 2009 vs. $1.30 in 2008
•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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•Fourth quarter earnings per diluted share, excluding noted items, were $0.41 in 2009 vs. $0.48 in 2008 and full-year earnings per diluted share, excluding noted items, were $1.50 in 2009 vs. $1.68 in 2008
•Domestic system-wide comparable sales decreased 0.5% for the quarter and were even for the year
•International franchise system sales increased 18% for the quarter (13% excluding the impact of foreign currency exchange rates) and 14% for the year (24% excluding the impact of foreign currency exchange rates)
•11 net Papa John's worldwide unit openings during the quarter and 89 net openings during the year
•Earnings guidance for 2010 reaffirmed at a range of $1.70 to $1.90 per diluted share, excluding the impact of consolidating BIBP
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