Restaurant chain O'Charley's Inc. posted a wider third-quarter loss on Friday on charges and lower margins.
The company reported a loss of $7.4 million, or 35 cents per share, for the quarter compared with a loss of $2.1 million, or 10 cents per share, in the same quarter of the prior year. The results from the latest quarter included interest expense of $2.5 million, impairment and disposal charges of $2.5 million and an income tax benefit of $600,000.
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Showing posts with label O'Charleys. Show all posts
Showing posts with label O'Charleys. Show all posts
Sunday, November 7, 2010
Thursday, February 4, 2010
Same-Store Sales Down at O'Charley's
For the fourth quarter of 2009, revenue decreased $14.0 million or 6.9 percent to $188.9 million, from $202.9 million in the fourth quarter of 2008. Same-store sales at O'Charley's company-operated restaurants declined by 7.3 percent in the quarter, as a 0.2 percent increase in guest count was offset by a 7.5 percent decline in average check to $12.23. Same-store sales at Ninety Nine Restaurants declined by 6.5 percent, on a 2.0 percent decrease in guest count and a 4.5 percent decline in average check to $14.52. Same-store sales at Stoney River Legendary Steaks declined by 10.3 percent, as a 9.6 percent increase in guest count was offset by an 18.2 percent decline in average check to $38.82.
For the 2009 fiscal year, revenue decreased $50.3 million or 5.4 percent to $880.8 million, from $931.2 million in the 2008 fiscal year. Same-store sales at O'Charley's company-operated restaurants declined by 5.8 percent for the year, on a 4.8 percent decrease in guest count and a 1.1 percent decline in average check. Same-store sales at Ninety Nine Restaurants declined by 6.8 percent, on a 4.7 percent decrease in guest count and a 2.2 percent decline in average check. Same-store sales at Stoney River Legendary Steaks declined by 16.4 percent, on a 4.7 percent decrease in guest count and a 12.3 percent decline in average check.
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For the 2009 fiscal year, revenue decreased $50.3 million or 5.4 percent to $880.8 million, from $931.2 million in the 2008 fiscal year. Same-store sales at O'Charley's company-operated restaurants declined by 5.8 percent for the year, on a 4.8 percent decrease in guest count and a 1.1 percent decline in average check. Same-store sales at Ninety Nine Restaurants declined by 6.8 percent, on a 4.7 percent decrease in guest count and a 2.2 percent decline in average check. Same-store sales at Stoney River Legendary Steaks declined by 16.4 percent, on a 4.7 percent decrease in guest count and a 12.3 percent decline in average check.
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Wednesday, January 27, 2010
O'Charley's Inc. Closes on $45 Million Credit Facility
O'Charley's Inc., a leading casual-dining restaurant company, announced today that it has entered into a $45 million secured revolving credit facility, which matures on August 1, 2013, and amends and restates the Company's existing secured revolving credit facility that was scheduled to mature on October 18, 2011.
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Thursday, November 12, 2009
O'Charley's Inc. Reports Results for the Third Quarter of 2009
Financial and Operating Highlights
Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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Friday, October 2, 2009
O'Charley's hires Famous Dave's CEO Wilson Craft
NASHVILLE, Tenn. (AP) -- Casual dining chain O'Charley's Inc. said Thursday it has named the former CEO of Famous Dave's of America, Wilson Craft, to the position of concept president.
Craft, 56, will be in charge of strategy to enhance sales, profitability and long-term growth. He replaces Jeffrey Warne, who was promoted to the O'Charley's CEO post on June 4.
Craft was previously executive vice president of operations at LongHorn Steakhouse, before Darden Restaurants Inc. bought it from RARE Hospitality International. He also worked at Brinker International for 21 years on the Chili's Grill & Bar, Big Bowl Asian Kitchen and other brands.
Nashville, Tenn.-based O'Charley's also said it gave Craft 150,000 non-qualified stock options.
O'Charley's shares fell 31 cents, or 3.3 percent, to $9.06 in afternoon trading.
Craft, 56, will be in charge of strategy to enhance sales, profitability and long-term growth. He replaces Jeffrey Warne, who was promoted to the O'Charley's CEO post on June 4.
Craft was previously executive vice president of operations at LongHorn Steakhouse, before Darden Restaurants Inc. bought it from RARE Hospitality International. He also worked at Brinker International for 21 years on the Chili's Grill & Bar, Big Bowl Asian Kitchen and other brands.
Nashville, Tenn.-based O'Charley's also said it gave Craft 150,000 non-qualified stock options.
O'Charley's shares fell 31 cents, or 3.3 percent, to $9.06 in afternoon trading.
Thursday, August 6, 2009
O'Charley's Inc. Reports Results for the Second Quarter of 2009
NASHVILLE, Tenn., Aug 06, 2009 (BUSINESS WIRE) -- O'Charley's Inc. (Nasdaq: CHUX), a leading casual-dining restaurant company, today reported revenues and earnings per share for the 12-week period ended July 12, 2009.
Revenue for the second quarter of fiscal 2009 decreased $14.9 million or 6.7 percent to $206.2 million, from $221.1 million in the second quarter of fiscal 2008. Same-store sales for the second quarter of 2009 declined 6.9 percent at O'Charley's company-operated restaurants, 10.0 percent at Ninety Nine Restaurants, and 20.4 percent at Stoney River Legendary Steaks.
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http://phx.corporate-ir.net/phoenix.zhtml?c=82565&p=irol-newsArticle&ID=1317738&highlight=
Revenue for the second quarter of fiscal 2009 decreased $14.9 million or 6.7 percent to $206.2 million, from $221.1 million in the second quarter of fiscal 2008. Same-store sales for the second quarter of 2009 declined 6.9 percent at O'Charley's company-operated restaurants, 10.0 percent at Ninety Nine Restaurants, and 20.4 percent at Stoney River Legendary Steaks.
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http://phx.corporate-ir.net/phoenix.zhtml?c=82565&p=irol-newsArticle&ID=1317738&highlight=
Tuesday, May 12, 2009
O'Charley's Inc. Reports Results for the First Quarter of 2009
NASHVILLE, Tenn., May 12, 2009 (BUSINESS WIRE) -- O'Charley's Inc. (Nasdaq: CHUX), a leading casual-dining restaurant company, today reported revenues and earnings per share for the 16-week period ended April 19, 2009.
Financial and Operating Highlights
Revenue for the first quarter of fiscal 2009 decreased 2.0 percent to $291.7 million from $297.5 million in the first quarter of fiscal 2008. Same-store sales for the first quarter of 2009 declined 2.9 percent at O'Charley's company-operated restaurants, 4.5 percent at Ninety Nine Restaurants, and 17.2 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 17.3 percent of restaurant sales from 16.6 percent in the prior year quarter. Declines in food and beverage costs as a percent of restaurant sales, improved controls over labor scheduling, reductions in the cost of employee benefit plans and reductions in other restaurant operating costs contributed to this improved performance.
Income from operations in the quarter was $12.0 million, or 4.1 percent of revenues, and earnings before income taxes were $7.9 million. In comparison, income from operations in the prior year quarter was $8.6 million, or 2.9 percent of revenues, and earnings before income taxes were $4.7 million.
During the first quarter of 2009, the Company reduced debt by $26.7 million, including payments of $23.8 million on the revolving credit line. At the end of the quarter, the Company had no drawings under its revolving line of credit. Capital investment during the quarter was $2.0 million, compared to $14.0 million in the prior year quarter.
Given the valuation allowance on the Company's deferred tax assets recognized in 2008, as well as the Company's current financial outlook, the effective tax rate applied to earnings before income taxes for the 2009 fiscal year is projected to be approximately 6.4 percent. Applying this tax rate to first quarter earnings before income taxes, and adjusting for a number of discrete items recognized as a part of the first quarter tax provision, results in net earnings available to common shareholders of $6.9 million, or $0.34 per diluted share. In comparison, the effective tax rate applied to earnings before income taxes in the first quarter of 2008 was a negative 119 percent, resulting in net earnings available to common shareholders in the prior year first quarter of $10.0 million, or $0.46 per diluted share. [See "Adoption of FASB Staff Position EITF 03-6-1" discussion later in this release]
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Financial and Operating Highlights
Revenue for the first quarter of fiscal 2009 decreased 2.0 percent to $291.7 million from $297.5 million in the first quarter of fiscal 2008. Same-store sales for the first quarter of 2009 declined 2.9 percent at O'Charley's company-operated restaurants, 4.5 percent at Ninety Nine Restaurants, and 17.2 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 17.3 percent of restaurant sales from 16.6 percent in the prior year quarter. Declines in food and beverage costs as a percent of restaurant sales, improved controls over labor scheduling, reductions in the cost of employee benefit plans and reductions in other restaurant operating costs contributed to this improved performance.
Income from operations in the quarter was $12.0 million, or 4.1 percent of revenues, and earnings before income taxes were $7.9 million. In comparison, income from operations in the prior year quarter was $8.6 million, or 2.9 percent of revenues, and earnings before income taxes were $4.7 million.
During the first quarter of 2009, the Company reduced debt by $26.7 million, including payments of $23.8 million on the revolving credit line. At the end of the quarter, the Company had no drawings under its revolving line of credit. Capital investment during the quarter was $2.0 million, compared to $14.0 million in the prior year quarter.
Given the valuation allowance on the Company's deferred tax assets recognized in 2008, as well as the Company's current financial outlook, the effective tax rate applied to earnings before income taxes for the 2009 fiscal year is projected to be approximately 6.4 percent. Applying this tax rate to first quarter earnings before income taxes, and adjusting for a number of discrete items recognized as a part of the first quarter tax provision, results in net earnings available to common shareholders of $6.9 million, or $0.34 per diluted share. In comparison, the effective tax rate applied to earnings before income taxes in the first quarter of 2008 was a negative 119 percent, resulting in net earnings available to common shareholders in the prior year first quarter of $10.0 million, or $0.46 per diluted share. [See "Adoption of FASB Staff Position EITF 03-6-1" discussion later in this release]
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