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EAT 2014.06.25 8K


_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
______________________________________
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): August 7, 2014
 
_____________________________________
BRINKER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
 
 _____________________________________
 
 
 
 
 
 
Delaware
 
1-10275
 
75-1914582
(State of
Incorporation)
 
(Commission
File Number)
 
(IRS Employment
Identification No.)
6820 LBJ Freeway
Dallas, Texas 75240
(Address of principal executive offices)
Registrant’s telephone number, including area code 972-980-9917

_____________________________________
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:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________







Section 2 – Financial Information.
Item 2.02. Results of Operations and Financial Conditions.
The information contained in this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
On August 7, 2014, the Registrant issued a Press Release announcing its fourth quarter fiscal 2014 results. A copy of this Press Release is attached hereto as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated August 7, 2014.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
BRINKER INTERNATIONAL, INC.
 
 
 
Dated: August 7, 2014
By:
 
/s/ Wyman T. Roberts
 
 
 
Wyman T. Roberts,
 
 
 
Chief Executive Officer and
 
 
 
President and President of Chili’s Grill and Bar
 
 
 
(Principal Executive Officer)



Q4F14 Press Release

Exhibit 99.1
Contacts: Greg Artkop, Media Relations
 
 
Chris Bremer, Investor Relations
(800) 775-7290
 
 
(972) 980-9917

BRINKER INTERNATIONAL REPORTS YEAR-OVER-YEAR INCREASES IN FOURTH QUARTER AND FULL FISCAL YEAR EPS;

FOURTH QUARTER COMPARABLE RESTAURANT SALES UP 2.3 PERCENT

DALLAS (Aug. 7, 2014) – Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal fourth quarter ended June 25, 2014.
Highlights include the following:

•
Earnings per diluted share, excluding special items, increased 10.4 percent to $0.85 compared to $0.77 for the fourth quarter of fiscal 2013. Earnings per diluted share, excluding special items, increased 15.8 percent to $2.71 compared to $2.34 for the full year fiscal 2013 (see non-GAAP reconciliation below)

•
On a GAAP basis, earnings per diluted share decreased to $0.43 compared to $0.64 for the fourth quarter of fiscal 2013 driven primarily by pre-tax charges of $39.5 million recorded to establish reserves for the potential settlement of various litigation matters. On a GAAP basis, earnings per diluted share increased to $2.26 compared to $2.20 for the full year fiscal 2013

•
Brinker International company sales increased 3.7 percent to $735.0 million and comparable restaurant sales at company-owned restaurants increased 2.3 percent

•
Chili’s company-owned comparable restaurant sales increased 2.5 percent

•
Maggiano’s comparable restaurant sales increased 0.9 percent, representing the 18th consecutive quarterly increase

•
Chili's franchise comparable restaurant sales increase of 1.2 percent includes a 1.4 percent increase for U.S. franchise restaurants and a 0.8 percent increase for international franchise restaurants, representing the 18th consecutive quarterly increase for international franchise restaurants

•
For fiscal 2014, cash flows provided by operating activities were $359.8 million and capital expenditures totaled $161.1 million

•
The company repurchased approximately 0.9 million shares of its common stock for $47.8 million in the fourth quarter and a total of approximately 5.1 million shares for $239.6 million year-to-date

•
The company paid a dividend of 24 cents per share in the fourth quarter, an increase of 20 percent over the prior year fourth quarter

"We closed fiscal 2014 with an increase in earnings per diluted share of 15.8 percent, our fourth consecutive year of double-digit growth in a competitive environment," said Wyman Roberts, Chief Executive Officer and President. "These results demonstrate our ability to deliver sustained value to our shareholders."
 





1
Exhibit 99.1


Table 1: Monthly, Q4 and FY comparable restaurant sales
Company-owned, reported brands and franchise; percentage
 
 
April
 
May
 
June
 
Q4 14
 
Q4 13
 
FY 14
 
FY 13
Brinker International
 
2.1

 
3.0

 
1.7

 
2.3

 
(0.5
)
 
0.6

 
0.5

  Chili’s Company-Owned1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Comparable Restaurant Sales
 
2.4

 
3.3

 
1.7

 
2.5

 
(0.6
)
 
0.6

 
0.5

     Pricing Impact
 
1.2

 
1.2

 
1.2

 
1.2

 
1.3

 
1.2

 
1.4

     Mix-Shift
 
1.3

 
2.3

 
2.3

 
1.9

 
0.2

 
1.2

 
0.9

     Traffic
 
(0.1
)
 
(0.2
)
 
(1.8
)
 
(0.6
)
 
(2.1
)
 
(1.8
)
 
(1.8
)
  Maggiano’s
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Comparable Restaurant Sales
 
0.6

 
0.7

 
1.6

 
0.9

 
0.2

 
0.6

 
0.5

     Pricing Impact
 
1.7

 
2.4

 
2.5

 
2.2

 
0.5

 
1.5

 
1.8

     Mix-Shift
 
(2.3
)
 
(2.1
)
 
(2.9
)
 
(2.5
)
 
1.1

 
(0.7
)
 
0.5

     Traffic
 
1.2

 
0.4

 
2.0

 
1.2

 
(1.4
)
 
(0.2
)
 
(1.8
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chili's Franchise2
 
 
 
 
 
 
 
1.2

 
1.0

 
0.2

 
1.9

  U.S. Comparable Restaurant Sales
 
 
 
 
 
 
 
1.4

 
0.5

 
(0.3
)
 
1.6

  International Comparable Restaurant Sales
 
 
 
 
 
 
 
0.8

 
2.3

 
1.6

 
2.7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Chili's Domestic3
 
 
 
 
 
 
 
2.1

 
(0.3
)
 
0.3

 
0.8

System-wide4
 
 
 
 
 
 
 
1.9

 
0.0

 
0.5

 
1.0


1

Chili's company-owned comparable restaurant sales do not include sales generated by the 11 restaurants acquired in Canada in June 2013. Acquired or newly opened restaurants are not included in this calculation until 18 months of operations are completed.
2

Revenues generated by franchisees are not included in revenues on the consolidated statements of comprehensive income; however, we generate royalty revenue and advertising fees based on franchisee revenues, where applicable. We believe including franchisee comparable restaurant sales provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.
3

Chili's Domestic comparable restaurant sales percentages are derived from sales generated by company-owned and franchise operated Chili's restaurants in the United States.
4

System-wide comparable restaurant sales are derived from sales generated by company-owned Chili’s and Maggiano’s restaurants in addition to the sales generated at franchise operated restaurants.

Quarterly Operating Performance
CHILI’S fourth quarter company sales increased to $639.8 million from $615.7 million in the prior year primarily due to increases in comparable restaurant sales, the acquisition of 11 restaurants in Canada at the end of the prior fiscal year, as well as increases in restaurant capacity. As compared to the prior year, the Chili’s operating margin metric was negatively impacted by the classification of revenues and expenses associated with Ziosk. The revenues associated with Ziosk are included in Franchise and other revenues while the associated expense is included in Restaurant expenses, a component of the margin calculation. Restaurant expenses, as a percent of company sales, increased due to Ziosk equipment charges, new restaurant development and higher advertising, partially offset by leverage related to higher revenue. Restaurant labor, as a percent of company sales, was negatively impacted by increased overtime and training, partially offset by leverage related to higher revenue. Cost of sales, as a percent of company sales, was favorably impacted by menu pricing, menu item changes, improved waste control, and efficiency gains related to new fryer equipment, partially offset by unfavorable pricing primarily related to cheese, avocados and limes which are market based.
MAGGIANO’S fourth quarter company sales of $95.2 million increased 1.9 percent primarily driven by increases in restaurant capacity, menu pricing and traffic. As compared to the prior year, Maggiano's restaurant operating margin was negatively impacted by higher facilities costs and new restaurant development. Cost of sales, as a percent of company sales, was negatively impacted by unfavorable mix changes and commodity pricing on seafood, partially offset by increased menu pricing and favorable commodity pricing on bread and other items. Restaurant labor, as a percent of company sales, was positively impacted by lower performance based compensation.


2
Exhibit 99.1

FRANCHISE AND OTHER revenues totaled $23.7 million for the fourth quarter, an increase of 13.4 percent compared to $20.9 million in the prior year driven primarily by the revenues associated with Ziosk. U.S. franchise comparable restaurant sales increased 1.4 percent and international comparable restaurant sales increased 0.8 percent. Brinker franchisees generated approximately $423 million in sales1 for the fourth quarter of fiscal 2014.
1 

Royalty revenues are recognized based on the sales generated and reported to the company by franchisees.
Other
Depreciation and amortization expense increased $2.5 million for the quarter primarily due to investments in the Chili's reimage program, fryer equipment, new restaurant openings, as well as the acquisition of 11 restaurants in Canada at the end of the prior fiscal year, partially offset by an increase in fully depreciated assets.
General and administrative expense increased $1.1 million primarily due to information technology expenses in support of sales driving initiatives and tax consulting costs.

Other gains and charges in the fourth quarter of fiscal 2014 includes pre-tax charges of approximately $39.5 million related to various litigation matters including a class action litigation pending in California.  In August 2004, certain current and former hourly restaurant team members filed a putative class action lawsuit against Brinker in California Superior Court alleging violations of California labor laws with respect to meal periods and rest breaks.  The parties participated in mediation regarding this case on April 8, 2014, where preliminary settlement discussions began that ultimately culminated in a preliminary settlement agreement being reached on Aug. 6, 2014.  This preliminary settlement agreement remains subject to court approval and seeks to resolve all claims in exchange for a maximum settlement payment not to exceed $56.5 million.  The company established a reserve of approximately $39.0 million related to this pending class action litigation, but the actual amount of any settlement payment could vary from the company’s reserve and will be subject to many factors including approval by the court, claims process, and other matters typically associated with the potential settlement of complex class action litigation.  The aggregate litigation reserves of approximately $39.5 million established in the fourth quarter are based on the terms set forth in the applicable agreements and the company’s reasonable expectations regarding future events.
On a GAAP basis, the effective income tax rate decreased to 18.1 percent in the current quarter from 25.0 percent in the prior year primarily due to the impact of tax benefits related to special items in the current quarter. Excluding the impact of special items, the effective income tax rate increased to 29.4 percent in the current quarter compared to 28.3 percent in the prior year primarily due to an increase in the amount of reserves established for uncertain tax positions.
Non-GAAP Reconciliation
Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the company’s ongoing operating performance and a more relevant comparison to prior period results. Special items in the fourth quarter of fiscal 2014 consist primarily of charges related to litigation reserves, the impairment of restaurants, as well as charges associated with closed restaurants.
Table 2: Reconciliation of net income excluding special items
Q4 14 and Q4 13; $ millions and $ per diluted share after-tax
 
 
Q4 14
 
EPS Q4 14
 
Q4 13
 
EPS Q4 13
Net Income
 
28.8

 
0.43

 
46.4

 
0.64

Other (Gains) and Charges, net of taxes1
 
27.8

 
0.42

 
9.3

 
0.13

Adjustment for Tax Items
 
—

 
—

 
(0.6
)
 
0.00

Net Income excluding Special Items
 
56.6

 
0.85

 
55.1

 
0.77

Table 3: Reconciliation of net income excluding special items
FY 14 and FY 13; $ millions and $ per diluted share after-tax
 
 
FY 14
 
EPS FY 14
 
FY 13
 
EPS FY 13
Net Income
 
154.0

 
2.26

 
163.4

 
2.20

Other (Gains) and Charges, net of taxes1
 
30.4

 
0.45

 
10.7

 
0.14

Adjustment for Tax Items
 
—

 
—

 
(0.6
)
 
0.00

Net Income excluding Special Items
 
184.4

 
2.71

 
173.5

 
2.34


3
Exhibit 99.1


1

Pre-tax Other gains and charges were $44.9 million and $15.1 million in the fourth quarter of fiscal 2014 and 2013, respectively, and $49.2 million and $17.3 million in fiscal 2014 and 2013, respectively. The charges in the fiscal 2014 periods include approximately $39.5 million of charges related to litigation reserves.

Fiscal 2015 Outlook
The company anticipates earnings per diluted share, excluding special items, to increase 11 to 16 percent in the range of $3.00 to $3.15. Earnings are based on the following expectations:
•
Comparable restaurant sales are expected to increase one to two percent
•
Company-owned new restaurant development is expected to add year-over-year capacity growth of about one percent
•
Restaurant operating margin is expected to improve 25 to 50 basis points year-over-year
•
Depreciation expense is expected to increase $10 to $12 million, assuming capital expenditures of $130 to $140 million
•
General and administrative expense is expected to be $10 million higher on a dollar basis due to planning incentive compensation at target coupled with information technology expenses related to sales driving initiatives
•
Interest expense is expected to increase slightly due to a higher debt balance in fiscal 2015
•
Excluding the impact of special items, and assuming governmental renewal of the work opportunity tax credit retroactive to January 2014, the effective income tax rate is projected to be approximately 31 percent
•
Free cash flow is expected to be $180 to $190 million
•
Diluted weighted average shares outstanding is expected to be 64 to 66 million
The company believes providing fiscal 2015 earnings per diluted share guidance provides investors the appropriate insight into the company's ongoing operating performance.
Guidance Policy
Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, and other key line items in the comprehensive income statement and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.
 
Webcast Information
Investors and interested parties are invited to listen to today’s conference call, as management will provide further details of the quarter. The call will broadcast live on the Brinker website (www.brinker.com) at 9 a.m. CDT today (Aug. 7). For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on the Brinker website until the end of the day Sept. 4, 2014.
Additional financial information, including statements of income which detail operations excluding special items, franchise and other revenues, and comparable restaurant sales trends by brand, is also available on the Brinker website under the Financial Information section of the Investor tab.
Forward Calendar
- SEC Form 10-K for fiscal 2014 filing on or before Aug. 25, 2014; and
- First quarter earnings release, before market opens, Oct. 21, 2014.
About Brinker
Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, as of June 25, 2014, Brinker owned, operated, or franchised 1,615 restaurants under the names Chili’s® Grill & Bar (1,569 restaurants) and Maggiano’s Little Italy® (46 restaurants).
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by general business and economic conditions, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of

4
Exhibit 99.1

mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company’s business, increased minimum wages, increased health care costs, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorist acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company’s ability to meet its business strategy plan, acts of God, governmental regulations and inflation.

5
Exhibit 99.1

BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
 
 
 
Thirteen Week Periods Ended
 
Fifty-Two Week Periods Ended
 
 
June 25, 2014
 
June 26, 2013
 
June 25, 2014
 
June 26, 2013
Revenues:
 
 
 
 
 
 
 
 
Company sales
 
$
734,982

 
$
709,128

 
$
2,823,069

 
$
2,766,618

Franchise and other revenues (a)
 
23,743

 
20,940

 
82,383

 
79,480

Total revenues
 
758,725

 
730,068

 
2,905,452

 
2,846,098

Operating costs and expenses:
 
 
 
 
 
 
 
 
Company restaurants (excluding depreciation and amortization)
 
 
 
 
 
 
 
 
Cost of sales
 
196,752

 
190,775

 
758,028

 
758,377

Restaurant labor
 
233,064

 
224,548

 
905,589

 
892,413

Restaurant expenses
 
173,866

 
165,433

 
682,271

 
655,214

Company restaurant expenses
 
603,682

 
580,756

 
2,345,888

 
2,306,004

Depreciation and amortization
 
35,169

 
32,651

 
136,081

 
131,481

General and administrative
 
33,302

 
32,249

 
132,094

 
134,538

Other gains and charges (c)
 
44,909

 
15,073

 
49,224

 
17,300

Total operating costs and expenses
 
717,062

 
660,729

 
2,663,287

 
2,589,323

Operating income
 
41,663

 
69,339

 
242,165

 
256,775

Interest expense
 
6,963

 
8,078

 
28,091

 
29,118

Other, net
 
(478
)
 
(562
)
 
(2,214
)
 
(2,658
)
Income before provision for income taxes
 
35,178

 
61,823

 
216,288

 
230,315

Provision for income taxes
 
6,358

 
15,456

 
62,249

 
66,956

Net income
 
$
28,820

 
$
46,367

 
$
154,039

 
$
163,359

 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.44

 
$
0.67

 
$
2.33

 
$
2.28

 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.43

 
$
0.64

 
$
2.26

 
$
2.20

 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
65,009

 
69,607

 
66,251

 
71,788

 
 
 
 
 
 
 
 
 
Diluted weighted average shares outstanding
 
66,824

 
71,999

 
68,152

 
74,158

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustment (b)
 
$
922

 
$
—

 
$
(940
)
 
$
—

Other comprehensive income (loss)
 
922

 
—

 
(940
)
 
—

Comprehensive income
 
$
29,742

 
$
46,367

 
$
153,099

 
$
163,359

 
(a)
Franchise and other revenues primarily includes royalties, development fees and franchise fees, banquet service charge income, gift card activity (breakage and discounts) and Ziosk gaming revenue.
(b)
The company’s Canadian operation uses the Canadian dollar as its functional currency. The foreign currency translation adjustment included in the company’s comprehensive income represents the unrealized impact of translating the financial statements of the Canadian entity to U.S. dollars. This amount is not included in net income and would only be realized upon disposition of the business.

6
Exhibit 99.1

(c)
Other gains and charges include:
 
Thirteen Week Periods Ended
 
Fifty-Two Week Periods Ended
 
June 25, 2014
 
June 26, 2013
 
June 25, 2014
 
June 26, 2013
Litigation reserves
$
39,500

 
$
—

 
$
39,500

 
$
—

Restaurant impairment charges
3,217

 
4,615

 
4,502

 
$
5,276

Restaurant closure charges
1,083

 
750

 
3,413

 
3,637

Severance and other benefits
1,030

 
966

 
2,140

 
2,235

Gains on the sale of assets, net
(29
)
 
(8,798
)
 
(608
)
 
(11,228
)
Loss on extinguishment of debt
—

 
15,768

 
—

 
15,768

Other
108

 
1,772

 
277

 
1,612

 
$
44,909

 
$
15,073

 
$
49,224

 
$
17,300




7
Exhibit 99.1


BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
 
June 25, 2014
 
June 26, 2013
 
 
 
 
 
ASSETS
 
 
 
 
Current assets
 
$
210,854

 
$
198,591

Net property and equipment (a)
 
1,056,454

 
1,035,815

Total other assets
 
223,296

 
218,197

Total assets
 
$
1,490,604

 
$
1,452,603

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
Current installments of long-term debt
 
$
27,884

 
$
27,596

Current liabilities
 
438,226

 
363,636

Long-term debt, less current installments
 
832,302

 
780,121

Other liabilities
 
129,098

 
131,893

Total shareholders’ equity
 
63,094

 
149,357

Total liabilities and shareholders’ equity
 
$
1,490,604

 
$
1,452,603


(a)
At June 25, 2014, the company owned the land and buildings for 189 of the 884 company-owned restaurants. The net book values of the land and buildings associated with these restaurants totaled $143.3 million and $119.5 million, respectively.


8
Exhibit 99.1

BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
 
Fifty-Two Week Periods Ended
 
 
June 25, 2014
 
June 26, 2013
Cash Flows From Operating Activities:
 
 
 
 
Net income
 
$
154,039

 
$
163,359

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
136,081

 
131,481

Stock-based compensation
 
16,074

 
15,909

Restructure charges and other impairments
 
48,033

 
11,425

Net loss (gain) on disposal of assets
 
5,161

 
(6,905
)
Changes in assets and liabilities
 
454

 
(24,581
)
Net cash provided by operating activities
 
359,842

 
290,688

Cash Flows from Investing Activities:
 
 
 
 
Payments for property and equipment
 
(161,066
)
 
(131,531
)
Proceeds from sale of assets
 
888

 
17,157

Payment for purchase of restaurants
 
—

 
(24,622
)
Insurance recoveries
 
—

 
1,152

Net cash used in investing activities
 
(160,178
)
 
(137,844
)
Cash Flows from Financing Activities:
 
 
 
 
Purchases of treasury stock
 
(239,597
)
 
(333,384
)
Borrowings on revolving credit facility
 
120,000

 
110,000

Payments on revolving credit facility
 
(40,000
)
 
(150,000
)
Payments of dividends
 
(63,395
)
 
(56,343
)
Excess tax benefits from stock-based compensation
 
18,872

 
8,778

Payments on long-term debt
 
(26,521
)
 
(316,380
)
Proceeds from issuances of treasury stock
 
29,295

 
41,190

Proceeds from issuance of long-term debt
 
—

 
549,528

Payments for deferred financing costs
 
—

 
(5,969
)
Net cash used in financing activities
 
(201,346
)
 
(152,580
)
Net change in cash and cash equivalents
 
(1,682
)
 
264

Cash and cash equivalents at beginning of period
 
59,367

 
59,103

Cash and cash equivalents at end of period
 
$
57,685

 
$
59,367


9
Exhibit 99.1

BRINKER INTERNATIONAL, INC.
RESTAURANT SUMMARY
 
 
 
Fourth Quarter
Openings
Fiscal 2014
 
Total Restaurants
June 25, 2014
 
Openings Fiscal 2014
 
Projected Openings Fiscal 2015
Company-Owned Restaurants:
 
 
 
 
 
 
 
 
Chili’s Domestic
 
5

 
824

 
10

 
8-10

Chili’s International
 
2

 
14

 
3

 
1

Maggiano’s
 
1

 
46

 
2

 
4

 
 
8

 
884

 
15

 
13-15

Franchise Restaurants:
 
 
 
 
 
 
 
 
Chili’s Domestic
 
1

 
438

 
2

 
5

Chili's International
 
8

 
293

 
29

 
34-38

 
 
9

 
731

 
31

 
39-43

Total Restaurants:
 
 
 
 
 
 
 
 
Chili’s Domestic
 
6

 
1,262

 
12

 
13-15

Chili's International 
 
10

 
307

 
32

 
35-39

Maggiano’s
 
1

 
46

 
2

 
4

 
 
17

 
1,615

 
46

 
52-58


FOR ADDITIONAL INFORMATION, CONTACT:
CHRIS BREMER
INVESTOR RELATIONS
(972) 980-9917
6820 LBJ FREEWAY
DALLAS, TEXAS 75240



10