Brinker income jumps 74% in year

by Eric Schroeder
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DALLAS — Net income at Brinker International, Inc. in the year ended June 30 totaled $137,704,000, equal to $1.35 per share on the common stock, up 74% from $79,166,000, or 78c per share, in fiscal 2009. For the fourth quarter ended June 30, net income was $63,615,000, or 62c per share, up 51% from $42,146,000, or 41c per share, in the same period a year ago.

Net sales for the full year were $2,858,498,000, down 13% from $3,620,580,000 in fiscal 2009. Revenues were narrowly higher in the fourth quarter, though, rising to $743,060,000 from $742,108,000 behind the positive impact of a 53rd week in 2010, which more than offset the sale of 21 restaurants to a franchisee and 11 restaurant closings since the fourth quarter of fiscal 2009.

On June 30, Brinker completed the sale of On The Border Mexican Grill & Cantina to OTB Acquisition L.L.C., an affiliate of Golden Gate Capital, for gross proceeds of approximately $180 million and recognized a gain of approximately $16.5 million.

Looking ahead, Brinker said it expects comparable restaurant sales to be flat to down 2% in fiscal 2011 and earnings per share to be up 10% to 20% compared with fiscal 2010.

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