Financials - February 2022

Restaurant Brands International Inc. Reports Full Year and Fourth Quarter 2021 Results

Feb 15, 2022, 06:30 ET

Global fourth quarter system-wide sales grow 14% year-over-year

Fourth quarter comparable sales improve sequentially across all brands, including at Tim Hortons Canada and Burger King U.S.

Global digital sales grew over 65% year-over-year to $10 billion in 2021, representing nearly 30% of system-wide sales

Restaurant growth returns to over 1,200 units with Tim Hortons and Popeyes gaining traction internationally

RBI returns $1.5 billion of capital to shareholders in 2021, acquires Firehouse Subs and increases target dividend for 2022

TORONTO, Feb. 15, 2022 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (TSX: QSR) (NYSE: QSR) (TSX: QSP) today reported financial results for the full year and fourth quarter ended December 31, 2021.

José Cil, Chief Executive Officer of RBI commented, "I'm proud of the strong performance our brands delivered as we closed out 2021. During the quarter, we saw sequential improvements in each brand and around the world, including notable growth at Tim Hortons Canada and Burger King U.S.

Cil continued, "Two areas of particular strength across our business have been in digital sales and restaurant growth. Our digital investments have been embraced by our guests, with global digital sales reaching $10 billion in 2021, up from $6 billion in 2020 and now representing about 30% of our global system-wide sales. In addition, our strong global network of franchisees and our development team opened over 1,200 net new restaurants, representing the highest levels of restaurant growth at Tim Hortons and Popeyes in recent history.

"Our growth throughout 2021 resulted in strong free cash flow generation, allowing us to make important investments in our business while returning over $1.5 billion of capital to shareholders and acquiring a new restaurant brand in Firehouse Subs. I am excited for what lies ahead for our family of four iconic brands and am confident in the strength of our team, our franchisees and our strategies to drive long-term growth and value creation," concluded Cil.

View full version at Restaurant Brands International

Ark Restaurants Announces Financial Results for the First Quarter of 2022

February 14, 2022 04:05 PM Eastern Standard Time

NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended January 1, 2022.

Financial Results

Total revenues for the 13 weeks ended January 1, 2022 were $43,986,000 versus $20,299,000 for the 13 weeks ended January 2, 2021. The 13 weeks ended January 1, 2022 includes revenues of $1,982,000 related to Blue Moon Fish Company, in Lauderdale-by-the Sea, FL, which was acquired on December 1, 2020.

The Company's EBITDA, adjusted for non-controlling interests and non-cash stock option expense, for the 13 weeks ended January 1, 2022 was $3,946,000 versus $(2,370,000) during the 13-week period ended January 2, 2021. Net income for the 13 weeks ended January 1, 2022 was $2,209,000 or $0.62 and $0.61 per basic and diluted share, respectively, compared to a net loss of $(763,000) or $(0.22) per basic and diluted share, for the 13-week period ended January 2, 2021.

COVID-19 Update

We are subject to continued risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the COVID-19 pandemic. In the past, we experienced significant disruptions to our business as suggested and mandated social distancing and shelter-in-place orders led to the temporary closure of all of our restaurants. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, all of our restaurants are operating with no indoor dining restrictions other than in New York City where customers are required to show proof of vaccination. We cannot predict how long the COVID-19 pandemic will have an impact our operating results and financial position.

About Ark Restaurants Corp.

Ark Restaurants owns and operates 17 restaurants and bars, 17 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, D.C., five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The operation at the Foxwoods Resort Casino consists of one fast food concept. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

View full version at Ark Restaurants

Yum! Brands Reports Fourth-Quarter Results; Industry Record Full-Year 3,057 Net-New Units; Fourth-Quarter System Sales Growth of 9% with Over $6 Billion in Digital Sales; Full-Year System Sales Growth of 13% and Record Digital Sales of $22 Billion

February 09, 2022 07:00 AM Eastern Standard Time

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the fourth-quarter and year ended December 31, 2021. Fourth-quarter GAAP EPS was $1.11, an increase of 3%. Full-year GAAP EPS was $5.21, an increase of 77%. Fourth-quarter EPS excluding Special Items was $1.02, a decrease of (12)%. Full-year EPS excluding Special Items was $4.46, an increase of 23%.

DAVID GIBBS & CHRIS TURNER COMMENTS

David Gibbs, CEO, said “We opened an astounding 4,180 gross units in 2021, marking the strongest growth year in Yum!'s history and setting a restaurant industry record for unit development. We also reached new heights in digital sales that topped $22 billion. I’m confident and energized heading into 2022, which marks Yum!’s 25th anniversary, as we continue to build the world’s most loved and trusted brands while delivering lasting value for our stakeholders.”

Chris Turner, CFO, said “Our fiscal 2021 system sales growth of 13%, with 10% same store sales and 6% unit growth, illustrates the health of our global system – iconic Brands, capable, committed, and well-capitalized franchise partners and strong unit economics. During the quarter, system sales grew 9% including 5% same store sales growth, or 4% on a 2-year basis. We remain focused on fueling growth, with confidence in our Recipe for Growth and Good strategies, and delivering on our long-term growth algorithm in fiscal 2022 and beyond.”

SUMMARY FINANCIAL TABLE

Fourth-Quarter

Full-Year

2021

2020

% Change

2021

2020

% Change

GAAP EPS

$1.11

$1.08

+3

$5.21

$2.94

+77

Special Items EPS1

$0.09

$(0.07)

NM

$0.75

$(0.68)

NM

EPS Excluding Special Items

$1.02

$1.15

(12)

$4.46

$3.62

+23

1 See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further detail of Special Items.

All comparisons are versus the same period a year ago.

System sales growth figures exclude foreign currency translation ("F/X") and core operating profit growth figures exclude F/X and Special Items. Special Items are not allocated to any segment and therefore only impact worldwide GAAP results. See reconciliation of Non-GAAP Measurements to GAAP Results within this release for further details.

Digital sales includes all transactions where consumers at system restaurants utilize ordering interaction that is primarily facilitated by automated technology.

View full version at Yum! Brands

Performance Food Group Company Reports Second-Quarter and First-Half Fiscal 2022 Results

Double-Digit Net Sales and Gross Profit Growth Driven by Core-Mark Acquisition and Strong Underlying Results; Increases Full Year Outlook

Second-Quarter Fiscal 2022 Highlights

1. Total case volume grew 40.0%

2. Net sales increased 87.6% to $12.8 billion

3. Gross profit improved 57.7% to $1.3 billion

4. Net income declined 52.3% to $8.4 million

5. Adjusted EBITDA increased 52.6% to $241.1 million1

6. Diluted Earnings Per Share (“EPS”) decreased 61.5% to $0.05

7. Adjusted Diluted EPS increased 62.9% to $0.571

First-Half Fiscal 2022 Highlights

1. Total case volume grew 33.3%

2. Net sales increased 67.2% to $23.2 billion

3. Gross profit improved 48.8% to $2.4 billion

4. Net income declined 22.5% to $13.1 million

5. Adjusted EBITDA increased 44.9% to $424.8 million1

6. Diluted EPS declined 30.8% to $0.09

7. Adjusted Diluted EPS increased 68.3% to $1.01 1

February 09, 2022 07:00 AM Eastern Standard Time

RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG” or the “Company”) (NYSE: PFGC) today announced its second-quarter and first-half fiscal 2022 business results.

“Our company made significant progress during a busy fiscal second quarter,” said George Holm, PFG’s Chairman & Chief Executive Officer. “We continued to integrate Core-Mark, aligned our management and reporting structures with our corporate strategy, and experienced strong results in our base businesses. I am very pleased with the progress we’ve made with Core-Mark, which has delivered a steady pipeline of new business opportunities. Our Foodservice segment produced another quarter with strong sales and profit results. And we have seen meaningful progress at Vistar, with sequential improvement in both sales and margins. PFG is operating at a very high level, thanks to the dedication and commitment of our many talented associates. The strong quarter, along with an improved outlook, allows us to increase our expectations for the full year.”

View full version at Performance Food Group

CHIPOTLE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 RESULTS

FY21 TOTAL REVENUE INCREASED 26.1% YEAR-OVER-YEAR TO $7.5 BILLION

TOTAL NORTH AMERICAN OPPORTUNITY EXPANDED TO 7,000 RESTAURANTS WITH ANNUAL UNIT GROWTH OF 8% TO 10%

Feb 08, 2022, 16:10 ET

NEWPORT BEACH, Calf., Feb. 8, 2022 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2021.

Fourth quarter highlights, year over year:

1. Total revenue increased 22.0% to $2.0 billion

2. Comparable restaurant sales increased 15.2%

3. Digital sales grew 3.8% and accounted for 41.6% of sales

4. Operating margin was 8.1%, an increase from 7.3%

5. Restaurant level operating margin was 20.2%1, an increase of 70 basis points

6. Diluted earnings per share was $4.69, compared to $6.69. The fourth quarter of 2020 included an income tax benefit of $3.77. Adjusted diluted earnings per share, which excluded an $0.89 after-tax impact from expenses related to certain legal proceedings, the 2018 performance share ("PSU") COVID-19 related modification, corporate restructuring, and restaurant asset impairment and closure costs, was $5.58, a 60.3% increase from $3.48.1

7. Opened 78 new restaurants

Full year 2021 highlights, year over year:

1. Total revenue increased 26.1% to $7.5 billion

2. Comparable restaurant sales increased 19.3%

3. Digital sales grew 24.7% and accounted for 45.6% of sales

4. Operating margin was 10.7%, an increase from 4.8%

5. Restaurant level operating margin was 22.6%1, an increase of 520 basis points

6. Diluted earnings per share was $22.90, an 82.9% increase from $12.52. Adjusted diluted earnings per share, which excluded a $2.52 after-tax impact from expenses related to the 2018 PSU COVID-19 related modification, certain legal proceedings, corporate restructuring, restaurant asset impairment and closure costs, and certain other costs, was $25.42, a 136.9% increase from $10.73.1

7. Opened 215 new restaurants

"2021 was an outstanding year for Chipotle, highlighting the strength and resiliency of our brand. Together, we accomplished many incredible things as our passionate employees remained dedicated to delivering excellent guest experiences, aligned with our purpose and values," said Brian Niccol, Chairman and Chief Executive Officer, Chipotle. "Moving forward, we believe expanding access and convenience through our digital ecosystem, accelerating unit growth, and continuing to develop and support our restaurant employees, will put us in a much stronger competitive position."

View full version at Chipotle

Aramark Reports First Quarter Earnings

YEAR-OVER-YEAR SUMMARY

1. Revenue +44%; Organic Revenue +41%
   

2. Performance improvement across all segments, led by FSS U.S.

3. Revenue at 93% of pre-COVID level; Organic Revenue at 92% of pre-COVID level

4. Operating Income up $161 million; Adjusted Operating Income (AOI) up $176 million
   

5. Operating Income Margin of 3.6%; AOI Margin of 4.3% on a constant-currency basis

6. Higher profitability driven by improved sales volume and effective cost management

7. EPS increased $0.49 to $0.17; Adjusted EPS increased $0.53 to $0.22

8. Continued focus and delivery on growth strategies
   

9. Strong start to fiscal year in Net New Business driven by client retention and new account wins

10. Created two strategic partnerships to provide clients additional differentiated service offerings and concepts

February 08, 2022 06:30 AM Eastern Standard Time

PHILADELPHIA--(BUSINESS WIRE)--Aramark (NYSE: ARMK) today reported first quarter fiscal 2022 results.

"I am grateful to the Aramark team around the world and their commitment to our hospitality culture," said John Zillmer, Aramark's Chief Executive Officer. "Their ongoing dedication is evident in our financial performance, with organic revenue reaching 92% of pre-COVID levels in the first quarter, while effectively managing through a heightened inflationary environment."

*Pre-COVID level reflects performance compared to the same period in fiscal '19

FIRST QUARTER RESULTS Consolidated revenue was $3.9 billion in the quarter, an increase of 44% compared to the prior year. Organic revenue, which adjusts for the effect of currency translation and the Next Level Hospitality acquisition, improved 41% year-over-year with growth in all segments.

A steadily improving pace of account re-opening activity and pricing pass-through, as well as the benefit from new client wins, resulted in consolidated revenue at 93% and organic revenue at 92% of pre-COVID levels.

View full version at Aramark

Nathan's Famous, Inc. Reports Third Quarter Results

Redeems $40 Million of its 6.625% Senior Secured Notes due 2025, and Increases its Quarterly Cash Dividend to $0.45 Per Share

February 04, 2022 08:30 ET

JERICHO, N.Y., Feb. 04, 2022 (GLOBE NEWSWIRE) -- Nathan's Famous, Inc. (“Nathan’s”, the “Company”, “we”, “us” or “our”) (NASDAQ:NATH) today reported results for its third fiscal quarter ended December 26, 2021.

For the fiscal quarter ended December 26, 2021:

1. Revenues increased by 43.7% to $25,913,000 as compared to $18,030,000 during the thirteen weeks ended December 27, 2020;

2. Income from operations was $5,613,000 as compared to $4,403,000 during the thirteen weeks ended December 27, 2020;

3. Adjusted EBITDA1, a non-GAAP financial measure, was $5,907,000 as compared to $4,818,000 for the thirteen weeks ended December 27, 2020;

4. Income before provision for income taxes was $2,990,000 as compared to $1,851,000 for the thirteen weeks ended December 27, 2020;

5. Net income was $2,130,000 as compared to $1,359,000 for the thirteen weeks ended December 27, 2020; and

6. Earnings per diluted share was $0.52 per share as compared to $0.33 per share for the thirteen weeks ended December 27, 2020.

For the thirty-nine weeks ended December 26, 2021:

1. Revenues increased by 56.6% to $90,110,000 as compared to $57,555,000 during the thirty-nine weeks ended December 27, 2020;

2. Income from operations was $23,754,000 as compared to $20,081,000 during the thirty-nine weeks ended December 27, 2020;

3. Adjusted EBITDA1, a non-GAAP financial measure, was $24,739,000 as compared to $21,408,000 during the thirty-nine weeks ended December 27, 2020;

4. Income before provision for income taxes was $15,915,000 as compared to $12,470,000 during the thirty-nine weeks ended December 27, 2020;

5. Net income was $11,438,000 as compared to $9,014,000 during the thirty-nine weeks ended December 27, 2020; and

6. Earnings per diluted share was $2.78 per share as compared to $2.19 per share during the thirty-nine weeks ended December 27, 2020.

The Company also reported the following:

1. On January 26, 2022, the Company redeemed $40,000,000 in aggregate principal amount of its outstanding $150,000,000 6.625% Senior Secured Notes due 2025. As a result, the Company expects to reduce its future cash annual interest expense by $2,650,000.

2. During the fiscal 2022 period, the Board of Directors declared three quarterly cash dividends of $0.35 per share totaling $4,320,000.

3. Effective February 4, 2022, the Board of Directors increased the quarterly cash dividend by 29% and declared a quarterly cash dividend of $0.45 per share payable on March 4, 2022 to shareholders of record at the close of business on February 21, 2022.

4. License royalties were $24,218,000 during the thirty-nine weeks ended December 26, 2021, (“fiscal 2022 period”) as compared to $24,689,000 during the thirty-nine weeks ended December 27, 2020. During the fiscal 2022 period, royalties earned under the retail agreement, including the foodservice program, with John Morrell & Co., decreased 3% to $22,161,000, as compared to $22,743,000 of royalties earned during the thirty-nine weeks ended December 27, 2020.

5. In the Branded Product Program, which features the sale of Nathan’s hot dogs to the foodservice industry, income from operations increased by approximately $2,022,000 to $5,096,000 during the fiscal 2022 period, as compared to $3,074,000 for the thirty-nine weeks ended December 27, 2020.  Sales were $51,960,000 during the fiscal 2022 period, compared to sales of $24,450,000 during the thirty-nine weeks ended December 27, 2020, while the volume of hot dogs sold by the Company increased 98%.  Sales and income from operations for the Branded Product Program have increased as certain government mandated restrictions associated with the COVID-19 pandemic have eased with approved vaccines being more widely distributed and administered. Most of our Branded Product Program customers have reopened adhering to state and local guidelines, such as professional sports venues, amusement parks, shopping malls and movie theaters. Our average selling price, which is partially correlated to the beef markets, increased by approximately 7% compared to the prior year period.

6. Sales from Company-operated restaurants were $9,502,000 during the fiscal 2022 period compared to $6,247,000 during the thirty-nine weeks ended December 27, 2020. The increase was primarily due to an increase in our average check and an increase in customer traffic especially at our two Coney Island locations as a result of the easing of certain government mandated restrictions attributed to the public health measures taken to reduce exposure to the COVID-19 virus.

7. Revenues from franchise operations were $2,993,000 during the fiscal 2022 period, compared to $1,087,000 during the thirty-nine weeks ended December 27, 2020. Total royalties were $2,581,000 during the fiscal 2022 period as compared to $880,000 during the thirty-nine weeks ended December 27, 2020. Total franchise fee income was $412,000 during the fiscal 2022 period compared to $207,000 during the thirty-nine weeks ended December 27, 2020. The increase in franchise royalties during the fiscal 2022 period was primarily due to an increase in franchise restaurant sales of $25,544,000 to $40,910,000 as compared to $15,366,000 for the thirty-nine weeks ended December 27, 2020 as we continue to lap the significant impact of COVID-19.2 Fifteen new franchised outlets, thirty-two new branded menu program outlets and 164 ghost kitchens opened during the fiscal 2022 period.

8. During the fiscal 2022 period, we recorded Advertising Fund revenue and expense in the amount of $1,437,000 as compared to $1,082,000 during the thirty-nine weeks ended December 27, 2020.

Certain Non-GAAP Financial Information:

In addition to disclosing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America ("US GAAP"), the Company is disclosing EBITDA, a non-GAAP financial measure which is defined as net income, excluding (i) interest expense; (ii) provision for income taxes and (iii) depreciation and amortization expense. The Company is also disclosing Adjusted EBITDA, a non-GAAP financial measure which is defined as EBITDA, excluding (i) stock-based compensation that the Company believes will impact the comparability of its results of operations.

The Company believes that EBITDA and Adjusted EBITDA are useful to investors to assist in assessing and understanding the Company's operating performance and underlying trends in the Company's business because EBITDA and Adjusted EBITDA are (i) among the measures used by management in evaluating performance and (ii) are frequently used by securities analysts, investors and other interested parties as a common performance measure.

EBITDA and Adjusted EBITDA are not recognized terms under US GAAP and should not be viewed as alternatives to net income or other measures of financial performance or liquidity in conformity with US GAAP. Additionally, our definitions of EBITDA and Adjusted EBITDA may differ from other companies. Analysis of results and outlook on a non-US GAAP basis should be used as a complement to, and in conjunction with, data presented in accordance with US GAAP. Please see the table at the end of this press release for a reconciliation of EBITDA and Adjusted EBITDA to net income.

About Nathan’s Famous

Nathan’s is a Russell 2000 Company that currently distributes its products in 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and eighteen foreign countries through its restaurant system, foodservice sales programs and product licensing activities. For additional information about Nathan’s please visit our website at www.nathansfamous.com.

View full version at Nathan's Famous

Farmer Bros. Co. Reports Fiscal Second Quarter 2022 Financial Results

February 03, 2022 16:05 ET

NORTHLAKE, Texas, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its second fiscal quarter ended December 31, 2021.

Second Quarter Fiscal 2022 Highlights:

1. Net sales were $118.4 million, an increase of $13.9 million, or 13.3%, from the prior year period due to continued improvement in the direct-store-delivery ("DSD") channel compared to the prior year period

2. Gross margin increased to 29.5% compared to 25.1% in the prior year period

3. Net loss was $5.4 million compared to a net loss of $17.7 million in the prior year period

4. Adjusted EBITDA was $4.5 million compared to $8.3 million in the prior year period; the prior period included approximately $7.2 million in Adjusted EBITDA benefiting from higher amortized gains resulting from the curtailment of the postretirement medical plan.*

5. As of December 31, 2021, total debt outstanding was $91.0 million and cash and cash equivalents were $3.6 million

(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)

Deverl Maserang, Chief Executive Officer, commented, “We saw further improvement across our business during the second fiscal quarter, highlighted by continued sequential growth in our sales trends. Our second fiscal quarter marked the sixth quarter of sequential improvement in our DSD sales, and we ended the quarter with average weekly DSD sales down 17% compared to pre-COVID levels, representing improvement from down 25% in the prior period and down 40% from one year ago. Our gross margin expanded sequentially and was up 4.4% over last year’s fiscal second quarter. Amid ongoing uncertainty related to the pandemic including inflationary headwinds, labor challenges and higher coffee prices, we are continuing to drive improvements across the business while managing costs closely. Overall, we are encouraged by what we believe is a strong opportunity to unlock underlying operating leverage as sales volumes continue to normalize.”

View full version at Farmer Bros.

Good Times Restaurants Reports Results for the First Quarter Ending December 28, 2021

February 03, 2022 04:07 PM Eastern Standard Time

DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the fiscal quarter ended December 28, 2021.

Key highlights of the Company’s financial results include:

1. Total Revenues for the quarter increased 20.5% to $32.9 million compared to fiscal 2021

2. Total Restaurant Sales for Bad Daddy’s restaurants were $24.6 million for the quarter

3. Same Store Sales1 for company-owned Bad Daddy’s restaurants increased 24.0% for the quarter, impacted by rolling over dining room closures in our Colorado restaurants during the prior year

4. Total Restaurant Sales for Good Times restaurants were $8.1 million for the quarter

5. Same Store Sales for company-owned Good Times restaurants decreased 5.9% for the quarter

6. Net Income Attributable to Common Shareholders was $0.3 million for the quarter

7. Adjusted EBITDA2 (a non-GAAP measure) for the quarter was $1.5 million

8. The Company ended the quarter with $7.6 million in cash and no long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “Despite macroeconomic challenges prevalent in the operating environment, I am pleased with our performance for the quarter. Like others in our industry, we are feeling inflationary pressures throughout our business, both in the cost of labor and in the cost of food and supplies. Nevertheless, we have taken a modest approach to menu price increases, while absorbing large wage increases to ensure adequate staff in our restaurants. We believe that this approach will deliver long-term benefits through multi-year sales gains at both concepts, and that over time, through gradual menu price increases and stellar service, we will continue to build long-term guest loyalty. We continued our trend of profitability, with net income to common shareholders of $0.3 million, and though this is down compared to fiscal 2021, the results are found in our same store sales, which are up at both brands compared to fiscal 2020 and with two-year same store sales gains of 19.5% at Good Times. We expect margins in the second fiscal quarter to be equally, if not more, challenged than they were this quarter as we continue to fight against continued increased price pressure on commodities and a tight labor market during a quarter that is seasonally lower in sales.”

Mr. Zink continued, “We continue to have confidence in both brands and, to support a strong future we are remodeling one of our Good Times Burgers and Frozen Custard restaurants in the northern part of the Denver metro that will speak to our Colorado heritage and our focus on drive-thru service. The remodel of this legacy double drive-thru is not just a facelift but also adds elements to migrate the brand to better leverage technology, including the use of outdoor kiosks to service our walk-up customers and a re-envisioned patio, as well as digital menu boards and upgraded lane timing technology that will provide our operators greater ability to manage the flow of guests. We expect this remodel to be completed during the second half of fiscal 2022. At Bad Daddy’s, we continue to pursue the development of new restaurants in the southeast part of the country. We have one lease under active negotiation and several sites under various stages of negotiation for lease or purchase of real estate associated with our Bad Daddy’s brand. We continue to use discipline in site selection and expect new Bad Daddy’s restaurants to begin opening in Fiscal 2023.”

“Given the deferral of the use of cash in new restaurant development, today the Company separately announced that its Board of Directors has authorized the repurchase of up to an aggregate of $5 million worth of the Company’s outstanding common stock. We believe this multi-faceted approach, which includes investing in both existing and new restaurants as well as returning capital to shareholders will create significant value over time,” Zink concluded.

View full version at Good Times Restaurants

BRINKER INTERNATIONAL REPORTS SECOND QUARTER OF FISCAL 2022 RESULTS

Feb 02, 2022, 06:45 ET

DALLAS, Feb. 2, 2022 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the second quarter of fiscal 2022 ended December 29, 2021.

"I am pleased with Brinker's results and the progression of performance throughout the second quarter," said Wyman Roberts, Chief Executive Officer and President. "Our brands had strong holiday performance, demonstrating the power of the business model when volumes return. We still have growth ahead of us, and the opportunity to leverage scale and move the business forward."

Fiscal 2022 Highlights - Second Quarter

1. Brinker International's Company sales in the second quarter of fiscal 2022 increased to $904.5 million as compared to $746.2 million in the second quarter of fiscal 2021.

2. Chili's Company sales in the second quarter of fiscal 2022 increased to $791.9 million as compared to $683.0 million in the second quarter of fiscal 2021.

3. Maggiano's Company sales in the second quarter of fiscal 2022 increased to $112.6 million as compared to $63.2 million in the second quarter of fiscal 2021.

4. Operating income in the second quarter of fiscal 2022 increased to $39.8 million as compared to $22.1 million in the second quarter of fiscal 2021. Operating income, as a percentage of Total revenues, in the second quarter of fiscal 2022 increased to 4.3% as compared to 2.9% in the second quarter of fiscal 2021.

5. Restaurant operating margin, as a percentage of Company sales, in the second quarter of fiscal 2022 increased to 11.0% as compared to 10.7% in the second quarter of fiscal 2021.

6. Net income per diluted share, on a GAAP basis, in the second quarter of fiscal 2022 increased to $0.60 as compared to $0.26 in the second quarter of fiscal 2021.

7. Net income per diluted share, excluding special items, in the second quarter of fiscal 2022 increased to $0.71 as compared to $0.35 in the second quarter of fiscal 2021.

8. Net cash provided by operating activities through the second quarter of fiscal 2022 was $107.4 million, and capital expenditures totaled $74.1 million resulting in free cash flow of $33.3 million.

9. Adjusted EBITDA in the second quarter of fiscal 2022 increased to $87.8 million as compared to $64.7 million in the second quarter of fiscal 2021.

10. The Company completed the acquisition of 37 Chili's restaurants on October 31, 2021 that were previously owned by a franchisee.

11. To recognize the hard work of our employees, we closed our Chili's restaurants early on Christmas Eve this year. Also, Christmas Day occurred in the second quarter of fiscal 2022 compared to the third quarter of fiscal 2021. Company sales would have been 2.0% higher without these impacts.

For comparable restaurant sales details and non-GAAP reconciliations, please refer to the Non-GAAP Information and Reconciliations section of this release.

View full version at Brinker

McDONALD'S REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS

- McDonald's delivered Systemwide sales* growth of 21% for the full year, surpassing $112 billion globally

- U.S. comparable sales increased 13.8% for the full year, marking the highest U.S. annual comparable sales ever reported** and the 7th consecutive year of positive comparable sales

- Digital Systemwide sales exceeded $18 billion in 2021, or over 25% of total Systemwide sales in our top six markets

- McDonald's delivered operating income growth of 41% for the full year, surpassing $10 billion globally

Jan 27, 2022, 07:00 ET

CHICAGO, Jan. 27, 2022 /PRNewswire/ -- McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2021.

"While 2021 was a year of continued challenges around the world, the McDonald's System came together with unparalleled dedication and delivered truly exceptional performance," said McDonald's President and Chief Executive Officer, Chris Kempczinski. "We enter this new year with a clear focus on creating seamless and memorable customer experiences and harnessing our momentum to drive long-term, sustainable growth for all of our stakeholders."

Fourth quarter financial performance:

1. Global comparable sales increased 12.3% (10.8% on a 2-year basis), reflecting positive comparable sales across all segments:
   

2. U.S. increased 7.5% (13.4% on a 2-year basis)

3. International Operated Markets segment increased 16.8% (8.2% on a 2-year basis)

4. International Developmental Licensed Markets segment increased 14.2% (10.1% on a 2-year basis)

5. Consolidated revenues increased 13% (14% in constant currencies).

6. Systemwide sales increased 13% (14% in constant currencies).

7. Consolidated operating income increased 12% (13% in constant currencies). Excluding strategic charges of $54 million, primarily related to the sale of McD Tech Labs in 2021, and strategic gains of $142 million, primarily related to the sale of McDonald's Japan stock in 2020, consolidated operating income increased 23% (24% in constant currencies).***

8. Diluted earnings per share was $2.18, an increase of 18% (20% in constant currencies). Excluding strategic charges of $0.05 per share in 2021 and strategic gains of $0.14 per share in 2020, diluted earnings per share for the quarter was $2.23, an increase of 31% (33% in constant currencies).***

Full year financial performance:

1. Global comparable sales increased 17.0% (8.0% on a 2-year basis), reflecting positive comparable sales across all segments:
   

2. U.S. increased 13.8% (14.3% on a 2-year basis)

3. International Operated Markets segment increased 21.6% (3.4% on a 2-year basis)

4. International Developmental Licensed Markets segment increased 16.6% (4.4% on a 2-year basis)

*Refer to page 5 for a definition of Systemwide sales. **The Company began reporting comparable sales in 1993. ***See page 3 for additional details on fourth quarter and full year strategic gains and charges.

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