Chili's 2012 Annual Report Download - page 68

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15. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following table summarizes the unaudited consolidated quarterly results of operations for fiscal 2012
and 2011 (in thousands, except per share amounts):
Fiscal Year 2012
Quarters Ended
Sept. 28 Dec. 28 March 28 June 27
Revenues ............................................. $668,402 $681,904 $742,045 $728,371
Income before provision for income taxes ................... $ 33,631 $ 50,265 $ 62,565 $ 62,348
Net income ........................................... $ 23,621 $ 35,674 $ 44,933 $ 47,004
Basic net income per share ............................... $ 0.29 $ 0.45 $ 0.58 $ 0.63
Diluted net income per share .............................. $ 0.28 $ 0.44 $ 0.56 $ 0.61
Basic weighted average shares outstanding .................. 81,744 79,840 77,582 75,070
Diluted weighted average shares outstanding ................. 83,583 81,655 79,735 77,682
Fiscal Year 2011
Quarters Ended
Sept. 29 Dec. 29 March 30 June 29
Revenues ............................................. $654,893 $671,886 $717,119 $717,488
Income before provision for income taxes ................... $ 26,919 $ 45,426 $ 55,499 $ 55,485
Net income ........................................... $ 21,431 $ 37,464 $ 40,246 $ 41,919
Basic net income per share ............................... $ 0.21 $ 0.41 $ 0.46 $ 0.50
Diluted net income per share .............................. $ 0.21 $ 0.41 $ 0.45 $ 0.49
Basic weighted average shares outstanding .................. 100,667 90,936 87,679 83,888
Diluted weighted average shares outstanding ................. 101,556 92,111 89,647 85,906
Net income for fiscal year 2012 included lease termination charges of $0.5 million, $1.9 million and $0.8
million in the first, second and third quarters, respectively. Long-lived asset impairments of $1.1 million and $2.0
million were recorded in the second and fourth quarters, respectively. Additionally, net income also included
$2.6 million of liquor license impairment charges in the fourth quarter. These charges were partially offset by net
gains of $1.3 million and $2.0 million related to land sales in the first and fourth quarters, respectively.
Net income for fiscal year 2011 included severance charges of $2.8 million, $0.9 million and $1.0 million in
the first, second and third quarters, respectively. Lease termination charges of $1.2 million, $0.8 million and $1.0
million were incurred in the first, second and fourth quarters, respectively. Net income also included long-lived
asset impairments of $1.1 million and $0.8 million in the second and fourth quarters, respectively.
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