Red Lobster 2004 Annual Report Download - page 54

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Notes฀to฀
Consolidated Financial Statements
54
Financial Review 2004
QUARTERLY฀DATA฀(UNAUDITED)
18The following table summarizes unaudited quarterly data for fiscal 2004 and 2003:
฀ Fiscal฀2004฀-฀Quarters฀Ended
฀ ฀ ฀ ฀ Aug.฀24฀ Nov.฀23฀ Feb.฀22฀ May฀30฀(1)฀ Total
Sales฀ $1,259,689฀ $1,142,543฀ $1,241,952฀ $1,359,171฀ $5,003,355
Earnings฀before฀income฀taxes฀ 103,984฀ 46,626฀ 113,005฀ 76,383฀ 339,998
Net฀earnings฀ 68,594฀ 31,253฀ 77,899฀ 53,716฀ 231,462
Net฀earnings฀per฀share:฀
฀ ฀ Basic฀ 0.42฀ 0.19฀ 0.47฀ 0.34฀ 1.42
฀ ฀ Diluted฀฀ 0.40฀ 0.18฀ 0.46฀ 0.32฀ 1.36
Dividends฀paid฀per฀share฀ –฀ 0.04฀ –฀ 0.04฀ 0.08
Stock฀price:
฀ ฀ High฀ 21.62฀ 22.77฀ 22.50฀ 25.60฀ 25.60
฀ ฀ Low฀ 17.80฀ 18.25฀ 18.48฀ 21.40฀ 17.80
฀ Fiscal฀2003฀-฀Quarters฀Ended
฀ ฀ ฀ ฀ Aug.฀25฀ Nov.฀24฀ Feb.฀23฀ May฀25฀฀ Total
Sales฀ $1,174,565฀ $1,071,531฀ $1,181,383฀ $1,227,492฀ ฀$4,654,971
Earnings฀before฀income฀taxes฀ 109,005฀ 56,220฀ 93,325฀ 89,198฀ 347,748
Net฀earnings฀ 71,886฀ 37,478฀ 61,786฀ 61,110฀ 232,260
Net฀earnings฀per฀share:฀
฀ ฀ Basic฀ 0.42฀ 0.22฀ 0.36฀ 0.36฀ 1.36
฀ ฀ Diluted฀฀ 0.40฀ 0.21฀ 0.35฀ 0.35฀ 1.31
Dividends฀paid฀per฀share฀ –฀ 0.04฀ –฀ ฀0.04฀ 0.08
Stock฀price:
฀ ฀ High฀ 27.83฀ 26.13฀ 22.96฀ 20.27฀ 27.83
฀ ฀ Low฀ 19.17฀ 17.96฀ 16.46฀ 16.70฀ 16.46
(1)฀฀Earnings฀before฀income฀taxes฀includes฀asset฀impairment฀charges฀of฀$36,526฀($22,372฀after-tax)฀for฀long-lived฀asset฀impairments฀associated฀with฀the฀closing฀of฀six฀Bahama฀฀
Breeze฀restaurants฀and฀the฀write-down฀of฀the฀carrying฀value฀of฀four฀other฀Bahama฀Breeze฀restaurants,฀one฀Olive฀Garden฀restaurant,฀and฀one฀Red฀Lobster฀restaurant,฀which฀฀
continued฀to฀operate.฀฀Earnings฀before฀income฀taxes฀also฀includes฀charges฀of฀$1,112฀($681฀after-tax)฀related฀to฀severance฀payments฀made฀to฀certain฀restaurant฀employees฀฀
and฀exit฀costs฀associated฀with฀the฀closing฀of฀six฀Bahama฀Breeze฀restaurants.