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Red Robin Gourmet Burgers (RRGB) Tops Q4 EPS by 13c

February 19, 2013 7:54 AM EST
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) reported Q4 EPS of $0.59, $0.13 better than the analyst estimate of $0.46. Revenue for the quarter came in at $240.7 million versus the consensus estimate of $232.01 million.

Outlook for 2013

In fiscal 2013, the Company expects comparable restaurant sales growth of 2.5% to 3.0% compared to fiscal 2012 based on a combination of increases in prices, items sold per guest and increased guest visits. Additionally, the Company plans to open 20 new company-owned restaurants, including up to five new Red Robin’s Burger Works® restaurants.

Restaurant-level operating profit margins in fiscal 2013 are expected to be flat to down 10 basis points as a percentage of restaurant sales compared to 20.7% in fiscal 2012 due mainly to higher commodity prices.

General and Administrative costs are expected to range between $83 million and $84 million, while Selling expenses are expected to remain consistent with 2012 at 2.8% of sales. Depreciation is expected to be around $58 million, an increase of approximately $3 million from fiscal 2012 due to depreciation of newly implemented technology systems, as well as an increased number of units in the Company’s restaurant base.

The income tax rate in fiscal 2013 is expected to range from 23% to 24%.

During fiscal 2013, the Company expects between $50 million and $55 million in capital expenditures, which will be used to open new restaurants, as well as fund restaurant and technology infrastructure improvements and remodeling investments.

The sensitivity of the Company’s earnings per diluted share to a 1% change in guest counts for fiscal 2013 is estimated to be $0.23 on an annualized basis. Additionally, a 10 basis point change in restaurant-level operating margin is expected to impact earnings per diluted share by approximately $0.05, and a change of $187,000 in pre-tax income or expense is equivalent to approximately $0.01 per diluted share.
For earnings history and earnings-related data on Red Robin Gourmet Burgers, Inc. (RRGB) click here.


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