cracker barrel old country (CBRL) Snapshot

Cracker Barrel Old Country Store, Inc. announced that the board of directors increased the quarterly dividend to $0.75 per share on the company's common stock, payable on August 5, 2013 to shareholders of record as of July 19, 2013. This represents a 50% increase over the company's last quarterly dividend of $0.50. The company opened one new Cracker Barrel store during the quarter.

Cracker Barrel Old Country Store, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended May 3, 2013. The company reported total revenue of $640.4 million for the third quarter of fiscal 2013, representing an increase of 5.2% over the third quarter of the prior year. Comparable store restaurant sales increased 3.1%, including a 2.4% increase in average check. The average menu price increase for the quarter was approximately 2.3%. Comparable store retail sales were up 5.5% for the quarter. Operating income was $44.2 million, or 6.9% of total revenue, in the third quarter of fiscal 2013 compared with $39.1 million, or 6.4% of total revenue, in the third quarter of the prior year. Earnings per diluted share were $1.02, compared to $0.81 in the prior year quarter. Net income was $24,602,000 against $18,974,000 a year ago. Pretax income was $33,978,000 against $27,935,000 a year ago. Adjusted operating income was $44,172,000 against $40,768,000 a year ago. Adjusted pretax income was $33,978,000 against $29,595,000 a year ago. Adjusted net income was $24,602,000 or $1.02 per diluted share against $20,102,000 or $0.86 per diluted share a year ago. Store operating income was $80.2 million or 12.5% of revenue compared with $73.7 million or 12.1% of revenue in the prior year quarter. Capital expenditures for the quarter were $16.4 million and $46.2 million year-to-date compared to $18.6 million in the prior year quarter and $54.7 million for the prior year-to-date. This decrease is primarily a result of fewer new store openings than in the prior year. Total debt is approximately $400 million. For the nine months period, the company reported total revenue of $1,970,529,000 against $1,880,185,000 a year ago. Operating income was $146,677,000 against $131,069,000 a year ago. Pretax income was $115,478,000 against $97,736,000 a year ago. Net income was $82,962,000 or $3.47 per diluted share against $68,385,000 or $2.93 per diluted share a year ago. Adjusted operating income was $152,311,000 against $137,932,000 a year ago. Adjusted pretax income was $121,112,000 against $104,599,000 a year ago. Adjusted net income was $84,749,000 or $3.54 per diluted share against $73,187,000 or $3.14 per diluted share a year ago. Net cash provided by operating activities was $106,699,000 against $141,885,000 a year ago. Purchase of property and equipment, net of insurance recoveries was $45,738,000 against $56,766,000 a year ago. Based upon year to date financial performance, recent trends and current estimates, the company raised its full-year guidance for fiscal 2013. The company expects total revenue of between $2.6 billion and $2.65 billion and adjusted earnings per diluted share of between $4.75 and $4.85. The revenue projection for fiscal 2013 reflects the expected opening of eight new Cracker Barrel stores and projected increases in comparable store restaurant and retail sales in a range of 2.5% to 3.0%. The company projects an adjusted operating income margin of between 7.4% and 7.6% of total revenue for fiscal 2013. The company expects capital expenditures of between $75 million and $80 million. The company expects net interest expense of approximately $36 million.

Cracker Barrel Old Country Store, Inc., Q3 2013 Earnings Call, Jun 03, 2013