Texas Roadhouse, Inc. Announces Quarterly Dividend, Payable on December 27, 2013
Nov 15 13
On November 14, 2013, Texas Roadhouse, Inc.'s Board of Directors authorized the payment of a cash dividend of $0.12 per share of common stock. This payment will be distributed on December 27, 2013, to shareholders of record at the close of business on December 11, 2013.
Texas Roadhouse, Inc. Enters into Omnibus Amendment No. 1 and Consent to Credit Agreement and Guaranty; Jill Marchant to Leave as General Counsel, Effective November 12, 2013
Nov 4 13
On November 1, 2013, Texas Roadhouse, Inc. entered into Omnibus Amendment No. 1 and Consent to Credit Agreement and Guaranty with respect to revolving credit facility dated as of August 12, 2011 with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association. The credit facility remains an unsecured, revolving credit agreement under which the company may borrow up to $200.0 million. The amendment provides the company with the option to increase the credit facility by $200.0 million, up to $400.0 million, subject to certain limitations. The original credit facility provided an option to increase the borrowing amount by $100.0 million, up to $300.0 million. The amendment also extends the maturity date of the credit facility until October 31, 2018. Under the amended facility, the commitment fee payable per year on any unused portion of the facility is reduced from between 0.15% and 0.35% (under the original facility) to between 0.125% 0.30% (under the amended facility), in each case depending on leverage ratio. Interest payable on outstanding borrowings will remain unchanged at LIBOR plus 0.875% to 1.875%, depending on leverage ratio. The amended credit facility permits the company to incur additional secured or unsecured indebtedness outside the facility, except for secured indebtedness that in the aggregate exceeds 15% of Consolidated Tangible Net Worth (as defined in the Credit Agreement). At November 1, 2013, this amount is approximately $70.0 million. The original credit facility limited additional indebtedness to $25.0 million. The credit facility retains the financial covenants of maintaining a fixed charge coverage ratio of 2.00 to 1.00 and a maximum leverage ratio of 3.00 to 1.00. The lenders' obligation to extend credit under the facility will continue to depend upon compliance with these covenants. The Obligations pursuant to the credit facility can be accelerated upon an Event of Default, as such terms are defined in the Credit Agreement.
On November 1, 2013, Jill Marchant, General Counsel of Texas Roadhouse, Inc. announced that she will no longer serve as General Counsel effective November 12, 2013. Ms. Marchant has been employed by the company as General Counsel since November 2011. On November 1, 2013, the company's subsidiary, Texas Roadhouse Management Corp., entered into a Separation Agreement and General Release with Ms. Marchant. Under the Separation Agreement, Ms. Marchant will remain an employee of the company through January 7, 2014.
Texas Roadhouse, Inc. Expects to Open New Restaurants in 2013 and 2014; Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 24, 2013; Provides Earnings Guidance for the Full Year of 2013 and 2014
Oct 28 13
Texas Roadhouse, Inc. expects 25 to 30 restaurant openings in 2014.
For full year of 2013, the company expects 28 company restaurant openings.
The company announced unaudited consolidated earnings results for the third quarter and nine months ended September 24, 2013. For the quarter, the company reported total revenue of $334,770,000, income from operations of $25,696,000, income before taxes of $25,344,000 and net income attributable to company of $17,170,000 or $0.24 per diluted share compared to total revenue of $308,656,000, income from operations of $27,734,000, income before taxes of $27,272,000 and net income attributable to company of $18,067,000 or $0.25 per diluted share a year ago period. Comparable restaurant sales increased 2.6% at company restaurants and increased 4.0% at franchise restaurants. The company reported that comparable restaurant sales at company restaurants for the first four weeks of its third quarter of fiscal 2013 increased 3.4% compared to the prior year period.
For the nine months, the company reported total revenue of $1,046,565,000, income from operations of $93,661,000, income before taxes of $92,545,000 and net income attributable to company of $63,304,000 or $0.89 per diluted share compared to total revenue of $953,800,000, income from operations of $88,383,000, income before taxes of $86,910,000 and net income attributable to company of $57,246,000 or $0.80 per diluted share a year ago period. Net cash provided by operating activities was $99,661,000 against $90,994,000 a year ago period. Capital expenditures - property and equipment was $71,888,000 against $63,146,000 a year ago period.
The company provided earnings guidance for the full year of 2013 and 2014. For 2013, the company expects positive comparable restaurant sales growth; an income tax rate of 30.0% to 30.5%; and total capital expenditures of approximately $105.0 million, which is updated from the previous expectation of $100.0 to $105.0 million.
For 2014, the company expects positive comparable restaurant sales growth; an income tax rate of 30.0% to 31.0% which is higher than the 2013 income tax rate as a result of the potential expiration of certain federal tax credits at the end of 2013; and total capital expenditures of $100.0 to $110.0 million.