Delaware | 001-35625 | 20-8023465 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | ||
99.1 | Press Release of Bloomin’ Brands, Inc. dated November 4, 2014 |
BLOOMIN’ BRANDS, INC. | |||
(Registrant) | |||
Date: | November 4, 2014 | By: | /s/ David J. Deno |
David J. Deno | |||
Executive Vice President and Chief Financial and Administrative Officer (Principal Financial Officer) |
NEWS | Exhibit 99.1 | |||
Chris Meyer | ||||
Group Vice President, IR & Finance | ||||
(813) 830-5311 |
• | Total revenues increased 10.1% to $1.1 billion |
• | Comparable sales for Company-owned core domestic concepts increased 3.3% while traffic increased 0.6% |
• | The Company announced its intention to close 34 Outback Steakhouse restaurants in South Korea as part of a restructuring initiative to right-size the business and position it for future growth |
• | Total system-wide development was 16 new restaurants including four Outback Steakhouse restaurants in Brazil |
• | Adjusted restaurant-level operating margin* was 13.8% versus 13.0% in the third quarter of 2013 and U.S. GAAP restaurant-level operating margin was 13.8% versus 12.5% in the third quarter of 2013 |
• | Adjusted operating income margin* was 3.2% versus 3.7% in the third quarter of 2013 and U.S. GAAP operating (loss) income margin was (0.1)% versus 3.0% in the third quarter of 2013 |
• | Adjusted net income* was $12.6 million versus $13.2 million in the third quarter of 2013 and U.S. GAAP Net (loss) income attributable to Bloomin’ Brands was $(11.4) million versus $11.3 million in the third quarter of 2013 |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | CHANGE | |||||||||
Adjusted diluted earnings per share* | $ | 0.10 | $ | 0.10 | $ | — | |||||
Adjustments* | (0.19 | ) | (0.01 | ) | (0.18 | ) | |||||
Diluted (loss) earnings per share | $ | (0.09 | ) | $ | 0.09 | $ | (0.18 | ) | |||
* | See Reconciliations of Non-GAAP Measures to U.S. GAAP Results included later in this release for more details. |
(dollars in millions): | THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | % Change | |||||||
Total revenues | $ | 1,065.5 | $ | 967.6 | 10.1 | % | ||||
Adjusted restaurant level operating margin* | 13.8 | % | 13.0 | % | 0.8 | % | ||||
Restaurant level operating margin | 13.8 | % | 12.5 | % | 1.3 | % | ||||
Adjusted operating income margin* | 3.2 | % | 3.7 | % | (0.5 | )% | ||||
Operating (loss) income margin | (0.1 | )% | 3.0 | % | (3.1 | )% |
* | Denoted items are non-GAAP measurements, which include adjustments to the financial results as determined under U.S. GAAP. See Reconciliations of Non-GAAP Measures to U.S. GAAP Results included later in this release. |
• | The increase in Total revenues was primarily due to the consolidation of restaurant sales generated by the formerly unconsolidated joint venture restaurants in Brazil, additional revenues from opening new restaurants and an increase in domestic comparable restaurant sales at our existing restaurants. The increase in restaurant sales was partially offset by the closing of 34 restaurants since June 30, 2013 and a decline in comparable sales in the Company’s South Korea restaurants. |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | COMPANY- OWNED | ||
Domestic comparable restaurant sales (stores open 18 months or more) | |||
Outback Steakhouse | 4.8 | % | |
Carrabba’s Italian Grill | (1.2 | )% | |
Bonefish Grill | 2.6 | % | |
Fleming’s Prime Steakhouse and Wine Bar | 4.8 | % |
• | The improvement in Adjusted restaurant-level operating margin was primarily due to productivity savings, the operating margin benefit from the consolidation of Brazil and higher domestic average unit volumes. The increase was partially offset by lower average unit volumes in the Company’s South Korea restaurants, higher insurance expenses, commodity inflation and lunch expansion rollout costs. |
• | The decrease in Adjusted operating income margin was driven primarily by higher General and administrative expenses and Depreciation and amortization. This decrease was partially offset by higher restaurant margins. In addition, due to the consolidation of Brazil we no longer record the Company’s share of earnings from the Brazilian restaurants as “Income from operations of unconsolidated affiliates”. |
JUNE 29, 2014 | OPENINGS | CLOSURES | SEPTEMBER 28, 2014 | ||||||||
Outback Steakhouse | |||||||||||
Company-owned—domestic | 650 | 1 | (3 | ) | 648 | ||||||
Company-owned—international (1) (2) | 172 | 7 | (3 | ) | 176 | ||||||
Franchised—domestic | 104 | 1 | — | 105 | |||||||
Franchised—international | 51 | 1 | (1 | ) | 51 | ||||||
Carrabba’s Italian Grill-Company-owned | 240 | 3 | — | 243 | |||||||
Bonefish Grill-Company-owned | 193 | 3 | — | 196 | |||||||
System-wide development | 16 | (7 | ) |
(1) | Includes four openings in Brazil, three openings in South Korea, two closures in South Korea and one closure in Hong Kong. |
(2) | The restaurant count for Brazil is reported as of August 31, 2014 to correspond with the balance sheet date of this subsidiary and, therefore, excludes three restaurants that opened in September 2014. |
• | The Company decided to close 36 underperforming international locations, 34 of which are in South Korea. The Company expects to substantially complete these restaurant closings during the fourth quarter of 2014 and the first quarter of 2015. In connection with these closures, the Company incurred pre-tax asset impairments of approximately $11.6 million during the thirteen weeks ended September 28, 2014. In addition, the Company expects to incur pre-tax restaurant closing costs of approximately $19.0 million to $29.0 million, including costs associated with lease obligations and employee terminations. These costs are expected to be incurred primarily in the fourth quarter of 2014 and the first quarter of 2015. |
• | In September 2014, the Company reclassified the assets and liabilities of Roy’s to held for sale as the Company plans to exit the Roy’s business. In connection with the decision to sell, the Company recorded pre-tax impairment and other charges of $6.1 million for assets held for sale during the thirteen weeks ended September 28, 2014. |
• | During the third quarter of 2014, the Company underwent an organizational realignment that optimized certain support functions primarily in our supply chain and development teams. As a result of this realignment, the Company incurred $5.4 million of expense for severance and related items during the thirteen weeks ended September 28, 2014. |
• | During the third quarter of 2014, the Company decided to sell both of its corporate airplanes. In connection with this decision, the Company recognized pre-tax asset impairment and other charges of $10.8 million for the thirteen weeks ended September 28, 2014. |
Outlook on Aug. 5th | Current Outlook | |||
Financial Results (in millions, except per share data or as otherwise indicated): | ||||
Total revenues | $4,400 - $4,450 | $4,420 - $4,450 | ||
Adjusted EBITDA | $459 - $470 | $459 - $470 | ||
Adjusted net income (1) | $135 - $141 | $135 - $141 | ||
GAAP Net income attributable to Bloomin’ Brands | $120 - $126 | $87 - $93 | ||
Adjusted diluted earnings per share (1) | $1.05 - $1.10 | $1.05 - $1.10 | ||
GAAP Diluted earnings per share | $0.93 - $0.98 | $0.68 - $0.73 | ||
Other Selected Financial Data (in millions, or as otherwise indicated): | ||||
Comparable sales for Company-owned core domestic concepts | 0.0% - 1.0% | 1.0% - 1.5% | ||
Commodity inflation | 2.5% - 3.5% | Approx. 3.0% | ||
General and administrative expenses* | $280 - $290 | $280 - $290 | ||
Effective income tax rate* | 27.0% - 29.0% | 27.0% - 29.0% | ||
Number of new system-wide restaurants | 55 - 60 | 55 - 60 | ||
Capital expenditures | $250 - $270 | $215 - $235 |
(1) | The 2014 Adjusted net income and Adjusted diluted earnings per share guidance includes: (i) adjustments incurred through September 28, 2014, (ii) $1.6 million of pre-tax amortization for the fourth quarter for intangibles acquired in connection with the Brazil acquisition and (iii) $12.8 million of estimated restaurant closing expenses related to our planned international restaurant closures. See Non-GAAP financial measures for further information. |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 | NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
Revenues | |||||||||||||||
Restaurant sales | $ | 1,059,217 | $ | 957,507 | $ | 3,314,179 | $ | 3,047,854 | |||||||
Other revenues | 6,237 | 10,062 | 20,046 | 30,821 | |||||||||||
Total revenues | 1,065,454 | 967,569 | 3,334,225 | 3,078,675 | |||||||||||
Costs and expenses | |||||||||||||||
Cost of sales | 348,315 | 317,589 | 1,080,785 | 993,031 | |||||||||||
Labor and other related | 295,532 | 274,125 | 909,422 | 858,020 | |||||||||||
Other restaurant operating | 269,480 | 246,240 | 791,277 | 717,489 | |||||||||||
Depreciation and amortization | 48,750 | 40,135 | 143,542 | 121,220 | |||||||||||
General and administrative | 75,417 | 61,822 | 221,733 | 199,407 | |||||||||||
Provision for impaired assets and restaurant closings | 29,081 | 121 | 36,170 | 2,706 | |||||||||||
Income from operations of unconsolidated affiliates | — | (1,973 | ) | — | (7,454 | ) | |||||||||
Total costs and expenses | 1,066,575 | 938,059 | 3,182,929 | 2,884,419 | |||||||||||
(Loss) income from operations | (1,121 | ) | 29,510 | 151,296 | 194,256 | ||||||||||
Loss on extinguishment and modification of debt | — | — | (11,092 | ) | (14,586 | ) | |||||||||
Other income (expense), net | 18 | 223 | 171 | (127 | ) | ||||||||||
Interest expense, net | (13,837 | ) | (17,690 | ) | (45,544 | ) | (56,585 | ) | |||||||
(Loss) income before (benefit) provision for income taxes | (14,940 | ) | 12,043 | 94,831 | 122,958 | ||||||||||
(Benefit) provision for income taxes | (4,110 | ) | (91 | ) | 22,839 | (30,696 | ) | ||||||||
Net (loss) income | (10,830 | ) | 12,134 | 71,992 | 153,654 | ||||||||||
Less: net income attributable to noncontrolling interests | 613 | 840 | 3,311 | 4,269 | |||||||||||
Net (loss) income attributable to Bloomin’ Brands | $ | (11,443 | ) | $ | 11,294 | $ | 68,681 | $ | 149,385 | ||||||
Net (loss) income | $ | (10,830 | ) | $ | 12,134 | $ | 71,992 | $ | 153,654 | ||||||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustment | (2,754 | ) | 10,697 | 10,969 | (1,979 | ) | |||||||||
Unrealized losses on derivatives, net of tax | (486 | ) | — | (486 | ) | — | |||||||||
Comprehensive (loss) income | (14,070 | ) | 22,831 | 82,475 | 151,675 | ||||||||||
Less: comprehensive income attributable to noncontrolling interests | 613 | 840 | 3,311 | 4,269 | |||||||||||
Comprehensive (loss) income attributable to Bloomin’ Brands | $ | (14,683 | ) | $ | 21,991 | $ | 79,164 | $ | 147,406 | ||||||
(Loss) earnings per share: | |||||||||||||||
Basic | $ | (0.09 | ) | $ | 0.09 | $ | 0.55 | $ | 1.22 | ||||||
Diluted | $ | (0.09 | ) | $ | 0.09 | $ | 0.54 | $ | 1.16 | ||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 125,289 | 123,747 | 125,023 | 122,624 | |||||||||||
Diluted | 125,289 | 129,439 | 128,148 | 128,464 |
SEPTEMBER 28, 2014 | DECEMBER 31, 2013 | ||||||
(unaudited) | |||||||
Cash and cash equivalents (1) | $ | 144,671 | $ | 209,871 | |||
Net working capital (deficit) (2) | (233,386 | ) | (263,874 | ) | |||
Total assets | 3,234,312 | 3,278,476 | |||||
Total debt, net (3) | 1,413,092 | 1,419,143 | |||||
Total stockholders’ equity | 569,912 | 482,709 |
(1) | Excludes restricted cash. |
(2) | The Company has, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). The Company operates successfully with negative working capital because cash collected on Restaurant sales is typically received before payment is due on its current liabilities and its inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are used to service debt obligations and to make capital expenditures. |
(3) | The Company completed a refinancing of its Senior Secured Credit Facility in May 2014. The total indebtedness of the Company remained unchanged as a result of the refinancing. |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | (UNFAVORABLE) FAVORABLE CHANGE IN ADJUSTED | ||||||||||||
U.S. GAAP | ADJUSTED | U.S. GAAP | ADJUSTED (1) | QUARTER TO DATE | ||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 32.9 | % | 32.9 | % | 33.2 | % | 33.2 | % | 0.3 | % | ||||
Labor and other related | 27.9 | % | 27.9 | % | 28.6 | % | 28.1 | % | 0.2 | % | ||||
Other restaurant operating | 25.4 | % | 25.4 | % | 25.7 | % | 25.7 | % | 0.3 | % | ||||
Restaurant-level operating margin | 13.8 | % | 13.8 | % | 12.5 | % | 13.0 | % | 0.8 | % |
THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 | NINE MONTHS ENDED SEPTEMBER 30, 2013 | (UNFAVORABLE) FAVORABLE CHANGE IN ADJUSTED | ||||||||||||
U.S. GAAP | ADJUSTED (2) | U.S. GAAP | ADJUSTED (1) | YEAR TO DATE | ||||||||||
Restaurant sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
Cost of sales | 32.6 | % | 32.6 | % | 32.6 | % | 32.6 | % | — | % | ||||
Labor and other related | 27.4 | % | 27.4 | % | 28.2 | % | 28.0 | % | 0.6 | % | ||||
Other restaurant operating | 23.9 | % | 23.9 | % | 23.5 | % | 23.5 | % | (0.4 | )% | ||||
Restaurant-level operating margin | 16.1 | % | 16.0 | % | 15.7 | % | 15.9 | % | 0.1 | % |
(1) | Includes an adjustment for payroll tax audit contingencies, which was recorded in Labor and other related. |
(2) | Includes an adjustment for the deferred rent liability write-off associated with the Domestic Restaurant Closure Initiative, which was recorded in Other restaurant operating. |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 | NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||
(Loss) income from operations | $ | (1,121 | ) | $ | 29,510 | $ | 151,296 | $ | 194,256 | ||||||
Operating (loss) income margin | (0.1 | )% | 3.0 | % | 4.5 | % | 6.3 | % | |||||||
Adjustments: | |||||||||||||||
Transaction-related expenses (1) | — | 938 | 1,118 | 1,642 | |||||||||||
Severance (2) | 5,362 | — | 5,362 | — | |||||||||||
Asset impairments and related costs (3) | 16,952 | — | 16,952 | — | |||||||||||
Restaurant impairments and closing costs (4) | 11,573 | — | 16,502 | — | |||||||||||
Payroll tax audit contingency (5) | — | 5,000 | — | 5,000 | |||||||||||
Purchased intangibles amortization (6) | 1,545 | — | 4,535 | — | |||||||||||
Adjusted income from operations | $ | 34,311 | $ | 35,448 | $ | 195,765 | $ | 200,898 | |||||||
Adjusted operating income margin | 3.2 | % | 3.7 | % | 5.9 | % | 6.5 | % | |||||||
Net (loss) income attributable to Bloomin’ Brands | $ | (11,443 | ) | $ | 11,294 | $ | 68,681 | $ | 149,385 | ||||||
Adjustments: | |||||||||||||||
Transaction-related expenses (1) | — | 938 | 1,118 | 1,642 | |||||||||||
Severance (2) | 5,362 | — | 5,362 | — | |||||||||||
Asset impairments and related costs (3) | 16,952 | — | 16,952 | — | |||||||||||
Restaurant impairments and closing costs (4) | 11,573 | — | 16,502 | — | |||||||||||
Payroll tax audit contingency (5) | — | 5,000 | — | 5,000 | |||||||||||
Purchased intangibles amortization (6) | 1,545 | — | 4,535 | — | |||||||||||
Loss on extinguishment and modification of debt (7) | — | — | 11,092 | 14,586 | |||||||||||
Total adjustments, before income taxes | 35,432 | 5,938 | 55,561 | 21,228 | |||||||||||
Adjustment to (benefit) provision for income taxes (8) | (11,360 | ) | (4,047 | ) | (18,902 | ) | (62,417 | ) | |||||||
Net adjustments | 24,072 | 1,891 | 36,659 | (41,189 | ) | ||||||||||
Adjusted net income | $ | 12,629 | $ | 13,185 | $ | 105,340 | $ | 108,196 | |||||||
Diluted (loss) earnings per share | $ | (0.09 | ) | $ | 0.09 | $ | 0.54 | $ | 1.16 | ||||||
Adjusted diluted earnings per share | $ | 0.10 | $ | 0.10 | $ | 0.82 | $ | 0.84 | |||||||
Basic weighted average common shares outstanding | 125,289 | 123,747 | 125,023 | 122,624 | |||||||||||
Effect of diluted securities (9): | |||||||||||||||
Stock options | 2,912 | 5,500 | 3,055 | 5,303 | |||||||||||
Nonvested restricted stock and restricted stock units | — | 192 | 70 | 537 | |||||||||||
Diluted weighted average common shares outstanding | 128,201 | 129,439 | 128,148 | 128,464 |
(1) | Relates primarily to costs incurred with the secondary offering of our common stock in March 2014 and May 2013, respectively, and Brazil acquisition-related costs incurred during the three and nine months ended September 30, 2013. |
(2) | Relates to severance expense incurred as a result of our organizational realignment. |
(3) | Represents asset impairment charges and related costs associated with our decision to sell the Roy’s concept and corporate aircraft. |
(4) | Represents impairments incurred in the thirteen and thirty-nine weeks ended September 28, 2014 for the International Restaurant Closure Initiative and expenses incurred in connection with the Domestic Restaurant Closure Initiative during the thirty-nine weeks ended September 28, 2014. |
(5) | Relates to an IRS audit adjustment for the employer’s share of FICA taxes related to cash tips allegedly received and unreported by our tipped employees during calendar year 2010. |
(6) | Represents non-cash intangible amortization recorded as a result of the acquisition of our Brazilian operations. |
(7) | Relates to the refinancing in May 2014 and the repricing in April 2013 of our Senior Secured Credit Facility. |
(8) | Income tax effect of adjustments for the thirteen and thirty-nine weeks ended September 28, 2014 was calculated based on the statutory rate applicable to jurisdictions in which the above non-GAAP adjustments relate. For the three and nine months ended September 30, 2013, we utilized a normalized annual effective tax rate of 22.0%, which excludes the income tax benefit of the valuation allowance release. |
(9) | Due to the net loss, the effect of dilutive securities was excluded from the calculation of diluted (loss) earnings per share for the thirteen weeks ended September 28, 2014. For adjusted diluted earnings per share, the effect of the dilutive securities is included in the calculation. |
THIRTEEN WEEKS ENDED SEPTEMBER 28, 2014 | THREE MONTHS ENDED SEPTEMBER 30, 2013 | THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2014 | NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||
Net (loss) income attributable to Bloomin’ Brands | $ | (11,443 | ) | $ | 11,294 | $ | 68,681 | $ | 149,385 | ||||||
(Benefit) provision for income taxes | (4,110 | ) | (91 | ) | 22,839 | (30,696 | ) | ||||||||
Interest expense, net | 13,837 | 17,690 | 45,544 | 56,585 | |||||||||||
Depreciation and amortization | 48,750 | 40,135 | 143,542 | 121,220 | |||||||||||
EBITDA | 47,034 | 69,028 | 280,606 | 296,494 | |||||||||||
Impairments and disposals (1) | 17,862 | 519 | 19,240 | 2,000 | |||||||||||
Transaction-related expenses (2) | — | 938 | 1,118 | 1,642 | |||||||||||
Stock-based compensation expense | 4,000 | 3,170 | 11,839 | 10,618 | |||||||||||
Other losses (gains) (3) | 481 | (158 | ) | (505 | ) | 389 | |||||||||
Severance (4) | 5,362 | — | 5,362 | — | |||||||||||
Restaurant impairment and closing costs (5) | 11,573 | — | 16,502 | — | |||||||||||
Payroll tax audit contingency (6) | — | 5,000 | — | 5,000 | |||||||||||
Loss on extinguishment and modification of debt (7) | — | — | 11,092 | 14,586 | |||||||||||
Adjusted EBITDA | $ | 86,312 | $ | 78,497 | $ | 345,254 | $ | 330,729 |
(1) | Represents non-cash impairment charges for fixed assets and intangible assets and net gains or losses on the disposal of fixed assets. Includes asset impairment charges associated with our decision to sell the Roy’s concept and corporate aircraft. |
(2) | Relates primarily to costs incurred with the secondary offering of our common stock in March 2014 and May 2013, respectively, and Brazil acquisition-related costs incurred during the three and nine months ended September 30, 2013. |
(3) | Represents expenses incurred as a result of net (losses) gains on partner deferred compensation participant investment accounts, foreign currency loss (gain) and the loss (gain) on the cash surrender value of executive life insurance. |
(4) | Relates to severance expense incurred as a result of our organizational realignment. Included in severance is $0.9 million of modified stock compensation expense. |
(5) | Represents impairments incurred in the thirteen and thirty-nine weeks ended September 28, 2014 for the International Restaurant Closure Initiative and expenses incurred in connection with the Domestic Restaurant Closure Initiative during the thirty-nine weeks ended September 28, 2014. |
(6) | Relates to an IRS audit adjustment for the employer’s share of FICA taxes related to cash tips allegedly received and unreported by our tipped employees during calendar year 2010. |
(7) | Relates to the refinancing in May 2014 and the repricing in April 2013 of our Senior Secured Credit Facility. |
SEPTEMBER 28, | SEPTEMBER 30, | ||||
2014 | 2013 | ||||
Number of restaurants (at end of the period): | |||||
Outback Steakhouse | |||||
Company-owned—domestic | 648 | 664 | |||
Company-owned—international (1) (2) | 176 | 119 | |||
Franchised—domestic | 105 | 106 | |||
Franchised and joint venture—international (1) (2) | 51 | 94 | |||
Total | 980 | 983 | |||
Carrabba’s Italian Grill | |||||
Company-owned | 243 | 237 | |||
Franchised | 1 | 1 | |||
Total | 244 | 238 | |||
Bonefish Grill | |||||
Company-owned | 196 | 181 | |||
Franchised | 5 | 7 | |||
Total | 201 | 188 | |||
Fleming’s Prime Steakhouse and Wine Bar | |||||
Company-owned | 66 | 65 | |||
Roy’s | |||||
Company-owned | 20 | 21 | |||
System-wide total | 1,511 | 1,495 |
(1) | Effective November 1, 2013, the Company acquired a controlling interest in the Brazilian Joint Venture resulting in the consolidation and reporting of 47 restaurants (as of the acquisition date) as Company-owned locations, which are reported as unconsolidated joint venture locations in the historical period presented. |
(2) | The restaurant count for Brazil is reported as of August 31, 2014 to correspond with the balance sheet date of this subsidiary and, therefore, excludes three restaurants that opened in September 2014. Restaurant counts for the Company’s Brazilian operations were reported as of September 30th in the historical period presented. |