BRINKER INTERNATIONAL, INC. (NYSE:EAT) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Conditions.
BRINKER INTERNATIONAL, INC. (NYSE:EAT) Files An 8-K Results of Operations and Financial Condition
The information contained in this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed to the Securities Act of 1933, as amended.
On January 25, 2017, Brinker International, Inc. (“Company”) issued a Press Release announcing its second quarter fiscal 2017 results. A copy of this Press Release is attached hereto as Exhibit 99.1.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On January 19, 2017, the company completed a reorganization of the Chili’s restaurant operations team and certain departments at the corporate headquarters to better align our staffing with the current management strategy and resource needs. The reorganization is complete and no further actions are anticipated to complete the plan. This employee separation action will result in severance charges and accelerated stock based compensation expenses of approximately $6.0 million. We anticipate that substantially all of the severance amounts will be paid out by the end of the third quarter of fiscal 2017 and no further cash expenditures will be required. These amounts will be recorded in the third quarter of fiscal 2017 in the Other gains and charges caption of our consolidated statements of comprehensive income.
Section 9 – Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated January 25, 2017.
About BRINKER INTERNATIONAL, INC. (NYSE:EAT)
Brinker International, Inc. is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa. Maggiano’s is a full-service, casual dining Italian restaurant brand. Its Maggiano’s restaurants feature individual and family-style menus, and its restaurants also has banquet facilities designed to host party business or social events. The Company owns, operates or franchises restaurants, which include approximately 1,650 restaurants in the United States, over 30 countries and approximately two territories outside of the United States. BRINKER INTERNATIONAL, INC. (NYSE:EAT) Recent Trading Information
BRINKER INTERNATIONAL, INC. (NYSE:EAT) closed its last trading session up +0.32 at 47.16 with 3,434,816 shares trading hands.
Brinker International, Inc. is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa. Maggiano’s is a full-service, casual dining Italian restaurant brand. Its Maggiano’s restaurants feature individual and family-style menus, and its restaurants also has banquet facilities designed to host party business or social events. The Company owns, operates or franchises restaurants, which include approximately 1,650 restaurants in the United States, over 30 countries and approximately two territories outside of the United States. BRINKER INTERNATIONAL, INC. (NYSE:EAT) Recent Trading Information
BRINKER INTERNATIONAL, INC. (NYSE:EAT) closed its last trading session up +0.32 at 47.16 with 3,434,816 shares trading hands.