-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GwFuROz1dKNkMQVlrEmX8SdIif9bz7DIy4YgL2OKlA+7IK8lJ8x3dzpBO4HVrsPM UZZkELMp/dmlKNX3WSWLmg== 0001157523-04-003457.txt : 20040420 0001157523-04-003457.hdr.sgml : 20040420 20040420162744 ACCESSION NUMBER: 0001157523-04-003457 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040420 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHEESECAKE FACTORY INCORPORATED CENTRAL INDEX KEY: 0000887596 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 510340466 STATE OF INCORPORATION: DE FISCAL YEAR END: 1229 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20574 FILM NUMBER: 04743138 BUSINESS ADDRESS: STREET 1: 26950 AGOURA RD CITY: CALABASAS HILLS STATE: CA ZIP: 91301 BUSINESS PHONE: 8188809323 MAIL ADDRESS: STREET 1: 26950 AGOURA RD STREET 2: 26950 AGOURA RD CITY: CALABASAS HILLS STATE: CA ZIP: 91301 8-K 1 a4620061.txt THE CHEESECAKE FACTORY INCORPORATED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 20, 2004 THE CHEESECAKE FACTORY INCORPORATED (Exact Name of Registrant as Specified in its Charter) Delaware 0-20574 51-0340466 (State or other jurisdiction (Commission File Number) IRS Employer of incorporation) Identification No.) 26950 Agoura Road Calabasas Hills, California 91301 (Address of principal executive offices) Registrant's telephone number, including area code: (818) 871-3000 Not Applicable (Former name or former address, if changed since last report) ITEM 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit 99.1. Press Release dated April 20, 2004 titled "The Cheesecake Factory Reports Record Financial Results for the Fiscal Quarter Ended March 30, 2004". ITEM 9. Regulation FD Disclosure. In accordance with SEC Release No. 33-8216, the following information, intended to be furnished under "Item 12. Results of Operations and Financial Condition," is instead furnished under this "Item 9. Regulation FD Disclosure." On April 20, 2004, The Cheesecake Factory Incorporated issued a press release announcing financial results for the fiscal first quarter ended March 30, 2004. A copy of the press release is attached as Exhibit 99.1. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 20, 2004 THE CHEESECAKE FACTORY INCORPORATED By: /s/ MICHAEL J. DIXON ------------------------------------------------- Michael J. Dixon Senior Vice President and Chief Financial Officer 3 EXHIBIT INDEX Exhibit Description - ----------- ----------------------------------------------------------------- 99.1 Press Release dated April 20, 2004 titled "The Cheesecake Factory Reports Record Financial Results for the Fiscal Quarter Ended March 30, 2004." 4 EX-99.1 3 a4620061_ex991.txt THE CHEESECAKE FACTORY INCORPORATED PRESS RELEASE Exhibit 99.1 The Cheesecake Factory Reports Record Financial Results for the Fiscal Quarter Ended March 30, 2004 CALABASAS HILLS, Calif.--(BUSINESS WIRE)--April 20, 2004--The Cheesecake Factory Incorporated (Nasdaq:CAKE) today reported record financial results for the fiscal first quarter ended March 30, 2004. Highlights for the first quarter, compared to the same quarter last year, were as follows: -- Total revenues up 28% to $220.5 million -- Operating income up 36% to $24.5 million -- Net income up 32% to $16.7 million -- Diluted net income per share up 28% to $0.32 -- Comparable restaurant sales up 6.1% -- Average sales per restaurant operating week up 5.1% "We were very pleased with our record financial results for the first quarter," said David Overton, Chairman, President and CEO. "The more normal weather conditions compared to the prior year are reflected in our 6.1% increase in comparable restaurant sales, our largest quarterly increase in comparable restaurant sales since 1998. In addition, we achieved record operating income results despite a very difficult commodity cost environment. This is a strong testament to our management team who did a commendable job in controlling costs in other areas to help offset the food cost pressures. "Our goal is to open as many as 16 restaurants in the current year, including two Grand Lux Cafes," stated Overton. Two new Cheesecake Factory restaurants were opened during the first quarter (Birmingham, AL and Cincinnati, OH). Two additional Cheesecake Factory restaurants are currently scheduled to open late in the second quarter (Sacramento, CA and Alpharetta, GA). Seven restaurant openings are currently planned for the second half of the third quarter and five openings are currently scheduled for the fourth quarter. "As most of our investors know, it is not easy to predict, by quarter, the exact timing of our restaurant openings and their associated preopening costs due to the nature of the leased spaces that we select for our upscale restaurants and their highly customized layouts," commented Overton. "Having said that, we remain confident in our ability to achieve our full-year restaurant growth plan for 2004 based on those factors within our control." Sales for the Company's three Grand Lux Cafe locations in Las Vegas, Los Angeles and Chicago were up 19% during the first quarter compared to the same period last year. "We continue to be very excited with the steady increase in Grand Lux Cafe sales and look forward to opening Grand Lux Cafes in Dallas and Houston during fiscal 2004," commented Overton. "Our objective with Grand Lux Cafe is to have a second growth vehicle ready when needed, with an excellent ROI profile. We believe that we are well on our way to achieving this objective." Bakery sales to other foodservice operators, retailers and distributors increased 21% to $9.3 million during the first quarter, compared to the same quarter last year. Sales continue to steadily build for The Dream Factory(R) and SYSCO Supreme(TM) product lines and other premium dessert products with foodservice distributors and retailers. The Cheesecake Factory Incorporated operates 75 upscale, casual dining restaurants under The Cheesecake Factory(R) name that offer an extensive menu of more than 200 items with an average check of approximately $16.09. The Company also operates a bakery production facility that produces over 50 varieties of quality cheesecakes and other baked products for the Company's restaurants and for other leading foodservice operators, retailers and distributors. Additionally, the Company operates three upscale casual dining restaurants under the Grand Lux Cafe(R) name in Los Angeles, Chicago and Las Vegas; one self-service, limited menu "express" foodservice operation under The Cheesecake Factory Express(R) mark inside the DisneyQuest(R) family entertainment center in Orlando, Florida; and licenses three bakery cafe outlets to another foodservice operator under The Cheesecake Factory Bakery Cafe(R) name. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. In particular, forward-looking statements regarding the Company's restaurant sales trends are subject to risks and uncertainties due to national and regional economic and public safety conditions that impact consumer confidence and spending, as well as weather and other factors outside of the Company's control. Forward-looking statements regarding the number and timing of the Company's planned new restaurant openings, and the amount and timing of their associated preopening costs, are subject to risks and uncertainties due to factors outside of the Company's control, including factors that are under the control of government agencies, landlords and others. Forward-looking statements regarding bakery sales are subject to a number of risks and uncertainties, including (but not limited to) unforeseen changes in the purchasing plans of the Company's large-account bakery customers and inherent difficulties in predicting the timing of product orders and shipments. Forward-looking statements speak only as of the dates on which they were made. The Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise unless required to do so by the securities laws. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements contained in the Company's filings with the Securities and Exchange Commission. The Cheesecake Factory Incorporated and Subsidiaries Consolidated Financial Statements (unaudited; in thousands, except per share and statistical data) 13 Weeks Ended 13 Weeks Ended Consolidated Statements of March 30, 2004 April 1, 2003 Operations - ---------------------------------- ----------------- ----------------- Revenues: Amounts Percents Amounts Percents ----------------- ----------------- Restaurant sales $211,216 95.8% $165,176 95.6% Bakery sales to other foodservice operators, retailers and distributors 9,318 4.2% 7,684 4.4% ----------------- ----------------- Total revenues 220,534 100.0% 172,860 100.0% ----------------- ----------------- Costs and expenses: Restaurant cost of sales (1) 52,510 23.8% 38,845 22.5% Bakery cost of sales (2) 4,556 2.1% 3,638 2.1% Labor expenses 69,038 31.3% 55,844 32.3% Other operating expenses 49,990 22.7% 39,777 23.0% General and administrative expenses 9,770 4.4% 8,686 5.0% Depreciation and amortization expenses 8,187 3.7% 6,546 3.8% Preopening costs 2,021 0.9% 1,518 0.9% ----------------- ----------------- Total costs and expenses 196,072 88.9% 154,854 89.6% ----------------- ----------------- Income from operations 24,462 11.1% 18,006 10.4% Interest income, net 620 0.3% 857 0.5% Other income, net 581 0.3% 794 0.5% ----------------- ----------------- Income before income taxes 25,663 11.7% 19,657 11.4% Income tax provision 9,008 4.1% 7,018 4.1% ----------------- ----------------- Net income $16,655 7.6% $12,639 7.3% ================= ================= Basic net income per share $0.32 $0.25 ========= ========= Basic weighted average shares outstanding 51,398 50,032 ========= ========= Diluted net income per share $0.32 $0.25 ========= ========= Diluted weighted average shares outstanding 52,858 51,412 ========= ========= Notes: - --------------------------------- (1) Consists of restaurant food, beverage and dessert costs. (2) Consists of ingredient, packaging and supply costs. Selected Consolidated Balance March 30, 2004 December 30, 2003 Sheet Information - ---------------------------------- ----------------- ----------------- Cash and cash equivalents $63,641 $15,167 Investments and marketable securities 94,233 121,840 Total assets 611,018 584,808 Total liabilities 116,700 126,906 Stockholders' equity 494,318 457,902 13 Weeks Ended 13 Weeks Ended Supplemental Statistics March 30, 2004 April 1, 2003 - ---------------------------------- ----------------- ----------------- Comparable restaurant sales % change 6.1% -2.0% Restaurant cost of sales % of restaurant sales 24.9% 23.5% Bakery cost of sales % of bakery sales 48.9% 47.3% Restaurants opened during period 2 2 Restaurants open at period-end 79 65 Restaurant operating weeks 1,016 835 CONTACT: The Cheesecake Factory Incorporated Jane Vallaire, (818) 871-3000 -----END PRIVACY-ENHANCED MESSAGE-----