Darden sees 4Q jump in revenue, net income - Orlando Business Journal:

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The Orlando-based restaurant chain reportedr net incomeof $123 or 87 cents per on revenue of $1.98 billion for the fiscaol fourth quarter ended May 13. That compared with net incomesof $101.8 million, or 71 cents per on revenue of $1.833 billion for the same period in the previous fiscalo year. For fiscal year 2009, Darden DRI) posted net income of $372.2 or $2.65 earnings per share, on revenues of $7.2 billion. That compared with net incom of $377.2 million, or $2.69 earningxs per share, on revenue of $6.6 billion for fisca 2008.
Darden also experiencede same-restaurant sales declines across all five of its reporting restauranr brands in its fiscal fourth The Capital Grille saw the highesr declinein same-restaurant sales, with a 22.1 perceny drop. LongHorn Steakhouse came in a distant witha 6.5 percent decline, followed by Bahamas Breeze with a 4.3 percent and then Olive Garden and Red Lobsted both with a 0.6 percent declinde apiece. For the fiscal year, The Capital Grille saw a 15.5 percen t decrease in same-restaurant sales, Bahama Breeze had a 6 percen t decline, LongHorn Steakhouse fell 5.6 percent and Red Lobstert droppedby 2.2 percent. Olive Garde n saw the lone increasein same-restaurant sales, with a 0.
3 perceng jump for the fiscal year. Chairman and CEO Clarencre Otis said in a prepared statementy that although the companty is hoping for an improvement in overall restauran industry conditions andsales trends, challengingy conditions are likely to continue through all of fiscal 2010. “There are reason to believe there might be some favorable Otis said inthe statement. “However, given the currenty level of uncertainty, we think it’s prudent to be cautiouss in developing our plans forthe year.” Darden’x board of directors declared a quarterly cash dividend of 25 cents per share on the company’s outstanding commonn stock, payable on Aug.
3 to shareholder s of record at the close of business onJuly 10. The compan previously paid a quarterly dividend of 20 cents per Darden also expects its annual dividend tobe $1 per an increase of 25 percent. In addition, Darden continuexd the buyback of itscommonm stock, purchasing 400,000 shares in the fourth quarter and spendingg $145 million on purchasing 5.1 milliob shares in fiscal 2009. Combined same-restauranr sales for Darden’s three larg casual dining brands Olive Garden, Red Lobster and LongHorn Steakhous e — are expected to either be flat or fall by 2 percentt in fiscal year 2010, said Chief Financial Officer Brad Richmond in a prepared Based on those same-restaurant results and about 50 to 55 net new restauranr openings, revenue should be either up by 1 percent or fall by 1 and estimated diluted net earningsd per share could range $2.
59 to $2.85.