Texas Roadhouse, Inc. Announces Closing of Franchise Acquisitions
Texas Roadhouse, Inc. (Nasdaq: TXRH), announced that, in line with previously announced plans, the Company closed on the acquisition of 11 franchise restaurants including eight in Ohio, two in Colorado and one in Kentucky.
G.J. Hart, President and Chief Executive Officer of Texas Roadhouse, commented, "We are pleased to have closed our first round of franchise acquisitions since becoming a public company in October of 2004. These acquisitions are expected to add approximately $0.02 per diluted share to fiscal 2006 earnings excluding a one-time charge described below."
In conjunction with these acquisitions, the Company will incur a one-time, non-cash pre-tax charge of approximately $0.8 million in the first quarter of 2006 relating to the application of EITF 04-1, Accounting for Preexisting Relationships between the Parties to a Business Combination. Anytime the Company acquires franchise restaurants whose current royalty rates are less than the rates charged to new restaurants, then the Company must record a one-time, non-cash charge for the value of the difference between the two royalty rates.
About the Company
Texas Roadhouse is a casual dining concept that first opened in 1993 and today operates over 200 restaurants system-wide in 40 states.
Logos, product and company names mentioned are the property of their respective owners.
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