Texas Roadhouse, Inc. Completes Acquisitions Of Three Franchised Restaurants
)--Texas Roadhouse, Inc. (NasdaqGS: TXRH) announced today that it has closed on the acquisitions of three franchised restaurants. The aggregate purchase price for the restaurants, which included one in Kentucky and two in Missouri, was approximately $8.7 million. The purchase price for all transactions was paid in cash and funded through borrowings under the Company's credit facility.
For accounting purposes, the financial results of all three restaurants will be included in the Company's financial results from the effective date of March 26, 2008 forward. March 26 is the first day of the Company's second quarter of fiscal 2008. On a 12-month basis, the acquisitions are expected to add approximately $13 million of net revenue and approximately $0.005 per diluted share to earnings, excluding any acquisition-related charges.
In the Company's second quarter of 2008, the Company expects to record an after-tax charge of approximately $35,000 relating primarily to the termination of franchise agreements for certain restaurants that operated at a royalty rate lower than the current market royalty rates.
'We are acquiring much more than just three profitable restaurants. We are also gaining an experienced management team in each restaurant that knows how to execute and provide legendary food and legendary service each and every day.' said GJ Hart, president and CEO of Texas Roadhouse.
The newly acquired restaurants are located in Owensboro, Kentucky, and O'Fallon and Kirkwood, Missouri.
Logos, product and company names mentioned are the property of their respective owners.
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