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The Cheesecake Factory Completes Acquisitions of North Italia and Fox Restaurant Concepts
The Cheesecake Factory Incorporated announced that it has closed the acquisitions of North Italia and Fox Restaurant Concepts (“FRC”), including Flower Child.
The transactions were completed for $308 million in consideration at closing, including $12 million earmarked for customary post-closing adjustments. An additional $45 million will be due ratably over the next four years, and the FRC transaction also includes an earn-out provision based on the financial performance of the FRC brands outside of North Italia and Flower Child. The Company previously invested...
The Cheesecake Factory to Acquire Fox Restaurant Concepts and Remaining Interest in North Italia
The Cheesecake Factory Incorporated (NASDAQ: CAKE)today announced that it has entered into definitive agreements to acquire Fox Restaurant Concepts (“FRC”) and the remaining interest in North Italia, reinforcing its leadership position in experiential dining.
“Since making our initial minority investments in North Italia and Flower Child in 2016, we have not only helped fuel the growth of both brands, but also developed a deep relationship with Sam Fox at Fox Restaurant Concepts,” said David Overton, Chairman and Chief Executive Officer of The Cheesecake Factory Incorporated. “We realized the true potential of this relationship as we worked through the integration process for our planned acquisition of North Italia. It became evident that the combination of two of the most experiential and entrepreneurial restaurant companies could drive greater value as one organization.”
Overton continued, “In turn, we have decided to bring together North Italia and Fox Restaurant Concepts, including Flower Child, with The Cheesecake Factory to reinforce our leadership position in...
The Cheesecake Factory Reports Results for First Quarter of Fiscal 2019
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2019, which ended on April 2, 2019.
Total revenues were $599.5 million in the first quarter of fiscal 2019 compared to $584.7 million in the first quarter of fiscal 2018. Net income and diluted net income per share were $27.0 million and $0.60, respectively, in the first quarter of fiscal 2019.
Excluding the after-tax impact of the $1.5 million loss on the Company’s minority investments, net income and diluted net income per share for the first quarter of fiscal 2019 would have been $28.1 million and $0.62, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this release...
The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2018
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2018, which ended on January 1, 2019.
Total revenues were $585.2 million in the fourth quarter of fiscal 2018 compared to $571.8 million in the fourth quarter of fiscal 2017. Net income and diluted net income per share were $16.2 million and $0.35, respectively, in the fourth quarter of fiscal 2018.
The Company recorded a pre-tax charge of $15.0 million during the fourth quarter of fiscal 2018, including $13.9 million in non-cash impairment primarily related to one restaurant in each of the Cheesecake Factory, Grand Lux Cafe and RockSugar Southeast Asian Kitchen brands. Excluding the after-tax impact from this item, net income and diluted net income per share for the fourth quarter of fiscal 2018 would have ...
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