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QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | 12 Months Ended
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Jun. 27, 2018
Quarterly Financial Information Disclosure [Abstract] |
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | The following table summarizes the unaudited consolidated quarterly results of operations for fiscal 2018 and 2017 (in thousands, except per share amounts):
| Fiscal Year Ended June 27, 2018
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Revenues | $ | 739,390 |  |  | $ | 766,400 |  |  | $ | 812,534 |  |  | $ | 817,093 |
Income before provision for income taxes | $ | 15,149 |  |  | $ | 41,142 |  |  | $ | 58,916 |  |  | $ | 55,015 |
Net income | $ | 9,877 |  |  | $ | 25,366 |  |  | $ | 46,916 |  |  | $ | 43,723 |
Basic net income per share | $ | 0.20 |  |  | $ | 0.55 |  |  | $ | 1.03 |  |  | $ | 1.03 |
Diluted net income per share | $ | 0.20 |  |  | $ | 0.54 |  |  | $ | 1.02 |  |  | $ | 1.01 |
Basic weighted average shares outstanding | 48,293 |  |  | 46,432 |  |  | 45,433 |  |  | 42,649 |
Diluted weighted average shares outstanding | 48,732 |  |  | 46,880 |  |  | 45,973 |  |  | 43,469 |
| Fiscal Year Ended June 28, 2017
| First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter
Revenues | $ | 758,492 |  |  | $ | 771,043 |  |  | $ | 810,641 |  |  | $ | 810,661 |
Income before provision for income taxes | $ | 32,966 |  |  | $ | 48,268 |  |  | $ | 59,612 |  |  | $ | 67,662 |
Net income | $ | 23,233 |  |  | $ | 34,637 |  |  | $ | 42,369 |  |  | $ | 50,584 |
Basic net income per share | $ | 0.42 |  |  | $ | 0.70 |  |  | $ | 0.87 |  |  | $ | 1.03 |
Diluted net income per share | $ | 0.42 |  |  | $ | 0.69 |  |  | $ | 0.86 |  |  | $ | 1.02 |
Basic weighted average shares outstanding | 54,844 |  |  | 49,833 |  |  | 48,954 |  |  | 48,917 |
Diluted weighted average shares outstanding | 55,576 |  |  | 50,480 |  |  | 49,506 |  |  | 49,435 |
Net income for fiscal 2018 included restaurant impairment charges of $7.2 million, $2.0 million, and $1.8 million in the first, second, and fourth quarters of fiscal 2018, respectively. We recorded additional lease and other costs associated with closed restaurants of $0.2 million, $4.3 million, $2.8 million, and $0.2 million in the first, second, third, and fourth quarters of fiscal 2018, respectively. Hurricane related costs, net of recoveries of $4.6 million, $0.6 million and $0.2 million, and net recoveries of $0.4 million were recorded in the first, second, third, and fourth quarters of fiscal 2018, respectively. Cyber security incident charges related to professional services of $2.0 million were recorded in the fourth quarter of fiscal 2018. Sale leaseback transaction charges of $2.0 million were recorded in the fourth quarter of fiscal 2018 related to legal, accounting, and other consulting fees. Lease guarantee charges of $1.4 million and $0.5 million were recorded in the second and third quarters of fiscal 2018, respectively. Accelerated depreciation related to long-lived assets to be disposed of $0.5 million was recorded in each quarter of fiscal 2018. Remodel-related costs of $1.4 million were recorded in the fourth quarter of fiscal 2018. Foreign currency transaction losses of $0.9 million and $1.2 million were recorded in the second and fourth quarters of fiscal 2018, respectively, and foreign currency transaction gains of $0.9 million were recorded in the third quarter of fiscal 2018. Gains on the sale of property of $0.3 million were recorded in the second quarter of fiscal 2018. Furthermore, we recorded severance charges of $0.3 million in the fourth quarter of fiscal 2018. Net income for fiscal 2017 included severance charges of $0.3 million, $5.9 million and $0.4 million in the first, third and fourth quarters of fiscal 2017, respectively. Restaurant impairment charges of $1.9 million and $3.3 million were recorded in the second and fourth quarters, respectively. We also recorded additional lease and other costs associated with closed restaurants of $2.5 million, $0.3 million, $0.8 million and $0.5 million in the first, second, third and fourth quarters of fiscal 2017, respectively. We incurred professional fees and severance expenses of $2.5 million and $0.2 million in the first and second quarters, respectively, related to our information technology restructuring. We also recorded gains on the sale of property of $2.6 million in the second quarter of fiscal 2017. Additionally, we recorded accelerated depreciation related to long-lived assets to be disposed of $0.7 million, $0.7 million and $0.6 million in the first, second and fourth quarters of fiscal 2017, respectively. Furthermore, we recorded consulting fees of $2.4 million and lease guarantee charges of $1.1 million in the fourth quarter of fiscal 2017.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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