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Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 30, 2014
Quarterly Financial Data (unaudited)  
Quarterly Financial Data (unaudited)

 

16.  Quarterly Financial Data (unaudited)

 

Summarized unaudited quarterly financial data for fiscal 2014 and 2013, is as follows (in thousands, except per share data):

 

Quarter Ended:

 

April 1, 2014(2)

 

July 1, 2014(2)

 

September 30, 2014

 

December 30,
2014

 

Revenues

 

$
481,431 

 

$
496,406 

 

$
499,114 

 

$
499,673 

 

Income from operations

 

$
33,073 

 

$
42,691 

 

$
34,175 

 

$
34,792 

 

Net income

 

$
22,518 

 

$
30,049 

 

$
24,223 

 

$
24,486 

 

Basic net income per share (1)

 

$
0.44 

 

$
0.61 

 

$
0.49 

 

$
0.50 

 

Diluted net income per share (1)

 

$
0.43 

 

$
0.59 

 

$
0.48 

 

$
0.48 

 

Cash dividends declared per common share

 

$
0.14 

 

$
0.14 

 

$
0.165 

 

$
0.165 

 

 

Quarter Ended:

 

April 2, 2013(2)

 

July 2, 2013(2)

 

October 1, 2013(2)

 

December 31,
2013(2)

 

Revenues

 

$
463,018 

 

$
470,118 

 

$
469,699 

 

$
475,075 

 

Income from operations

 

$
36,787 

 

$
41,170 

 

$
38,631 

 

$
44,366 

 

Net income

 

$
25,292 

 

$
28,583 

 

$
27,481 

 

$
33,000 

 

Basic net income per share (1)

 

$
0.48 

 

$
0.54 

 

$
0.52 

 

$
0.64 

 

Diluted net income per share (1)

 

$
0.47 

 

$
0.52 

 

$
0.50 

 

$
0.62 

 

Cash dividends declared per common share

 

$
0.12 

 

$
0.12 

 

$
0.14 

 

$
0.14 

 

 

(1)

Net income per share calculations for each quarter are based on the weighted average diluted shares outstanding for that quarter and may not total to the full year amount.

(2)

Income from operations included impairment and lease termination expenses/(income) of $0.2 million, $0.5 million in the first and second quarters of fiscal 2014 and $0.6 million, $1.5 million, $1.1 million and ($3.8) million in the four quarters of fiscal 2013, respectively, related to seven The Cheesecake Factory and four Grand Lux Cafe restaurants.  The impact of these amounts on net income was $0.1 million and $0.3 million in the first and second quarters of fiscal 2014 and $0.4 million, $0.9 million, $0.7 million and ($2.3) million in the four quarters of fiscal 2013, respectively.  (See Note 1 for further discussion of impairment of assets and lease terminations.)

 

While seasonal fluctuations generally do not have a material impact on our quarterly results, the year-over-year comparison of our quarterly results can be significantly impacted by the number and timing of new restaurant openings and associated preopening costs, the calendar days of the week on which holidays occur and other variations in revenues and expenses.  As a result of these factors, our financial results for any quarter are not necessarily indicative of the results that many be achieved for the full fiscal year.