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Financial Overview — January 2009

  • STAMFORD, Conn. — Weakness in the credit markets has forced CENTERPLATE INC. and KOHLBERG & CO. to modify the terms of the merger agreement they entered into Sept. 18 by reducing the purchase price for each income deposit security, or IDS, from $4 to $2.50. An IDS is made up of common stock and subordinated notes. Holders receive dividends from the common stock and fixed income from the debt instrument in the IDS. Although Kohlberg had been unable to obtain financing at the originally agreed upon price of about $200 million, the private-equity firm was able to reach an agreement with lenders under Centerplate’s senior credit facility to amend the facility and extend the maturity date from 2010 to 2012, providing Kohlberg with the debt financing necessary to acquire the stadium concessionaire.The deal, which is expected to close in the first quarter of 2009, still is subject to shareholder approval.According to data compiled for Nation’s Restaurant News’ 2008 Top 100 company census, Centerplate’s estimated annual U.S. foodservice sales totaled about $709.6 million.
  • INDIANAPOLIS — STEAK N SHAKE CO. reported Tuesday a 1.4-percent drop in same-store sales for its first quarter ended Dec. 17, an improved result for the struggling chain. Quarterly comparable guest traffic fell 0.9 percent. The result was better than at least one analyst had expected, as the family dining chain had endured a turbulent year. Steak n Shake,based here, operates 437 family-dining restaurants. Its same-store sales for the fiscal year that ended Sept. 24 fell 7.1 percent. The improvement in the latest first quarter could have been driven by lower gas prices, one analyst said, perhaps sparking consumer spending. Steak n Shake's 2008 included a change in leadership as activist investor Sardar Biglari took the chief executive post in August. Its latest year was capped with a net loss of nearly $23 million compared with a year earlier when Steak n Shake earned $11.8 million. Results for fiscal 2008 included $14.9 million in impairment and store-closing costs.
  • ORLANDO, Fla. — DARDEN RESTAURANTS INC., parent to the Red Lobster, Olive Garden and LongHorn Steakhouse chains, said Thursday that second-quarter net earnings rose 37.2 percent from a year earlier, but that the expectation for a challenging second half of the year led to a lowered annual outlook. For the quarter ended Nov. 23, earnings rose to $59.7 million, or 43 cents per share, from $43.5 million, or 30 cents per share, a year ago. Latest-quarter sales rose 9.7 percent to $1.7 billion. Same-store sales rose 0.8 percent and 0.3 percent at Olive Garden and Red Lobster, respectively, but fell 5.7 percent at LongHorn Steakhouse, 8.7 percent at The Capital Grille and 8 percent at Bahama Breeze. The company said it now expects fiscal 2009 per-share earnings from continuing operations to fall between 1 percent and 6 percent from a year earlier, compared with a previous forecast for earnings growth of between 5 percent and 10 percent.At the end of the quarter, Darden operated more than 1,700 restaurants.
  • OVERLAND PARK, Kan. — NPC INTERNATIONAL INC., the largest PIZZA HUT franchisee, said Thursday it agreed to another two purchase and sale agreements with franchisor Pizza Hut Inc. covering 97 restaurants and totaling $37.5 million. The deals follow similar purchase agreements between the two parties as both the franchisee and franchisor continue to strive for contiguous, rather than scattered, operations.The latest moves will create a net gain of 13 locations for NPC, bringing its total number of restaurants to 1,111, or about 18-percent of Pizza Hut’s domestic system. Under the newest deal NPC will purchase from Pizza Hut, which is a division of Yum! Brands Inc., 55 restaurants for $18.5 million in cash, and Pizza Hut will purchase from NPC 42 restaurants for $19 million in cash.
  • HOUSTON — LUBY’S INC., the operator of 120 restaurants in the Southwest, reported Wednesday that the chain’s decreasing sales, which led to a $2.2 million loss in its fiscal first quarter, will likely continue through 2009. To combat the sales weakness, Luby’s introduced last month a new branding and advertising campaign, themed “Here, You Rule,” that it said highlights the chain’s made-from-scratch foods and the guestcontrolled dining experience. For the first quarter ended Nov. 19, Luby’s posted a net loss of $2.2 million, or 8 cents per share, compared with year-earlier earnings of $4.8 million, or 17 cents per share. Latest-quarter revenue fell 7.9 percent to $65.9 million and reflected a same-store sales decline of 6.7 percent. The chain, located mostly in Texas, said restaurant closures from Hurricane Ike hurt same-store sales by 2.9 percent. The company recently introduced a catering division, and sales under that arm nearly doubled in the latest quarter to $3 million.
  • CARPINTERIA, Calif.— CARL’S JR. and HARDEE’S parent CKE RESTAURANTS INC. said Wednesday that reduced revenue from refranchising efforts and higher interest expenses pushed third-quarter profit down 13 percent, even as both brands posted positive same-store sales. For the quarter ended Nov. 3, CKE’s net income totaled $5.4 million, or 10 cents per share, compared with $6.2 million, or 11 cents per share, a year ago. Revenue for the latest quarter fell 4.3 percent to $336.6 million.The drop reflected the sale of the sale of 118 formerly corporate Hardee’s locations to franchisees during the past 12 months. Same-store sales at corporate Carl’s Jr. restaurants rose 0.5 percent, which reversed a decline in the second quarter, and Hardee’s continued its same-store-sales climb with an increase of 1.3 percent at corporate locations. ANDREW PUZDER, CKE president and chief executive, said the company’s bottom line also was hurt by restaurant operating expenses that rose 50 basis points from last year, primarily because of higher utility costs and increased depreciation expense from the company’s ongoing remodeling program. Puzder noted that menu initiatives and price increases helped to keep food costs relatively flat during the quarter. CKE operates or franchises 1,185 Carl’s Jr. units and 1,912 Hardee’s units.
  • DALLAS — DAVE & BUSTER’S INC., operator of 51 largebox entertainment and dining locations, said Wednesday it trimmed its third-quarter net loss to $5.7 million from $11.3 million a year ago on a beneficial income tax provision and cost control.The privately held company, which reports financial results because of its publicly traded notes, booked a $3.5 million benefit from income taxes in the latest quarter and was able to keep total operating expenses in line from yearago levels, according to the company’s report. Sales continue to be an issue, however, and revenues fell 3.2 percent to $119.7 million in the latest quarter, which ended Nov. 2, from $123.7 million a year ago. Same-store sales fell 6 percent. Food and beverage revenues fell 4.7 percent from a year ago, and amusements and other revenues slipped 1.4 percent.
  • WOODLAND HILLS, Calif. — DAILY GRILL parent GRILL CONCEPTS INC. said Tuesday it planned to take the company private by buying out smaller shareholders to reduce the number of stakeholders and then delisting its stock from the Nasdaq exchange.The moves, already backed by the company’s board but still pending shareholder approval, would save the company about $750,000 annually through the elimination of public-company reporting mandates. A special meeting of shareholders to approve the deal will be scheduled in the first quarter of 2009, the company said. The going-private plan includes a $1.50 per share cash buyout offer to shareholders that hold fewer than 35 shares. The offer is double the company’s closing share price of 75 cents on Monday. On Tuesday Grill Concept’s stock fell 6.7 percent to close at 70 cents per share. It has traded between $6.63 per share and 61 cents per share during the past 52 weeks, but has closed above $1 only a handful of times during the past two months. The company, which operates 31 restaurants, added that it would continue to evaluate strategic options with financial adviser Morgan Joseph & Co., which it retained in October to help it explore a possible sale of assets, recapitalization or merger.
  • NEW YORK — TRIAN FUND MANAGEMENT LP, an investment fund controlled by activist investor NELSON PELTZ, said Monday that its pending tender offer for shares in WENDY’S/ARBY’S GROUP INC. will give it control of 21.6 percent of the restaurant company. The fund agreed to purchase 49.4 million shares for about $205 million, according to preliminary results from the fund’s offer.The offer of $4.15 per share led to shareholders tending 219.2 million shares. Trian, however, had only agreed to purchase the 49.4 million shares.When this deal is finalized, Trian will hold 101.5 million shares, or 21.6 percent of the company. Prior to this offer, Trian held about 52 million shares, or an 11-percent stake, in Wendy’s/Arby’s, which is parent to the Wendy’s and Arby’s quick-service brands. Peltz, non-executive chairman at Trian, was instrumental in the merger of Wendy’s former parent Wendy’s International Inc. and Arby’s former parent Triarc Cos. Inc., which created Wendy’s/Arby’s Group.
  • VAN NUYS, Calif.— UWINK INC., parent to three technology-focused restaurants, said it would seek to go private and spin off its technology division to reduce expenses and focus on its restaurant business. The company is offering 50 cents per share to investors who own 99 shares or fewer, known as “odd-lot” investors.UWink, which is an over-the-counter stock, said oddlot stockholders represent about 66 percent of the shareholder base, but only about 0.04 percent of the company’s outstanding shares.The goal of the tender offer is to reduce the number of shareholders to fewer than 500, then de-register the company with the SEC and eliminate the expense of public reporting, said Nolan Bushnell, chairman and CEO. Officials contend going private will save the company an estimated $190,000 annually in reporting fees. If successful, the company plans to spin off uWink’s technology licensing division as a dividend to shareholders. UWink’s licensing side offers table-top touchscreen hardware and software, featuring entertainment and the ability to order from the menu and pay at the table.
  • LOUISVILLE, Ky.— YUM! BRANDS INC., parent to Taco Bell, KFC, Pizza Hut and other quick-service brands, said last week it expects per-share earnings to increase at least 10 percent in 2009 and reiterated its prediction for a 12-percent jump for the current year. The guidance, which will be detailed at an analyst conference on Dec. 10, excludes special one-time items, the company said. If the growth targets are met in 2009, it would mark Yum’s eighth consecutive year of double-digit earnings-per-share growth. In 2007, Yum earned $1.68 per share, and, on average, analysts expect the company to earn $1.90 this year. So far in the company’s current fourth quarter, through Nov. 26, U.S. systemwide same-store sales increased 2 percent across all of the company’s brands, Yum reported. Quarterly trends through Nov. 30 in mainland China show a year-to-year same-store sales gain of 4 percent. In Yum’s other international markets, through Nov. 3, same-store sales rose 4 percent from a year ago, the company said.Worldwide, Yum and its franchisees operate more than 35,000 restaurants.
  • NASHVILLE, Tenn. — O’CHARLEY’S INC., operator or franchisor of 371 restaurants under the O’Charley’s, Ninety Nine Restaurant and Stoney River Legendary Steaks brands, said Friday it had amended its revolving credit facility to improve the company’s financial flexibility. The new terms increased the casual-dining company’s cost of capital and reduced the total amount of the facility from $100 million to $90 million. O’Charley’s agreed with its administrative agent, Wachovia Bank, and its group of lenders to change three of the four lending covenants, including an increase to the maximum adjusted leverage ratio and reductions to the minimum fixed charge ratio and the maximum senior leverage ratio. O’Charley’s also agreed to use both a portion of its cash flow and proceeds from potential sale-leaseback transactions to reduce its drawn balances under the facility, which stand at $34 million, and about $13 million in letters of credit.
  • NEW YORK — STANDARD & POOR’S RATINGS SERVICES cut the credit ratings of two restaurant companies, SBARRO INC. and EL POLLO LOCO INC., further into junk status last week on concerns the companies could break lending agreements. The S&P lowered Sbarro’s ratings on the company’s $25 million revolving facility, $183 million first-lien term loan and its $150 million senior notes because the rating agency expects that Sbarro will breach its leverage covenant when it becomes more restrictive at year-end. El Pollo Loco’s corporate credit rating and senior secured credit facility rating were lowered because of what S&P called a “limited cushion over financial covenants.” Sbarro operates or franchises 1,064 Italian quick-service restaurants and El Pollo Loco operates or franchises about 400 fast-casual chicken restaurants.
  • SAN DIEGO — JACK IN THE BOX INC. on Dec. 15 will move its stock exchange listing to the Nasdaq Stock Market, officials said Monday. With the move, the company will change its ticker symbol to JACK. The company's stock currently trades on the New York Stock Exchange under the ticker JBX. Jack in the Box, based here, operates or franchises 2,100 namesake quick-service restaurants and more than 450 Qdoba fast-casual locations.
  • HOUSTON — TILMAN FERTITTA, chairman and chief executive of LANDRY’S RESTAURANTS INC., purchased more than 1 million shares of Landry’s common stock in various transactions ending last week, to bring his total stake to 8.6 million shares, or 53 percent of the company. Many of the newly acquired shares cannot be voted in favor of his buyout offer for the casual-dining and gaming company, according to filings with securities regulators. His recently acquired holdings will be used as equity to exchange with the new parent company, Fertitta Holdings Inc. Fertitta has offered $13.50 per share for all outstanding shares of the company in a going-private buyout offer that the company’s board of directors approved in October. Shareholders still have to approve the deal, which is valued at more than $1 billion when including debt. A shareholder meeting is expected to take place this month, and the buyout is scheduled to close in the first quarter of 2009. Landry’s Restaurants operates about 179 restaurants under various brands, including Landry’s Seafood House, Chart House, Rainforest Cafe and Salt Grass Steak House. It also owns gaming and entertainment venues.
  • LEBANON, Tenn. — CBRL GROUP INC., parent of 581 CRACKER BARREL OLD COUNTRY STORES, reported a nearly 8-percent drop in first-quarter profit against rising costs and falling sales, trends that the company expects to continue through its current fiscal year. CBRL widened downward its per-share earnings forecast for fiscal 2009, which ends in July, to between $2.65 and $3.00, compared with earlier guidance of between $2.80 and $3.00. The company also said it expects same-store restaurant sales to fall between 1 percent and 3 percent for the year, against prior expectations for positive results. For the first quarter ended Oct. 31, CBRL posted net income of $12.8 million, down 7.9 percent from $13.9 million a year ago. Latest-quarter revenue fell 1 percent to $573.9 million. Same-store restaurant sales fell 3.2 percent and reflected a 6-percent decline in customer traffic and a 3.3-percent increase in the average check. Same-store retail sales fell 2.3 percent.
  • SAN DIEGO — JACK IN THE BOX INC. said this week that results for its current first quarter would fall below year-ago levels because of increased commodity costs and the volatile financial markets. The company, which operates or franchises 2,158 namesake restaurants and 454 QDOBA fast-casual restaurants, said the cost of beef, its largest commodity expense, is expected to increase as much as 20 percent from a year ago. Overall commodity costs are expected to increase between 7 percent and 8 percent, it added. Jack in the Box said it now expects to earn between 50 cents per share and 55 cents per share, as much as 16.6 percent below year-ago earnings of 60 cents per share.The company’s chains also are experiencing sales pressure, with same-store sales declines of 0.8 percent at Jack in the Box and 1.0 percent at Qdoba for the company’s latest fourth quarter, which ended Sept. 28. For the quarter, Jack in the Box profit was nearly flat at $26.9 million, versus year-ago profit of $26.8 million. Per-share earnings rose to 47 cents per share in the latest quarter, from 43 cents per share a year ago,mainly because of a decrease in the average number of shares outstanding. Officials said costs associated with Hurricane Ike hurt results by between 4 cents per share and 5 cents per share.Revenues for the quarter dropped to $582.7 million from $588.1 million in the prior-year period, mainly because of the sale of corporate locations to franchisees.
  • EMERYVILLE, Calif. — JAMBA INC., operator or franchisor of 749 Jamba Juice outlets, said same-store sales declines and restaurant impairment charges caused the company to swing to third-quarter net loss of $12.4 million. The smoothie chain posted a same-store sales drop of 10.3 percent at corporate locations for the quarter ended Oct. 7. Jamba operates 520 of the Jamba Juice outlets, many of which are in economically hard-hit California. Officials said Jamba would continue to implement turnaround initiatives to cut store-level costs and drive sales. Jamba cited new food opportunities, but did not disclose details. In last year’s third quarter, Jamba had a profit of $22.4 million, or 40 cents per share. It’s per-share loss in the latest quarter was 23 cents, though revenues rose 3.6 percent to $86.6 million as four new stores opened.
  • CYPRESS, Calif. — REAL MEX RESTAURANTS INC., the largest operator of casual-dining Mexican eateries, on Friday reported a near doubling of its third-quarter net loss, compared with year-earlier results, blaming slowed sales and higher operating costs, particularly for labor and newunit opening expenses. Real Mex, a privately held company with publicly traded debt, is owned by private-equity firm Sun Capital Partners. It operates nearly 200 restaurants under the El Torito, El Torito Grill, Acapulco, Chevys Fresh Mex and Sinigual brands, among others. For the quarter, which ended Sept. 28, Real Mex lost $1.1 million, versus a loss of $608,000 a year ago. The company’s pre-opening expenses rose 88 percent during the quarter from five restaurant openings. Labor, as a percentage of sales, increased 3 percentage points both from a sales slowdown and from minimum-wage increases earlier this year that took effect in several states where Real Mex operates. Third-quarter revenue fell 3.5 percent to $137.5 million, which reflected a same-store sales decrease of 3.7 percent.
  • COLUMBUS, Ohio — BOB EVANS FARMS INC. blamed “an extremely challenging economic environment” while reporting a nearly 27-percent plunge in second-quarter profit and lowering its fiscal-year earnings forecast. For the quarter, ended Oct. 24, the parent of the Bob Evans and Mimi’s Cafe brands scored net income of $11.3 million, or 37 cents per share, versus year-earlier earnings of $15.5 million, or 45 cents per share. Net sales rose 2 percent to $435.4 million. Same-store sales at the Bob Evans family-dining chain fell 0.5 percent, with average menu prices up 2.9 percent. Same-store sales at the casual-dining Mimi’s Cafes fell 8.3 percent, despite a 2.7-percent hike in average prices. Bob Evans Farms now expects fiscal 2009 earnings of $1.75 to $1.85 per share, versus its prior $2.00-$2.10 per-share outlook. The company owns and operates 570 Bob Evans and 139 Mimi’s Cafe outlets and makes and distributes pork sausage and other food items under the Bob Evans and Owens brands.
  • SEATTLE — Taking a $105.1 million hit from the costs of its turnaround effort, STARBUCKS CORP. reported a 97-percent decline in fourth-quarter profit but said the 16,680-unit chain was well-positioned for the new fiscal year. For the quarter ended Sept. 28, Starbucks’ net profit was $5.4 million, or 1 cent per share, versus $158.5 million, or 21 cents per share, a year earlier. The costs of restructuring — including store closures, workforce cuts, new equipment and menu upgrades — hurt earnings by about 9 cents per share, Starbucks said. Fourth-quarter revenue rose 3 percent to $2.5 billion, but U.S. same-store sales declined 8 percent. For the full year, net income fell 53 percent to $315.5 million, or 43 cents per share, as revenue rose 10 percent to $10.4 billion. In the prior year, Starbucks earned $672.6 million, or 87 cents per share.
  • WOODLAND HILLS, Calif. — Just weeks after its 12 top executives agreed to 10-percent pay cuts, the operator or licensor of 30 DAILY GRILL and GRILL ON THE ALLEY restaurants has reported an $11.1 million third-quarter loss and a consolidated 8-percent decline in same-store sales, versus a 9.1-percent gain a year earlier. GRILL CONCEPTS INC.’s quarterly loss was nearly double its $589,000 bottom-line deficit a year earlier. However, revenues rose 14.5 percent to $24.4 million. Sales at company-owned restaurants were $16.7 million, up 4.7 percent, aided by new Daily Grills in Boston and Fresno, Calif., and a new Grill on the Alley in Thousand Oaks, Calif. Management and license fees grew 29 percent to $846,000, reflecting a Daily Grill opening in Tulsa, Okla. However, expansion has been “temporarily halted” to conserve capital, CEO PHILIP GAY said. “Breaking away” from some lease commitments for 2009 resulted in third-quarter costs of $1.7 million, the company added.
  • OAK BROOK, Ill. — McDONALD’S dodged the slowdown that stung many chains in October, with the company Monday citing value as a key reason for the 5.3-percent year-over-year rise in U.S. same-store sales for the month. As consumers continued to trade down from more expensive dining-out options, McDonald’s improved its domestic same-store result, compared with the 4.7-percent U.S. increase it posted for the Sept. 30-ended third quarter. Globally in October, the chain’s same-store sales jumped 8.2 percent, MCDONALD’S CORP. said. It credited the U.S. increase to brisk breakfast sales, new chicken sandwiches, the return of the chain’s Monopoly sweepstakes and extended drive-thru hours. The same-store gains abroad were credited to “locally relevant menu choices, branded affordability and extended hours.” McDonald’s European system posted a 9.8-percent jump in October same-store sales, versus 8.2 percent for the third quarter, while the Asia-Pacific/Middle East/Africa division notched an 11.5-percent October increase, versus 7.8 percent for the third quarter.
  • HOUSTON — LANDRY’S RESTAURANTS INC., the casualdining, gaming and entertainment venue operator, reported a deeper third-quarter loss it blamed on declining same-store sales and expenses related to the summer’s hurricanes. For the quarter ended Sept. 30, Landry’s lost $17.1 million, or $1.12 per share, versus a loss of $4.3 million, or 25 cents a share, a year earlier. The company recorded $12 million in impairment charges, or 79 cents per share, primarily for damages related to Hurricane Ike in Texas. Revenue declined 2.1 percent to $289.7 million. Excluding the effects of the hurricanes, Landry’s said third-quarter same-store sales fell 2 percent. Landry’s is in the process of being acquired by its founder and CEO, TILMAN J. FERTITTA, who last month reached a agreement with the company to take it private. Fertitta, who already owns 39 percent of the company, has agreed to pay $13.50 for each share he doesn’t own. Landry’s 179 restaurants include the Landry’s Seafood House, Chart House, Rainforest Cafe and Saltgrass Steak House chains. It also owns the two Golden Nugget hotel-casinos in Nevada.
  • LOS ANGELES — Joining a host of other restaurant chains that have reported bleak October sales results, CALIFORNIA PIZZA KITCHEN INC. said Thursday its same-store sales last month fell 7.3 percent from year-earlier levels. The casualdining operator and franchisor said most of the traffic trouble was in the long-distressed California, Florida and Nevada markets and resulted mostly from depressed traffic at the malls or lifestyle centers where California Pizza Kitchens typically are located. Company officials said that the chain is expanding points of distribution for gift cards and is focusing on Webbased marketing of its new online-ordering capabilities. CPK also will focus on nurturing high-margin ancillary revenue streams, such as its branded grocery products, including frozen pizzas, officials said. The downbeat quarterly same-store sales result comes on the heels of a third-quarter report of decelerating sales that officials pegged to “consumer distractions,” including the July Fourth holiday, hurricanes, the Olympics and political conventions. Same-store sales for the quarter, ended Sept. 28, fell 2.4 percent, compared with the 2-percent decline officials had previously projected. Despite the sales slowdown, CPK was able to triple its third-quarter profits to $5 million, or 20 cents per share, from $1.4 million, or 5 cents per share, a year earlier.
  • ATLANTA — WENDY’S/ARBY’S GROUP INC., the newly formed parent of the Wendy’s and Arby’s brands, said Thursday that both businesses swung to third-quarter losses because of slowed sales and charges stemming from Arby’s former parent’s merger with Wendy’s International to create the new entity. Wendy’s lost $29.9 million, as much as it earned in the yearearlier quarter, as same-store sales at corporate units fell 0.2 percent and those of franchised branches rose 0.2 percent. Arby’s lost $12.1 million, versus a $3.7 million profit a year earlier, as corporate and franchised branches’ same-store sales fell 7.2 percent and 4.0 percent, respectively. Wendy’s/Arby’s did not report combined results because the $2.3 billion stock-swap acquisition by the former Triarc Cos. Inc. closed in the final days of the Sept. 28-ended quarter. Despite the losses, Wendy’s/Arby’s stock price soared Thursday after TRIAN FUND MANAGEMENT LP said it will begin a tender offer to buy up to 40 million Wendy’s/Arby’s shares for about $4.15 each, a 26-percent premium over their Wednesday closing price of $3.29. Trian, which currently owns about 11 of Wendy’s/Arby’s issued and outstanding shares, would boost its stake to nearly 20 percent if all the shares it seeks are tendered by a Dec. 5 midnight deadline. Wendy’s quarterly loss per share was equal to 34 cents, while Arby’s was pegged at 13 cents.
  • CHICAGO — Shares of MORTON’S RESTAURANT GROUP INC. fell 6.4 percent to close at $2.91 Thursday, a penny higher than their 12-month low, after the steakhouse company blamed slowed sales and a large impairment charge for a deeper third-quarter net loss. Citing market conditions and reduced market capitalization, Morton’s downgraded the carrying value for goodwill and other intangible assets and booked a $69.8 million pre-tax impairment charge. The company’s net loss for the Sept. 30-ended quarter was $63.7 million, or $4.02 per share, compared with a loss of $736,000, or 4 cents per share, a year earlier. Excluding the impairment charge, Morton’s adjusted net loss would have been $3 million, or 19 cents per diluted share.

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