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Cold Stone Creamery Goes Back in Time with Retro Ice Cream Promotion

Wed, 16 May 2012 18:45:02 -0400

Cold Stone Creamery® will offer a limited time promotion of retro inspired treats that are reminiscent of the 1950’s ice cream parlors from May 16 through Aug. 31. Enjoy the delicious new Cherry Vanilla or Chocolate Malt Ice Cream flavors in a palate pleasing Creation™ with perfectly paired Mix-ins. Go back in time for only $4.99 with one of the memory inducing Cold Stone Retro Classics, like the decadent Hot Fudge Sundae or creamy Root Beer Float.

“Classic ice cream treats are both nostalgic and comforting,” said Ray Karam, Cold Stone Creamery’s Senior Tastemaster™. “The perfect ingredients for a 10 minute vacation!”

Retro Inspired Ice Cream Flavors:
- Cherry Vanilla
- Chocolate Malt
Promotional Creations
- Cherry Vanilla Cherry Pie - Cherry Vanilla Ice Cream with sweet Black Cherries, delectable Graham Cracker Pie Crust and luscious Caramel
- Malt My Heart with Chocolate - Chocolate Malt Ice Cream with fresh Banana, rich Fudge and creamy Whipped Topping

Promotional Shakes
- Chocolate Malt

Cold Stone Retro Classics at only $4.99!
- Classic Hot Fudge Sundae
- Classic Turtle Sundae
- Classic Banana Royale
- Classic Root Beer Float

Take a trip down memory lane with the Cold Stone Summer Retro Promotion available in all Cold Stone locations nationwide May 16 through Aug. 31.

Cold Stone Creamery Resources:

Find a store near you: http://www.coldstonecreamery.com/google/stores/store_locator.aspx
Like us on Facebook: http://www.facebook.com/coldstonecreamery
Follow us on Twitter: www.twitter.com/ColdStone

About Cold Stone Creamery

Cold Stone Creamery delivers the Ultimate Ice Cream Experience^® through a community of franchisees who are passionate about ice cream. The secret recipe for smooth and creamy ice cream is handcrafted fresh daily in each store, and then customized by combining a variety of Mix-ins on a frozen granite stone. Headquartered in Scottsdale, Ariz., Cold Stone Creamery is a subsidiary of Kahala, one of the fastest growing franchising companies in the world, with a portfolio of 14 quick-service restaurant brands. Cold Stone Creamery operates more than 1,500 locations in 20 countries.

For more information about Cold Stone Creamery, visit www.coldstonecreamery.com. For more information about Kahala, visit www.kahalamgmt.com.

Wells Fargo Advantage Closed-End Funds Declare Monthly and Quarterly Dividends; Wells Fargo Advantage Income Opportunities Fund Reduces Dividend Rate

Wed, 16 May 2012 18:45:01 -0400

Wells Fargo Funds Management, LLC, announced today the dividend declaration for the Wells Fargo Advantage Income Opportunities Fund (NYSE Amex: EAD), the Wells Fargo Advantage Multi-Sector Income Fund (NYSE Amex: ERC), the Wells Fargo Advantage Utilities and High Income Fund (NYSE Amex: ERH), and the Wells Fargo Advantage Global Dividend Opportunity Fund (NYSE Amex: EOD). Wells Fargo Funds Management also announced a reduction in the monthly dividend rate for the Wells Fargo Advantage Income Opportunities Fund.

The Wells Fargo Advantage Income Opportunities Fund is a closed-end high-yield bond fund. The fund’s investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective. The dividend below is a reduction in the stable dividend rate equal to $0.008 per common share. The reduction in the dividend rate is primarily attributable to conditions in the U.S. high-yield market, which has resulted in adjustments to forecasted income. At the new distribution rate of $0.077 per common share, the common share distribution yield will be 6.16% as a percent of the initial offer price.

The Wells Fargo Advantage Income Opportunities Fund declared the following monthly dividend from ordinary income:

Declaration date

Ex-dividend date

Record date

Payable date

Dividend rate/share

May 16, 2012

June 11, 2012

June 13, 2012

July 2, 2012

$0.077/share

The Wells Fargo Advantage Multi-Sector Income Fund is a closed-end bond fund. The fund’s primary investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest-rate risk.

The Wells Fargo Advantage Multi-Sector Income Fund declared the following monthly dividend from ordinary income:

Declaration date

Ex-dividend date

Record date

Payable date

Dividend rate/share

May 16, 2012

June 11, 2012

June 13, 2012

July 2, 2012

$0.100/share

The Wells Fargo Advantage Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s primary investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.

The Wells Fargo Advantage Utilities and High Income Fund declared the following monthly dividend from ordinary income:

Declaration date

Ex-dividend date

Record date

Payable date

Dividend rate/share

May 16, 2012

June 11, 2012

June 13, 2012

July 2, 2012

$0.075/share

The Wells Fargo Advantage Global Dividend Opportunity Fund is a closed-end fund investing primarily in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The fund’s investment objective is to seek a high level of current income. The fund’s secondary objective is long-term growth of capital.

The Wells Fargo Advantage Global Dividend Opportunity Fund declared the following quarterly dividend from ordinary income:

Declaration date

Ex-dividend date

Record date

Payable date

Dividend rate/share

May 16, 2012

June 11, 2012

June 13, 2012

July 2, 2012

$0.280/share

These closed-end funds are no longer offered as an initial public offering and are only offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by net asset value (NAV), often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The open-end funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. For more information on Wells Fargo Advantage Funds, please visit wellsfargoadvantagefunds.com. 209965 5-12

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Bite Communications Strengthens North America Leadership with Appointment of Danon and Willis to SVP

Wed, 16 May 2012 18:30:02 -0400

Andy Cunningham, president, Bite Communications North America today announced the promotion of two long-term Bite veterans, Bill Danon and Will Willis, from vice president to senior vice president.

Bite Communications names Bill Danon senior vice president. (Photo: Business Wire)

Based in Bite’s San Francisco office, Danon will continue to lead both global and U.S.-focused engagements with clients such as Lithium Technologies, Nicira and Parallels, while also strategically overseeing all accounts and projects generated from the San Francisco office.

Willis, who is based in New York, will serve as the East Coast head of Bite, and continue to direct engagements with clients including Broadcom, Nokia and Sony.

Both will report directly to Cunningham.

“Bill and Will have demonstrated exceptional capacities for developing and leading the best strategic communication programs possible to help our clients win in the marketplace,” said Cunningham. “The significant leadership skills that they bring to the table have been—and will continue to be—crucial to Bite’s continued momentum to build and grow presence in North America.”

Danon has 14 years’ experience in technology and marketing, eight of which have been spent at Bite, and has served as lead for clients spanning the consumer electronics, digital entertainment and enterprise technology spaces. Industry-leading technology brands he has represented throughout his career have included HP, PayPal, WIRED, Skype, TiVo, Dolby, Oracle, Alibaba.com, Parallels, Autodesk and a raft of smaller innovators like Nicira who are disrupting big markets.

“Bill Danon’s leadership makes our Bite Communications global PR teams run like a Swiss watch,” said John Uppendahl, senior director of global communications, Parallels. “He adds value, is a great person to collaborate with and helps us consistently deliver quality brand-building coverage for Parallels.”

A hallmark of Danon’s Bite Communications work focuses on aligning strategy, message and delivery channels to most effectively translate technology benefits into end-user action—whether that’s spurring TV addicts to plunk down for a new set-top box, convincing companies to incorporate social communities into their marketing mix, or confronting office workers to change their poor online security habits.

“Bill has been a key advisor as we continue to build our leadership position in social customer experience,” said Michael Paige, director of corporate communications, Lithium Technologies. “Taking customer success personally and playing with excellence for the team are two of Lithium's core values, and Bill embodies these. His strategic counsel and collaborative approach help ensure our messages are amplified and make the strongest impact possible among our most important targets.”

Prior to his tenure in technology public relations, Danon managed Internet product development and marketing efforts for top publishing houses Houghton Mifflin and Pearson. He holds an M.A. from Stanford and B.A. from Dartmouth College.

Will Willis to lead East Coast Bite presence

A proven marketing communications professional with 13 years of experience in the technology market, Willis has worked with industry leaders, challenger brands and start-ups to create and execute programs that improve corporate reputation, increase shareholder value and accelerate business growth.

“Will is a supremely professional partner in our business. The clarity and quality of his advice is always excellent and we value the energy and experience he brings to our communications effort,” said Mark Lewis, director, international marketing, digital cinema, Sony Corporation of America.

In addition to Sony, Willis manages Bite relationships with Nokia and Broadcom, and previously AMD, coordinating teams across North America and Europe while delivering exceptional value and working to showcase Bite's capabilities to clients on the East Coast. Prior to Bite, Willis applied his expertise to brands, such as IBM, General Motors and PlayStation. He holds a B.A. from Ryerson University.

“The best agency leaders are those who are involved in day-to-day programming and care about driving real client success. Will is an account leader with a passion for our business, creativity outside traditional communication and an understanding of business strategy and how to drive end-state audience programs,” said Karen Kahn, vice president, corporate marketing and communications, Broadcom.

About Bite Communications

With 14 locations around the world, Bite Communications is an integrated marketing communications consultancy with a proven methodology that helps clients develop differentiated positions, build digital footprints and win in the marketplace. Our business- and tech-savvy communication professionals work with companies who are innovating in their fields, disrupting markets and changing the world. We attack every challenge with insight, analytics, methodology and creativity to drive hard-core business results. For more information, please visit: www.bitecommunications.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50281385&lang=en

Ascena Retail Group, Inc. Announces Participation in Citi’s 2012 Global Consumer Conference

Wed, 16 May 2012 18:00:03 -0400

Ascena Retail Group, Inc. (NASDAQ - ASNA), today announces that it will be presenting at Citi’s 2012 Global Consumer Conference to be held at The New York Palace Hotel in New York, NY on May 24, 2012 at 9:05 a.m.

The Ascena Retail Group investor presentation will be webcast live and can be accessed at http://www.ascenaretail.com.

About Ascena Retail Group, Inc.

Ascena Retail Group, Inc. is a leading national specialty retailer of apparel for women and tween girls, operating through its wholly-owned subsidiaries, the dressbarn, maurices and Justice brands. The Company operates through its subsidiaries over 2,500 stores throughout the United States, Puerto Rico and Canada.

dressbarn offers casual, career and special occasion fashion apparel and accessories at value prices for women ages 35-55, operates 838 stores in 48 states. maurices offers casual and career apparel and accessories at value prices to the fashion-conscious woman, ages 17-34 with a 20-something attitude, and operates 813 stores in 44 states and Canada. Justice offers trend-right apparel and accessories at value prices for tween girls ages 7-14 and operates 920 stores in 46 states, Puerto Rico and Canada.

For more information, visit www.ascenaretail.com, www.dressbarn.com, www.maurices.com and www.shopjustice.com.

P&G to Webcast Presentation from Citi 2012 Global Consumer Conference

Wed, 16 May 2012 17:00:02 -0400

Jon R. Moeller, chief financial officer of The Procter & Gamble Company (NYSE:PG), will be a featured speaker at the Citi 2012 Global Consumer Conference in New York City on Wednesday, May 23, 2012 at 9:05 a.m. ET.

Media and investors may access the live audio webcast at 9:05 a.m. ET. The webcast will also be available for replay.

About Procter & Gamble

P&G serves approximately 4.4 billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Fairy®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The P&G community includes operations in about 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.

CSS Industries, Inc. Declares Quarterly Cash Dividend

Wed, 16 May 2012 16:45:01 -0400

CSS Industries, Inc. (NYSE:CSS) today announced the declaration of a quarterly dividend of fifteen cents per share on its outstanding shares of Common Stock. This dividend will be payable on June 22, 2012 to stockholders of record at the close of business on June 8, 2012.

CSS is a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of seasonal and all occasion social expression products, principally to mass market retailers. These seasonal and all occasion products include decorative ribbons and bows, boxed greeting cards, gift tags, gift bags, gift boxes, gift wrap, gift card holders, decorative tissue paper, decorations, classroom exchange Valentines, floral accessories, Halloween masks, costumes, make-up and novelties, Easter egg dyes and novelties, craft and educational products, stickers, memory books, stationery, journals, notecards, infant and wedding photo albums, scrapbooks, and other gift items that commemorate life’s celebrations.

Spartan Stores Announces Fourth Quarter and Fiscal Year 2012 Financial Results

Wed, 16 May 2012 16:15:02 -0400

Spartan Stores, Inc., (Nasdaq:SPTN) a leading regional grocery distributor and retailer, today reported financial results for its 13-week fourth quarter and 53-week fiscal year ended March 31, 2012.

Fourth Quarter Results

Consolidated net sales for the 13-week fourth quarter increased 7.6 percent to $614.8 million compared to $571.5 million in last year’s 12-week fourth quarter. Both the distribution and retail segments reported increased sales during the quarter. The extra week in this year’s fourth quarter and fiscal year contributed $49.8 million of consolidated net sales.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the quarter increased 9.6 percent to $28.0 million, or 4.6 percent of net sales, compared to $25.5 million, or 4.5 percent of net sales last year, primarily as a result of the extra week in this year’s fourth quarter.

“We are pleased with our ability to generate financial results ahead of our expectations for the fourth quarter through disciplined management of expenses and working capital. These results enabled us to return capital to shareholders through our quarterly dividend and share repurchases, while also repaying the $45 million balance on our revolving credit facility,” stated Dennis Eidson, Spartan’s President and Chief Executive Officer. “We continued to execute on our strategic initiatives during the year as we successfully completed the rollout of our loyalty program to all traditional supermarket banners, increased our private brand development, enhanced our focus on fresh excellence and converted one of our existing Glen’s locations to a Valu Land, our new value-focused store format which is currently under development.”

Fourth quarter gross profit margin decreased 70 basis points to 22.0 percent from 22.7 percent in the same period last year. The decline in gross margin was primarily due to a shift in the mix of sales between the Company’s business segments and within distribution, the impact of the 53^rd week, as well as lower retail margin rates partially offset by a LIFO credit.

Fourth quarter operating expenses were $115.6 million, or 18.8 percent of net sales, compared to $113.9 million, or 19.9 percent of net sales in the year-ago quarter. The Company’s expense leverage was improved by the impact of the extra week of sales, the shift in mix of sales, lower incentive compensation and benefit costs associated with the timing of the prior year’s provision and less total expense, as well as lower occupancy expense driven principally by general cost containment initiatives and the unseasonably warm weather. These items were partially offset by increased health care and credit card fees compared to the fourth quarter of fiscal 2011.

Earnings from continuing operations for the fourth quarter of fiscal 2012 increased 37.0 percent to $10.5 million, or $0.46 per diluted share, compared to $7.7 million, or $0.34 per diluted share last year. The Company’s fourth quarter of fiscal 2012 earnings from continuing operations benefited $1.4 million after tax due to the extra week of sales. The fourth quarter of fiscal 2011 included an after tax charge associated with restructuring costs. Excluding these items, fourth quarter earnings from continuing operations would have increased 16.7 percent to $9.1 million, or $0.40 per diluted share, compared to $7.8 million, or $0.34 per diluted share, in fourth quarter last year. In addition to the impact of the 53^rd week, the Company anticipates the fourth quarter of fiscal 2013 will be negatively impacted by $0.05 to $0.06 per diluted share as a result of the net effect of favorable items realized in the fourth quarter of fiscal 2012 that will not continue in fiscal 2013. These items predominately relate to the LIFO credit realized in the quarter due to lower than anticipated inventory levels, favorable incentive compensation expenses and favorable occupancy costs.

Distribution Segment

Fourth quarter net sales for the distribution segment increased 9.1 percent to $271.6 million from $248.9 million in the year-ago period due principally to the extra week of sales.

Fourth quarter fiscal 2012 operating earnings for the distribution segment increased 24.5 percent to $17.3 million compared to $13.9 million in the same period last year. The operating earnings increase is principally due to an improvement in incentive compensation expense due to the timing of the quarterly provision versus last year as previously communicated, the impact of the 53^rd week and a LIFO credit due to a lower inventory position at the end of the quarter, partially offset by higher health care and benefit costs.

Retail Segment

Fourth quarter net sales for the retail segment increased 6.4 percent to $343.1 million compared to $322.6 million in the same period last year. The higher sales were due to the extra week of sales, increased fuel retail selling prices and increased fuel volume, partially offset by a decline in comparable store sales, excluding fuel, of 3.0 percent. For the purpose of reporting comparable store sales, the Company used 13-week quarters. This comparable store sales decline was in line with the Company’s prior guidance and expectations as a result of cycling the YES loyalty program launch at VG’s in the prior year’s fourth quarter, the shift in the New Year’s holiday and unseasonably warm weather. The Company estimates that these items negatively impacted the Company’s comparable store sales run rate by up to 2.0 percent.

Retail segment operating earnings for the quarter increased 8.6 percent to $2.3 million compared to $2.1 million in the fourth quarter of fiscal 2011. The operating earnings increase was principally due to the 53^rd week, lower incentive compensation expense and reduced occupancy expense. These items were partially offset by higher health care expenses, credit card fees and a one-time sales and use tax adjustment.

Balance Sheet and Cash Flow

The Company continued to report strong levels of net cash provided by operating activities of $93.7 million for fiscal year 2012. Total net long-term debt (including current maturities and capital lease obligations and subtracting cash) decreased $19.6 million to $111.5 million as of March 31, 2012 versus $131.1 million at the end of last year.

As a result of our strong cash flow generation, the Company began repurchasing shares of its common stock during the fourth quarter. Shares repurchased during the fourth quarter of fiscal 2012 and the first quarter of fiscal 2013 to-date were 0.7 million and 0.6 million, respectively. This share repurchase activity used approximately 50 percent of the authorized $50.0 million repurchase program. Additionally, the Company repaid the entire outstanding balance on its revolving credit facility early in the fourth quarter of fiscal 2012 and, as a result of the $45.0 million payoff, interest expense related to the facility is expected to be reduced by approximately $1.1 million during fiscal 2013. This reduction in interest expense will be partially offset by the increased amortization of the convertible debt discount and additional capital leases related to a store relocation and a lease renewal. Going forward, the Company believes that its strong balance sheet and $165.0 million of availability under its revolving credit facility provides the capacity necessary to execute its strategic initiatives.

In addition, the Company announced in a separate release today that its Board of Directors declared a quarterly cash dividend of $0.08 per common share, an increase of 23 percent from $0.065 per common share. The dividend is payable on June 15, 2012 to shareholders of record as of the close of business on June 1, 2012. As of May 15, 2012, there were 21,664,787 common shares outstanding.

Fiscal Year 2012 Results

Consolidated net sales for the fiscal year increased 4.0 percent to $2.6 billion compared to $2.5 billion last year. The higher annual net sales resulted from the extra week of sales, totaling $49.8 million and increased fuel sales, partially offset by a comparable store sales decrease of 1.6 percent. For the purpose of reporting comparable store sales, the Company used 53-week years.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the year increased 5.2 percent to $109.7 million, or 4.2 percent of net sales, compared to $104.3 million, or 4.1 percent of net sales last year. The 53^rd week contributed $2.4 million to Adjusted EBITDA for the year.

Earnings from continuing operations, excluding certain items (identified below) that do not represent ongoing operating activities in fiscal 2012 and fiscal 2011, would have been $31.9 million or $1.39 per diluted share for fiscal 2012 compared to $30.7 million or $1.36 per diluted share last year. The excluded items and their after tax impact for fiscal 2012 were the 53^rd week earnings of $1.4 million, unusual corporate professional fees expense of $0.7 million, a swap termination charge of $0.5 million and a write-off of net deferred tax assets and liabilities related to the Michigan Business Tax that will no longer be realized as a result of the elimination of this tax of $0.5 million. These items were partially offset by an after tax gain on sale of assets of $0.3 million. Fiscal 2011 excludes a $1.8 million net after tax benefit primarily associated with lease terminations and pension curtailment income partially offset by asset impairment charges. Earnings from continuing operations as reported for fiscal 2012 were $31.9 million or $1.39 per diluted share compared to $32.5 million or $1.43 per diluted share last year. For fiscal 2012 depreciation and amortization totaled $36.8 million, interest expense totaled $15.0 million and capital expenditures totaled $42.5 million.

Outlook

Mr. Eidson continued, “While the economic climate is still challenging, especially in many Northern Michigan and Southeastern Michigan markets, we anticipate improvement during fiscal 2013. The Michigan economic indices continue to show progress and we are hopeful that employment growth, a key driver of our business, will follow. In the first quarter of fiscal 2013 we launched an extensive sales and marketing campaign around the YES program. This program is multi-faceted beginning with a 90 day price reduction and freeze on key items the consumer values, as well as, providing even more ways to save with the YES loyalty program. We expect this program to appeal to the consumer in Michigan who continues to be pressured by the difficult economic environment and those that have become more value conscious.”

“Additionally, over the past year we have been experimenting with a value store format, under the banner Valu Land, and previously converted two small store locations to this format. In the fourth quarter of fiscal 2012 we remodeled and converted an additional location to this format and we opened our first net new Valu Land early in the first quarter of fiscal 2013. Over the remainder of fiscal 2013, we plan to open three to five new Valu Land locations. While we are still very early in the development and testing of this store format, we are excited about the potential organic growth opportunity it could provide in certain existing markets and locations outside the state of Michigan. Additionally, we hope to leverage our learnings from this format to benefit our distribution customers,” concluded Mr. Eidson.

The Company anticipates that the first quarter of fiscal 2013’s financial results will likely fall slightly below the prior year’s results on an earnings per share from continuing operations basis. This expectation is the result of two store grand openings, the promotional costs associated with the YES campaign and the Company’s belief that the first half of the year will be challenging as Michigan jobs creation continues to lag the overall economic improvement. The Company will likely experience slightly negative quarterly comparable store sales early in fiscal 2013 as a result of the slower jobs recovery.

The Company is optimistic the Michigan employment outlook and the overall economic environment will improve during the second half of the year generating a more positive sales trend. As a result of these sales expectations and continued expense management, the Company anticipates that its fiscal year 2013 financial performance will exceed the prior year’s earnings from continuing operations, excluding the impact of any unusual items that do not reflect the ongoing operating activities of the Company.

The Company expects capital expenditures for fiscal year 2013 to be in the range of $43.0 million to $46.0 million with depreciation and amortization in the range of $39.0 million to $41.0 million and total interest expense to approximate $13.0 to $14.0 million.

Conference Call

A telephone conference call to discuss the Company’s fourth quarter and fiscal year 2012 financial results is scheduled for 9:00 a.m. Eastern Time, Thursday, May 17, 2012. A live webcast of this conference call will be available on the Company’s website, www.spartanstores.com. Simply click on “For Investors” and follow the links to the live webcast. The webcast will remain available for replay on the Company’s website for approximately ten days.

About Spartan Stores

Grand Rapids, Michigan-based Spartan Stores, Inc. (Nasdaq:SPTN) is the nation's tenth largest grocery distributor with 1.4 million square feet of warehouse, distribution, and office space located in Grand Rapids, Michigan. The Company distributes more than 40,000 private and national brand products to approximately 375 independent grocery locations in Michigan, Indiana and Ohio, and to our 97 corporate owned stores located in Michigan, including Family Fare Supermarkets, Glen's Markets, D&W Fresh Markets, VG's Food and Pharmacy, and Valu Land.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are identifiable by words or phrases such as “priority”, “trend”, “remain”, “outlook”, “position”, ”opportunity”, “potential” “strategy”, or “begin”; that an event or trend “could”, “will” or “should” occur or “continue” or is “likely” or that Spartan Stores or its management “anticipates”, “believes”, “expects” or “plans” a particular result, or is “confident” or “optimistic” that a particular result will occur. Accounting estimates are inherently forward-looking. Our restructuring cost provisions are estimates and actual costs may be more or less than these estimates and differences may be material. These forward-looking statements are subject to a number of factors that could cause actual results to differ materially. Our ability to achieve the results stated in our “Outlook” discussion, successfully realize growth opportunities, expand our customer base, effectively implement and achieve the expected benefits of capital investments, our new retail banner and model, warehouse consolidation and store openings, successfully respond to the weak economic environment and changing consumer behavior, anticipate and successfully respond to openings of competitors’ stores, achieve expected sales, cash flows, operating efficiencies and earnings, implement plans, programs and strategies, reduce debt, and continue to pay dividends and repurchase shares is not certain and depends on many factors, not all of which are in our control. Additional information about the risk factors to which Spartan Stores is exposed and other factors that may adversely affect these forward-looking statements is contained in Spartan Stores’ reports and filings with the Securities and Exchange Commission. Other risk factors exist and new risk factors may emerge at any time. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of future results. Spartan Stores undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this press release.

SPARTAN STORES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(In thousands, except per share amounts)

	Fourth Quarter Ended					Year-to-Date Ended
	March 31, 2012		March 26, 2011			March 31, 2012			March 26, 2011
	(13 weeks)		(12 weeks)			(53 weeks)			(52 weeks)

Net sales	$	614,773	$	571,471		$	2,634,226		$	2,533,064
Cost of sales		479,687		441,650			2,078,116			1,976,549
Gross margin		135,086		129,821			556,110			556,515

Operating expenses
Other selling, general and administrative		106,855		105,480			452,856			452,859
Restructuring, asset impairment and other		114		192			(23	)		532
Depreciation and amortization		8,603		8,208			36,794			35,158
Total operating expenses		115,572		113,880			489,627			488,549

Operating earnings		19,514		15,941			66,483			67,966

Non-operating expense (income)
Interest expense		3,109		3,505			15,037			15,104
Other, net		36		(44	)		(110	)		(97	)
Total non-operating expense, net		3,145		3,461			14,927			15,007

Earnings before income taxes and discontinued operations		16,369		12,480			51,556			52,959
Income taxes		5,892		4,831			19,686			20,420

Earnings from continuing operations		10,477		7,649			31,870			32,539
Income/(Loss) from discontinued operations, net of taxes		23		124			(112	)		(232	)

Net earnings	$	10,500	$	7,773		$	31,758		$	32,307

Basic earnings per share:
Earnings from continuing operations	$	0.46	$	0.34		$	1.40		$	1.44
Loss from discontinued operations		-		-		$	(0.01	)		(0.01	)
Net earnings	$	0.46	$	0.34		$	1.39		$	1.43

Diluted earnings per share:
Earnings from continuing operations	$	0.46	$	0.34		$	1.39		$	1.43
Loss from discontinued operations		-		-		$	-			(0.01	)
Net earnings	$	0.46	$	0.34		$	1.39		$	1.42

Weighted average shares outstanding:
Basic		22,724		22,629			22,791			22,606
Diluted		22,824		22,712			22,887			22,688

SPARTAN STORES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

	March 31, 2012			March 26, 2011
ASSETS

Current assets
Cash and cash equivalents	$	26,476		$	43,824
Accounts receivable, net		58,637			56,344
Inventories		99,778			103,814
Other current assets		24,746			8,934
Total current assets		209,637			212,916

Other assets
Goodwill, net		240,194			241,244
Other, net		56,866			55,788
Total other assets		297,060			297,032

Net property and equipment		256,776			241,448

Total assets	$	763,473		$	751,396

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable	$	107,703		$	100,919
Accrued payroll and benefits		39,366			37,679
Other accrued expenses		29,963			18,343
Current portion of restructuring costs		3,472			4,470
Current maturities of long-term debt		4,449			4,205
Total current liabilities		184,953			165,616

Other long-term liabilities		16,292			18,269
Restructuring costs		7,630			10,832
Deferred taxes		83,807			66,241
Postretirement benefits		13,618			14,222
Long-term debt		133,565			170,711
Total long-term liabilities		254,912			280,275

Commitments and Contingencies

Shareholders' equity
Common stock, voting, no par value; authorized 50,000
shares; outstanding 22,215 and 22,619 shares		161,665			169,072
Preferred stock, no par value, authorized 10,000 shares;
no shares outstanding		-			-
Deferred stock-based compensation		(6,531	)		(6,986	)
Accumulated other comprehensive loss		(13,793	)		(13,016	)
Retained earnings		182,267			156,435
Total shareholders' equity		323,608			305,505

Total liabilities and shareholders' equity	$	763,473		$	751,396

SPARTAN STORES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In thousands)

	Year-to-Date
	(53 weeks) March 31, 2012			(52 weeks) March 26, 2011
Net cash provided by operating activitites		93,734		$	89,756
Net cash used in investing activities		(43,800	)		(33,123	)
Net cash used in financing activities		(67,206	)		(19,369	)
Net cash used in discontinued operations		(76	)		(2,610	)
Net decrease in cash and cash equivalents		(17,348	)		34,654
Cash and cash equivalents at beginning of period		43,824			9,170
Cash and cash equivalents at end of period	$	26,476		$	43,824

SPARTAN STORES, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL DATA
(Unaudited)
(In thousands)

	Fourth Quarter Ended				Year-to-Date Ended
	March 31, 2012		March 26, 2011		March 31, 2012		March 26, 2011
	(13 weeks)		(12 weeks)		(53 weeks)		(52 weeks)
Retail Segment:

Net Sales	$	343,144	$	322,551	$	1,495,487	$	1,443,375
Operating Earnings	$	2,251	$	2,073	$	22,191	$	19,979

Distribution Segment:

Net Sales	$	271,629	$	248,920	$	1,138,739	$	1,089,689
Operating Earnings	$	17,263	$	13,868	$	44,292	$	47,987

SPARTAN STORES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET EARNINGS TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
(Unaudited)
(In thousands)

	Fourth Quarter						Year-to-Date
	March 31, 2012 (13 weeks)			March 26, 2011 (12 weeks)			March 31, 2012 (53 weeks)			March 26, 2011 (52 weeks)
Consolidated:
Net earnings	$	10,500		$	7,773		$	31,758		$	32,307
Plus:
Discontinued operations		(23	)		(124	)		112			232
Income taxes		5,892			4,831			19,686			20,420
Non-operating expense		3,145			3,461			14,927			15,007
Operating earnings	$	19,514		$	15,941		$	66,483		$	67,966
Plus:
Depreciation and amortization		8,603			8,208			36,794			35,158
LIFO (income) expense		(1,260	)		(282	)		1,401			(4,185	)
Restructuring, asset impairment & other		114			192			(23	)		532
Other unusual items		-			-			1,194			-
Non-cash stock compensation & other charges		1,017			1,466			3,825			4,793
Adjusted EBITDA	$	27,988		$	25,525		$	109,674		$	104,264

Retail Segment:
Operating Earnings	$	2,251		$	2,073		$	22,191		$	19,979
Plus:
Depreciation and amortization		6,658			6,159			28,350			26,693
LIFO expense		115			289			1,864			954
Restructuring, asset impairment & other		114			361			14			267
Non-cash stock compensation & other charges		559			686	*		1,541			2,453	*
Adjusted EBITDA	$	9,697		$	9,568		$	53,960		$	50,346

Distribution Segment:
Operating Earnings	$	17,263		$	13,868		$	44,292		$	47,987
Plus:
Depreciation and amortization		1,945			2,049			8,444			8,465
LIFO (income) expense		(1,375	)		(571	)		(463	)		(5,139	)
Restructuring, asset impairment & other		-			(169	)		(37	)		265
Other unusual items		-			-			1,194			-
Non-cash stock compensation & other charges		458			780	*		2,284			2,340	*
Adjusted EBITDA	$	18,291		$	15,957		$	55,714		$	53,918

* Prior year stock compensation has been reclassified to conform to the current year to reflect the amount included in the administrative cost allocated to the Retail segment.

Notes: Consolidated Adjusted EBITDA is a non-GAAP operating financial measure that we define as net earnings from continuing operations plus depreciation and amortization, and other non-cash items including imputed interest, deferred (stock) compensation, the LIFO provision, as well as adjustments for unusual items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations, interest expense and the provision for income taxes to the extent deducted in the computation of Net Earnings.

We believe that Adjusted EBITDA provides a meaningful representation of our operating performance for the Company as a whole and for our operating segments. We consider Adjusted EBITDA as an additional way to measure operating performance on an ongoing basis. Adjusted EBITDA is meant to reflect the ongoing operating performance of all of our retail stores and wholesale operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities classified as discontinued operations. Because Adjusted EBITDA is a performance measure that management uses to allocate resources, assess performance against its peers and evaluate overall performance, we believe it provides useful information for our investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with us request our operating financial results in Adjusted EBITDA format.

Adjusted EBITDA is not a measure of performance under accounting principles generally accepted in the United States of America, and should not be considered as a substitute for net earnings, cash flows from operating activities and other income or cash flow statement data. Our definition of Adjusted EBITDA may not be identical to similarly titled measures reported by other companies.

SPARTAN STORES, INC. AND SUBSIDIARIES RECONCILIATION OF LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS TO
TOTAL NET LONG TERM DEBT AND CAPITAL LEASE OBLIGATIONS
(A NON-GAAP FINANCIAL MEASURE)
(Unaudited)
(In thousands)

	March 31, 2012			March 26, 2011

Current maturities of long-term debt and capital lease obligations	$	4,449		$	4,205
Long-term debt and capital lease obligations		133,565			170,711
Total Debt		138,014			174,916
Cash and cash equivalents		(26,476	)		(43,824	)
Total net long-term debt	$	111,538		$	131,092

Notes: Total net long-term debt is a non-GAAP financial measure that is defined as long-term debt and capital lease obligations plus current maturities of long-term debt and capital lease obligations less cash and cash equivalents. The Company believes investors find the information useful because it reflects the amount of long-term debt obligations that are not covered by available cash and temporary investments.

CSS Industries, Inc. Reports Results of Operations for the Quarter and Year Ended March 31, 2012

Wed, 16 May 2012 16:15:02 -0400

CSS Industries, Inc. (NYSE:CSS) announced today its results of operations for the quarter and year ended March 31, 2012. During the second quarter of fiscal 2012, the Company sold its Cleo Christmas gift wrap business and is reporting the results of that business as discontinued operations.

Sales for the fourth quarter of fiscal 2012 decreased 2.5% to $61,129,000 from $62,677,000 in the fourth quarter of fiscal 2011, primarily driven by lower sales of Easter products. Loss from continuing operations before income taxes for the fourth quarter of fiscal 2012 was ($4,432,000) compared to ($3,988,000) in the fourth quarter of fiscal 2011. In fiscal year 2012, the Company began to charge incentive compensation expense to the periods in which profits are generated. Due to this change, pre-tax incentive compensation expense for the fourth quarter of fiscal 2012 was $580,000 lower than the fourth quarter of fiscal 2011. Loss from continuing operations for the fourth quarter of fiscal 2012 was ($2,747,000), or ($0.28) per diluted share, versus ($2,498,000), or ($0.26) per diluted share, in the fourth quarter of the prior fiscal year. Net loss for the fourth quarter of fiscal 2012 was ($3,224,000), or ($0.33) per diluted share, versus ($9,972,000), or ($1.03) per diluted share, in the fourth quarter of fiscal 2011.

Sales for fiscal year 2012 increased slightly to $384,663,000 from $383,660,000 in fiscal year 2011, with this increase primarily due to higher sales of all occasion products which was partially offset by lower sales of Christmas cards. Income from continuing operations before income taxes for fiscal year 2012 was $25,245,000, which was 5.9% lower than $26,841,000 in the prior year largely due to lower sales of Christmas cards. Income from continuing operations for fiscal year 2012 was $16,229,000, or $1.67 per diluted share, versus $17,194,000, or $1.77 per diluted share, for fiscal year 2011. Net income for fiscal year 2012 was $15,670,000, or $1.61 per diluted share, versus $5,611,000, or $0.58 per diluted share, for fiscal year 2011. The Company’s highly seasonal orientation has historically resulted in operating losses in the first and fourth quarters of the fiscal year and operating profits in the second and third quarters.

As previously announced, the Company, as part of a continuing review of its Cleo gift wrap business, approved a plan to close its manufacturing facility located in Memphis, Tennessee. The Company exited the Memphis facility in December 2011. The Company incurred pre-tax expenses of $8,141,000 associated with the approved plan during full year fiscal 2012, which costs primarily related to cash expenditures for facility and staff costs (approximately $6,157,000) and non-cash asset write-downs (approximately $1,984,000). In our financial statements for full year fiscal 2012, $706,000 was recorded in continuing operations and the balance within discontinued operations (approximately $7,435,000).

As previously announced in September 2011, the Company entered into an agreement for the sale of the Christmas gift wrap business and certain Cleo assets to Impact Innovations, Inc. (“Impact”). Under this agreement, Impact acquired the Christmas gift wrap portion of Cleo’s business and certain of Cleo’s assets relating to such business, including certain equipment, contract rights, customer lists, intellectual property and other intangible assets. Cleo’s remaining assets, including accounts receivable and inventory were excluded from the sale. Under this agreement, Cleo retained the right and obligation to fulfill all customer orders for Cleo Christmas gift wrap products for Christmas 2011. The purchase price was $7,500,000, of which $2,000,000 was paid to Cleo in cash at closing. The remainder of the purchase price was paid through the issuance by Impact of an unsecured subordinated promissory note, which provides for quarterly payments of interest at 7% and principal payments as follows: $500,000 on March 1, 2012; $2,500,000 on March 1, 2013; and all remaining principal and interest on March 1, 2014. The principal payment due March 1, 2012 was paid timely by Impact. This transaction resulted in a pre-tax gain to the Company of $5,849,000, which is included in loss from discontinued operations. During the fourth quarter of fiscal 2011, the Company recorded a noncash impairment charge of $11,051,000 as it determined that the fair value of the Cleo asset group was less than the carrying value.

As a result of the sale of its Cleo Christmas gift wrap business, the Company has reported Cleo operations, including the operating results of the business and all exit activities, as discontinued operations, as shown in the following table (amounts in thousands):


Discontinued Operations	Fiscal Year 2012
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Full Year
Operating results	$	(799	)	$	1,643		$	708		$	(767	)	$	785
Exit costs		(5,540	)		(364	)		(2,450	)		94			(8,260	)
Exit costs - equipment sale		-			825			-			-			825
Gain on sale of business to Impact		-			5,849			-			-			5,849
Discontinued operations, before income taxes	$	(6,339	)	$	7,953		$	(1,742	)	$	(673	)	$	(801	)
Income tax (benefit) expense		(2,217	)		2,782			(611	)		(196	)		(242	)
Discontinued operations, net of taxes	$	(4,122	)	$	5,171		$	(1,131	)	$	(477	)	$	(559	)


Discontinued Operations	Fiscal Year 2011
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Full Year
Operating results, before income taxes	$	(624	)	$	(3,163	)	$	(2,525	)	$	(11,778	)	$	(18,090	)
Income tax (benefit)		(218	)		(1,104	)		(881	)		(4,304	)		(6,507	)
Discontinued operations, net of taxes	$	(406	)	$	(2,059	)	$	(1,644	)	$	(7,474	)	$	(11,583	)

CSS is a consumer products company primarily engaged in the design, manufacture, procurement, distribution and sale of seasonal and all occasion social expression products, principally to mass market retailers. These seasonal and all occasion products include decorative ribbons and bows, boxed greeting cards, gift tags, gift wrap, gift bags, gift boxes, gift card holders, decorative tissue paper, decorations, classroom exchange Valentines, floral accessories, Halloween masks, costumes, make-up and novelties, Easter egg dyes and novelties, craft and educational products, stickers, memory books, stationery, journals, note cards, infant and wedding photo albums, scrapbooks, and other gift items that commemorate life’s celebrations.

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management as to future events and financial performance with respect to the Company’s operations. Forward-looking statements speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they were made. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including without limitation, general market and economic conditions; increased competition (including competition from foreign products which may be imported at less than fair value and from foreign products which may benefit from foreign governmental subsidies); increased operating costs, including labor-related and energy costs and costs relating to the imposition or retrospective application of duties on imported products; currency risks and other risks associated with international markets; risks associated with acquisitions, including acquisition integration costs and the risk that the Company may not be able to integrate and derive the expected benefits from such acquisitions; the risk that customers may become insolvent, may delay payments or may impose deductions or penalties on amounts owed to the Company; costs of compliance with governmental regulations and government investigations; liability associated with non-compliance with governmental regulations, including regulations pertaining to the environment, Federal and state employment laws, and import and export controls and customs laws; and other factors described more fully in the Company’s annual report on Form 10-K for the fiscal year ended March 31, 2011 and elsewhere in the Company’s filings with the Securities and Exchange Commission. As a result of these factors, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, the Company.

CSS’ consolidated results of operations for the three months and years ended March 31, 2012 and 2011 and condensed consolidated balance sheets as of March 31, 2012 and 2011 follow:


CSS INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)



	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
		2012			2011			2012			2011

Sales	$	61,129		$	62,677		$	384,663		$	383,660

Costs and expenses
Cost of sales		45,455			45,334			273,213			269,082
Selling, general and administrative expenses		20,165			21,039			85,698			86,511
Interest expense, net		(32	)		330			195			1,348
Other (income) expense, net		(27	)		(38	)		312			(122	)
		65,561			66,665			359,418			356,819

(Loss) income from continuing operations before income taxes		(4,432	)		(3,988	)		25,245			26,841

Income tax (benefit) expense		(1,685	)		(1,490	)		9,016			9,647

(Loss) income from continuing operations		(2,747	)		(2,498	)		16,229			17,194

Loss from discontinued operations, net of tax		(477	)		(7,474	)		(559	)		(11,583	)

Net (loss) income	$	(3,224	)	$	(9,972	)	$	15,670		$	5,611

Net (loss) income per common share
Basic:
Continuing operations	$	(0.28	)	$	(0.26	)	$	1.67		$	1.77
Discontinued operations	$	(0.05	)	$	(0.77	)	$	(0.06	)	$	(1.19	)
Total	$	(0.33	)	$	(1.03	)	$	1.61		$	0.58

Diluted:
Continuing operations	$	(0.28	)	$	(0.26	)	$	1.67		$	1.77
Discontinued operations	$	(0.05	)	$	(0.77	)	$	(0.06	)	$	(1.19	)
Total	$	(0.33	)	$	(1.03	)	$	1.61		$	0.58

Weighted average shares outstanding
Basic		9,711			9,703			9,728			9,703
Diluted		9,711			9,703			9,732			9,715

Cash dividends per share of common stock	$	0.15		$	0.15		$	0.60		$	0.60


CSS INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


	March 31,		March 31,
	2012		2011
ASSETS

Current assets
Cash and cash equivalents	$	66,135	$	48,577
Accounts receivable, net		45,026		42,411
Inventories		71,671		69,093
Deferred income taxes		3,595		4,051
Other current assets		15,441		13,268
Current assets of discontinued operations		183		14,914

Total current assets		202,051		192,314

PROPERTY, PLANT AND EQUIPMENT, NET		29,582		32,345

DEFERRED INCOME TAXES		1,184		8,854

OTHER ASSETS
Goodwill		17,233		17,233
Intangible assets, net		29,689		31,408
Other		6,825		4,769

Total other assets		53,747		53,410

Total assets	$	286,564	$	286,923

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Short-term debt	$	-	$	-
Current portion of long-term debt		-		66
Accrued customer programs		3,298		4,279
Other current liabilities		33,069		38,245
Current liabilities of discontinued operations		2,390		3,910

Total current liabilities		38,757		46,500

LONG-TERM OBLIGATIONS		4,604		4,764

STOCKHOLDERS' EQUITY		243,203		235,659

Total liabilities and stockholders' equity	$	286,564	$	286,923

Red Robin Gourmet Burgers Reports Results for the Fiscal First Quarter Ended April 15, 2012

Wed, 16 May 2012 16:15:03 -0400

Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 16 weeks ended April 15, 2012.

Financial and Operational Results

During the Company’s fiscal first quarter 2012:

Earnings per diluted share were $0.71, an increase of 22.4% compared to 2011 adjusted earnings per diluted share of $0.58. On a GAAP basis, fiscal first quarter earnings per diluted share were $0.71 in 2012 compared to $0.56 in 2011. (See Schedule I)
Total revenues increased 4.4% to $299.5 million; Company-owned comparable restaurant net sales increased 0.5%
Restaurant-level operating profit margin increased to 21.2% from 19.8% a year ago (See Schedule II)
The Company opened three new company-owned Red Robin® restaurants and one Red Robin’s Burger Works™.

Net income for the 16 weeks ended April 15, 2012, was $10.6 million compared to $8.7 million for the comparable period in 2011. Fiscal first quarter 2011 net income excluding severance costs and initial cumulative gift card income was $9.0 million. See Schedule I below for a reconciliation of adjustments to net income in the fiscal first quarter of 2011.

“Our first quarter 2012 results were mixed in that we continued gains in earnings per share, average guest check, operating profit margin and expense management, while our guest counts declined during the quarter,” said Steve Carley, Red Robin Gourmet Burgers, Inc. Chief Executive Officer. “Although we began the year with strong sales, we were disappointed by the extent of guest traffic softening in the second half of the quarter. Nevertheless, we are confident in our plans for strengthening our business, advancing our brand and positioning Red Robin for long-term growth and profitability.”

Operating Results

Total Company revenues, which include company-owned restaurant sales and franchise royalties, increased 4.4% to $299.5 million in the fiscal first quarter of 2012 versus $286.8 million in the same period last year.

Comparable restaurant net sales increased 0.5% for company-owned restaurants in the fiscal first quarter of 2012 compared to the fiscal first quarter of 2011, and were driven by a 4.1% increase in average guest check that was primarily offset by a 3.6% decrease in guest counts. The year-over-year decrease in guest counts during the fiscal first quarter of 2012 was largely attributable to heavy competitive discounting during the quarter, coupled with Company promotional activity that did not perform as well as promotional efforts in the same period a year ago.

Average weekly net sales in company-owned restaurants increased to $56,303 per unit in the fiscal first quarter of 2012 (5,225 operating weeks) compared to $55,885 a year ago (5,038 operating weeks). In the Company’s franchised restaurants, average weekly net sales per unit were $54,933 in the fiscal first quarter of 2012 (2,186 operating weeks) compared to $53,317 last year. System-wide net sales in the fiscal first quarter of 2012 totaled $414.7 million, compared to $397.7 million in the prior year.

Restaurant-level operating profit margins at company-owned restaurants were 21.2% in the fiscal first quarter of 2012 compared to 19.8% in the fiscal first quarter of 2011, an improvement of 140 basis points as a result of lower labor and other operating costs partially offset by higher food and beverage costs and occupancy expenses. Schedule II of this earnings release defines restaurant-level operating profit, discusses why it is a useful metric for investors and reconciles this metric to income from operations and net income.

Selling, general and administrative (“SG&A”) expenses were $33.9 million in the 16 weeks ended April 15, 2012, compared to $32.0 million in the same period of fiscal 2011. SG&A in the fiscal first quarter of 2012 increased due mainly to higher costs related to gift card sales; higher equity-based compensation costs; and costs related to development of the Company’s new information systems. These increases were partially offset by a decrease in severance costs compared to the fiscal first quarter of 2011.

The Company had an effective tax rate of 24.1% in the fiscal first quarter of 2012, compared to an effective tax rate of 11.5% in the fiscal first quarter of 2011. Income tax expense in the first 16 weeks of 2012 was $3.4 million compared to $1.1 million for the same period of 2011.

Balance Sheet and Liquidity

On April 15, 2012, the Company had cash and cash equivalents of $38.0 million and total debt of $137.9 million, including $10.4 million of capital lease liabilities. During the fiscal first quarter of 2012, the Company paid down principal of $18.8 million on its term loan, of which $15.0 million represented pre-payments.

For the 16 weeks ended April 15, 2012, cash from operations totaled $29.6 million compared to $29.9 million for the same period in 2011. During the fiscal first quarter of 2012, Red Robin’s capital investments amounted to $10.4 million compared to $7.6 million during the fiscal first quarter of 2011.

Restaurant Openings

As of the end of the fiscal first quarter of 2012, there were 330 Company-owned restaurants and 136 franchised Red Robin® locations. In the fiscal first quarter of 2012, the Company opened three full-size prototype Red Robin® restaurants and its second prototype Red Robin’s Burger Works™. One company-owned restaurant closed during the fiscal first quarter of 2012.

Updated Outlook for 2012

Red Robin’s 2012 fiscal year consists of 53 weeks ending on December 30, 2012.

In fiscal 2012, the Company expects up to 1% growth of comparable restaurant net sales compared to the prior year.

Cost of sales is expected to be below 26.0% of restaurant sales. Restaurant-level operating profit margins are expected to be nearly 20% of restaurant sales in fiscal 2012.

The income tax rate in fiscal 2012 is expected to range from 22% to 24%.

During fiscal 2012, the Company expects approximately $60 million in capital expenditures, which will be used to open 13 new company-owned restaurants, including four additional Red Robin’s Burger Works™, as well as fund restaurant and infrastructure improvements and remodeling investments.

The sensitivity of the Company’s earnings per diluted share to a 1% change in guest counts for fiscal 2012 is estimated to be $0.25. Additionally, a 10 basis point change in restaurant-level operating margin is expected to impact earnings per diluted share by approximately $0.05, and a change of $191,000 in pre-tax income or expense is equivalent to approximately $0.01 per diluted share.

Investor Conference Call and Webcast

Red Robin will host an investor conference call to discuss its fiscal first quarter 2012 results today at 5:00 p.m. ET. The conference call number is (888) 267-6301, or for international callers (719) 325-2413. The financial information that the Company intends to discuss during the conference call is included in this press release and will be available on the “Investors” link of the Company's website at www.redrobin.com. Prior to the conference call, the Company will post supplemental financial information that will be discussed during the call and live webcast. To access the supplemental financial information and webcast, please visit www.redrobin.com and select the “Investors” link from the menu. A replay of the live conference call will be available from one hour after the call until midnight on Wednesday, May 23, 2012. The replay can be accessed by dialing (877) 870-5176 or (858) 384-5517 for international callers. The conference ID is 4762636. The webcast replay will also be available on the Company’s website until midnight on Sunday, July 8, 2012.

About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)

Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., is the gourmet burger expert, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries® in a fun environment welcoming to guests of all ages. In addition to its many burger offerings, Red Robin serves a wide variety of salads, soups, appetizers, entrees, desserts and signature Mad Mixology® Beverages. There currently are 467 Red Robin® restaurants located across the United States and Canada, including 328 company-owned full-size restaurants and two Red Robin’s Burger Works™ locations, and 136 restaurants operating under franchise agreements.

Forward-Looking Statements:

Forward-looking statements in this press release regarding our expected earnings per share and restaurant sales, new restaurant growth, future economic performance and certain statements under the heading “Outlook” and all other statements that are not historical facts, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as “will,” “expect,” “believe,” “anticipate,” “intend,” “estimate,” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. We undertake no obligation to update such statements to reflect events or circumstances arising after such date, and we caution investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: the effectiveness of the Company’s marketing strategies, loyalty program and guest count initiatives; the ability to continue the strategies and achieve anticipated revenue and cost savings from our anticipated new technology systems and other initiatives; the uncertain general economic conditions; competition in the casual dining market and discounting by competitors; changes in commodity prices; the cost and availability of key food products, labor and energy; availability of capital or credit facility borrowings; the adequacy of cash flows or available debt resources to fund operations and growth opportunities; the ability to fulfill planned expansion, including in both new and existing markets; federal, state and local regulation of our business; and other risk factors described from time to time in the Company’s Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission.

RED ROBIN GOURMET BURGERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

			Sixteen Weeks Ended
			April 15, 2012		April 17, 2011

Revenues:
	Restaurant revenue		$	294,642	$	281,548
	Franchise royalties and fees and other revenues			4,817		5,282
		Total revenues		299,459		286,830

Costs and expenses:
	Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
		Cost of sales		75,075		70,361
		Labor (includes $143 and $245 of stock-
		based compensation, respectively)		98,606		96,871
		Operating		37,405		38,761
		Occupancy		21,114		19,828
	Depreciation, amortization and other			16,652		17,111
	Selling, general, and administrative (includes $1,059
	and $613 of stock-based compensation, respectively)			33,877		32,042
	Pre-opening costs			983		661
		Total costs and expenses		283,712		275,635

Income from operations				15,747		11,195

Other expense:
	Interest expense, net and other			1,833		1,355

Income before income taxes				13,914		9,840
Income tax expense				3,356		1,132
Net income			$	10,558	$	8,708
Earnings per share:
	Basic		$	0.72	$	0.56
	Diluted		$	0.71	$	0.56
Weighted average shares outstanding:
	Basic			14,611		15,466
	Diluted			14,984		15,641

RED ROBIN GOURMET BURGERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited)

		April 15, 2012			December 25, 2011
Assets:
Current Assets:
	Cash and cash equivalents	$	37,977		$	35,036
	Accounts receivable, net		9,621			14,785
	Inventories		17,318			18,040
	Prepaid expenses and other current assets		9,180			9,970
	Income tax receivable		155			1,387
	Deferred tax asset		2,096			1,429
	Total current assets		76,347			80,647

	Property and equipment, net		398,911			402,360
	Goodwill		61,769			61,769
	Intangible assets, net		37,874			38,969
	Other assets, net		10,576			9,231
	Total assets	$	585,477		$	592,976

Liabilities and Stockholders’ Equity:
Current Liabilities:
	Trade accounts payable	$	13,221		$	14,798
	Construction related payables		5,003			3,328
	Accrued payroll and payroll related liabilities		30,620			35,044
	Unearned revenue		16,545			24,139
	Accrued liabilities		25,537			19,045
	Current portion of term loan notes payable and capital lease obligations		12,031			10,132
	Total current liabilities		102,957			106,486

	Deferred rent		42,020			40,025
	Notes payable, long-term portion		116,250			136,875
	Other long-term debt and capital lease obligations		9,666			9,924
	Other non-current liabilities		6,082			4,968
	Total liabilities		276,975			298,278

Stockholders’ Equity:
	Common stock; $0.001 par value: 30,000,000 shares authorized; 17,388,036
	and 17,276,404 shares issued; 14,690,889 and 14,579,257 shares outstanding		17			17
	Preferred stock, $0.001 par value: 3,000,000 shares authorized; no shares
	issued and outstanding		-			-
	Treasury stock, 2,697,147 shares, at cost		(83,285	)		(83,285	)
	Paid-in capital		181,577			178,111
	Accumulated other comprehensive income (loss), net of tax		(545	)		(326	)
	Retained earnings		210,738			200,181
	Total stockholders’ equity		308,502			294,698
Total liabilities and stockholders’ equity		$	585,477		$	592,976

Schedule I

Reconciliation of Non-GAAP Results to GAAP Results
(In thousands, except per share data)

In addition to the results provided in accordance with Generally Accepted Accounting Principles (“GAAP”) throughout this press release, the Company has provided non-GAAP measurements which present the sixteen weeks ended April 15, 2012, and April 17, 2011, net income and basic and diluted earnings per share, excluding the effects of the severance expense, executive transition costs, and initial gift card breakage revenue recorded in first quarter 2011. The Company believes that the presentation of net income and earnings per share exclusive of the identified items gives the reader additional insight into the ongoing operational results of the Company. This supplemental information will assist with comparisons of past and future financial results against the present financial results presented herein. The non-GAAP results were calculated using an assumed 11.5% normalized tax rate in 2011 income and expense items before taxes excluding the identified items. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP.

	Sixteen Weeks Ended
	April 15, 2012		April 17, 2011

Net income as reported	$	10,558	$	8,708
Severance expense		-		785
Initial cumulative gift card breakage income		-		(438	)
Income tax (benefit) expense		-		(34	)

Adjusted net income	$	10,558	$	9,021


Basic net income per share:
Net income as reported	$	0.72	$	0.56
Severance expense		-		0.05
Initial cumulative gift card breakage income		-		(0.03	)
Income tax (benefit) expense		-		-

Adjusted earnings per basic share	$	0.72	$	0.58



Diluted net income per share:
Severance expense	$	0.71	$	0.56
Initial cumulative gift card breakage income		-		0.05
Income tax (benefit) expense		-		(0.03	)
Income tax expense		-		-

Adjusted earnings per diluted share	$	0.71	$	0.58

Weighted average shares outstanding:
Basic		14,611		15,466
Diluted		14,984		15,641

Schedule II

Reconciliation of Non-GAAP Restaurant-Level Operating Profit to Income
from Operations and Net Income
(In thousands, except percentage data)

The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation related to restaurant buildings and leasehold improvements. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and pre-opening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because, similar to depreciation and amortization, they represent a non-cash charge for the Company’s investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles (“GAAP”) and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The table below sets forth certain unaudited information for the 16 weeks ended April 15, 2012, and April 17, 2011, expressed as a percentage of total revenues, except for the components of restaurant operating costs, which are expressed as a percentage of restaurant revenues.


		Sixteen Weeks Ended
		April 15, 2012				April 17, 2011
Restaurant revenues		$	294,642	98.4	%	$	281,548	98.2	%
Restaurant operating costs (exclusive of
depreciation and amortization shown
separately below):
	Cost of sales		75,075	25.5			70,361	25.0
	Labor		98,606	33.5			96,871	34.4
	Operating		37,405	12.7			38,761	13.8
	Occupancy		21,114	7.2			19,828	7.0
Restaurant-level operating profit			62,442	21.2			55,727	19.8

Add – other revenues			4,817	1.6			5,282	1.8
Deduct – other operating:
	Depreciation and amortization		16,652	5.6			17,111	6.0
	Selling, general, and administrative		33,792	11.3			31,987	11.2
	Pre-opening costs		983	0.3			661	0.2
	Restaurant closure costs		85	-			55	-
	Total other operating		51,512	17.2			49,814	17.4

Income from operations			15,747	5.3			11,195	3.9

Total other expenses, net			1,833	0.6			1,355	0.5
Income tax expense			3,356	1.1			1,132	0.4
	Total other		5,189	1.7			2,487	0.9

Net income		$	10,558	3.5	%	$	8,708	3.0	%

Certain percentage amounts in the table above do not total due to rounding as well as the fact that restaurant operating costs are expressed as a percentage of restaurant revenues, as opposed to total revenues.

Jack in the Box Inc. Reports Second Quarter FY 2012 Earnings; Updates Guidance for FY 2012

Wed, 16 May 2012 16:15:02 -0400

Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $21.6 million, or $0.48 per diluted share, for the second quarter ended April 15, 2012, compared with net earnings of $6.8 million, or $0.13 per diluted share, for the second quarter of fiscal 2011.

Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share on a GAAP basis less gains from refranchising, were $0.27 per diluted share compared with $0.12 per diluted share in the prior year quarter. A reconciliation of non-GAAP measurements to GAAP results is attached to this release. Included in operating earnings per share were re-image incentive payments of $0.8 million, or approximately $0.01 per share in the second quarter of 2012 as compared to $1.4 million, or approximately $0.02 per share in the prior year quarter.

During fiscal 2012, the company has been engaged in a comprehensive review of its overhead structure, including evaluating opportunities for outsourcing, restructuring of certain functions and workforce reductions. As a result, restructuring charges of $1.5 million, or approximately $0.02 per share, were recorded during the quarter which relate primarily to severance costs for positions that were eliminated. These charges are included in “impairment and other charges, net” in the accompanying consolidated statement of earnings. The company expects to incur additional restructuring charges during fiscal 2012 relating to this review.

Gains from refranchising contributed approximately $0.21 per diluted share for the quarter as compared with approximately $0.01 per diluted share in the prior year quarter.

Increase (decrease) in same-store sales:

	12 Weeks Ended	12 Weeks Ended	28 Weeks Ended	28 Weeks Ended
	April 15, 2012	April 17, 2011	April 15, 2012	April 17, 2011
Jack in the Box^®:
Company	5.6%	0.8%	5.5%	1.2%
Franchise	3.6%	(0.3%)	3.1%	0.4%
System	4.2%	0.1%	3.8%	0.7%
Qdoba^®:
Company	3.8%	5.1%	3.7%	5.5%
Franchise	2.2%	6.4%	3.2%	6.5%
System	3.0%	6.0%	3.4%	6.2%

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales increased 5.6 percent in the second quarter, driven by a combination of traffic growth and an increase in average check. We believe these results have been largely driven by the investments we have made to enhance the entire guest experience at the Jack in the Box brand, including the substantial completion of our system-wide re-image program in January.

“Qdoba’s same-store sales in the second quarter increased 3.8 percent for company restaurants and 3.0 percent system-wide. Importantly, company restaurant operating margin at Qdoba improved substantially during the quarter,” Lang said.

Consolidated restaurant operating margin was 15.5 percent of sales in the second quarter of 2012, compared with 12.3 percent of sales in the year-ago quarter.

Food and packaging costs in the quarter were 80 basis points lower than prior year. The decrease resulted from the benefit of price increases and favorable product mix as well as a greater proportion of Qdoba company restaurants which combined to more than offset commodity inflation. Overall commodity costs were approximately 3 percent higher in the quarter, driven by higher costs for most commodities other than produce and poultry.

Payroll and employee benefits costs were 120 basis points lower than the year-ago quarter, reflecting the leverage from same-store sales increases and the benefits of refranchising. These decreases were offset by higher levels of incentive compensation.

Occupancy and other costs decreased 130 basis points in the second quarter due primarily to leverage from same-store sales increases and the benefits of refranchising. These decreases were partially offset by higher debit card fees, higher depreciation expense related to the Jack in the Box re-image program and higher rent expense as a percentage of sales due to the greater proportion of company-operated Qdoba restaurants versus the prior year.

SG&A expense for the second quarter increased by $1.9 million and was 10.8 percent of revenues as compared to 10.4 percent in the prior year quarter. The increase in SG&A was attributable primarily to higher incentive compensation accruals, increased G&A related to Qdoba growth, and higher pension and pre-opening costs which were partially offset by lower advertising and overhead costs resulting from the company’s refranchising strategy. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $1.1 million in the second quarter as compared to a positive impact of $1.3 million in last year’s second quarter, resulting in a year-over-year increase in SG&A of $0.2 million.

Gains on the sale of 37 company-operated Jack in the Box restaurants to franchisees totaled $14.1 million in the second quarter, or approximately $0.21 per diluted share, compared with $0.9 million, or approximately $0.01 per diluted share, in the year-ago quarter from the sale of 26 restaurants. For the second quarter of 2012 average gains were $380,000 per restaurant, and total proceeds related to refranchising were $20.7 million, or an average of $560,000 per restaurant.

Impairment and other charges increased in the quarter to $5.1 million from $4.5 million a year ago. This increase related primarily to restructuring charges of $1.5 million discussed above, the impairment of one underperforming Jack in the Box restaurant in 2012 and an increase in costs associated with closed restaurants. These increases were partially offset by a decrease in accelerated depreciation related to the company’s re-image program.

As previously disclosed, the company acquired 25 franchised Qdoba restaurants in two markets during the second quarter of 2012 for $33.0 million. These acquisitions are expected to be accretive to fiscal 2012 restaurant operating margin and earnings per share.

In November 2011, the company’s board of directors approved a new $100 million stock-buyback program that expires in November 2013. The company did not repurchase any shares of its common stock during the second quarter; and as of April 15, 2012, $100 million remains available under this authorization.

Restaurant openings

Seven new Jack in the Box restaurants opened in the second quarter, including 3 franchised locations, compared with 8 new restaurants opened system-wide during the same quarter last year, of which 6 were franchised.

In the second quarter, 8 Qdoba restaurants opened, including 6 franchised locations, versus 10 new restaurants in the year-ago quarter, of which 5 were franchised.

At April 15, 2012, the company’s system total comprised 2,242 Jack in the Box restaurants, including 1,641 franchised locations, and 605 Qdoba restaurants, including 316 franchised locations.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the third quarter ending July 8, 2012, and the fiscal year ending September 30, 2012. Fiscal 2012 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.

Third quarter fiscal year 2012 guidance

Same-store sales are expected to increase approximately 3 to 4 percent at Jack in the Box company restaurants versus a 4.7 percent increase in the year-ago quarter.
Same-store sales are expected to increase approximately 3 to 4 percent at Qdoba system restaurants versus a 5.1 percent increase in the year-ago quarter.

Fiscal year 2012 guidance

Same-store sales are expected to increase approximately 3.5 to 4.5 percent at Jack in the Box company restaurants.
Same-store sales are expected to increase approximately 3.5 to 4.5 percent at Qdoba system restaurants.
Overall commodity costs are now expected to increase by approximately 3 to 4 percent for the full year, with lower inflation in the second half of the fiscal year.
Restaurant operating margin for the full year is expected to be approximately 14.5 to 15.0 percent, depending on same-store sales and commodity inflation.
30 to 35 new Jack in the Box restaurants are expected to open, including approximately 15 company locations.
60 to 70 new Qdoba restaurants are expected to open, of which approximately 25 to 30 are expected to be company locations.
The company expects to sell 80 to 120 Jack in the Box restaurants to franchisees with expected gains of $20 to $25 million and total proceeds of $40 to $50 million resulting from the sales.
Capital expenditures are expected to be $85 to $95 million.
SG&A is expected to be in the high-10 percent range with the increase from prior guidance due primarily to higher incentive compensation.
Impairment and other charges are expected to be approximately 60 basis points, excluding additional restructuring charges in the third and fourth quarters.
The tax rate is expected to be approximately 35 to 36 percent.
Diluted earnings per share are expected to range from $1.28 to $1.50, excluding additional restructuring charges in the third and fourth quarters. Operating earnings per share, which the company defines as diluted earnings per share on a GAAP basis less gains from refranchising, are expected to range from $1.00 to $1.15 per diluted share, excluding additional restructuring charges in the third and fourth quarters. Gains from refranchising are expected to contribute $0.28 to $0.35 to diluted earnings per share, as compared to approximately $0.78 in fiscal 2011.
Diluted earnings per share includes approximately $0.10 to $0.11 of re-image incentive payments to Jack in the Box franchisees in fiscal 2012 to complete the re-image program as compared to $0.11 in fiscal 2011.

Conference call

The company will host a conference call for financial analysts and investors on Thursday, May 17, 2012, beginning at 7:30 a.m. PT (10:30 a.m. ET). The conference call will be broadcast live over the Internet via the Jack in the Box website. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. website at http://investors.jackinthebox.com at least 15 minutes prior to the event in order to download and install any necessary audio software. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days, beginning at approximately 10:30 a.m. PT on May 17.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box^®restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 20 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill^®, a leader in fast-casual dining, with more than 600 restaurants in 42 states and the District of Columbia. For more information on Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com or www.qdoba.com.

Safe harbor statement

This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to substantial risks and uncertainties. A variety of factors could cause the company’s actual results to differ materially from those expressed in the forward-looking statements, including the success of new products and marketing initiatives, the impact of competition, unemployment, trends in consumer spending patterns, commodity costs, the timing of sales of Jack in the Box restaurants to franchisees, and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission which are available online at www.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.

JACK IN THE BOX INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS (Unaudited)

Operating earnings per share, a non-GAAP measure, is defined by the company as diluted earnings per share on a GAAP basis less gains from refranchising. Management believes this non-GAAP financial measure provides important supplemental information to assist investors in analyzing the performance of the company’s core business. In addition, the company uses operating earnings per share in establishing performance goals for purposes of executive compensation. The company encourages investors to rely upon its GAAP numbers, but includes this non-GAAP financial measure as a supplemental metric to assist investors. This non-GAAP financial measure should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, this non-GAAP financial measure used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Below is a reconciliation of non-GAAP operating earnings per share to the most directly comparable GAAP measure, diluted earnings per share:

	12 Weeks Ended		28 Weeks Ended
	April 15,	April 17,	April 15,	April 17,
	2012	2011	2012	2011
Diluted earnings per share - GAAP	$0.48	$0.13	$0.75	$0.75
Less: Gains from refranchising	(0.21)	(0.01)	(0.22)	(0.36)
Operating earnings per share - Non-GAAP	$0.27	$0.12	$0.53	$0.39


JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited)

			Quarter						Year-to-Date
			April 15,			April 17,			April 15,			April 17,
				2012			2011			2012			2011

Revenues:
	Company restaurant sales		$	290,803		$	321,242		$	654,905		$	758,152
	Distribution sales			140,146			121,362			334,940			268,049
	Franchise revenues			75,681			62,531			169,500			143,652
				506,630			505,135			1,159,345			1,169,853
Operating costs and expenses, net:
	Company restaurant costs:
		Food and packaging		94,910			107,275			217,017			249,130
		Payroll and employee benefits		85,257			97,998			193,069			232,514
		Occupancy and other		65,493			76,393			150,435			181,802
		Total company restaurant costs		245,660			281,666			560,521			663,446
	Distribution costs			140,146			121,837			334,940			269,178
	Franchise costs			37,996			31,328			87,855			69,680
	Selling, general and administrative expenses			54,497			52,619			120,214			119,504
	Impairment and other charges, net			5,074			4,494			9,425			8,090
	Gains on the sale of company-operated restaurants			(14,078	)		(878	)		(15,200	)		(28,750	)
				469,295			491,066			1,097,755			1,101,148

Earnings from operations				37,335			14,069			61,590			68,705

Interest expense, net				4,534			3,945			10,591			8,556

Earnings before income taxes				32,801			10,124			50,999			60,149

Income taxes				11,169			3,322			17,417			20,946

Net earnings			$	21,632		$	6,802		$	33,582		$	39,203

Net earnings per share:
	Basic		$	0.49		$	0.14		$	0.77		$	0.76
	Diluted		$	0.48		$	0.13		$	0.75		$	0.75

Weighted-average shares outstanding:
	Basic			43,937			50,183			43,896			51,265
	Diluted			44,911			50,984			44,775			52,069

JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data) (Unaudited)

			April 15,			October 2,
				2012			2011

ASSETS
Current assets:
	Cash and cash equivalents		$	11,308		$	11,424
	Accounts and other receivables, net			89,824			86,213
	Inventories			33,718			38,931
	Prepaid expenses			24,018			18,737
	Deferred income taxes			44,914			45,520
	Assets held for sale and leaseback			62,511			51,793
	Other current assets			1,139			1,793
		Total current assets		267,432			254,411

Property and equipment, at cost				1,527,637			1,518,799
Less accumulated depreciation and amortization				(694,032	)		(663,373	)
	Property and equipment, net			833,605			855,426
Goodwill				134,503			105,872
Other assets, net				225,268			216,613
			$	1,460,808		$	1,432,322

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
	Current maturities of long-term debt		$	21,849		$	21,148
	Accounts payable			67,131			94,348
	Accrued liabilities			169,231			167,487
		Total current liabilities		258,211			282,983

Long-term debt, net of current maturities				460,683			447,350

Other long-term liabilities				293,642			290,723

Deferred income taxes				5,310			5,310

Stockholders’ equity:
	Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued			-			-
	Common stock $0.01 par value, 175,000,000 shares authorized, 75,280,508 and
	74,992,487 issued, respectively			753			750
	Capital in excess of par value			208,668			202,684
	Retained earnings			1,096,602			1,063,020
	Accumulated other comprehensive loss, net			(91,602	)		(95,940	)
	Treasury stock, at cost, 31,072,631 and 30,746,099 shares, respectively			(771,459	)		(764,558	)
		Total stockholders’ equity		442,962			405,956
			$	1,460,808		$	1,432,322

JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in thousands) (Unaudited)

			Year-to-Date
			April 15,			April 17,
				2012			2011

Cash flows from operating activities:
	Net earnings		$	33,582		$	39,203
	Adjustments to reconcile net earnings to net cash provided by operating activities:
		Depreciation and amortization		51,874			51,817
		Deferred finance cost amortization		1,431			1,350
		Deferred income taxes		(2,560	)		(4,965	)
		Share-based compensation expense		3,562			4,972
		Pension and postretirement expense		14,372			12,840
		Gains on cash surrender value of company-owned life insurance		(8,427	)		(7,841	)
		Gains on the sale of company-operated restaurants		(15,200	)		(28,750	)
		Losses on the disposition of property and equipment, net		2,858			5,424
		Impairment charges		2,109			1,167
	Changes in assets and liabilities, excluding acquisitions and dispositions:
		Accounts and other receivables		(8,680	)		(2,359	)
		Inventories		5,213			561
		Prepaid expenses and other current assets		(4,627	)		6,848
		Accounts payable		(6,178	)		(2,851	)
		Accrued liabilities		6,237			11,987
		Pension and postretirement contributions		(6,573	)		(2,472	)
		Other		595			(5,087	)
		Cash flows provided by operating activities		69,588			81,844

Cash flows from investing activities:
	Purchases of property and equipment			(40,609	)		(74,129	)
	Proceeds from (purchases of) assets held for sale and leaseback, net			(12,688	)		6,669
	Proceeds from the sale of company-operated restaurants			21,964			49,588
	Collections on notes receivable			9,669			19,062
	Disbursements for loans to franchisees			(3,977	)		(6,661	)
	Acquisitions of franchise-operated restaurants			(39,195	)		(21,477	)
	Other			244			43
		Cash flows used in investing activities		(64,592	)		(26,905	)

Cash flows from financing activities:
	Borrowings on revolving credit facility			333,020			396,000
	Repayments of borrowings on revolving credit facility			(308,324	)		(349,000	)
	Principal repayments on debt			(10,662	)		(5,731	)
	Debt issuance costs			(741	)		(989	)
	Proceeds from issuance of common stock			2,015			3,376
	Repurchases of common stock			(6,901	)		(75,000	)
	Excess tax benefits from share-based compensation arrangements			287			640
	Change in book overdraft			(13,806	)		(20,130	)
		Cash flows used in financing activities		(5,112	)		(50,834	)

Net increase (decrease) in cash and cash equivalents				(116	)		4,105
Cash and cash equivalents at beginning of period				11,424			10,607
Cash and cash equivalents at end of period			$	11,308		$	14,712

JACK IN THE BOX INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (Unaudited)

The following table presents certain income and expense items included in the company’s condensed consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.

			Quarter				Year-to-Date
			April 15,		April 17,		April 15,		April 17,
			2012		2011		2012		2011
Revenues:
	Company restaurant sales		57.4	%	63.6	%	56.5	%	64.8	%
	Distribution sales		27.7	%	24.0	%	28.9	%	22.9	%
	Franchise revenues		14.9	%	12.4	%	14.6	%	12.3	%
		Total revenues	100.0	%	100.0	%	100.0	%	100.0	%

Operating costs and expenses, net:
	Company restaurant costs:
		Food and packaging (1)	32.6	%	33.4	%	33.1	%	32.9	%
		Payroll and employee benefits (1)	29.3	%	30.5	%	29.5	%	30.7	%
		Occupancy and other (1)	22.5	%	23.8	%	23.0	%	24.0	%
		Total company restaurant costs (1)	84.5	%	87.7	%	85.6	%	87.5	%
	Distribution costs (1)		100.0	%	100.4	%	100.0	%	100.4	%
	Franchise costs (1)		50.2	%	50.1	%	51.8	%	48.5	%
	Selling, general and administrative expenses		10.8	%	10.4	%	10.4	%	10.2	%
	Impairment and other charges, net		1.0	%	0.9	%	0.8	%	0.7	%
	Gains on the sale of company-operated restaurants		(2.8	%)	(0.2	%)	(1.3	%)	(2.5	%)
Earnings from operations			7.4	%	2.8	%	5.3	%	5.9	%

Income tax rate (2)			34.1	%	32.8	%	34.2	%	34.8	%

(1) As a percentage of the related sales and/or revenues.
(2) As a percentage of earnings before income taxes.

The following table summarizes the year-to-date changes in the number of Jack in the Box and Qdoba company and franchise restaurants:



			April 15, 2012						April 17, 2011
			Company		Franchise		Total		Company		Franchise		Total
Jack in the Box:
	Beginning of year		629		1,592		2,221		956		1,250		2,206
		New	9		14		23		7		9		16
		Refranchised	(37	)	37		-		(114	)	114		-
		Closed	-		(2	)	(2	)	(1	)	(1	)	(2	)
	End of period		601		1,641		2,242		848		1,372		2,220
		% of system	27	%	73	%	100	%	38	%	62	%	100	%
Qdoba:
	Beginning of year		245		338		583		188		337		525
		New	8		15		23		11		19		30
		Acquired from franchisees	36		(36	)	-		22		(22	)	-
		Closed	-		(1	)	(1	)	-		(6	)	(6	)
	End of period		289		316		605		221		328		549
		% of system	48	%	52	%	100	%	40	%	60	%	100	%

Consolidated:
	Total system		890		1,957		2,847		1,069		1,700		2,769
		% of system	31	%	69	%	100	%	39	%	61	%	100	%

Digital Devices Drive Multitasking & Multiscreen Advertising Opportunities, According to Two New Studies From IAB

Wed, 16 May 2012 15:45:01 -0400

Connected devices are proliferating like never before, and consumers are adopting multitasking behavior in increasing numbers. These trends are the focus of two unique and timely studies – “Screens to the nth” and “The Multiscreen Marketer” – released today by the Interactive Advertising Bureau at the IAB Innovation Days @ Internet Week “Screens⁽ⁿ⁾” conference in New York.

“Screens to the nth,” developed in partnership with Ipsos MediaCT, leverages a combination of sources including HearWatchSay, an online research community of 5000 media-savvy individuals. The study explores different types of simultaneous viewing and the key drivers of those behaviors, showing that multitasking is a popular activity while consumers are watching live TV, with 63 percent of respondents reporting that they used a connected device for at least a few minutes the last time they watched live TV. Fifteen percent used more than one device.

The survey showed comparable usage figures for DVR watching respondents (66%), though these consumers were much more likely to be using more than one connected device (23%) in comparison to live TV viewers.

The study also takes a deep dive into the drivers behind the growth in multitasking, revealing that both device proliferation and program content spur media-savvy consumers to search, discuss, share and discover digitally. Across all online activities – such as discussions with friends, social networking, or viewing blogs – smartphones were the multitasking device of choice when interacting about a TV show:

Smartphone (45%)
Tablet (30%)
Computer (21%)

Overall, more multiscreen viewers who are watching television perform activities on their devices that are not related to TV content. The unrelated activities center around communication (email, social networking, texting) and general surfing, while a substantial number also shop and do online banking and about one-third play social/casual games across all three devices. This is particularly noticeable among multitasking viewers who simultaneously use computers (93%), followed by tablet multitaskers (88%) and smartphone multitaskers (83%).

However, a substantial number of multiscreen viewers are focused on TV content related activities: 41 percent of computer multitaskers, 46 percent of tablet multitaskers and 60 percent of smartphone multitaskers.

Findings also reveal that multiscreen viewers are more likely to use their smartphone than tablet or laptop to discuss TV commercials on social networks, blogs, and forums or over text/email/IM:

Smartphones (37%)
Computers (18%)
Tablets (16%)

“Understanding how and why consumers view multiscreens opens the door to the future of advertising and content creation,” said Sherrill Mane, Senior Vice President, Research, Analytics & Measurement, IAB. “As devices proliferate and the lines between content and advertising blur, more opportunities to reach consumers in relevant and compelling ways will emerge.”

The Multiscreen Marketer

“The Multiscreen Marketer,” a separate study commissioned from Econsultancy by the IAB iTV Committee and IAB Mobile Marketing Center of Excellence further explores both the challenges and the opportunities that marketers, agencies, and publishers face in an increasingly complex multidevice, multiplatform consumer environment.

While “Screens to the nth” reviews the different types of simultaneous viewing and the key drivers of those behaviors, “The Multiscreen Marketer” reveals deeper modern viewing habits for the true multidevice user among those with two screens (TV, computer), three screens (TV, computer, smartphone), and four screens (TV, computer, smartphone, tablet) and what motivates multiscreen behavior among the users of these devices and TVs.

The survey found that for two-screen users (TV, computer) habits involved with watching TV look very much as they did in the 1960s, dominated by eating, drinking, and spending time with family. But, with every additional screen owned by consumers, the desire for TV-time to be amplified by a digital experience expands vastly:

65% of “four-screeners” were likely to use a connected device while watching television
60% of “three-screeners” were likely to do so
52% of “two-screeners” did the same

Looking to the future, younger “four-screeners” are even more likely to be multitasking; 77 percent of those 18 – 44 years old say they’re likely or very likely to be using a second device while watching TV.

In addition, findings indicate that contrary to assumptions, advertiser recall is actually higher among ”four-screener” respondents. When asked to associate up to three advertisers with favorite programs, “four-screeners” are the most likely to be able to do so:

“Four-screeners” (53%)
“Three-screeners” (46%)
“Two-screeners” (42%)

To download “Screens to the nth” in its entirety, please visit: www.iab.net/screenstothenth. “The Multiscreen Marketer” is also available for download at www.iab.net/multiscreenmarketer.

Methodology

“Screens to the nth”

The study is based on data collected and analyzed by Ipsos MediaCT in partnership with the IAB. The study used a combination of sources including LMX, a single-source, two-wave media diary of 7500 consumers examining device ownership and when, where, and how new and traditional media is consumed, along with HearWatchSay, Ipsos and IAB’s online community of 5000 media-savvy individuals.

“The Multiscreen Marketer”

The survey was conducted by Econsultancy on behalf of the IAB. It was fielded online on April 19, 2012 to a Survey Sampling panel comprised of U.S. consumers ages 18 and over. Tablet owners were over-sampled to ensure sufficient data for that audience. The survey closed on April 25, 2012 with 1,851 qualified responses.

About the IAB

The Interactive Advertising Bureau (IAB) is comprised of more than 500 leading media and technology companies that are responsible for selling 86% of online advertising in the United States. On behalf of its members, the IAB is dedicated to the growth of the interactive advertising marketplace, of interactive’s share of total marketing spend, and of its members’ share of total marketing spend. The IAB educates marketers, agencies, media companies and the wider business community about the value of interactive advertising. Working with its member companies, the IAB evaluates and recommends standards and practices and fields critical research on interactive advertising. Founded in 1996, the IAB is headquartered in New York City with a Public Policy office in Washington, D.C. For more information, please visit www.iab.net.

A.M. Best Revises Outlook of GHS Property and Casualty Insurance Company

Wed, 16 May 2012 15:15:02 -0400

A.M. Best Co. has revised the outlook to stable from negative and affirmed the financial strength rating of B++ (Good) and issuer credit rating of “bbb+” of GHS Property and Casualty Insurance Company (GHS) (Oklahoma City, OK).

The stable outlook reflects the recent explicit financial support GHS has received from its parent, Health Care Service Corporation, a Mutual Legal Reserve Company (HCSC) (which operates as Blue Cross and Blue Shield plans in Illinois, Texas, New Mexico and Oklahoma), with the infusion of a $10 million capital contribution.

The capital infusion has restored GHS’ excellent risk-adjusted capitalization and offsets the company’s surplus loss in the fourth quarter of 2011, which was a result of significant adverse reserve development. Additional surplus losses in 2011 were attributable to ongoing underwriting losses from frequent and severe catastrophe events. The adverse reserve development primarily was related to GHS’ assumed premium programs, and to a lesser extent, its group accident and health business. GHS completed its exit of the Oklahoma property market, which was the primary cause of its underwriting losses in recent years. In addition, GHS has announced its withdrawal from the auto insurance market in Oklahoma.

Key drivers that could result in a downgrading of GHS’ ratings include continued adverse reserve development, deterioration in underwriting performance from its remaining lines of business, further erosion of its capital base or lack of future parental support by HCSC.

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies”; “Understanding BCAR for Property/Casualty Insurers”; and “Rating Members of Insurance Groups.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

A.M. Best Upgrades Issuer Credit Ratings of Delphi Financial Group, Inc. and Its Subsidiaries

Wed, 16 May 2012 15:15:01 -0400

A.M. Best Co. has upgraded the issuer credit ratings (ICR) to “a+” from “a ”and affirmed the financial strength rating (FSR) of A (Excellent) of Reliance Standard Life Insurance Company (RSL) (Chicago, IL) and First Reliance Standard Life Insurance Company (First Reliance) (New York, NY), the life/health subsidiaries of Delphi Financial Group, Inc. (DFG). Concurrently, A.M. Best has upgraded the ICRs to “a+” from “a ” and affirmed the FSR of A (Excellent) of Safety National Casualty Corporation (St. Louis, MO) and its reinsured affiliate, Safety First Insurance Company (Chicago, IL) (together referred to as Safety National), the property/casualty subsidiaries of DFG.

Additionally, A.M. Best has upgraded the ICR to “bbb+” from “bbb” and the existing debt ratings of DFG. All the above ratings have been removed from under review with positive implications and assigned a stable outlook. (Please see below for a detailed list of the debt ratings.)

These rating actions follow the recent closing of the transaction where DFG was acquired by Tokio Marine Holdings, Inc. (TMHD) (Japan) through TMHD’s wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Company, Ltd. (Japan). Consequently, A.M. Best believes that DFG’s financial flexibility will benefit from TMHD’s strong capitalization, lower cost of capital and diversified business profile.

The acquisition widens the scope of TMHD’s international operations while increasing the group’s diversification into the U.S. employee benefits, asset accumulation and excess workers’ compensation markets. Given DFG’s established presence and strong historical performance, A.M. Best believes these operations will contribute meaningfully to TMHD’s operating and business profile. DFG and its subsidiaries, including its non-insurance subsidiary, Matrix Absence Management, Inc., will continue to operate autonomously with no significant changes to its management team or business model.

As with most major acquisitions, the transaction remains subject to integration risk. In the near to medium term, A.M. Best will evaluate the extent to which DFG is assimilated into TMHD’s risk management framework, including a review of DFG’s investment portfolio and risk tolerance. A.M. Best notes that TMHD has demonstrated expertise in completing significant transactions in the United States, having acquired Philadelphia Consolidated Holding Corp. and its subsidiaries in 2008 and the remaining 50% of First Insurance Company of Hawaii, Ltd. and its subsidiaries in 2011.

The ratings for RSL and First Reliance continue to reflect their established presence within the small to mid-sized employee benefits marketplace, stable operating profile, disciplined pricing philosophy and sound risk-adjusted capitalization. Offsetting factors include the challenges the group faces in the difficult economic and competitive environments, exposure to certain types of higher risk assets and interest rate risk within its group disability product line.

The ratings for Safety National continue to recognize its strong operating performance, solid risk-adjusted capitalization and established market presence within the excess workers’ compensation market.

Partially offsetting these positive rating factors are areas of ongoing, yet declining, adverse loss release development occurring on prior accident years and the impact of investment market fluctuations, which has hampered the group’s ability to internally generate capital. Despite these concerns, it is A.M. Best’s expectation that Safety National should generate surplus growth through strong earnings over the near term, absent significant dividends.

Prospectively, positive rating actions on DFG and its subsidiaries could occur as the operations become fully integrated and/or receive explicit support from TMHD. Factors that could lead to negative rating actions include a material decline in stand-alone capitalization levels or a change in A.M. Best’s view of the strategic importance of DFG to TMHD.

The following debt ratings have been upgraded:

Delphi Financial Group, Inc.—
-- to “bbb+” from “bbb” on $250 million 7.875 % senior unsecured notes, due 2020
-- to “bbb-” from “bb+” on $175 million fixed/floating rate junior subordinated notes due 2037

The following indicative shelf ratings have been withdrawn:

Delphi Financial Group, Inc.—
-- “bbb” on senior unsecured
-- “bbb-” on subordinated
-- “bb+” on preferred stock

The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com

Research and Markets: Germany - The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe

Wed, 16 May 2012 14:15:02 -0400

Research and Markets (http://www.researchandmarkets.com/research/5gvf33/germany_the_futu) has announced the addition of the "Germany - The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe" report to their offering.

Germany has the fourth largest number of HNWIs in the world behind the US, Japan and China. In addition to providing a comprehensive and robust background of the German economy, including, uniquely, detailed analysis of economic and political risks to HNWI wealth creation, this report provides robust projections of the volume, wealth and asset allocation of German HNWIs and UHNWIs. The report then couches these findings in an analysis of the Germany's Wealth Management and Private Banking sector, and the opportunities therein.

Scope. The report features:

- Independent market sizing of German HNWIs

- Most up to date and thorough analysis of the demographic breakdown of Germany's HNWIs

- Volume, wealth and allocation trends from 2007 to 2011

- Volume, wealth and allocation forecasts to 2016

- Number of UHNWIs in each city

- City and sector wise breakdowns of UHNWI volumes and volume growth from 2007 to 2011, as well as 2016 forecasts

- City wise ratings of wealth management potential

- Details of the development, challenges and opportunities of the Wealth Management and Private Banking sector in Germany

- Detailed wealth management and family office information

- Insights into the drivers of HNWI wealth

Key Highlights

- Germany has the fourth highest number of HNWIs in the world after the US, Japan and China. As of 2011, there are just over 1.2 million HNWIs in Germany, with a combined wealth of almost US$4 trillion, accounting for roughly 36% of Germany's total wealth.

- The total number of HNWIs in Germany declined by 8.4% over the review period (2007 to 2011), while HNWI wealth dropped by 12.5%.

- Over the forecast period, HNWI volumes will increase by 16.5% at a CAGR of 3.1% to reach just over 1.4 million individuals in 2016. The total wealth of Germany's HNWIs is forecast to grow by 20% and at a CAGR of 3.8% in the years to 2016.

- In 2011, equities are the largest asset class for HNWIs in Germany, accounting for over 20% of total HNWI assets, followed by real estate, business interests, fixed income, alternatives and cash.

- Germany has the third highest number of UHNWIs in the world, behind the US and Japan. There are over 11,000 Ultra HNWIs in Germany, with an average wealth of over US$115 million per person and a combined wealth of more than US$1 trillion.

- Frankfurt is home to the largest portion of Germany's UHNWIs. This is above Paris, but still well below London. There are also sizable German UHNWI populations in Munich, Hamburg, Düsseldorf, Berlin and Stuttgart.

- Among Germany's top ten cities, Munich and Essen were the top performing cities for UHNWIs over the review period (2007-2011).

Key Topics Covered:

1 Introduction

2 Executive Summary

3 Wealth Sector Fundamentals

4 Findings from the WealthInsight HNWI Database

5 Analysis of German HNWI Investments

6 Competitive Landscape of the Wealth Sector

7 Appendix

List of Tables (59 Total)

List of Figures (58 Total)

Companies Mentioned

- Sal. Oppenheim jr. & Cie

- Commerzbank

- Deutsche WM

- Mezler

- MM Warburg

- Berenberg

- Hauck Aufhaeser

- UBS

- HSBC Trinkaus & Burkhardt AG

- Delbruck Bethmann (ABN Amro)

- Bankhaus Lampe

- Credit Suisse

- Julius Baer

- Achterkamp Family Office

- Allconsult

- Alpha Family Office

- Backup concept

- Barth Associates

- Bernhardt Advisory

- Deutsche Family Office

- Direct Invest AG

- Dr. Anhuef Family Office

- Extorel

- Feri Family Trust

- Flossbach and von Storch AG

- Fontis Family Office

- Forum Family Office

- Forvest Trust

- Fürst and Partner

- Gräff Capital Management AG

- Griffin's PWM

- Honestas Finanzmanagement

- HQ Trust

- Krüger Family Office

- LOHR and Company

- Aeris Capital

- Familie Jacobs

- Thurn und Taxis

For more information visit http://www.researchandmarkets.com/research/5gvf33/germany_the_futu

Kronos Recognized for Excellence in Customer Satisfaction for 12th Consecutive Year

Wed, 16 May 2012 12:15:01 -0400

Kronos Incorporated today announced that it has received the NorthFace ScoreBoard Award℠ from the Omega Management Group Corp. for excellence in customer satisfaction for 2011. Omega presents the NorthFace ScoreBoard Award annually to organizations that consistently exceeded customer expectations during the preceding year, as rated solely by their customers.

News Facts

Results from Omega Management Group show that 99 percent of organizations responded positively when asked if Kronos^®understands their problem. Additionally, 92 percent of respondents said they are satisfied with Kronos product features and functionality.
Kronos has received the Omega NorthFace ScoreBoard Award every year since the program’s inception in 2001, and is one of only two organizations to do so.

Supporting Quotes

Chris Todd, vice president of services, Kronos
“Kronos is honored to receive the Omega award for 2011. Our promise to each of our customers is that we deliver ‘the experience you expect’. We give customers the tools they need to help control labor costs, minimize compliance risk, and improve workforce productivity. We do this by providing workforce management solutions that are easy to own, manage, and use, and we support them with exceptional customer service. Receiving this award based on customer feedback confirms that we continue to delivering on that promise.”

John Alexander Maraganis, president and CEO, Omega Management Group
“The NorthFace ScoreBoard Award recognizes organizations that offer exceptional customer service and embody a deep commitment to exceeding customer expectations. To be one of only two organizations to receive this award for 12 consecutive years shows how Kronos is a leader in managing the customer experience and satisfying customer needs.”

Supporting Resources

About Omega NorthFace ScoreBoard Award
Connect with Kronos via Facebook, Twitter, Google+, LinkedIn, and YouTube.
Subscribe to our workforce management blogs.
Take a look at the lighter side of workforce management in our Time Well Spent cartoons.

About Kronos Incorporated

Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 100 countries — including more than half of the Fortune 1000^® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.