UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) January 17, 2001
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Commission File Number: 000-17962
Applebee's International, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 43-1461763
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
4551 W. 107th Street, Suite 100, Overland Park, Kansas 66207
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(Address of principal executive offices and zip code)
(913) 967-4000
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(Registrant's telephone number, including area code)
None
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On January 17, 2001, Applebee's International, Inc. (the "Company") issued
a press release entitled "Applebee's International Confirms EPS Guidance and
Announces Sales for Fourth Quarter." The press release is attached as Exhibit A
hereto and incorporated herein by reference.
Item 7. Exhibits
(c) Exhibits
Exhibit Description
A Press release of the Company dated
January 17, 2001
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
APPLEBEE'S INTERNATIONAL, INC.
(Registrant)
Date: January 17, 2001 By: /s/ George D. Shadid
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George D. Shadid
Executive Vice President and
Chief Financial Officer
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EXHIBIT A
FOR IMMEDIATE RELEASE
Contact: Carol DiRaimo,
Director of Investor Relations
(913) 967-4109
Applebee's International Confirms EPS Guidance
and Announces Sales for Fourth Quarter
Overland Park, Kan., January 17, 2001 -- Applebee's International, Inc.
(Nasdaq:APPB) announced today that it expects earnings per share for the fourth
quarter of 2000 to be 63 cents, an increase of 21 percent over 1999 earnings per
share of 52 cents (excluding a 10 cent per share gain on the disposition of
restaurants in the 1999 quarter). Expected earnings per share are consistent
with consensus analyst estimates and within the range of earnings guidance
issued by the company in October 2000. Fourth quarter and fiscal year 2000
results include one extra week as compared to the fourth quarter and fiscal year
1999.
Comparable sales for company restaurants increased 0.1 percent for the fourth
quarter and 1.8 percent for the 53 weeks ended December 31, 2000. The increase
in comparable sales for company restaurants for the quarter reflected a 1 to 2
percent increase in average check and a 1 to 2 percent decline in guest traffic.
System-wide comparable sales increased 0.1 percent for the fourth quarter and
1.7 percent for the year-to-date period, while comparable sales for franchise
restaurants increased 0.1 percent and 1.6 percent, respectively.
Sales for the fourth quarter were negatively affected by the severe winter
weather experienced during the last three weeks of the quarter. The benefit
resulting from the shift in Christmas from Saturday in 1999 to Monday in 2000
only partially offset the weather impact. The severe weather had a more adverse
impact on company restaurants than franchise restaurants because of the
geographic dispersion of the respective markets.
As a result of the lower sales, higher utility costs and higher food costs
resulting from strong consumer preference for some of the new core menu items
introduced in October, restaurant margins before pre-opening expense are
expected to be in the mid-14 percent range. However, general and administrative
expenses will be approximately 9 percent of revenues, lower than previously
anticipated.
- more -
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January 17, 2001
Page 2
The company also announced the introduction of a new advertising campaign for
2001 that began this week on network television. The new campaign uses the
tagline "Eatin' Good in the Neighborhood" and is designed to strengthen the
awareness of Applebee's as a neighborhood concept. The first promotion under the
new campaign is "Sirloin Steak Toppers," which offers a 10 oz. sirloin steak
with the choice of three different toppings.
In a separate release today, the company announced the addition of a new senior
executive to oversee franchise operations and the commencement of a search for
the new position of chief operating officer as part of the company's strategic
succession planning process.
Fourth quarter and fiscal year 2000 results will be released after 4:00 p.m.
Eastern Time on Wednesday, February 14, 2001. A conference call to review the
results will be held on Thursday morning, February 15, 2001, at 10:00 a.m.
Central Time (11:00 a.m. Eastern Time). The conference call will be broadcast
live over the Internet and a replay will be available shortly after the call
through February 22, 2001 on the Investor Relations section of the company's
website (www.applebees.com).
Applebee's International, Inc., headquartered in Overland Park, Kan., currently
develops, franchises and operates restaurants under the Applebee's Neighborhood
Grill and Bar brand, the largest casual dining concept in the world. There are
currently 1,288 Applebee's restaurants operating system-wide in 49 states and
eight international countries. Additional information on Applebee's
International can be found at the company's website (www.applebees.com).
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