DARDEN RESTAURANTS INC (Form: 8-K, Filing

SECURITIES AND EXCHANGE COMMISSION

FORM 8-K Current report filing

Filing Date: 2000-09-22 | Period of Report: 2000-09-19 SEC Accession No. 0000940944-00-000135

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FILER DARDEN RESTAURANTS INC Mailing Address Business Address 5900 LAKE ELLENOR DRIVE 5900 LAKE ELLENOR DR CIK:940944| IRS No.: 593305930 | State of Incorp.:FL | Fiscal Year End: 0526 ORLANDO FL 32809 ORLANDO FL 32809 Type: 8-K | Act: 34 | File No.: 001-13666 | Film No.: 727215 4072454000 SIC: 5812 Eating places

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): September 19, 2000

Darden Restaurants, Inc. (Exact name of registrant as specified in its charter)

Florida 1-13666 59-3305930 (State or other juris- (Commission file number) (IRS employer diction of incorporation) identification No.)

5900 Lake Ellenor Drive, Orlando, Florida 32809 (Address of principal executive offices)

Registrant's telephone number, including area code: (407) 245-4000

Not Applicable (Former name or former address, if changed since last report)

Item 5. Other Events.

On September 19, 2000, the Registrant issued a news release

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document entitled "Darden Restaurants Reports Record Quarter Sales and Earnings Per Share."

On September 20, 2000, the Registrant issued a news release entitled "Darden Restaurants Declares Semi-Annual Dividend of 4 Cents."

On September 21, 2000, the Registrant issued a news release entitled "Bahama Breeze Names Alan Palmieri Executive Vice President of Operations."

On September 21, 2000, the Registrant issued a news release entitled "Darden Restaurants Promotes Laurie Burns To Senior Vice President, Development."

Item 7. Financial Statements and Exhibits.

Exhibit Number Description

99.1 Press Release dated September 19, 2000, entitled "Darden Restaurants Reports Record Quarter Sales and Earnings Per Share."

99.2 Press Release dated September 20, 2000, entitled "Darden Restaurants Declares Semi-Annual Dividend of 4 Cents."

99.3 Press Release dated September 21, 2000, entitled "Bahama Breeze Names Alan Palmieri Executive Vice President of Operations."

99.4 Press Release dated September 21, 2000, entitled "Darden Restaurants Promotes Laurie Burns To Senior Vice President, Development."

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 hereunto duly authorized.

By: /s/Paula J. Shives Paula J. Shives Senior Vice President, General Counsel and Secretary

INDEX TO EXHIBITS

Exhibit Number Page

99.1 Press Release dated September 19, 2000, entitled "Darden Restaurants Reports Record Quarter Sales and Earnings Per Share." 5

99.2 Press Release dated September 20, 2000, entitled "Darden Restaurants Declares Semi-Annual Dividend of 4 Cents." 9

99.3 Press Release dated September 21, 2000, entitled "Bahama Breeze Names Alan Palmieri Executive Vice President of Operations." 10

99.4 Press Release dated September 21, 2000, entitled "Darden Restaurants Promotes Laurie Burns To Senior Vice President, Development." 11

Press Release dated September 19, 2000, of Darden Restaurants, Inc.

DARDEN RESTAURANTS REPORTS RECORD QUARTER SALES AND EARNINGS PER SHARE

ORLANDO, FL - Darden Restaurants, Inc. today reported that continued robust same-restaurant sales growth led to record quarterly sales of $1.02 billion for the period ended August 27, 2000. Earnings per diluted share also reached a new quarterly high of 46 cents, a 31.4 % increase from prior year.

"This quarter's results are a fantastic start to an exciting new phase of growth for Darden," said Joe R. Lee, Chairman and Chief Executive Officer. "The impressive same-restaurant sales trends at Red Lobster and Olive Garden reflect our restaurant teams' terrific success focusing on operating excellence and delivering outstanding dining experiences. Offering our guests consistently great experiences is the key to our ongoing same-restaurant sales growth. And, we intend to capture an even greater share of the growing casual dining business by combining solid sales growth at existing restaurants with a meaningful increase in the number of restaurants we operate. We believe continuing opportunities for Red Lobster and Olive Garden, plus the excitement taking place at Bahama Breeze and potential opportunity we see emerging at Smokey Bones BBQ, mean the best is yet to come for Darden Restaurants." Highlights for the quarter ended August 27, 2000, included the following:

o Earnings after tax in the first quarter were $56.9 million, or 46 cents per diluted share, on sales of $1.02 billion. Last year, earnings after tax were $47.3 million, or 35 cents per diluted share, on sales of $929.4 million.

o Darden total sales of $1.02 billion for the quarter represent a strong 9.6% increase over prior year.

o Olive Garden led the Company with an impressive 8.7% increase in same-restaurant sales for the quarter, making it the 24th consecutive quarter of same-restaurant sales increases.

o Red Lobster reported its 11th consecutive quarter of same-restaurant sales growth, continuing to outpace the casual dining industry with a 6.2% increase.

o Bahama Breeze and Smokey Bones BBQ each posted sales and restaurant level earnings that exceeded the Company's expectations.

o The Company purchased 3.4 million shares of its common stock in the quarter.

Operating Highlights

OLIVE GARDEN'S first quarter sales of $436.1 million were 10.1% above prior year, and same-restaurant sales grew 8.7% - an impressive increase coming on top of the 8.1% increase in last year's first quarter. These strong sales were driven by same-restaurant guest count growth, excellent response to a new menu with delicious dishes from the Culinary Institute and Olive Garden restaurant in Tuscany, higher wine sales and, importantly, sales from new restaurants that feature Olive Garden's distinctive Tuscan Farmhouse design. The increased sales, combined with lower labor, restaurant and selling, general and administrative expenses as a percent of sales, generated a strong double-digit operating profit increase and record quarterly profit.

We're proud of achieving the highest financial returns in our history and really excited about the future growth potential of our family of local restaurants" said Brad Blum, President of Olive Garden. "Our restaurant General Managers and their teams are focused on delighting every guest with fresh, simple and delicious Italian food, offering a variety of great wines and providing extraordinary service. Olive Garden's passionate commitment to excellence and to a genuine Italian dining experience gives us great confidence that the best is yet to come."

RED LOBSTER'S first quarter sales of $556.8 million were 6.6% above prior year with most of the growth produced by a 6.2% increase in same-restaurant sales. This was well above estimated same-restaurant sales growth in the casual dining category for the period and extended Red Lobster's string of comparable sales gains to 11 consecutive quarters. The sales improvement was driven by both increased same-restaurant traffic and menu mix changes as guests responded favorably to new menu items with great new flavors and to successful promotional offerings. Red Lobster saw a double-digit increase in operating profit for the quarter due to the increased sales and lower labor and restaurant expenses as a percent of sales.

"Our first quarter results are a wonderful sign that we are doing a better and better job of delivering for our guests," said Dick Rivera, President of Red Lobster. "Our crew is serious about providing our guests hospitality they can taste and touch. Our vision remains the same - we want to be a world-class company of seafood restaurants. We will stay focused on improving the knowledge and skills of our crew, building our leadership capabilities and achieving even greater consistency in our restaurants as we seek to become the best in casual dining."

BAHAMA BREEZE operated 14 restaurants in 11 markets with exceptional sales and traffic at each location. Seven new restaurants are under construction, and a total of twelve are expected to open during fiscal 2001. The seven restaurants under construction are in Oklahoma City, Miami, Lake Buena Vista (FL), Detroit,

SMOKEY BONES BBQ delivered strong sales and guest satisfaction at the initial two restaurants in Orlando. A third location opened on September 18, 2000 in Columbus, OH, and is the first test restaurant outside of Orlando. A fourth restaurant is under construction in upstate New York. To date, all the restaurants are conversions of previously closed Red Lobster and Olive Garden locations, continuing Darden's strategy of using development of Smokey BBQ as an opportunity to optimize the Company's existing real estate portfolio.

Other Actions

Darden continued its buyback of common stock, purchasing 3.4 million shares in the first quarter. Cumulatively, since the initial authorization of its repurchase program in December 1995, the Company has repurchased 47.4 million shares from a total authorization of 64.6 million shares.

Darden Restaurants Inc., in Orlando, FL, owns and operates Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones BBQ restaurants.

Forward-looking statements in this news release, if any, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changing economic or business conditions, the impact of competition, the availability of favorable credit and trade terms, the impact of changes in the cost or availability of food and real estate, government regulation, construction costs, weather conditions and other factors discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.

DARDEN RESTAURANTS, INC. NUMBER OF RESTAURANTS

8/29/1999 8/27/2000

617 Red Lobster USA 621 34 Red Lobster Canada 32 651 Total Red Lobster 653

459 Olive Garden USA 464 5 Olive Garden Canada 5 464 Total Olive Garden 469

6 Bahama Breeze 14

1,121 Total Restaurants 1,138

Press Release dated September 20, 2000, of Darden Restaurants, Inc.

DARDEN RESTAURANTS DECLARES SEMI-ANNUAL DIVIDEND OF 4 CENTS

ORLANDO, FL - Darden Restaurants, Inc. today declared the regular 4 cents per share semi-annual dividend payable November 1, 2000 to shareholders of record October 10, 2000 as authorized by the Board of Directors. This marks the 11th consecutive semi-annual dividend payment since the Company became a publicly traded company on May 30, 1995.

Forward-looking statements in this news release, if any, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain important factors could cause results to differ materially from those anticipated by the forward-looking statements, including the impact of changing economic or business conditions, the impact of competition, the availability of favorable credit and trade terms, the impact of changes in the cost or availability of food and real estate, government regulation, construction costs, weather conditions and other factors discussed from time to time in reports filed by the company with the Securities and Exchange Commission.

Press Release dated September 21, 2000, of Darden Restaurants, Inc.

BAHAMA BREEZE NAMES ALAN PALMIERI EXECUTIVE VICE PRESIDENT OF OPERATIONS

ORLANDO, FL - Alan Palmieri has been promoted to Executive Vice President of Operations for Bahama Breeze, an upscale Caribbean casual dining restaurant company owned and operated by Darden Restaurants, Inc. He was previously Senior Vice President, Operations Development for Red Lobster, another Darden brand.

Reporting to Bahama Breeze President Gary Heckel, Palmieri will be responsible for overseeing operations at the company's 14 existing restaurants and at all new restaurants as Bahama Breeze expands nationally. The company's Regional Vice Presidents of Operations, Burt Guirado and Buck Warfield, will report to Palmieri.

"We are delighted that Alan is joining the Bahama Breeze team," said Heckel. "He brings an incredibly accomplished background in restaurant operations and will help us achieve our vision of building a great company of upscale Caribbean restaurants with a reputation for excellent team members, a memorable two-hour island vacation experience for every guest, every time, outstanding returns and a great place to work."

As Senior Vice President, Operations Development for Red Lobster during the past 2-1/2 years, Palmieri was responsible for leading several brand evolution initiatives, including bar remodels, test restaurants and markets, as well as developing a new Red Lobster prototype. He was also responsible for leading significant improvements in guest counts and earnings for Red Lobster Canada.

Before joining Red Lobster, Palmieri was President and CEO of a 100-unit Boston Market franchise. Prior to that he spent four years at the Denver headquarters of Boston Chicken as Vice President of Franchise Operations, and later as Senior Vice President of Operations. Before joining Boston Chicken, he was President and COO of Bay Street Restaurants in Dallas, TX. Palmieri started his restaurant career as an hourly employee in a Pittsburgh Steak & Ale and advanced through assignments in operations, training, research and development, and purchasing at the company's Dallas headquarters.

Rated "excellent" in both the 1999 and 2000 Zagat Dining guide, Bahama Breeze offers a "two-hour island vacation" experience, featuring made-from-scratch Caribbean cuisine, a large array of unique freshly-prepared beverages, live music and incredible service.

Darden Restaurants, in Orlando, FL, is the world's largest casual dining

Copyright © 2012 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document company, with 1,138 restaurants operating under the Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones brands, and annual sales of over $3.7 billion.

Press Release dated September 21, 2000, of Darden Restaurants, Inc.

DARDEN RESTAURANTS PROMOTES LAURIE BURNS TO SENIOR VICE PRESIDENT, DEVELOPMENT

ORLANDO, FL - Laurie Burns has been promoted to Senior Vice President, Development for Darden Restaurants, Inc., and has been named a corporate officer, joining the company's Executive Management Team. She previously served as Vice President, Development for Red Lobster, one of Darden's casual dining restaurant brands. The company also owns and operates the Olive Garden, Bahama Breeze and Smokey Bones brands.

Reporting to Darden Chairman and CEO Joe Lee, Burns will lead the critical areas of Real Estate, Market Development, Asset Management, Restaurant Remodels, Facilities and Property Services for all of Darden Restaurants. In addition, Red Lobster Development will continue to report to Burns until her successor is named.

"This promotion reflects Laurie's outstanding contributions to Red Lobster for all development activities, including Market Development, Real Estate, Design and Construction, the Bar Remodel Program, the revitalization effort in target markets and quality facilities maintenance," said Lee. "Laurie and her team lived the promise for Red Lobster, achieving all new and remodeled opening goals and delivering 85 bar remodels.

"She's a proven leader and her wealth of experience in restaurant development makes her perfectly suited to work closely with our company presidents to accelerate the development of better sites, state-of-the-art design and prototypes at favorable costs. These areas are especially important as we start to more aggressively grow our brands and remodel more existing restaurants," Lee added.

Burns has nearly 15 years of experience in all phases of development. She joined Red Lobster in 1999 from Homestead Village, an extended-stay hotel company. Prior to that she was Director of Real Estate for Apple South for two years and spent eight years in various development positions at Taco Bell.

Darden Restaurants, in Orlando, FL, is the world's largest casual dining company, with 1,138 restaurants operating under the Red Lobster, Olive Garden, Bahama Breeze and Smokey Bones brands, and annual sales of over $3.7 billion.