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):
April 14, 2005
THE CHEESECAKE FACTORY INCORPORATED
(Exact Name of Registrant as Specified in its Charter)
|
Delaware |
|
0-20574 |
|
51-0340466 |
|
(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
26950 Agoura Road
Calabasas Hills, California 91301
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(818) 871-3000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14.d-2(b)) |
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
SECTION 2 – FINANCIAL INFORMATION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
The Annual Report on Form 10K/A filed by The Cheesecake Factory Incorporated (the “Company”) on April 5, 2005 included a restatement of previously released financial information for fiscal years 2004, 2003 and 2002. As more fully discussed in Note 1 to Notes to Consolidated Financial Statements included in Item 8 of that Form 10-K/A, the restatement corrects the Company’s historical accounting for operating leases. Note 15, entitled “Quarterly Financial Data”, of Notes to Consolidated Financial Statements included in Item 8 of that Form 10-K/A disclosed summarized unaudited restated quarterly financial data for fiscal 2004 and 2003. The following tables reflect the effect of the restatement on the Consolidated Statements of Operations (in thousands, except per share data).
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2004 Fiscal Year |
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Q1 |
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Q1 |
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Q2 |
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Q2 |
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||||
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(as previously |
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(restated) |
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(as previously |
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(restated) |
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||||
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Selected Statement of Operations Data: |
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|
|
|
|
|
|
|
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Other operating costs and expenses |
|
$ |
49,990 |
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$ |
49,805 |
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$ |
52,754 |
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$ |
52,771 |
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Depreciation and amortization expenses |
|
|
8,187 |
|
|
8,326 |
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|
8,256 |
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|
8,398 |
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Preopening costs |
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|
2,021 |
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|
2,061 |
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|
2,047 |
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|
2,081 |
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Total costs and expenses |
|
|
196,072 |
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|
196,066 |
|
|
208,272 |
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|
208,465 |
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Income from operations |
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|
24,462 |
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|
24,468 |
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|
26,648 |
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|
26,455 |
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Interest income, net |
|
|
620 |
|
|
518 |
|
|
673 |
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|
571 |
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Income before income taxes |
|
|
25,663 |
|
|
25,567 |
|
|
27,445 |
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|
27,150 |
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Income tax provision |
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|
9,008 |
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8,974 |
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|
9,633 |
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|
9,530 |
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Net income |
|
$ |
16,655 |
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$ |
16,593 |
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$ |
17,812 |
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$ |
17,620 |
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Net income per share: |
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|
|
|
|
|
|
|
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|
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Basic |
|
$ |
0.22 |
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$ |
0.22 |
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$ |
0.23 |
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$ |
0.23 |
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Diluted |
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$ |
0.21 |
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$ |
0.21 |
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$ |
0.22 |
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$ |
0.22 |
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2004 Fiscal Year |
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Q3 |
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Q3 |
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(as previously |
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(restated) |
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Selected Statement of Operations Data: |
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|
|
|
|
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Other operating costs and expenses |
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$ |
60,799 |
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$ |
60,909 |
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|
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Depreciation and amortization expenses |
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9,034 |
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9,213 |
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|
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Preopening costs |
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6,867 |
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7,052 |
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Total costs and expenses |
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228,705 |
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|
229,179 |
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|
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Income from operations |
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18,978 |
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18,504 |
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Interest income, net |
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605 |
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471 |
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Income before income taxes |
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19,699 |
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19,091 |
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Income tax provision |
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6,915 |
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6,703 |
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Net income |
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$ |
12,784 |
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$ |
12,388 |
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Net income per share: |
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Basic |
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$ |
0.16 |
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$ |
0.16 |
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Diluted |
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$ |
0.16 |
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$ |
0.16 |
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2
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2003 Fiscal Year |
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Q1 |
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Q1 |
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Q2 |
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Q2 |
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(as previously |
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(restated) |
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(as previously |
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(restated) |
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Selected Statement of Operations Data: |
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|
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Other operating costs and expenses |
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$ |
39,777 |
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$ |
39,785 |
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$ |
43,456 |
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$ |
43,443 |
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Depreciation and amortization expenses |
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|
6,546 |
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6,593 |
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|
6,720 |
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6,764 |
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Preopening costs |
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|
1,518 |
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1,556 |
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1,784 |
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|
1,825 |
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Total costs and expenses |
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154,854 |
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|
154,947 |
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|
166,626 |
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|
166,698 |
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Income from operations |
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18,006 |
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17,913 |
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21,994 |
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21,922 |
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Interest income, net |
|
|
857 |
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|
857 |
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|
1,065 |
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|
1,065 |
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Income before income taxes |
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|
19,657 |
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|
19,564 |
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23,746 |
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|
23,674 |
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Income tax provision |
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|
7,018 |
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6,985 |
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8,477 |
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8,452 |
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Net income |
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$ |
12,639 |
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$ |
12,579 |
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$ |
15,269 |
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$ |
15,222 |
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Net income per share: |
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Basic |
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$ |
0.17 |
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$ |
0.17 |
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$ |
0.20 |
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$ |
0.20 |
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Diluted |
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$ |
0.16 |
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$ |
0.16 |
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$ |
0.20 |
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$ |
0.20 |
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2003 Fiscal Year |
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Q3 |
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Q3 |
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Q4 |
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Q4 |
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||||
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(as previously |
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(restated) |
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(as previously |
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(restated) |
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Selected Statement of Operations Data: |
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Other operating costs and expenses |
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$ |
46,487 |
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$ |
46,456 |
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$ |
51,005 |
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$ |
51,279 |
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Depreciation and amortization expenses |
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|
6,975 |
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|
7,045 |
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7,719 |
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7,826 |
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Preopening costs |
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4,066 |
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|
4,160 |
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|
4,491 |
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4,633 |
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Total costs and expenses |
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|
177,154 |
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|
177,287 |
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|
192,483 |
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|
193,006 |
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Income from operations |
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20,678 |
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|
20,545 |
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22,040 |
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|
21,517 |
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Interest income, net |
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|
987 |
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|
955 |
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|
557 |
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|
477 |
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Income before income taxes |
|
|
22,330 |
|
|
22,165 |
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|
23,395 |
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|
22,792 |
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Income tax provision |
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|
7,972 |
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|
7,914 |
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7,825 |
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|
7,614 |
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Net income |
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$ |
14,358 |
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$ |
14,251 |
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$ |
15,570 |
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$ |
15,178 |
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Net income per share: |
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|
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|
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|
|
|
|
|
|
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Basic |
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$ |
0.19 |
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$ |
0.19 |
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$ |
0.20 |
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$ |
0.20 |
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Diluted |
|
$ |
0.18 |
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$ |
0.18 |
|
$ |
0.20 |
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$ |
0.19 |
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3
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.
|
Date: April 14, 2005 |
THE CHEESECAKE FACTORY INCORPORATED |
|
|
|
|
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By: |
/s/ MICHAEL J. DIXON |
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Michael J. Dixon |
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Senior Vice President and Chief Financial Officer |
4