Friday, June 22, 2012

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Darden's Olive Garden strains for a turnaround

(AP) ? Darden Restaurants Inc. is struggling to revive sales at its flagship Olive Garden and Red Lobster restaurants. A key sales figure fell at the chains during the latest quarter, and the company issued a profit forecast that fell short of Wall Street expectations.

The Orlando, Fla.-based restaurant operator has been reworking the menu and pricing to reverse declining sales at Olive Garden, which is its biggest chain and accounts for almost half its revenue. The 10 percent rise in Darden's net income for the quarter came primarily from the opening of new locations, including those for its smaller specialty chains.

Revenue at Olive Garden restaurants open at least a year fell 1.8 percent in the quarter. At Red Lobster, the figure fell 3.9 percent. The metric is an indicator of health because it strips out the effect of newly opened and closed stores.

Darden attributed the drop at Olive Garden in part to its "Taste of Tuscany" promotion, which it said didn't emphasize value enough at a time when diners are watching their budgets and have so many more casual dining options.

Olive Garden's menu "failed to keep pace with guest expectations that started to evolve much faster than they had in the past," said Andrew Madsen, Darden's president and chief operating officer.

Executives noted that a new promotion starting next week ? two meals for $25 ? will go back to underscoring value. A new core menu and advertising campaign are also slated for next year.

"We're making progress on our efforts to elevate the guest experience at Olive Garden, and over the next 12 months guests will see more and more of the improved food, service, value and advertising we've been developing," CEO Clarence Otis said in a prepared statement.

For 2013, Darden forecast a profit of $3.86 to $4 per share, which fell short of Wall Street expectations of $4.06 per share, according to FactSet. Given the expectations for a slow economic recovery, the company forecast sales at established restaurants to grow just 1 percent to 2 percent.

Based on the long-term prospects for its brands, however, the company plans to accelerate growth in its fiscal 2013, with about 100 net new restaurants. The company had 89 more restaurants at the end of the quarter than it did a year earlier.

For its fiscal fourth quarter, Darden reported net income of $151.2 million, or $1.15 per share, in line with Wall Street expectations. That compares with $137.4 million, or 99 cents per share, a year ago.

Revenue was $2.07 billion for the three months ended May 27, up from $1.99 billion a year ago but shy of the $2.11 billion analysts were expecting, according to FactSet.

At Red Lobster, the company noted that a $1 price hike for its popular "Festival of Shrimp" wasn't well received.

Madsen said company research suggested consumers would be "largely indifferent" to the higher $12.99 price for the special of any two shrimp dishes. But the softer sales during the promotion proved the hike "turned out to be too aggressive," he said.

Sales at the company's LongHorn Steakhouse restaurants open at least a year climbed 3 percent. The figure rose 2.8 percent at The Capital Grille and Bahama Breeze and 1.9 percent at Seasons 52. The company also acquired 11 Eddie V's restaurants in the quarter.

Darden raised its dividend to 50 cents per share from 43 cents. The new quarterly payment will be made Aug. 1 to shareholders of record July 10.

On Friday, Darden shares closed down 35 cents at $50.04.

___

Follow Candice Choi at www.twitter.com/candicechoi

Associated Press

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House GOP to ask high court to take on same-sex marriage (CNN)

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Thursday, June 21, 2012

Pixar's "Brave" on target for $55-$60 million weekend

LOS ANGELES (TheWrap.com) - "Brave" is expected to take in between $55 million and $60 million at the box office this weekend, crushing the competition and giving Pixar its 13th consecutive No. 1 debut.

Disney is bullish on "Brave" and will roll it out in 4,164 locations. That's the most ever for a Pixar release, with 2,790 of those screens 3D. The studio is confident that family audiences will turn out and that many will pony up for the premium viewing experience.

"We're looking at a crossover of families and fans of Pixar, and there are plenty of both," Dave Hollis, Disney's executive vice-president of exhibition told TheWrap Thursday. The film is tracking strongly, even with young males.

"Early on we had a sense that the action sequences and the Pixar brand were resonating with boys," Hollis said, "but we'll find out for sure this weekend."

This is the first Pixar release since last summer's "Cars 2" opened to $66 million, went on to make $191 million and $560 million worldwide. Those are impressive numbers, but nowhere near "Toy Story 3," which grossed more than a billion dollars globally in 2010.

"A Pixar movie doesn't have to open with $100 million," Jeff Bock, senior analysts at Exhibitor Relations told TheWrap Thursday, "because it can play all summer, and this one certainly could."

"Brave," which carries a roughly $185 million production budget, tells the tale of the red-tressed Princess Merida who, determined to make her own way in the world, defies a custom that brings chaos to her kingdom and family. Granted one wish, Merida must rely on her bravery and her archery skills to undo a beastly curse.

The voice cast features Kelly Macdonald as Merida, Billy Connolly, Emma Thompson, Julie Walters, Robbie Coltrane and Craig Ferguson. Mark Andrews and Brenda Chapman direct, with Katherine Sarafian producing and Pete Doctor, John Lasseter and Andrew Stanton executive producing.

The critics liked it. At RottenTomatoes.com, 73 percent of the reviews were positive, as were 68 percent on MovieIntelligence.com. Metacritic.com gives it a 71 rating.

All that good news for "Brave" is bad news for "Abe Lincoln: Vampire Hunter." The historical monster mash-up follows a young Honest Abe bent on beheading the undead after they kill his mother. Fox has the film in 3,106 locations and foresees it opening to around $15 million, in line with analysts' expectations.

The reigning box office champ, DreamWorks Animation's "Madagascar 3: Europe's Most Wanted," is on track for a $16 million third week, so it could be a race for No. 2.\

Fox has created awareness of the roughly $70 million "Abe Lincoln" - its over-the-top title and premise help - but turning that into box office will be tougher. Reports abound of movie audiences either confused or giggling at the trailer for the film, based on the best-seller by Seth Grahame-Smith. And opening opposite "Brave" complicates things.

"You don't want to butt heads with Pixar," BoxOffice.com editor-in-chief Phil Contrino told TheWrap. "You look at some recent films with what we might call a bizarre premise - "Snakes on Plane" or "Piranha 3D" - and everybody watches the trailers and laughs, but did they spend money on them?"

Action specialist Timur Bekmambetov ("Wanted") directs and is producing along with Tim Burton, Jim Lemley and Broadway's Benjamin Walker ("Bloody Bloody Andrew Jackson"), who is starring. Anthony Mackie co-stars.

The critics were mixed at best. MovieIntelligence had 42 percent positive, Rotten Tomatoes just 26 percent. Its Metacritic rating is 49.

Days from its opening, "Abe Lincoln" had around 1,000 "likes" on Facebook -- not great for a film that needs to connect with a fanboy base. To put that in perspective, "Scott Pilgrim" had 500,000 before it opened to $10 million in 2010.

It's hard to imagine the film's R-rating boosting crowds, but Fox just weeks ago successfully launched "Prometheus," another violent, R-rated film, albeit one with a Ridley Scott pedigree.

Focus Features will debut its comedy "Seeking a Friend for the End of the World" in roughly 1,400 locations. It stars Steve Carell and Keira Knightly in the story of man who seeks out his high school sweetheart when he hears an asteroid may strike Earth and co-stars Patton Oswalt and Rob Corddry. Lorene Scafaria wrote and directed.

Carell's last film, 2011's "Crazy, Stupid, Love," debuted to $19 million and went on to make $84 million for Warner Bros., $143 million worldwide. And "Date Night" bowed to $25 million in 2010, going on to $152 million globally. But those were ensemble films, so analysts see "Seeking" bowing closer to "Dan in Real Life," which opened to $11 million and did $48 million domestically in 2007.

The two wide holdovers, Warner Bros.' "Rock of Ages" and Sony's "That's My Boy," are expected to take in $8 million and $7 million, respectively.

Sony Pictures Classics will roll out Woody Allen's latest, "To Rome With Love," in five theaters.

There are a handful of specialty releases hitting the marketplace: "Grassroots" from Samuel Goldwyn, "The Invisible War" from Cinedigm, "Nate and Margaret" from Breaking Glass Pictures and "Stella Days" from Tribeca Films.

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Kinetis L Series MCUs use ARM Cortex-MO+ to sip least power, cost 49 cents each per 10K order

kinetis-l-series-mcus-use-arm-cortex-mo-least-power

Freescale aims to drag 8- and 16-bit manufacturing into the modern era with a 32-bit MCU that's cheaper than a cup o' Joe. The ARM Cortex-MO+ based Kinesis L series MCU is now available in alpha to interested parties, it's capable of sipping a scant 50 µA/MHz of power and will cost just $0.49 when you buy 'em in lots of 10,000. While the cheap chips will no doubt go on to help power the internet of things, the associated debut of a $12.95 development board coming in August will also be a boon to developers and hobbyists. The platform will allow "quick application prototyping and demonstration" according to the company, and provide a GUI tool for generating start-up code and device drivers. So, if you've gotta have that new beer dispenser mock-up running at a full 32-bits, check the PR after the break.

Continue reading Kinetis L Series MCUs use ARM Cortex-MO+ to sip least power, cost 49 cents each per 10K order

Kinetis L Series MCUs use ARM Cortex-MO+ to sip least power, cost 49 cents each per 10K order originally appeared on Engadget on Wed, 20 Jun 2012 16:28:00 EDT. Please see our terms for use of feeds.

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Study: Fat People Burden Earth's Resources

Linda Wertheimer talks to Dr. Ian Roberts, of the London School of Hygiene and Tropical Medicine. Roberts led the research on a new study on global obesity. It shows that weight, not just population size, should be taken into account when planning how to deal with increasing pressure on resources.

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Norwegians Should Study Chinese



19 June 2012 | news Dennis Krog

A new study conducted by the Norwegian foreign Language center shows that German, French and Spanish is still preferred by Norwegian students when it comes to learning a second language besides English. A Business organization in Norway however wants the students to learn Chinese.

The study shows no surprise when it comes to, which languages the Norwegian students choose to study as a second foreign language besides English, but especially Spanish is not something the business and employers? organization NHO recommends.

?Chinese will have greater importance in the future,? says Are Turmo from NHO to Aftenposten, and at the same time mentioning German to be the best language to study besides English if you are to work in the business sector.

The study also showed regional differences in which languages the students in different regions of Norway wanted to study. Students in Oslo seemed to favor French and students in Sogn and Fjordane signed up for German.

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