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) October 29, 2007
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APPLEBEE'S INTERNATIONAL, INC.
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(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 000-17962 43-1461763
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
4551 W. 107th Street, Overland Park, Kansas 66207
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(Address of principal executive offices) (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.)
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act 17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
In March 2007, the Audit Committee of the Board of Directors of Applebee's
International, Inc. (the "Company") approved management's recommendation to
close 24 underperforming restaurants located in 11 states. The Company's ongoing
analysis and review of its restaurant portfolio determined that these
restaurants did not have the potential to deliver acceptable long-term returns
on invested capital. The Company closed 19 restaurants in the first fiscal
quarter of 2007 and four restaurants in the second fiscal quarter of 2007,
leaving one of the 24 underperforming restaurants still open. The Company will
present the results of operations, impairment charges and lease obligations
related to 19 of the closed restaurants as discontinued operations in our
consolidated financial statements. The Company has previously presented the
results of operations, impairment charges and lease obligations for the fiscal
quarters ended April 1, 2007 and July 1, 2007 as discontinued operations in the
Company's filings on Form 10-Q.
The Company believes that four of the closed restaurants will have significant
sales transfer to other existing restaurant locations and, therefore, will not
be presented as discontinued operations in our consolidated financial statements
as required by Statement of Financial Accounting Standards No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets." The results of operations,
impairment charges and lease obligations related to these four restaurants will
be presented within operating earnings in the statements of earnings.
The Company has revised the presentation in its annual Report on Form 10-K for
the fiscal year ended December 31, 2006 to present the 19 closed restaurants as
discontinued operations. The information contained in this Form 8-K, as set
fourth in the exhibits referenced below, updates and supersedes corresponding
information set forth in the original filing of the Annual Report on Form 10-K
for the fiscal year ended December 31, 2006. This Form 8-K filing does not
modify or update any other disclosures as presented in the original filing of
the Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2006.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed herewith:
23 Consent of Independent Registered Public Accounting Firm.
99.1 Part I - Item 1 Business - to adjust certain information for
discontinued operations presentation.
99.2 Part II - Item 6 Selected Financial Data - to update certain
information for discontinued operations presentation.
99.3 Part II - Item 7 Management's Discussion and Analysis - to adjust
certain information for discontinued operations presentation.
99.4 Part II - Item 8 Financial Statements and Supplemental Data -
adjust certain information for discontinued operations presentation.
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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 hereunto duly authorized.
Date: October 29, 2007
APPLEBEE'S INTERNATIONAL, INC.
By: /s/ Steven K. Lumpkin
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Steven K. Lumpkin
Executive Vice President and
Chief Financial and Strategy Officer
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