Dallas-based Brinker now expects that its second quarter andfiscal 2005 net earnings will be reduced by approximately $1.2million and $3.8 million, respectively.
The restaurant operator says that it resolved its dispute withthe IRS concerning unreported cash tips for the calendar years 2000to 2002. The resolution will result in a negative impact on netincome of approximately $400,000 in the second quarter offiscal2005.
While the restaurant operator contends that it was in fullcompliance with the Tip Reporting Alternative Commitment agreementand "that the IRS' retroactive revocation was unjustified," thecompany agreed to the resolution "to avoid potentially costly andprotracted litigation."
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