UPDATE: Red Robin Gourmet Burgers Q4 Profit Misses Views, Shares Drop

reported weaker-than-expected earnings for the fourth quarter. The Greenwood Village, Colorado-based company posted quarterly net income of $3.9 million, or $0.28 per share, compared to $7.0 million, or $0.48 per share, in the year-ago period. Excluding items, the company earned $0.66 per share. Its revenue climbed 16.6% to $282.1 million. However, analysts were expecting earnings of $0.69 per share on revenue of $284.5 million. Its comparable restaurant revenue gained 3.6% in the quarter. System-wide restaurant revenue climbed to $348.0 million from $324.2 million at constant currency rates. Restaurant-level operating profit margin rose 50 basis points to 22.2% from 21.7%. In the fourth quarter, Red Robin opened 6 new Red Robin restaurants, opened 1 Red Robin Burger Works and closed 1 Red Robin Burger Works. As of December 28, 2014, Red Robin had cash and cash equivalents of $22.4 million and total debt of $147.9 million. During the fourth quarter, Red Robin purchased 19,900 shares of treasury stock for $1.2 million. "Our commitment to providing guests with a great dining experience, combined with effective marketing and menu strategies, enabled us to continue to take market share in the fourth quarter as we capped off another successful year at Red Robin," said Steve Carley, Red Robin Gourmet Burgers, Inc. chief executive officer. Red Robin expects FY15 revenue growth of 12% to 13%. Red Robin shares fell 4.96% to $74.10 in pre-market trading.