01—Abstract
Summary
Summary of the 10-K/A filed November 13, 2009. Cited figures are marked; the original filing is the authoritative source.
This filing is an Amendment No. 1 to Darden Restaurants, Inc.'s Form 10-K for the fiscal year ended May 31, 2009.
The amendment's primary purpose is to correct an omission in the original filing by including the "Value Realized on Exercise" column in the "Option Exercises and Stock Vested for Fiscal 2009" table within the Executive Compensation section. It also includes updated certifications required by the Sarbanes-Oxley Act.
Investors should note that this amendment does not alter the company's financial position, results of operations, or cash flows as previously reported, and it does not reflect any events occurring after the original filing date of July 24, 2009. The filing essentially provides a more complete picture of executive compensation related to stock options and awards for fiscal year 2009.
02—Key points
Key Highlights
- Amendment corrects an omission in the executive compensation disclosures, specifically adding the "Value Realized on Exercise" for stock options and awards.
- The amendment does not change any previously reported financial results or operational data for the fiscal year ended May 31, 2009.
- Updated Sarbanes-Oxley Act certifications from the CEO and CFO are included.
- The filing incorporates by reference information from the company's 2009 Proxy Statement and Annual Report to Shareholders.
- The market value of common stock held by non-affiliates was approximately $1.96 billion as of November 23, 2008.
- As of June 30, 2009, there were over 139 million shares of common stock outstanding.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2009, Darden Restaurants Inc kept $0.05.
- Revenue$7.22B100.0%
- Cost of revenue−$5.64B78.1%
- Gross profit$1.58B21.9%
- Operating costs−$1.21B16.7%
- Operating income$371.8M5.2%
- Interest, other & tax$400,0000.0%
- Net income$372.2M5.2%
Where FY2009 revenue went
$7.22B- Cost of revenue: $5.64B, 78% of revenue
- Operating income: $371.8M, 5.2% of revenue
- SG&A: $665.6M, 9.2% of revenue
- Other operating costs: $543.2M, 7.5% of revenue
Kept 5.2% as operating incomeOperating income $371.8M · 5.2%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2009filed November 13, 2009Financial Statements
FY2009 against FY2008
| Line item | FY2009FY2008 | Change |
|---|---|---|
| Revenue | $7.22B$6.63B | +8.9% |
| Cost of Revenue | $5.64B$5.14B | +9.7% |
| Gross Profit | $1.58B$1.49B | +6.2% |
| SG&A Expenses | $665.60M$641.70M | +3.7% |
| Operating Expenses | $6.71B$6.11B | +9.7% |
| Operating Income | $371.80M$369.50M | +0.6% |
| Interest Expense | $113.70M— | — |
| Net Income | $372.20M$377.20M | −1.3% |
| EPS (Basic) | $2.71$2.69 | +0.7% |
| EPS (Diluted) | $2.65$2.60 | +1.9% |
| Shares Outstanding (Basic) | 137.40M140.40M | −2.1% |
| Shares Outstanding (Diluted) | 140.40M145.10M | −3.2% |
05—Questions
Frequently Asked Questions
What is the primary reason for this amended 10-K filing?
The primary reason for this amended filing (10-K/A Amendment No. 1) is to correct an inadvertent omission in the original Form 10-K. Specifically, it adds the 'Value Realized on Exercise' column to the 'Option Exercises and Stock Vested for Fiscal 2009' table within the Executive Compensation section (Item 11).
Does this amendment impact Darden's financial performance for fiscal year 2009?
No, this amendment does not modify or update the financial position, results of operations, or cash flows as reported in the original Form 10-K. It is solely for the purpose of adding omitted information related to executive compensation disclosures and updated certifications.
What kind of information is included in the 'Option Exercises and Stock Vested for Fiscal 2009' table?
The table details the number of stock options exercised and the number of restricted stock and restricted stock units vested during fiscal year 2009 for named executive officers (NEOs). It now also includes the 'Value Realized on Exercise' and 'Value Realized on Vesting' in dollar amounts for each NEO.
Are there any new financial statements or significant business updates in this filing?
No, this is an amendment to an existing filing and does not include new financial statements or business updates. It only adds specific details to executive compensation disclosures and includes updated certifications. The underlying financial data and business operations remain as reported in the original Form 10-K.
06—Continue