Cheesecake Factory Net Income Drops

Net income and diluted net income per share were $11.8 million and $0.19, respectively for the Cheesecake Factory Inc. during the third quarter of 2008 comparing unfavorably with the previous year when net income was $18.5 million and the diluted per share price was $0.26. Comparable restaurant sales decreased approximately 4.8 percent in the third quarter compared to the same period last year. Based in Calabasas Hills, the Cheesecake Factory repurchased approximately 4.3 million shares of its common stock during the third quarter at a total cost of about $66 million. The company temporarily suspended its stock repurchase authorization and terminated its stock repurchase plan on Oct. 16. Altogether, the company repurchased 9.6 million shares of its common stock for approximately $172 million in 2008.