Dallas-based chain-restaurant company Brinker International Inc. swung to a loss in its third fiscal quarter on asset write-downs related to restaurant disposition and closures, as well as higher commodity prices, but beat analysts’ estimate by a penny. Shares of the company jumped nearly 7 percent in Tuesday’s trading.

Brinker, which owns, operates or franchises 1,868 restaurants under the Chili’s Grill & Bar, Romano’s Macaroni Grill, On The Border Mexican Grill & Cantina and Maggiano’s Little Italy names, reported a loss of $39 million for the quarter ended March 26, or 38 cents per diluted share, compared with a profit of $55 million, or 43 cents per diluted share, for the year-ago period.

The company reported diluted earnings per share of 33 cents from continuing operations and before special items, 1 cent higher than analysts’ estimate of 32 cents.

Revenues in the quarter decreased 4 percent to $908 million from $944 million in the same period a year ago, but comparable restaurant sales increased 1 percent compared with prior-year decline of 4 percent.

This growth, J.P. Morgan Securities Inc. analyst John Ivankoe wrote in a research note, “points to some long-awaited improvement.” J.P. Morgan does investment banking, non-investment banking securities-related service and non-securities-related services for Brinker.

Also on the upswing were royalty revenues, which rose by 75 percent to $16 million compared with $9 million for the year-ago period.

Special items included charges associated with infrastructure changes to streamline the company’s business structure by reducing company-owned restaurant development.

“The slowing of company-owned development is driven by a narrowed focus to emphasize the experience inside the four walls [of each restaurant] and Brinker’s ongoing promise to generate appropriate returns from any new restaurant investment,” Charles M. Sonsteby, chief financial officer, principal accounting officer and executive vice president, said during Tuesday’s conference call.

As a result, Brinker expects total capital expenditures for the fiscal year 2008 to be approximately $265 million with $150 million relating to new restaurants, down from $431 million in fiscal year 2007.

According to Sonsteby, fiscal 2009 total capital expenditures will also decline to approximately $185 to $190 million with about $40 million for new restaurant development.

A fiscal third quarter breakdown of before-tax charges shows development-related costs of $12 million, restaurant closures costs of $9 million and severance costs of $5 million. This compares with gains in the year-ago quarter of $2 million on the sale of company-owned restaurants.

“We continue to move our ownership mix and will achieve our stated goal of 35 percent franchise-owned and 65 percent company-owned by the end of fiscal 2008,” Sonsteby said. “This evolution to a more highly franchised system … will prove beneficial by helping us win market share with a lower risk investment profile while continuing an aggressive brand penetration rate.”

“Brinker reported relatively solid [third quarter] results and accelerated their strategy of de-risking their business model,” Ivankoe wrote Tuesday and reiterated J.P. Morgan’s overweight rating of the stock.

Interest expenses from debt used to repurchase shares in fiscal 2007 increased to $4 million, and losses from discontinued operations were $56 million for the third quarter, primarily related to write-downs of Macaroni Grill assets, compared with income from the same of $7 million for the year-ago period.

Income from continuing operations declined to $17 million from $47 million for the year-ago period, or a 63 percent drop.

Brinker stock closed at $20.90 Tuesday, up $1.30 from Monday’s close of $19.60.