The tightening credit markets have delayed the sale of Romano's Macaroni Grill, the parent company said Wednesday.

Dallas-based Brinker International Inc. told analysts about the change as it announced earnings for the second quarter, which rose 23 percent compared with the same quarter last year.

The gain – to $54.5 million, or 52 cents a share, up from $44.2 million, or 35 cents a share – was due in part to the sale of 76 company-owned restaurants to a franchisee. Brinker benefited from a one-time gain of $29.2 million because of the sale.

The earnings report fueled a 21.6 percent boost in Brinker's stock price, which closed at $18.63, up $3.31 for the day. The stock, which traded in the $35 range last February, has taken a pounding as the economy has hurt restaurant sales.

That weakness has also hampered Brinker's plans to shed its Italian-theme restaurant concept, Macaroni Grill, which got high marks from regulars for its food but saw sales slip as traffic slowed.

Brinker said last year that it expected to sell the brand by the end of the current fiscal year in June.

Chief financial officer Chuck Sonsteby said Wednesday that "negotiations and discussions [are] continuing with multiple parties," but those talks are taking longer than hoped.

While still optimistic Brinker can complete the sale this fiscal year, Mr. Sonsteby said it's "more likely" to happen early in the coming fiscal year.

Second-quarter earnings from continuing operations, before special items, fell to 31 cents a share from 33 cents, in line with analysts' expectations.

Revenue in the period, which ended Dec. 26, slipped to $868.2 million from $899.6 million a year ago. Sales at restaurants open at least a year dropped 2.1 percent. Brinker's restaurants are in the casual-dining segment, hard-hit by the economic slowdown.