Ruth’s Hospitality Group, Inc. Revises First Quarter 2011 Financial Results to Include Benefit from Legal Matter
The Company updated its earnings release dated April 29, 2011 to include a pre-tax $0.5 million restructuring benefit which increased net income available to preferred and common shareholders to $6.2 million for the period, resulting in no change to the previously reported earnings of $0.14 per diluted share.
Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) announced a revision to its unaudited financial results for the first quarter ended March 27, 2011. The Company updated its earnings release dated April 29, 2011 to include a pre-tax $0.5 million restructuring benefit which increased net income available to preferred and common shareholders to $6.2 million for the period, resulting in no change to the previously reported earnings of $0.14 per diluted share. The change was related to a May 3, 2011 court decision resolving a legal matter over two disputed leases.
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RUTH'S HOSPITALITY GROUP, INC |
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| Condensed Consolidated Statements of Income - Unaudited | |||||||||||||
| (dollar amounts in thousands, except share and per share data) | |||||||||||||
| 13 Weeks Ending | |||||||||||||
| March 28, | March 27, | ||||||||||||
| 2010 | 2011 | ||||||||||||
| Revenues: | |||||||||||||
| Restaurant sales | $ | 91,166 | $ | 95,282 | |||||||||
| Franchise income | 2,929 | 3,056 | |||||||||||
| Other operating income | 614 | 501 | |||||||||||
| Total revenues | 94,709 | 98,839 | |||||||||||
| Costs and expenses: | |||||||||||||
| Food and beverage costs | 26,749 | 29,236 | |||||||||||
| Restaurant operating expenses | 46,780 | 47,048 | |||||||||||
| Marketing and advertising | 2,524 | 2,957 | |||||||||||
| General and administrative costs | 5,566 | 5,877 | |||||||||||
| Depreciation and amortization expenses | 3,887 | 3,711 | |||||||||||
| Pre-opening costs | 4 | 1 | |||||||||||
| Restructuring benefit | (562 | ) | (502 | ) | |||||||||
| Operating income | 9,761 | 10,511 | |||||||||||
| Other expense: | |||||||||||||
| Interest expense, net | (1,330 | ) | (831 | ) | |||||||||
| Other | (100 | ) | (167 | ) | |||||||||
| Income from continuing operations before income tax | 8,331 | 9,513 | |||||||||||
| Income tax expense | 1,407 | 2,819 | |||||||||||
| Income from continuing operations | 6,924 | 6,694 | |||||||||||
| (Loss) income from discontinued operations, net of income tax (benefit) expense | (165 | ) | 237 | ||||||||||
| Net income | $ | 6,759 | $ | 6,931 | |||||||||
| Preferred stock dividends | 308 | 623 | |||||||||||
| Accretion of preferred stock redemption value | - | 88 | |||||||||||
| Net income available to preferred and common shareholders | $ | 6,451 | $ | 6,220 | |||||||||
| Basic earnings per common share: | |||||||||||||
| Continuing operations | $ | 0.20 | $ | 0.14 | |||||||||
| Discontinued operations | - | 0.01 | |||||||||||
| Basic earnings per share | $ | 0.20 | $ | 0.15 | |||||||||
| Diluted earnings per common share: | |||||||||||||
| Continuing operations | $ | 0.20 | $ | 0.14 | |||||||||
| Discontinued operations | - | - | |||||||||||
| Diluted earnings per share | $ | 0.20 | $ | 0.14 | |||||||||
| Shares used in computing net income per common share: | |||||||||||||
| Basic | 28,156,360 | 34,000,032 | |||||||||||
| Diluted | 32,502,898 | 43,084,686 | |||||||||||
| RUTH'S HOSPITALITY GROUP, INC | |||||||||||||
| Selected Balance Sheet Data | |||||||||||||
| (dollar amounts in thousands) | |||||||||||||
| December 26, | March 27, | ||||||||||||
| 2010 | 2011 | ||||||||||||
| Cash and cash equivalents | 5,018 | 2,590 | |||||||||||
| Total assets | 249,069 | 239,133 | |||||||||||
| Long-term debt | 51,000 | 45,000 | |||||||||||
| Total shareholders' equity | 80,361 | 87,303 | |||||||||||
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