EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

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Contacts:

 

Media

Alecia Pulman (646) 277-1220

apulman@icrinc.com

For Immediate Release   
   Investor Relations
   Tom Ryan (203) 682-8200
   tryan@icrinc.com
   Raphael Gross (203) 682-8200
   rgross@icrinc.com

Ruth’s Hospitality Group, Inc. Revises First Quarter 2010 Financial Results

HEATHROW, Fla.—(BUSINESS WIRE)—May 7, 2010—Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported a revision to its unaudited financial results for the first quarter ended March 28, 2010. The Company updated its earnings release dated April 30, 2010 to include a pre-tax $0.6 million reduction to interest expense which increased net income available to preferred and common shareholders to $6.5 million for the period. This change is related to the treatment of deferred financing costs associated with the Company’s recent debt amendment.

The Company has filed its Form 10-Q with the Securities and Exchange Commission today.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth’s Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.


RUTH’S HOSPITALITY GROUP, INC

Consolidated Statements of Income - Unaudited

(dollar amounts in thousands, except share and per share data)

 

     13 Weeks Ending  
     March 29,
2009
    March 28,
2010
 

Revenues:

    

Restaurant sales

   $ 91,419      $ 91,166   

Franchise income

     2,704        2,929   

Other operating income

     605        614   
                

Total revenues

     94,728        94,709   

Costs and expenses:

    

Food and beverage costs

     27,528        26,749   

Restaurant operating expenses

     47,699        46,780   

Marketing and advertising

     2,818        2,524   

General and administrative costs

     5,536        5,566   

Depreciation and amortization expenses

     4,095        3,887   

Pre-opening costs

     16        4   

Loss on impairment

     136        —     

Restructuring benefit

     —          (562

Loss on the disposal of property and equipment, net

     8        —     
                

Operating income

     6,892        9,761   

Other income (expense):

    

Interest expense

     (2,284     (1,330

Other

     152        (100
                

Income from continuing operations before income tax

     4,760        8,331   

Income tax expense

     962        1,407   
                

Income from continuing operations

     3,798        6,924   

Discontinued operations, net of income tax benefit

     53        165   
                

Net income

   $ 3,745      $ 6,759   
                

Preferred stock dividends

     —          308   
                

Net income available to preferred and common shareholders

   $ 3,745      $ 6,451   
                

Basic earnings per share:

    

Continuing operations

   $ 0.16      $ 0.20   

Discontinued operations

     —          —     
                

Basic earnings per share

   $ 0.16      $ 0.20   
                

Diluted earnings per share:

    

Continuing operations

   $ 0.16      $ 0.20   

Discontinued operations

     —          —     
                

Diluted earnings per share

   $ 0.16      $ 0.20   
                

Shares used in computing net income per common share:

    

Basic

     23,484,200        28,156,360   
                

Diluted

     23,558,433        32,502,898   
                

RUTH’S HOSPITALITY GROUP, INC

Selected Balance Sheet Data - Unaudited

(dollar amounts in thousands)

 

     December 27,
2009
   March 28,
2010

Cash and cash equivalents

   1,681    4,289

Total assets

   254,415    254,481

Long-term debt

   125,500    74,000

Total shareholders’ equity

   41,765    71,839