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 2011 Financial Results to Include Benefit From Legal Matter
HEATHROW, Fla.—(BUSINESS WIRE)—May 6, 2011—Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today 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.
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
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: |
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| 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 | ||||||