UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2016
RUTH’S HOSPITALITY GROUP, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-51485
Delaware |
72-1060618 |
(State or other jurisdiction of |
(IRS Employer |
incorporation) |
Identification No.) |
1030 W. Canton Avenue, Ste. 100
Winter Park, FL 32789
(Address of principal executive offices, including zip code)
(407) 333-7440
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition
On January 27, 2016, Ruth’s Hospitality Group, Inc. will present at the Jefferies 5th Annual Winter Consumer Summit in Avon, Colorado. A copy of the presentation to be used at the conference is furnished herewith as Exhibit 99.1. Also, a reconciliation of non-GAAP financial measures used in the presentation is furnished herewith as Exhibit 99.2.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits
Exhibit 99.1 January 2016 Investor Presentation.
Exhibit 99.2 Reconciliation of Non-GAAP Financial Measures Used in the January 2016 Investor Presentation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RUTH’S HOSPITALITY GROUP, INC. | |
Date: January 27, 2016 |
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By: |
/s/ Arne G. Haak |
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Arne G. Haak |
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Executive Vice President and Chief Financial Officer
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3
Exhibit 99.1
Exhibit 99.2
Reconciliation of Non-GAAP Financial Measures
We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our investor presentation materials, we make reference to adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), a non-GAAP financial measure. We believe that this measurement represents a useful internal measure of performance. Accordingly, where we provide a non-GAAP measure like Adjusted EBITDA, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance. However, because Adjusted EBITDA is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, Adjusted EBITDA as presented may not be directly comparable to a similarly titled measure presented by other companies. Adjusted EBITDA is presented as supplemental information and not as an alternative to any GAAP measurements.
Reconciliation of Non-GAAP Financial Measures - Unaudited
(amounts in thousands)
Fiscal Year |
39 Weeks Ended |
|||||||||||||||||||||||||||||||||||
2008 (1) | 2009 (1) | 2010 | 2011 | 2012 | 2013 | 2014 |
September 28, 2014 |
September 27, 2015 |
||||||||||||||||||||||||||||
Net income (loss) |
$ | (53,883 | ) | $ | 2,419 | $ | 15,957 | $ | 19,549 | $ | 16,379 | $ | 22,489 | $ | 16,455 | $ | 8,470 | $ | 20,493 | |||||||||||||||||
Interest expense |
10,334 | 7,756 | 4,244 | 2,892 | 3,171 | 1,640 | 1,159 | 881 | 588 | |||||||||||||||||||||||||||
Income tax expense (benefit) |
(26,844 | ) | 99 | 5,026 | 2,963 | 7,855 | 10,744 | 11,830 | 9,038 | 10,145 | ||||||||||||||||||||||||||
Depreciation and amortization expenses |
12,757 | 13,217 | 12,182 | 11,516 | 11,050 | 10,229 | 10,917 | 7,918 | 9,347 | |||||||||||||||||||||||||||
Impact of excluding a cumulative catch-up adjustment from a change in accounting estimate related to gift card breakage revenue |
- | - | - | - | - | 1,306 | - | - | - | |||||||||||||||||||||||||||
Loss on impairment and asset disposals, net |
24,355 | 9,640 | 483 | 436 | 3,262 | - | - | - | - | |||||||||||||||||||||||||||
Restructuring expense (benefit) |
5,195 | 56 | (1,457 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
Gain on settlements, net |
- | - | - | - | (683 | ) | (1,719 | ) | - | - | - | |||||||||||||||||||||||||
Loss (income) on discontinued operations, net of tax |
60,546 | (615 | ) | (160 | ) | (171 | ) | (187 | ) | 2,004 | 10,255 | 9,385 | 582 | |||||||||||||||||||||||
Adjusted EBITDA |
$ | 32,460 | $ | 32,572 | $ | 36,275 | $ | 37,185 | $ | 40,847 | $ | 46,693 | $ | 50,616 | $ | 35,692 | $ | 41,155 |
(1) The net income (loss) for fiscal years 2008 and 2009 were last reported on Form 10-K for the fiscal years 2012 and 2013, respectively. The operating results of eighteen Mitchell's Fish Market and three Cameron's/Mitchell's Steakhouse restaurants sold in January 2015 and three Ruth's Chris Steak House restaurants closed in 2014 have been reclassified to discontinued operations. These reclassifications had no effect on previously reported net income.
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