EX-99 4 q4incstmt.txt QTR 4 FY 03 INCOME STATEMENT RUBY TUESDAY, INC. Financial Results For the Fourth Quarter of Fiscal Year 2003 (unaudited) (Amounts in thousands except per share amounts) 13 Weeks 13 Weeks Ended Ended June 3, Percent June 4, Percent Percent 2003 of Sales 2002 of Sales Change ---------------------------------------------------------- System-Wide Ruby Tuesday Sales: Company-owned Ruby Tuesday revenue $ 242,839 $ 214,048 Franchised revenue 102,140 95,155 ----------- ----------- Total system-wide Ruby Tuesday sales $ 344,979 $ 309,203 11.6 =========== =========== Revenues: Company restaurant revenues $ 242,839 98.4 $ 214,048 98.4 Franchise income 4,074 1.6 3,428 1.6 ----------- ----------- Total operating revenues 246,913 100.0 217,476 100.0 13.5 Operating Costs and Expenses: (as a percent of Company restaurant revenues) Cost of merchandise 63,439 26.1 57,776 27.0 Payroll and related costs 78,514 32.3 71,034 33.2 Other restaurant operating costs 41,125 16.9 37,930 17.7 Depreciation and amortization 12,609 5.2 8,895 4.2 Loss on valuation of SRG Note Receivable - 0.0 - 0.0 (as a percent of Total operating revenues) Selling, general and administrative 12,469 5.0 10,995 5.1 Equity in (earnings) of unconsolidated franchises (921) (0.4) (508) (0.2) ----------- ----------- Total operating costs and expenses 207,235 186,122 ----------- ----------- Earnings before Interest, Taxes and cumulative effect of change in accounting principle 39,678 16.1 31,354 14.4 26.5 Interest expense (income), net 847 0.3 (1,336) (0.6) ----------- ---------- Pre-tax Profit 38,831 15.7 32,690 15.0 Provision for income taxes 13,513 5.5 11,442 5.3 ----------- ---------- Income before cumulative effect of change in accounting principle 25,318 10.3 21,248 9.8 Cumulative effect of change in accounting principle, net - - ----------- ---------- Net Income $ 25,318 10.3 $ 21,248 9.8 19.2 =========== ========== Earnings Per Share: Before cumulative effect of change in accounting principle: Basic $ 0.39 $ 0.33 18.2 =========== ========== Diluted $ 0.39 $ 0.32 21.9 =========== ========== After cumulative effect of change in accounting principle: Basic $ 0.39 $ 0.33 18.2 =========== ========== Diluted $ 0.39 $ 0.32 21.9 =========== ========== Shares: Basic 64,123 64,983 =========== ========== Diluted 65,321 66,754 =========== ==========
RUBY TUESDAY, INC. Financial Results For the Fourth Quarter of Fiscal Year 2003 (unaudited) (Amounts in thousands except per share amounts) Excluding Loss Including Loss on Valuation of on Valuation of SRG Note SRG Note 52 Weeks 52 Weeks 52 Weeks Ended Ended Ended June 3, Percent June 4, Percent Percent June 4, Percent 2003 of Sales 2002 of Sales Change 2002 of Sales ----------------------------------------------------------------------- System-Wide Ruby Tuesday Sales: Company-owned Ruby Tuesday revenue $ 898,440 $ 819,097 $ 819,097 Franchised revenue 387,592 347,982 347,982 ----------- ----------- ----------- Total system-wide Ruby Tuesday sales $1,286,032 $1,167,079 10.2 $1,167,079 =========== =========== =========== Revenues: Company restaurant revenues $ 898,440 98.3 $ 819,097 98.3 $ 819,097 98.3 Franchise income 15,344 1.7 14,084 1.7 14,084 1.7 ----------- ----------- ----------- Total operating revenues 913,784 100.0 833,181 100.0 9.7 833,181 100.0 Operating Costs and Expenses: (as a percent of Company restaurant revenues) Cost of merchandise 238,598 26.6 220,556 26.9 220,556 26.9 Payroll and related costs 297,769 33.1 268,395 32.8 268,395 32.8 Other restaurant operating costs 151,950 16.9 155,211 18.9 155,211 18.9 Depreciation and amortization 45,956 5.1 33,895 4.1 33,895 4.1 Loss on valuation of SRG Note Receivable - 0.0 - 0.0 28,856 3.5 (as a percent of Total operating revenues) Selling, general and administrative 44,830 4.9 44,824 5.4 44,824 5.4 Equity in (earnings) of unconsolidated franchises (3,331) (0.4) (861) (0.1) (861) (0.1) ----------- ----------- ----------- Total operating costs and expenses 775,772 722,020 750,876 ----------- ----------- ----------- Earnings before Interest, Taxes and cumulative effect of change in accounting principle 138,012 15.1 111,161 13.3 24.2 82,305 9.9 Interest expense (income), net 2,302 0.3 (5,841) (0.7) (5,841) (0.7) ----------- ----------- ---------- Pre-tax Profit 135,710 14.9 117,002 14.0 88,146 10.6 Provision for income taxes 47,226 5.2 41,199 4.9 29,870 3.6 ----------- ----------- ---------- Income before cumulative effect of change in accounting principle 88,484 9.7 75,803 9.1 58,276 7.0 Cumulative effect of change in accounting principle, net - 58 58 ----------- ----------- ---------- Net Income $ 88,484 9.7 $ 75,745 9.1 16.8 $ 58,218 7.0 =========== =========== =========== Earnings Per Share: Before cumulative effect of change in accounting principle: Basic $ 1.38 $ 1.18 16.9 $ 0.91 =========== =========== =========== Diluted $ 1.36 $ 1.15 18.3 $ 0.88 =========== =========== =========== After cumulative effect of change in accounting principle: Basic $ 1.38 $ 1.18 16.9 $ 0.91 =========== =========== =========== Diluted $ 1.36 $ 1.15 18.3 $ 0.88 =========== =========== =========== Shares: Basic 63,967 64,086 64,086 =========== =========== =========== Diluted 65,093 65,912 65,912 =========== =========== ===========