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For Immediate Release
Kura Sushi USA Announces Fiscal Fourth Quarter and
Fiscal Year 2019 Financial Results
Irvine, CA. November 6, 2019 Kura Sushi USA, Inc. (Kura Sushi or the Company) (NASDAQ: KRUS), a fast-growing technology-enabled Japanese restaurant concept, today reported fiscal fourth quarter and fiscal year 2019 financial results for the periods ending August 31, 2019.
Fiscal Fourth Quarter 2019 Highlights
Total sales increased 28% to $18.8 million compared to the fourth quarter of 2018;
Comparable restaurant sales growth of 9.4%;
Net income was $0.9 million, or $0.15 per diluted share, compared to $1.0 million, or $0.20 per diluted share, in the fourth quarter of 2018;
Adjusted EBITDA* increased to $2.2 million, compared to $2.1 million in the fourth quarter of 2018; and
Two restaurants opened during the fourth quarter of 2019.
* Adjusted EBITDA is a non-GAAP measure and defined below under Key Financial Definitions. Please see the reconciliation of non-GAAP measures accompanying this release. See also non-GAAP Financial Measures below.
Hajime Uba, President and Chief Executive Officer of Kura Sushi, stated, During the fourth quarter, our strong top line performance was driven by our six new restaurants opened in 2019 as well as 9.4% comparable restaurant sales growth. We were pleased to extend our track record of comparable sales growth to 11 of the last 12 quarters. We believe this track record is evidence that our unique brand, focused on offering authentic high-quality Japanese cuisine at accessible price points in an upbeat and innovative atmosphere, is resonating with consumers.
Uba continued, We believe that our recent successful initial public offering has provided us with the financial flexibility and improved capital structure necessary to execute our growth strategy in 2020 and the years to come. Our team is excited to bring the Kura Experience to even more consumers as we open innovative technology-enabled restaurants in both new and existing markets, and in the process, create long-term value for our shareholders.
Initial Public Offering
On July 31, 2019, the Company completed the initial public offering of its Class A common stock at a public offering price of $14.00 per share. The Company issued 3,335,000 shares, including 435,000 shares sold to the underwriters pursuant to their over-allotment option. After underwriter discounts and commissions and offering expenses, net proceeds from the offering were approximately $39 million. A portion of the proceeds have been used to repay all outstanding indebtedness of approximately $3.1 million under the Companys existing term loans. The remainder of the net proceeds will be used for working capital, to fund new unit growth, and for other general corporate purposes.
The following information was filed by Kura Sushi Usa, Inc. (KRUS) on Wednesday, November 6, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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