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Exhibit 99.1
For Immediate Release
Ruth’s Hospitality Group, Inc. Reports First Quarter 2019 Financial Results
– First Quarter GAAP EPS of $0.47 –
– Announces Acquisition of Three Franchised Restaurants and Territory Development Rights –
– Declares $0.13 Per Share Quarterly Dividend –
WINTER PARK, Fla.—(BUSINESS WIRE)—May 3, 2019—Ruth’s Hospitality Group, Inc. (the “Company”) (NASDAQ: RUTH) today reported unaudited financial results for its first quarter ended March 31, 2019.
Highlights for the first quarter of 2019 were as follows:
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Net income in the first quarter of 2019 was $13.9 million, or $0.47 per diluted share, compared to net income of $13.6 million, or $0.45 per diluted share, in the first quarter of 2018. |
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Net income in the first quarter of 2019 included $39 thousand in acquisition-related expenses associated with the acquisition of the three restaurants from our Philadelphia and Long Island franchisee, and a $0.5 million income tax benefit related to the impact of discrete income tax items. Net income in the first quarter of 2018 included $0.5 million in acquisition-related expenses associated with the acquisition of our Hawaiian franchisee, and a $0.4 million income tax benefit related to the impact of discrete income tax items. |
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Excluding these adjustments, as well as the results from discontinued operations, non-GAAP diluted earnings per common share were $0.45 in the first quarter of 2019, compared to $0.45 in the first quarter of 2018. The Company believes that non-GAAP diluted earnings per common share provides a useful alternative measure of financial performance to improve comparability of diluted earnings per common share between periods. Investors are advised to see the attached Reconciliation of non-GAAP Financial Measure table for additional information. |
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During the first quarter of 2019, the Company returned $6.5 million through dividends, share repurchases and debt repayments. |
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One new franchised Ruth’s Chris Steak House restaurant opened in the first quarter in China. |
Cheryl Henry, President and Chief Executive Officer of Ruth's Hospitality Group, Inc., stated, “I’m pleased with our first quarter results, which included comparable restaurant sales growth, consistent margins year-over-year, and GAAP EPS of $0.47 despite weather challenges.”
Henry added, “I’m excited to announce the acquisition of three franchised restaurants and development territory from longtime franchise partner Marsha Brown. This acquisition includes two restaurants in the Philadelphia, PA area and one on Long Island, NY. Additionally, we purchased the development rights to these areas which will contribute to our long-term growth strategy by unlocking valuable territory. I am thrilled to welcome these restaurants and our new team members to the Ruth’s Chris corporate family.”
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Ruths Hospitality Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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The Credit Agreement also contains events of default customary for credit facilities of this type (with customary grace periods, as applicable), including nonpayment of principal or interest when due; material incorrectness of representations and warranties when made; breach of covenants; bankruptcy and insolvency; unsatisfied ERISA obligations; unstayed material judgment beyond specified periods; default under other material indebtedness; and certain changes of control of the Company.
The increase in marketing and advertising expenses in the first quarter of fiscal year 2019 was attributable to a planned increase in advertising.
For a discussion of these and other risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Companys Annual Report on Form 10-K for the fiscal year ended December 30, 2018, which is available on the SECs website at www.sec.gov.
As of March 31, 2019, we had $39.0 million of outstanding indebtedness under our senior credit facility with approximately $46.8 million of availability, net of outstanding letters of credit of approximately $4.2 million.
Restaurant operating expenses increased $1.9 million, or 3.7%, to $53.6 million in the first quarter of fiscal year 2019 from the first quarter of fiscal year 2018.
Marketing and advertising expenses increased...Read more
Comparable restaurant sales and traffic...Read more
The decrease in general and...Read more
In October 2017, our Board...Read more
The increase was primarily the...Read more
General and administrative costs decreased...Read more
During the first thirteen weeks...Read more
The increase was driven primarily...Read more
Actual results could differ materially...Read more
As of March 31, 2019,...Read more
The Ruth?s Chris restaurants reflect...Read more
Pre-opening costs decreased slightly to...Read more
The Ruth?s Chris menu features...Read more
Financial Statements, Disclosures and Schedules
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Ruths Hospitality Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: RUTH
CIK: 1324272
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-015662
Submitted to the SEC: Fri May 03 2019 11:20:41 AM EST
Accepted by the SEC: Fri May 03 2019
Period: Sunday, March 31, 2019
Industry: Retail Eating Places