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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ruths Hospitality Group Inc | NASDAQ:RUTH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.49 | 21.49 | 21.47 | 0 | 01:00:00 |
– Fourth Quarter GAAP EPS of $0.49 –
– Full Year GAAP EPS of $1.38 –
– Company Announces 18% Increase in Quarterly Dividend to $0.13 per Share –
Ruth’s Hospitality Group, Inc. (the “Company”) (NASDAQ:RUTH) today reported unaudited financial results for its 13-week fourth quarter and 52-week full year ended December 30, 2018.
Highlights for the 13-week fourth quarter of 2018 compared to the 14-week fourth quarter of 2017 were as follows:
Cheryl Henry, President and Chief Executive Officer of Ruth's Hospitality Group, Inc., stated, “I’m proud of all that our team accomplished in both the fourth quarter and the full year. For the full year, we grew revenue by 9%, expanded restaurant level margins to the highest levels in over 10 years, successfully integrated our six Hawaiian franchise locations, and opened 3 new Company-operated and 2 new franchise restaurants.”
Henry added, “In addition, 2018 marked the 9th consecutive year of comparable restaurant sales and earnings growth. This success has been driven by our intense focus on operational excellence, and I’d like to thank all of our team members and franchisees for their incredible work each and every day.”
Review of Fourth Quarter 2018 Operating Results
Total revenues in the 13-week fourth quarter of 2018 were $127.2 million, an increase of 2.5% compared to $124.1 million in the 14-week fourth quarter of 2017.
Company-owned Sales
Franchise Income
Operating Expenses
Highlights for the 52-week Fiscal Year 2018 Compared to the 53-week Fiscal Year 2017 were as follows:
Review of Fiscal Year 2018 Operating Results
Total revenues in the 52-week fiscal year 2018 were $452.3 million, an increase of 9.0% to compared to $414.8 million in the 53-week year 2017.
Company-owned Sales
Franchise Income
Operating Expenses
Development Update
The Company opened two new restaurants in the fourth quarter, one in Paramus, NJ and one in Reno, NV that operates under a management agreement.
The Company has signed a lease for a new Company-owned restaurant location in Somerville, MA which will open in late 2019. With that, there are now four leases signed for new Company-owned restaurants; one in Columbus, OH, one in Washington DC, one in Somerville, MA and one in Oklahoma City, OK. The Columbus, Washington DC and Somerville restaurants are expected to open in the second half of 2019, while Oklahoma City is expected to open in 2020.
Franchise partners opened a new restaurant in Markham, Ontario in the fourth quarter. For 2019, our franchise partners are currently scheduled to open two new restaurants. The first is expected to open in Chongqing, China in the first half of 2019 and another is expected to open in St. George, UT during the second half of the year.
Lastly, the Company closed one restaurant in Washington DC late in the fourth quarter of 2018 which was at the end of its lease term.
Share Repurchase and Debt
During the fourth quarter, the Company repurchased approximately 464 thousand shares for $12.6 million, at a $27.12 average price.
For the full year, the Company repurchased approximately 689 thousand shares for $18.5 million, at an average price of $26.91. The Company ended the year with approximately $32.1 million remaining under its share repurchase authorization. Since the beginning of 2014, the Company has repurchased an aggregate of 7.4 million shares for approximately $126.7 million under the current and previous share repurchase programs.
At the end of 2018, the Company had $41.0 million in debt outstanding under its senior credit facility, with an additional $44.8 million of availability.
Quarterly Cash Dividend
Subsequent to the end of the quarter, the Company’s Board of Directors approved the payment of a quarterly cash dividend to shareholders of $0.13 per share. The dividend will be paid on March 21, 2019 to shareholders of record as of the close of business on March 7, 2019, and represents a 18% increase from the quarterly cash dividend paid in March of 2018.
Financial Outlook
Based on current information, Ruth's Hospitality Group, Inc. is providing its full year 2019 outlook based on a 52 week year ending December 29, 2019, as follows:
The foregoing statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them. We refer you to the “Cautionary Note Regarding Forward-Looking Statements” section in this earnings press release and to our recent filings with the Securities and Exchange Commission for more detailed discussions of the risks that could impact our financial outlook and our future operating results and financial condition.
Conference Call
The Company will host a conference call to discuss fourth quarter 2018 and full year 2018 financial results today at 8:30 AM Eastern Time. Hosting the call will be Cheryl Henry, President and Chief Executive Officer, and Arne G. Haak, Executive Vice President and Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 323-794-2588. A replay will be available one hour after the call and can be accessed by dialing 412-317-6671; the password is 3782165. The replay will be available until Friday, March 1, 2019. The call will also be webcast live from the Company's website at www.rhgi.com under the Investor Relations section.
About Ruth’s Hospitality Group, Inc.
Ruth's Hospitality Group, Inc., headquartered in Winter Park, Florida, is the largest fine dining steakhouse company in the U.S. as measured by the total number of Company-owned and franchisee-owned restaurants, with over 150 Ruth’s Chris Steak House locations worldwide specializing in USDA Prime grade steaks served in Ruth’s Chris’ signature fashion – “sizzling.”
For information about our restaurants, to make reservations, or to purchase gift cards, please visit www.RuthsChris.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties. Forward-looking statements frequently are identified by the words “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “targeting,” “will be,” “will continue,” “will likely result,” or other similar words and phrases. Similarly, statements herein that describe the Company’s objectives, plans or goals, including with respect to new restaurant openings, capital expenditures, strategy, financial outlook, our effective tax rate and the impact of healthcare inflation, recent accounting pronouncements and tax reform legislation, also are forward-looking statements. Actual results could differ materially from those projected, implied or anticipated by the Company’s forward-looking statements. Some of the factors that could cause actual results to differ include: reductions in the availability of, or increases in the cost of, USDA Prime grade beef, fish and other food items; changes in economic conditions and general trends; the loss of key management personnel; the effect of market volatility on the Company’s stock price; health concerns about beef or other food products; the effect of competition in the restaurant industry; changes in consumer preferences or discretionary spending; labor shortages or increases in labor costs; the impact of federal, state or local government regulations relating to income taxes, unclaimed property, Company employees, the sale or preparation of food, the sale of alcoholic beverages and the opening of new restaurants; harmful actions taken by the Company’s franchisees; a material failure, interruption or security breach of the Company’s information technology network; the Company’s indemnification obligations in connection with its sale of the Mitchell’s Restaurants; the Company’s ability to protect its name and logo and other proprietary information; an impairment in the financial statement carrying value of our goodwill, other intangible assets or property; the impact of litigation; the restrictions imposed by the Company’s credit agreement; and changes in, or the discontinuation of, the Company’s quarterly cash dividend payments or share repurchase program. 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 Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which is available on the SEC’s website at www.sec.gov. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. You should not assume that material events subsequent to the date of this press release have not occurred.
Unless the context otherwise indicates, all references in this report to the “Company,” “Ruth’s,” “we,” “us”, “our” or similar words are to Ruth’s Hospitality Group, Inc. and its subsidiaries. Ruth’s Hospitality Group, Inc. is a Delaware corporation formerly known as Ruth’s Chris Steak House, Inc., and was founded in 1965.
RUTH'S HOSPITALITY GROUP, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income - Preliminary and Unaudited (Amounts in thousands, except share and per share data)13 WeeksEnded
14 WeeksEnded
52 WeeksEnded
53 WeeksEnded
December 30, December 31, December 30, December 31, 2018 2017 2018 2017 Revenues: Restaurant sales $ 120,043 $ 117,392 $ 427,433 $ 390,434 Franchise income 5,014 4,680 17,919 17,545 Other operating income 2,102 2,031 6,982 6,844 Total revenues 127,159 124,103 452,334 414,823 Costs and expenses: Food and beverage costs 33,219 34,349 120,112 116,361 Restaurant operating expenses 54,930 52,398 206,258 185,444 Marketing and advertising 4,709 3,668 16,639 12,724 General and administrative costs 10,195 9,433 37,253 32,700 Depreciation and amortization expenses 4,776 3,906 18,538 14,995 Pre-opening costs 617 539 1,875 2,013 Loss on impairment — 3,904 — 3,904 Total costs and expenses 108,446 108,197 400,675 368,141 Operating income 18,713 15,906 51,659 46,682 Other income (expense): Interest expense, net (486 ) (300 ) (1,739 ) (821 ) Other (42 ) 19 (73 ) 53 Income from continuing operations before income tax expense 18,185 15,625 49,847 45,914 Income tax expense 3,375 6,036 8,247 15,669 Income from continuing operations 14,810 9,589 41,600 30,245 Income (loss) from discontinued operations, net of income taxes 50 (8 ) 80 (108 ) Net income $ 14,860 $ 9,581 $ 41,680 $ 30,137 Basic earnings per common share: Continuing operations $ 0.50 $ 0.32 $ 1.40 $ 1.00 Discontinued operations — — 0.01 (0.01 ) Basic earnings per share $ 0.50 $ 0.32 $ 1.41 $ 0.99 Diluted earnings per common share: Continuing operations $ 0.49 $ 0.31 $ 1.37 $ 0.98 Discontinued operations — — 0.01 (0.01 ) Diluted earnings per share $ 0.49 $ 0.31 $ 1.38 $ 0.97 Shares used in computing net income per common share: Basic 29,513,678 29,947,096 29,659,461 30,346,999 Diluted 30,071,992 30,571,801 30,273,841 30,916,364 Dividends declared per common share $ 0.11 $ 0.09 $ 0.44 $ 0.36RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our press release, we make reference to non-GAAP diluted earnings per common share. This non-GAAP measurement was calculated by excluding certain items and results from discontinued operations and certain discrete income tax items. We exclude the impact of the results from discontinued operations, the impact of loss on impairment, the impact of acquisition related costs and the impact of certain discrete income tax items because these items are not reflective of the ongoing operations of our business. This non-GAAP measurement has been included as supplemental information. We believe that this measure represents a useful internal measure of performance. Accordingly, where this non-GAAP measure is provided, 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 on a quarter-over-quarter basis. However, because this measure is not determined in accordance with GAAP, such a measure is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, the aforementioned measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP financial measure is presented as supplemental information and not as an alternative to diluted earnings per share as calculated in accordance with GAAP.
Reconciliation of Non-GAAP Financial Measure - Unaudited (Amounts in thousands, except share data)13 WeeksEnded
14 WeeksEnded
52 WeeksEnded
53 WeeksEnded
December 30, December 31, December 30, December 31, 2018 2017 2018 2017 GAAP Net income $ 14,860 $ 9,581 $ 41,680 $ 30,137 GAAP Income tax expense 3,375 6,036 8,247 15,669 GAAP (Income) loss from discontinued operations (50 ) 8 (80 ) 108 GAAP Income from continuing operations before income tax expense 18,185 15,625 49,847 45,914 Adjustments: Loss on impairment — 3,904 — 3,904 Hawaii acquisition costs 250 619 1,525 619 Adjusted net income from continuing operations before income taxes 18,435 20,148 51,372 50,437 Adjusted income tax expense (1) (3,436 ) (7,755 ) (8,621 ) (17,388 ) Impact of excluding certain discrete income tax items — 1,160 (711 ) 913 Non-GAAP net income $ 14,999 $ 13,553 $ 42,040 $ 33,962 GAAP diluted earnings per common share $ 0.49 $ 0.31 $ 1.38 $ 0.97 Non-GAAP diluted earnings per common share $ 0.50 $ 0.44 $ 1.39 $ 1.10 Weighted-average number of common shares outstanding - diluted 30,071,992 30,571,801 30,273,841 30,916,364 (1) Adjusted income tax expense is calculated by multiplying the Non-GAAP adjustments by our marginal federal and state income tax rates and adding or subtracting the result to/from our GAAP income tax expense.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190222005039/en/
Investor RelationsFitzhugh Taylor (203) 682-8261ftaylor@icrinc.com
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