Attached files
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8-K - 8-K - Ruths Hospitality Group, Inc. | ruth-8k_20201030.htm |
Exhibit 99.1
RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations – Preliminary and Unaudited
(Amounts in thousands, except share and per share data)
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13 Weeks Ended |
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39 Weeks Ended |
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September 27, |
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September 29, |
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September 27, |
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September 29, |
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2020 |
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2019 |
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2020 |
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2019 |
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Revenues: |
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Restaurant sales |
$ |
58,594 |
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|
$ |
97,226 |
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|
$ |
188,611 |
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|
$ |
314,229 |
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Franchise income |
|
3,511 |
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|
|
3,928 |
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|
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8,094 |
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|
|
12,907 |
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Other operating income |
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1,318 |
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|
|
1,855 |
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3,671 |
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|
|
5,857 |
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Total revenues |
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63,423 |
|
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103,009 |
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|
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200,376 |
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332,993 |
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Costs and expenses: |
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Food and beverage costs |
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15,908 |
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28,817 |
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54,563 |
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89,688 |
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Restaurant operating expenses |
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34,868 |
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51,216 |
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117,224 |
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155,974 |
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Marketing and advertising |
|
889 |
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3,174 |
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5,285 |
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|
10,925 |
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General and administrative costs |
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7,572 |
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8,335 |
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22,668 |
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26,016 |
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Depreciation and amortization expenses |
|
5,316 |
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|
5,361 |
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16,660 |
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|
15,453 |
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Pre-opening costs |
|
403 |
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|
535 |
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1,185 |
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|
876 |
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Loss (gain) on lease modifications |
|
310 |
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|
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— |
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(178 |
) |
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— |
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Loss on impairment |
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3,272 |
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— |
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16,253 |
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— |
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Total costs and expenses |
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68,538 |
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97,438 |
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233,660 |
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298,932 |
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Operating income (loss) |
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(5,115 |
) |
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|
5,571 |
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(33,284 |
) |
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34,061 |
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Other income (expense): |
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Interest expense, net |
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(1,422 |
) |
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(638 |
) |
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(3,341 |
) |
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(1,460 |
) |
Other |
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(48 |
) |
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18 |
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(12 |
) |
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|
33 |
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Income (loss) before income taxes |
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(6,585 |
) |
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4,951 |
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(36,637 |
) |
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32,634 |
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Income tax expense (benefit) |
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(1,284 |
) |
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|
423 |
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(9,920 |
) |
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|
4,886 |
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Net income (loss) |
$ |
(5,301 |
) |
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$ |
4,528 |
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$ |
(26,717 |
) |
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$ |
27,748 |
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Basic earnings (loss) per share |
$ |
(0.15 |
) |
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$ |
0.16 |
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$ |
(0.87 |
) |
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$ |
0.95 |
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Diluted earnings (loss) per share |
$ |
(0.15 |
) |
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$ |
0.16 |
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$ |
(0.87 |
) |
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$ |
0.94 |
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Shares used in computing net income per common share: |
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Basic |
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34,240,318 |
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28,951,612 |
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30,826,304 |
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29,159,922 |
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Diluted |
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34,240,318 |
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29,191,076 |
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30,826,304 |
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29,563,396 |
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Dividends declared per common share |
$ |
- |
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|
$ |
0.13 |
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$ |
0.15 |
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$ |
0.39 |
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RECONCILIATION OF NON-GAAP FINANCIAL MEASURE |
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Reconciliation of Non-GAAP Financial Measure – Unaudited
(Amounts in thousands, except share data)
|
13 Weeks Ended |
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|
39 Weeks Ended |
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||||||||||
|
September 27, |
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|
September 29, |
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|
September 27, |
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September 29, |
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||||
|
2020 |
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2019 |
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2020 |
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2019 |
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GAAP Net income (loss) |
$ |
(5,301 |
) |
|
$ |
4,528 |
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|
$ |
(26,717 |
) |
|
$ |
27,748 |
|
GAAP Income tax expense (benefit) |
|
(1,284 |
) |
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|
423 |
|
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(9,920 |
) |
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|
4,886 |
|
GAAP Income (Loss) from continuing operations before income taxes |
|
(6,585 |
) |
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|
4,951 |
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(36,637 |
) |
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32,634 |
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Adjustments: |
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Franchisee acquisition costs |
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— |
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|
302 |
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— |
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|
412 |
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Accelerated stock compensation and severance payments |
|
1,172 |
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— |
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1,502 |
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— |
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Loss (gain) on lease modifications |
|
310 |
|
|
|
— |
|
|
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(178 |
) |
|
|
— |
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Loss on impairment |
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3,272 |
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|
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— |
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16,253 |
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— |
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Adjusted net income before income taxes |
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(1,831 |
) |
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|
5,253 |
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(19,060 |
) |
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|
33,046 |
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Adjusted income tax expense (1) |
|
89 |
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(496 |
) |
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5,502 |
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(4,985 |
) |
Impact of excluding certain discrete income tax items |
|
217 |
|
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(280 |
) |
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313 |
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(885 |
) |
Non-GAAP net income |
$ |
(1,525 |
) |
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$ |
4,477 |
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$ |
(13,245 |
) |
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$ |
27,176 |
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GAAP diluted earnings (loss) per common share |
$ |
(0.15 |
) |
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$ |
0.16 |
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$ |
(0.87 |
) |
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$ |
0.94 |
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Non-GAAP diluted earnings (loss) per common share |
$ |
(0.04 |
) |
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$ |
0.15 |
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$ |
(0.43 |
) |
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$ |
0.92 |
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Weighted-average number of common shares outstanding - diluted |
|
34,240,318 |
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29,191,076 |
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30,826,304 |
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29,563,396 |
|
(1) Adjusted income tax 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.