RUTH'S HOSPITALITY GROUP INC
SymbolRUTH

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Ruth’s Hospitality Group, Inc. Reports Third Quarter 2009 Financial Results

2009-10-30 07:00 ET - News Release


HEATHROW, Fla. -- (Business Wire)

Ruth’s Hospitality Group, Inc. (NASDAQ:RUTH) today reported unaudited results for its third quarter ended September 27, 2009.

Highlights for the third quarter 2009 compared to the third quarter of 2008 were as follows:

  • Total revenue decreased 21.4% to $77.8 million compared to $98.9 million in the third quarter of 2008.
  • Net loss of $1.0 million or $0.04 per diluted share compared to a net loss of $0.5 million or $0.02 per diluted share in the third quarter of 2008.
  • Company-owned comparable restaurant sales for Ruth’s Chris Steak House decreased 24.0%. Company-owned comparable restaurant sales for Mitchell’s Fish Market decreased 12.3%.
  • Food and beverage costs, as a percentage of restaurant sales, decreased 330 basis points to 28.5% primarily driven by favorable beef costs.
  • Restaurant operating expenses, as a percentage of restaurant sales, increased 410 basis points to 57.5% resulting from the effect of fixed costs related to lower sales volumes.
  • General and administrative expenses declined by $1.3 million to $5.4 million compared to $6.7 million in the third quarter of 2008.
  • Depreciation and amortization expenses increased 70 basis points to 5.3% of total revenues.
  • The third quarter results include $0.4 million in restructuring costs related to lease termination charges for two restaurant locations.
  • Interest expense decreased $0.6 million to $1.9 million in the third quarter of 2009 and included a gain of $0.4 million for a mark-to-market non-cash adjustment relating to interest rate swap agreements. During the third quarter of 2008, the company recorded a charge of $0.1 million for a mark-to-market adjustment relating to interest rate swap agreements.
  • At the end of the third quarter of 2009, the Company had $148.5 million in debt outstanding under its senior credit agreement. This represents a reduction of $11.8 million from December 28, 2008, including a $1.5 million pay down during the quarter.

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