Ruth's Hospitality Group Inc. Announces Executive Changes
Apr 20 15
Ruth's Hospitality Group Inc. announced that Mark Osterberg, age 64, notified the company of his intention to relinquish his duties as principal accounting officer of the company. Effective immediately, Arne Haak, the company's chief financial officer, has assumed the responsibilities of principal accounting officer of the company. Michael Hynes, the company's current controller and director of accounting, has been promoted to vice president of accounting. Mr. Osterberg has agreed to continue to serve as an accounting advisor to the company. In addition, under the amended employment agreement, the company has agreed to employ Mr. Beaudrault on an at-will basis at a salary and on terms to be mutually agreed upon between the company and Mr. Beaudrault.
Ruth's Hospitality Group Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 28, 2014; Provides Financial Guidance for Fiscal 2015; Announces Non-Cash Impairment Charge
Feb 13 15
Ruth's Hospitality Group Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended December 28, 2014. Net income from continuing operations was $8.9 million, or $0.26 per diluted share, in the fourth quarter of 2014 compared to net income of $6.0 million, or $0.17 per diluted share, in the fourth quarter of 2013. Net income in the fourth quarter of 2014 included a non-recurring $0.7 million income tax benefit primarily pertaining to non-recurring state tax credits. Excluding these charges and income from discontinued operations, non-GAAP diluted earnings per common share increased 14.5% to $0.23 compared to $0.20 in the prior year fourth quarter. Total restaurant sales from continuing operations in the fourth quarter of 2014 increased 9.9% to $93.1 million compared to the prior year fourth quarter. Company-owned comparable restaurant sales for increased 5.0% in the fourth quarter. Total revenues from continuing operations in the fourth quarter of 2014 were $98.9 million compared to $87.6 million in the prior year fourth quarter. In the fourth quarter of 2013, the company changed method for recognizing gift card breakage revenue. The cumulative effect of the change was recorded in the fourth quarter of 2013 and reduced other operating income by $2.1 million. Operating income was $11.912 million against $9.094 million for the same period of last year. Income from continuing operations before income tax expense was $11.646 million against $8.798 million for the same period of last year. Non-GAAP net income was $8.178 million against $7.317 million for the same period of last year.
For the full year 2014, the company reported income from continuing operations of $26.7 million, or $0.75 per diluted share, compared to $24.5 million from continuing operations or $0.69 per diluted share, in 2013. Net income for the full year includes a non-cash impairment charge of $15.3 million in the third quarter, and $1.8 million in the fourth quarter, related to the write-down of long-lived assets and trademarks of the Company's Mitchell's Fish Market and Mitchell's/Cameron's Steakhouse businesses. Net income in 2013 also included a $0.8 million income tax benefit primarily pertaining to state employment credits and a $1.0 million after-tax benefit related to two settlements, which largely pertained to a loss of profits attributable to the 2010 Deepwater Horizon oil spill. Excluding certain charges and income from discontinued operations, non-GAAP diluted earnings per common share improved to $0.74 during 2014 compared to $0.67 during the same period of the prior year. Total revenues from continuing operations in 2014 increased 7.4% to $346.1 million compared to $322.4 million in the prior year. The increase in revenues from continuing operations was due to additional company and franchise restaurant development and an increase in comparable restaurant sales. Operating income was $39.662 million against $36.954 million for the same period of last year. Income from continuing operations before income tax expense was $38.540 million against $35.237 million for the same period of last year. Non-GAAP net income was $26.161 million against $23.966 million for the same period of last year.
Based on current information, Ruth's Hospitality Group Inc. is announcing its full year 2015 outlook as: Effective tax rate to be in between 31% to 34%; and Capital expenditures to be in between $20 million to $23 million.
The company announced that the net income for the fourth quarter includes a non-cash impairment charge of $1.8 million.
Ruth's Hospitality Group Inc. Declares Quarterly Dividend for the Fourth Quarter of 2014, Payable on March 12, 2015
Feb 13 15
Ruth's Hospitality Group Inc. approved the payment of a quarterly cash dividend to shareholders of $0.06 per share for the fourth quarter of 2014. This dividend will be paid on March 12, 2015 to shareholders of record as of the close of business on February 26, 2015. This dividend represents a 20% increase from the quarterly cash dividends paid to shareholders during fiscal 2014.