Ruby Tuesday, Inc. (NYSE:RT) (the “Company,” “we,” and/or “our”)
today announced financial results for the fiscal quarter ended
September 5, 2017.
Fiscal First Quarter 2018 Highlights (13
weeks ended September 5, 2017, compared to the 13 weeks ended
August 30, 2016):
- Total revenue declined 15.3% to $217.3 million, which included
a net reduction of seven Company-owned restaurants compared to the
end of the first quarter of the prior fiscal year. As a reminder,
95 restaurants were closed in connection with our August 11, 2016
announcement and therefore we lacked the sales contributions of
these restaurants from the year-ago period during the fiscal first
quarter of 2018.
- Same-restaurant sales declined 5.8% compared to a 2.7% decrease
in the first quarter of the prior fiscal year.
- Closures and Impairments expense, net of gains on property
sales of $2.3 million, was $7.8 million, compared to $30.2 million
in the first quarter of the prior fiscal year.
- Net Loss was $9.8 million, or ($0.16) per diluted share,
compared to Net Loss of $39.7 million, or ($0.66) per diluted share
in the first quarter of the prior fiscal year.
- Restaurant Level Margin* increased 250 basis points to
16.4%.
- Adjusted Net Loss* was $0.7 million, or ($0.01) per diluted
share, compared to an Adjusted Net Loss of $6.8 million, or ($0.11)
per diluted share in the first quarter of the prior fiscal
year.
- Adjusted EBITDA* was $13.3 million compared to $4.9 million in
the first quarter of the prior fiscal year.
- As of September 5, 2017, the Company had cash and cash
equivalents of $48.1 million.
* Restaurant Level Margin, EBITDA, Adjusted
EBITDA, Adjusted Net Loss and Adjusted Net Loss per share are
non-GAAP measures. Reconciliations of Restaurant Level Margin,
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss
per share to the most directly comparable financial measures
presented in accordance with United States Generally Accepted
Accounting Principles (GAAP) are set forth in the schedules
accompanying this release. See “Non-GAAP Reconciliation Table” and
“Condensed Consolidated Statements of Operations.”
Merger Agreement
Ruby Tuesday today announced an agreement to be
acquired by a fund managed by NRD Capital (“NRD”), an Atlanta-based
private equity firm that specializes in franchised and
multi-location business investments. Under the terms of the
agreement, NRD will acquire all of Ruby Tuesday’s common stock for
$2.40 per share in cash, and assume or retire all debt obligations
for a total enterprise value of approximately $335 million,
excluding transaction expense. The purchase price represents a
premium of approximately 37% over Ruby Tuesday's closing share
price on March 13, 2017, the day before the Company announced its
intention to explore strategic alternatives, and a premium of
approximately 21% over Ruby Tuesday’s closing share price on
October 13, 2017.
The transaction has been unanimously approved by
Ruby Tuesday’s Board of Directors and NRD and is subject to
shareholder approval and other customary closing conditions. The
acquisition is expected to be completed during the first calendar
quarter of 2018. UBS Investment Bank is serving as financial
advisor to Ruby Tuesday and provided a fairness opinion to the Ruby
Tuesday Board of Directors.
Stephen Sadove, Non-executive Chairman of Ruby
Tuesday, commented, “After carefully evaluating a range of
strategic alternatives available to the Company, we announced today
an agreement to be acquired by NRD Capital. Our Board worked with
all of our advisors and has approved the transaction because it
provides the most promising opportunity to realize significant,
immediate value for our shareholders and the best path forward for
the Ruby Tuesday brand.”
Fiscal First Quarter 2018 Financial
Results
Total revenue was $217.3 million, a decrease of
15.3% or $39.4 million from the first quarter of the prior fiscal
year. This decrease was due to a net reduction of seven
Company-owned restaurants as compared to the end of the first
quarter of the prior fiscal year and a same-restaurant sales
decline of 5.8% at Company-owned restaurants. Year-over-year guest
counts fell 9.4% while average check amount rose 3.6%. The
reduction in guest counts reflects ongoing weakness within the
casual dining industry, a preponderance of competitive discounting,
and the Company’s decision to run one fewer promotional window and
reduce coupon placement. The increase in average check was due to
the expanded Garden Bar, coupled with menu pricing and less
aggressive discounting.
Restaurant level margin* held steady at $35.5
million compared to $35.6 million in the first quarter of the prior
fiscal year. As a percentage of restaurant sales and operating
revenue, restaurant level margin increased 250 basis points to
16.4% from 13.9%. The increase in margin rate was primarily driven
by improvement in cost of goods sold and other restaurant operating
costs.
General and administrative (“G&A”) expenses
decreased to $13.9 million from $16.1 million in the first quarter
of the prior fiscal year. As a percentage of total revenue, G&A
expenses increased 10 basis points to 6.4% from 6.3%. The increase
in G&A margin rate was due to the deleveraging of on negative
same restaurant sales.
Net Loss was $9.8 million, or ($0.16) per
diluted share, compared to Net Loss of $39.7 million, or ($0.66)
per diluted share, in the first quarter of the prior fiscal
year.
Adjusted Net Loss* was $0.7 million, or ($0.01)
per diluted share, compared to an Adjusted Net Loss of $6.8
million, or ($0.11) per diluted share, in the first quarter of the
prior fiscal year. Adjusted Net Loss for the first quarter of
fiscal year 2018 excluded after-tax adjustments of $9.1 million,
which primarily consisted of closures and impairment charges and
costs related to the review of strategic alternatives. Adjusted Net
Loss in the first quarter of fiscal year 2017 excluded after-tax
adjustments of $32.9 million, primarily related to closures and
impairments charges. A reconciliation between Net Loss and Adjusted
Net Loss is included in the accompanying financial data.
Balance Sheet
As part of the Asset Rationalization Plan, Ruby
Tuesday is in the process of selling 14 properties with expected
net proceeds of $19.4 million or approximately $1.4 million per
location. As of September 5, 2017, the Company completed sales for
20 properties that closed as a result of the Asset Rationalization
Plan and received $28.8 million in net proceeds, including $8.7
million of proceeds related to the sale of seven properties during
the first quarter at an average per unit of $1.2 million. The
Company has also settled 37 of the 61 leased properties closed as a
result of the Asset Rationalization Plan for approximately $8.6
million.
The Company ended the fiscal 2018 first quarter
with cash and cash equivalents totaling $48.1 million and debt of
$213.6 million.
Restaurant Activity
As of September 5, 2017, there were 599 Ruby
Tuesday restaurants system-wide, of which 541 were Company-owned.
During the first quarter, two Company-owned Ruby Tuesday
restaurants were closed.
Cancellation of Conference Call &
Webcast
In view of the Company’s merger agreement with a
fund managed by NRD Capital, Ruby Tuesday will no longer be hosting
a conference call this afternoon to discuss fiscal first quarter
2018 financial results.
About Ruby Tuesday, Inc.
Ruby Tuesday, Inc. owns and franchises Ruby
Tuesday brand restaurants. As of September 5, 2017, there were 599
Ruby Tuesday restaurants in 41 states, 14 foreign countries, and
Guam. Of those restaurants, we owned and operated 541 Ruby Tuesday
restaurants and franchised 58 Ruby Tuesday restaurants, comprised
of 17 domestic and 41 international restaurants. Our Company-owned
and operated restaurants are concentrated primarily in the
Southeast, Northeast, Mid-Atlantic, and Midwest of the United
States, which we consider to be our core markets. For more
information about Ruby Tuesday, please visit www.rubytuesday.com.
Ruby Tuesday, Inc. is traded on the New York Stock Exchange
(Symbol: RT).
Important Information For Investors And
Stockholders
This communication does not constitute an offer
to buy or sell or the solicitation of an offer to buy or sell any
securities or a solicitation of any vote or approval. This
communication relates to a proposed transaction between Ruby
Tuesday, Inc. (“Ruby Tuesday”) and an affiliate of NRD Capital
Management, LLC (“Acquiror”). In connection with this proposed
transaction, Ruby Tuesday and/or Acquiror may file one or more
proxy statements, registration statements, proxy
statement/prospectus or other documents with the Securities and
Exchange Commission (the “SEC”). This communication is not a
substitute for any proxy statement, registration statement, proxy
statement/prospectus or other document Ruby Tuesday and/or Acquiror
may file with the SEC in connection with the proposed transaction.
INVESTORS AND SECURITY HOLDERS OF RUBY TUESDAY AND ACQUIROR ARE
URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S),
PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT MAY BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Any definitive proxy statement(s) (if and when available) will be
mailed to stockholders of Ruby Tuesday and/or Acquiror, as
applicable. Investors and security holders will be able to obtain
free copies of these documents (if and when available) and other
documents filed with the SEC by Ruby Tuesday and/or Acquiror
through the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by Ruby Tuesday will be
available free of charge on Ruby Tuesday’s internet website at
http://www.rubytuesday.com or by contacting Ruby Tuesday’s Investor
Relations Director by email at RubyTuesdayIR@icrinc.com or by phone
at (646) 277-1273.
Participants in
Solicitation
Ruby Tuesday, Acquiror, their respective
directors and certain of their respective executive officers may be
considered participants in the solicitation of proxies in
connection with the proposed transaction. Information about the
directors and executive officers of Ruby Tuesday is set forth in
its Annual Report on Form 10-K for the fiscal year ended June 6,
2017, which was filed with the SEC on August 21, 2017 and amended
on October 4, 2017, certain of its Quarterly Reports on Form 10-Q
and certain of its Current Reports filed on Form 8-K.
These documents can be obtained free of charge
from the sources indicated above. Additional information regarding
the participants in the proxy solicitations and a description of
their direct and indirect interests, by security holdings or
otherwise, will be contained in the proxy statement/prospectus and
other relevant materials to be filed with the SEC when they become
available.
Forward Looking
Statements
Certain statements in this communication
regarding the proposed transaction between Ruby Tuesday and
Acquiror are “forward-looking” statements. The words “anticipate,”
“believe,” “ensure,” “expect,” “if,” “intend,” “estimate,”
“probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,”
“will,” “could,” “should,” “would,” “potential,” “may,” “might,”
“anticipate,” “likely” “plan,” “positioned,” “strategy,” and
similar expressions, and the negative thereof, are intended to
identify forward-looking statements. These forward-looking
statements, which are subject to risks, uncertainties and
assumptions about Ruby Tuesday and Acquiror, may include
projections of their respective future financial performance, their
respective anticipated growth strategies and anticipated trends in
their respective businesses. These statements are only predictions
based on current expectations and projections about future events.
There are important factors that could cause actual results, level
of activity, performance or achievements to differ materially from
the results, level of activity, performance or achievements
expressed or implied by the forward-looking statements, including
the risk factors set forth in Ruby Tuesday’s most recent report on
Form 10-K, Form 10-Q and other documents on file with the SEC and
the factors given below:
- failure of Acquiror to obtain the financing required to
consummate the proposed transaction;
- failure to obtain the approval of shareholders of Ruby Tuesday
in connection with the proposed transaction;
- the failure to consummate or delay in consummating the proposed
transaction for other reasons;
- the timing to consummate the proposed transaction;
- the risk that a condition to closing of the proposed
transaction may not be satisfied;
- the risk that a regulatory approval that may be required for
the proposed transaction is delayed, is not obtained, or is
obtained subject to conditions that are not anticipated;
- the diversion of management time to transaction-related
issues.
Ruby Tuesday’s forward-looking statements are
based on assumptions that Ruby Tuesday believes to be reasonable
but that may not prove to be accurate. Neither Ruby Tuesday nor
Acquiror can guarantee future results, level of activity,
performance or achievements. Moreover, neither Ruby Tuesday nor
Acquiror assumes responsibility for the accuracy and completeness
of any of these forward-looking statements. Ruby Tuesday and
Acquiror assume no obligation to update or revise any
forward-looking statements as a result of new information, future
events or otherwise, except as may be required by law. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
Investor RelationsMelissa
Calandruccio, CFA, ICR(646) 277-1273RubyTuesdayIR@icrinc.com
or
Media RelationsChristine
Beggan, ICR(203) 682-8329RubyTuesday@icrinc.com
Non-GAAP Financial Measures
The Company believes excluding certain items
from its financial results provides investors with a clearer
understanding of the Company’s operating performance and comparison
to prior-period results. In addition, management uses these
non-GAAP financial measures and ratios to assess the results of the
Company’s operations.
We have included Restaurant Level Margin,
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss
per share to provide investors with supplemental measures of our
operating performance. We believe these are important supplemental
measures of operating performance because they eliminate items that
have less bearing on our Company-wide operating performance and
thus highlight trends in our core business that may not otherwise
be apparent when relying solely on financial measures in accordance
with GAAP. We also believe that securities analysts, investors and
other interested parties frequently use Restaurant Level Margin,
EBITDA, Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss
per share in evaluating issuers. Because other companies in some
cases calculate Restaurant Level Margin, EBITDA, Adjusted EBITDA,
Adjusted Net Loss, or Adjusted Net Loss per share differently from
the way we calculate such measures, these metrics may not be
comparable to similarly titled measures reported by other
companies. Additionally, supplemental non-GAAP financial measures
should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with GAAP.
The use of these measures permits a comparative
assessment of the Company's operating performance relative to its
performance based on GAAP results, while isolating the effects of
certain items that vary from period to period without correlation
to core operating performance and certain items that vary widely
among similar companies. However, the inclusion of these adjusted
measures should not be construed as an indication that future
results will be unaffected by unusual or infrequent items or that
the items for which the adjustments have been made are necessarily
unusual or infrequent.
Available in this release is the reconciliation
of Net Loss, the most directly comparable GAAP measure, to EBITDA,
Adjusted EBITDA, Adjusted Net Loss and Adjusted Net Loss per share,
all of which are non-GAAP financial measures. Reconciliation of
Restaurant Level Margin, which is also a non-GAAP measure, to Net
Loss are presented in the Condensed Consolidated Statements of
Operations. The Company defines Restaurant Level Margin as
Restaurant Sales and Operating Revenue less Cost of Goods Sold,
Payroll and Related Costs, and Other Restaurant Operating Costs.
EBITDA is defined as Net Loss before interest, taxes, and
depreciation and amortization and Adjusted EBITDA as EBITDA,
excluding certain expenses/(income) including, but not limited to,
Closures and Impairments, Net and Costs Related to Review of
Strategic Alternatives. Adjusted Net Loss is defined as Net Loss,
excluding certain expenses/(income) as detailed in Adjusted EBITDA
as well as adjustments related to Income Tax Benefit from
Adjustments and Income Tax Expense/(Benefit) Adjusted to the
Statutory Rate. Adjusted Net Loss per share is defined as Adjusted
Net Loss divided by diluted shares outstanding.
Financial Tables
Financial Results For the First Quarter of Fiscal Year
2018 |
|
|
|
|
|
(Amounts in
thousands) |
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
September 5, |
|
|
June 6, |
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
2017 |
|
|
2017 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
Cash Equivalents |
|
$ |
48,068 |
|
|
$ |
41,714 |
|
|
Restricted Cash |
|
|
30 |
|
|
|
6,445 |
|
|
Accounts
and Other Receivables |
|
|
5,856 |
|
|
|
7,315 |
|
|
Inventories |
|
|
16,190 |
|
|
|
17,178 |
|
|
Income
Tax Receivable |
|
|
3,161 |
|
|
|
3,061 |
|
|
Prepaid
Rent and Other Expenses |
|
|
10,721 |
|
|
|
10,499 |
|
|
Assets
Held for Sale |
|
|
8,561 |
|
|
|
12,825 |
|
|
|
|
|
|
|
|
|
|
Total
Current Assets |
|
|
92,587 |
|
|
|
99,037 |
|
|
|
|
|
|
|
|
|
|
Property
and Equipment, Net |
|
|
567,114 |
|
|
|
583,097 |
|
|
Other
Assets |
|
|
41,321 |
|
|
|
41,508 |
|
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
701,022 |
|
|
$ |
723,642 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
Portion of Long-Term Debt, Including |
|
|
|
|
|
|
|
Capital
Leases |
|
$ |
379 |
|
|
$ |
368 |
|
|
Deferred
Revenue - Gift Cards |
|
|
|
13,930 |
|
|
|
15,051 |
|
|
Other
Current Liabilities |
|
|
71,730 |
|
|
|
83,655 |
|
|
|
|
|
|
|
|
|
|
Total
Current Liabilities |
|
|
86,039 |
|
|
|
99,074 |
|
|
|
|
|
|
|
|
|
|
Long-Term
Debt and Capital Leases, Less |
|
|
213,255 |
|
|
|
213,341 |
|
|
Current
Maturities |
|
|
|
|
|
|
|
|
Deferred
Escalating Minimum Rents |
|
|
43,767 |
|
|
|
43,464 |
|
|
Other
Deferred Liabilities |
|
|
60,063 |
|
|
|
60,397 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
403,124 |
|
|
|
416,276 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
297,898 |
|
|
|
307,366 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities and |
|
|
|
|
|
|
|
Shareholders' Equity |
|
$ |
701,022 |
|
|
$ |
723,642 |
|
|
|
|
|
|
|
|
|
|
|
Financial Results For the First Quarter of Fiscal Year
2018 |
|
|
|
|
|
|
|
(Amounts in thousands except per share
amounts) |
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Weeks |
|
|
13 Weeks |
|
|
|
|
Ended |
|
|
Ended |
|
|
|
|
September 5, |
Percent |
|
August 30, |
Percent |
|
|
|
2017 |
of Revenue |
|
2016 |
of Revenue |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Restaurant Sales and Operating Revenue |
|
$ |
216,406 |
|
99.6 |
|
|
$ |
255,764 |
|
99.7 |
|
|
Franchise
Revenue |
|
|
901 |
|
0.4 |
|
|
|
893 |
|
0.3 |
|
|
Total Revenue |
|
|
217,307 |
|
100.0 |
|
|
|
256,657 |
|
100.0 |
|
|
|
|
|
|
|
|
|
|
Operating Costs and Expenses: |
|
|
|
|
|
|
|
(As a
Percent of Restaurant Sales and Operating Revenue) |
|
|
|
|
|
|
|
Cost of
Goods Sold |
|
|
58,299 |
|
26.9 |
|
|
|
72,190 |
|
28.2 |
|
|
Payroll
and Related Costs |
|
|
76,517 |
|
35.4 |
|
|
|
90,607 |
|
35.4 |
|
|
Other
Restaurant Operating Costs |
|
|
46,079 |
|
21.3 |
|
|
|
57,363 |
|
22.4 |
|
|
|
|
|
|
|
|
|
|
Restaurant Level Margin (Excludes Franchise
Revenue) |
|
35,511 |
|
16.4 |
|
|
|
35,604 |
|
13.9 |
|
|
|
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
9,429 |
|
4.4 |
|
|
|
11,229 |
|
4.4 |
|
|
(As a
Percent of Total Revenue) |
|
|
|
|
|
|
|
General
and Administrative Expenses |
|
|
13,884 |
|
6.4 |
|
|
|
16,089 |
|
6.3 |
|
|
Marketing
Expenses, Net |
|
|
10,003 |
|
4.6 |
|
|
|
15,496 |
|
6.0 |
|
|
Closures
and Impairments, Net |
|
|
7,819 |
|
3.6 |
|
|
|
30,192 |
|
11.8 |
|
|
Total
Operating Costs and Expenses |
|
|
222,030 |
|
|
|
|
293,166 |
|
|
|
|
|
|
|
|
|
|
|
Loss From Operations |
|
|
(4,723 |
) |
(2.2 |
) |
|
|
(36,509 |
) |
(14.2 |
) |
|
|
|
|
|
|
|
|
|
Interest
Expense, Net |
|
|
5,072 |
|
2.3 |
|
|
|
4,877 |
|
1.9 |
|
|
|
|
|
|
|
|
|
|
Loss
Before Income Taxes |
|
|
(9,795 |
) |
(4.5 |
) |
|
|
(41,386 |
) |
(16.1 |
) |
|
Provision
/ (Benefit) for Income Taxes |
|
|
51 |
|
0.0 |
|
|
|
(1,694 |
) |
(0.7 |
) |
|
|
|
|
|
|
|
|
|
Net
Loss |
|
$ |
(9,846 |
) |
(4.5 |
) |
|
$ |
(39,692 |
) |
(15.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per
Share: |
|
|
|
|
|
|
|
Basic |
|
$ |
(0.16 |
) |
|
|
$ |
(0.66 |
) |
|
|
Diluted |
|
$ |
(0.16 |
) |
|
|
$ |
(0.66 |
) |
|
|
|
|
|
|
|
|
|
|
Shares: |
|
|
|
|
|
|
|
Basic |
|
|
60,411 |
|
|
|
|
59,790 |
|
|
|
Diluted |
|
|
60,411 |
|
|
|
|
59,790 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Reconciliation Table |
|
|
|
|
|
Reconciliation of EBITDA, Adjusted EBITDA,
Adjusted Net Loss, and Adjusted Net Loss Per Share |
|
(Amounts in thousands except per share
amounts) |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
13 Weeks |
|
13 Weeks |
|
|
|
Ended |
|
Ended |
|
|
|
September 5, |
|
August 30, |
|
|
|
2017 |
|
2016 |
|
|
|
|
|
|
|
Net Loss |
|
$ |
(9,846 |
) |
|
$ |
(39,692 |
) |
|
|
|
|
|
|
|
Depreciation and Amortization |
|
|
9,429 |
|
|
|
11,229 |
|
|
Interest Expense, Net |
|
|
5,072 |
|
|
|
4,877 |
|
|
Expense / (Benefit) for Income Taxes |
|
|
51 |
|
|
|
(1,694 |
) |
|
EBITDA |
|
$ |
4,706 |
|
|
$ |
(25,280 |
) |
|
Closures and Impairments, Net (1) |
|
|
7,819 |
|
|
|
30,192 |
|
|
Costs Related to Review of Strategic Alternatives (2) |
|
|
819 |
|
|
|
- |
|
|
Adjusted EBITDA |
|
$ |
13,344 |
|
|
$ |
4,912 |
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(9,846 |
) |
|
$ |
(39,692 |
) |
|
|
|
|
|
|
|
Closures and Impairments, Net (1) |
|
|
7,819 |
|
|
|
30,192 |
|
|
Costs Related to Review of Strategic Alternatives (2) |
|
|
819 |
|
|
|
- |
|
|
Income Tax Benefit from Adjustments (3) |
|
|
(3,428 |
) |
|
|
(11,983 |
) |
|
Income Tax Expense / (Benefit) Adjusted to Statutory Rate (4) |
|
|
3,939 |
|
|
|
14,732 |
|
|
Adjusted Net Loss |
|
$ |
(697 |
) |
|
$ |
(6,751 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share |
|
$ |
(0.16 |
) |
|
$ |
(0.66 |
) |
|
|
|
|
|
|
|
Adjusted Net Loss Per
Share |
|
$ |
(0.01 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
Basic Shares Outstanding (5) |
|
|
60,411 |
|
|
|
59,790 |
|
|
|
|
|
|
|
|
Diluted Shares Outstanding
(5) |
|
|
60,411 |
|
|
|
59,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes property impairments, closed restaurant
lease reserves, other closing expenses, and losses / (gains) on
sales of properties. |
(2) Includes costs associated with exploring strategic
alternatives in order to maximize shareholder value and position
the business for long-term success. |
(3) Represents the tax impact of the adjustments to
Net Loss at the Company's statutory tax rate (39.69%). |
(4) Represents the Company's Income Tax Benefit
adjusted to the Company's statutory tax rate. |
(5) Net Loss and Adjusted Net Loss per share figures
are calculated based on diluted shares outstanding. |
Ruby Tuesday, Inc. |
|
|
Number of Restaurants at End of Period |
|
|
|
|
|
|
|
|
|
|
|
|
|
September 5, |
|
August
30, |
|
|
|
|
|
2017 |
|
2016 |
|
|
Ruby Tuesday: |
|
|
|
|
|
|
Company-Owned |
541 |
|
547 |
|
|
Domestic Franchised |
17 |
|
18 |
|
|
International Franchised |
41 |
|
50 |
|
|
Total |
|
599 |
|
615 |
|
|
|
|
|
|
|
|
|
|
Lime Fresh: |
|
|
|
|
|
|
Company-Owned |
0 |
|
1 |
|
|
Domestic Franchised |
0 |
|
0 |
|
|
Total |
|
0 |
|
1 |
|
|
|
|
|
|
|
|
|
|
Total Restaurants: |
|
|
|
|
|
Company-Owned |
541 |
|
548 |
|
|
Domestic Franchised |
17 |
|
18 |
|
|
International Franchised |
41 |
|
50 |
|
|
System-wide Total |
599 |
|
616 |
|
|
|
|
|
|
|
|
|
|
Ruby Tuesday, Inc. (NYSE:RT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ruby Tuesday, Inc. (NYSE:RT)
Historical Stock Chart
From Jul 2023 to Jul 2024