Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB), a full-service
restaurant chain serving an innovative selection of high-quality
gourmet burgers in a family-friendly atmosphere, today reported
financial results for the quarter ended October 7, 2018.
Third Quarter 2018 Financial Highlights Compared to Third
Quarter 2017
- GAAP earnings per diluted share were
$0.13 compared to $0.21;
- Adjusted earnings per diluted share
were $0.16 compared to $0.21 (see Schedule I);
- Total revenues were $294.9 million, a
decrease of 3.5%;
- Off-premise sales increased 22.7%, now
comprising 10.1% of total food and beverage sales;
- Comparable restaurant revenue decreased
3.4% (using constant currency rates);
- Comparable restaurant guest counts
decreased 1.9%;
- Cost of sales as a percentage of
revenue remained flat at 23.8%; and
- Restaurant labor costs as a percentage
of restaurant revenue remained flat at 35.3%.
“We are pleased with our continued improvement in managing labor
and food costs, fundamental to achieving sustainable profit growth
when we regain top-line sales momentum. Our third quarter sales
performance was the result of a decline in dine-in traffic, which
we expected when we chose mid quarter to shift remaining media
weight to later in the year,” said Denny Marie Post, Red Robin
Gourmet Burgers, Inc. chief executive officer. “We took the last
part of the third quarter to begin retraining all of our restaurant
teams on peak-hour service standards based on our success in pilot
locations. We believe this will ensure our restaurant teams are
well-prepared for seasonally higher volume in the fourth quarter
and we are encouraged that we are already seeing improvements in
ticket and wait times.”
Operating Results
Total revenues, which primarily include Company-owned restaurant
revenue and franchise royalties, decreased 3.5% to $294.9 million
in the third quarter of 2018 from $305.7 million in the third
quarter of 2017. Restaurant revenue decreased $10.9 million due to
a $9.9 million, or 3.4%, decrease in comparable restaurant revenue,
a $1.5 million decrease from closed restaurants, and a $0.4 million
unfavorable foreign currency exchange impact, partially offset by a
$0.9 million increase in revenue from new restaurant openings.
System-wide restaurant revenue (which includes franchised units)
for the third quarter of 2018 totaled $351.0 million, compared to
$361.0 million for the third quarter of 2017.
Comparable restaurant revenue(1) decreased 3.4% in the third
quarter of 2018 compared to the same period a year ago, driven by a
1.5% decrease in average guest check and a 1.9% decrease
in guest counts. The decrease in average guest check comprised a
3.0% decrease in menu mix, offset by a 1.5% increase in pricing.
The Company’s comparable revenue growth is calculated by comparing
the same calendar weeks which, for the third quarter of 2017,
exclude the first week of the third quarter of 2017 and include the
first week of the fourth quarter of 2017.
Net income was $1.7 million for the third quarter of 2018
compared to $2.7 million for the same period a year ago. Adjusted
net income was $2.1 million for the third quarter of 2018 (see
Schedule I).
Restaurant-level operating profit margin (a non-GAAP financial
measure) was 16.8% in the third quarter of 2018 compared to 18.6%
in the same period a year ago. Cost of sales as a percentage of
restaurant revenue was flat due to increases in steak fries and the
impact of higher Tavern mix, which were offset by decreases in
ground beef and reductions in food waste. Restaurant labor costs as
a percentage of restaurant revenue also remained flat as
improvements in labor productivity offset higher average wage rates
and sales deleverage. Other restaurant operating costs increased
120 basis points primarily due to sales deleverage and increases in
restaurant technology, equipment repairs and maintenance,
third-party delivery fees, and utility costs. Occupancy costs
increased 60 basis points due to increases in real estate and
personal property tax. Schedule II of this earnings release defines
restaurant-level operating profit, discusses why it is a useful
metric for investors, and reconciles this metric to income from
operations and net income, in each case under GAAP.
________________________________________ (1) Comparable
restaurants are those Company-owned restaurants that have operated
five full quarters during the period presented, and such
restaurants are only included in the comparable metrics if they are
comparable for the entirety of both periods presented.
Restaurant Revenue Performance
Q3 2018
Q3 2017 Average weekly sales per unit(1): Company-owned –
Total $ 49,995 $ 52,877 Company-owned – Comparable(2) $ 50,282 $
52,632 Franchised units – Comparable $ 57,298 $ 57,619 Total
operating weeks: Company-owned units 5,805 5,686 Franchised units
1,064 1,032 ________________________________________ (1)
Calculated using constant currency rates. Using historical currency
rates, the average weekly sales per unit in the third quarter of
2017 for Company-owned – Total and Company-owned – Comparable was
$52,955 and $52,711. The Company calculates non-GAAP constant
currency average weekly sales per unit by translating prior year
local currency average weekly sales per unit to U.S. dollars based
on current quarter average exchange rates. The Company considers
non-GAAP constant currency average weekly sales per unit to be a
useful metric to investors and management as they facilitate a more
useful comparison of current performance to historical performance.
(2) Using the same calendar weeks as compared to the third quarter
2018, the average weekly sales per unit in the third quarter of
2017, using constant currency rates, was $52,231.
Other Results
Depreciation and amortization costs increased to $21.8 million
in the third quarter of 2018 from $21.3 million in the third
quarter of 2017. The increase was primarily related to new
restaurant technology implemented beginning in third quarter 2017
and new restaurants opened since the third quarter of 2017.
General and administrative costs were $16.8 million, or 5.7% of
total revenues, in the third quarter of 2018, compared to $18.6
million, or 6.1% of total revenues in the same period a year ago.
The decrease was primarily due to decreases in salaries and team
member benefits related to the reorganization in the first quarter
2018, as well as lower incentive and equity compensation.
Selling expenses were $12.0 million, or 4.1% of total revenues,
in the third quarter of 2018, compared to $15.2 million, or 5.0% of
total revenues, during the same period in the prior year. The
decrease was primarily due to our choice of shifting media spend to
the fourth quarter of 2018.
Pre-opening costs were $0.4 million in the third quarter of
2018, compared to $1.5 million in the same period a year ago. The
decrease was primarily due to the decrease in number of restaurant
openings.
Other charges in the third quarter of 2018 included $0.5 million
in reorganization costs.
The tax benefit was $2.2 million in the third quarter of 2018,
compared to $0.7 million during the same period in the prior year.
The change was primarily due to the decrease in income, as well as
the decrease in the federal statutory rate from 35% to 21% that
occurred in the first quarter of 2018.
Earnings per diluted share for the third quarter of 2018 was
$0.13 compared to earnings per diluted share of $0.21 in third
quarter of 2017. Excluding charges of $0.03 per diluted share for
reorganization costs, adjusted earnings per diluted share for the
third quarter ended October 7, 2018 were $0.16. See Schedule I
for a reconciliation of adjusted net income and adjusted earnings
per share (each, a non-GAAP financial measure) to net income and
earnings per share.
Restaurant Development
During the third quarter of 2018, the Company opened two Red
Robin restaurants and our franchisees opened one Red Robin
restaurant.
The following table details restaurant unit data for
Company-owned and franchised locations for the periods
indicated:
Twelve Weeks Ended Forty
Weeks Ended October 7, 2018 October 1,
2017 October 7, 2018 October 1,
2017 Company-owned: Beginning of period 484 472 480 465 Opened
during the period 2 7 8 16 Acquired from franchisees — — — — Closed
during the period (1 ) — (3 ) (2 ) End of period 485
479 485 479 Franchised: Beginning of period 88
86 86 86 Opened during the period 1 — 3 1 Sold or closed during the
period — — — (1 ) End of period 89 86
89 86 Total number of restaurants 574
565 574 565
Balance Sheet and Liquidity
As of October 7, 2018, the Company had cash and cash
equivalents of $20.4 million and total debt of $220.9 million,
excluding $10.4 million of capital lease liabilities. The Company
funded construction of new restaurants and other capital
expenditures with cash flow from operations and made net repayments
of $0.5 million on its credit facility during the third quarter of
2018. As of October 7, 2018, the Company had outstanding
borrowings under its credit facility of $220.0 million, in
addition to amounts issued under letters of credit of $7.6
million, which reduce the amount available under its credit
facility but are not recorded as debt.
The Company’s lease adjusted leverage ratio was 4.03x as of
October 7, 2018. The lease adjusted leverage ratio is defined
in Section 1.1 of the Company’s credit facility, which is filed as
Exhibit 10.32 in the Annual Report on Form 10-K filed on February
21, 2017.
Outlook for 2018
Earnings per diluted share is projected to be in the range of
$1.60 to $1.80 for full-year 2018.
Guidance Policy
The Company provides guidance as it relates to selected
information related to the Company’s financial and operating
performance, and such measures may differ from year to year.
Investor Conference Call and Webcast
Red Robin will host an investor conference call to discuss its
third quarter 2018 results today at 5:00 p.m. ET. The conference
call number is (888) 224-1005, or for international callers (323)
994-2093. The financial information that the Company intends to
discuss during the conference call is included in this press
release and will be available in the “Company” section of the
Company’s website at www.redrobin.com by selecting the “Investor
Relations” link, then the “Calendar of Events” link. Prior to the
conference call, the Company will post supplemental financial
information that will be discussed during the call and live
webcast.
To access the supplemental financial information and webcast,
please visit www.redrobin.com and select the “Company” section,
then the “Investor Relations” link, then the “Presentations” link.
A replay of the live conference call will be available from two
hours after the call until midnight on Tuesday, November 13, 2018.
The replay can be accessed by dialing (844) 512-2921, or (412)
317-6671 for international callers. The conference ID is
2625863.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual
dining restaurant chain founded in 1969 that operates through its
wholly-owned subsidiary, Red Robin International, Inc., and
under the trade name Red Robin Gourmet Burgers and Brews, is
the Gourmet Burger Authority™, famous for serving more than two
dozen craveable, high-quality burgers with Bottomless Steak
Fries® in a fun environment welcoming to guests of all
ages. Whether a family dining with kids, adults grabbing a
drink at the bar, or teens enjoying a meal, Red Robin offers an
unparalleled experience for its guests. In addition to its
many burger offerings, Red Robin serves a wide variety of salads,
soups, appetizers, entrees, desserts, and signature
beverages. Red Robin offers a variety of options behind the
bar, including its extensive selection of local and regional beers,
and innovative adult beer shakes and cocktails, earning the
restaurant a VIBE Vista Award for Best Beer Program in a
Multi-Unit Chain Restaurant. There are more than 570 Red Robin
restaurants across the United States and Canada,
including locations operating under franchise agreements. Red
Robin… YUMMM®! Connect with Red Robin on Facebook, Instagram, and
Twitter.
Forward-Looking Statements
Forward-looking statements in this press release regarding the
Company’s future performance, restaurant sales and guest traffic,
earnings per share, new unit development, and statements under the
heading “Outlook for 2018”, and all other statements that are not
historical facts, are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These statements
are based on assumptions believed by the Company to be reasonable
and speak only as of the date on which such statements are made.
Without limiting the generality of the foregoing, words such as
“expect,” “believe,” “anticipate,” “intend,” “plan,” “project,”
“will” or “estimate,” or the negative or other variations thereof
or comparable terminology are intended to identify forward-looking
statements. Except as required by law, the Company undertakes no
obligation to update such statements to reflect events or
circumstances arising after such date, and cautions investors not
to place undue reliance on any such forward-looking statements.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
described in the statements based on a number of factors, including
but not limited to the following: the effectiveness of the
Company’s strategic initiatives including the Company’s
affordability initiatives to drive traffic and sales; the
effectiveness of the Company’s marketing strategies and promotions
to achieve restaurant sales growth; the cost and availability of
key food products, labor, and energy; the ability to achieve
anticipated revenue and cost savings from anticipated new
technology systems and tools in the restaurants; the ability to
develop, test, implement and increase online ordering, to-go
services, catering, and other off-premise sales; the ability to
increase labor productivity through alternative labor models, and
to train our workforce for service execution complexities related
to growth of multiple revenue streams in the restaurant; the
success of our refranchising efforts; our ability to repurchase
shares at all or at the times or in the amounts we currently
anticipate or to achieve anticipated benefits of a share repurchase
program; availability of capital or credit facility borrowings; the
adequacy of cash flows or available debt resources to fund
operations and growth opportunities; the impact of federal, state,
and local regulation of the Company’s business; and other risk
factors described from time to time in the Company’s Form 10-K,
Form 10-Q, and Form 8-K reports (including all amendments to those
reports) filed with the U.S. Securities and Exchange
Commission.
RED ROBIN GOURMET BURGERS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except
per share data) (Unaudited)
Twelve Weeks Ended Forty Weeks
Ended October 7, 2018 October 1,
2017 October 7, 2018 October 1,
2017 Revenues: Restaurant revenue $ 290,218 $ 301,100 $
1,015,312 $ 1,026,902 Franchise and other revenue 4,659
4,600 16,472 16,737 Total revenues 294,877
305,700 1,031,784 1,043,639 Costs and
expenses:
Restaurant operating costs (exclusive of
depreciation and amortization shown separately below):
Cost of sales 69,003 71,642 242,392 240,152 Labor 102,322 106,205
351,813 360,146 Other operating 43,612 41,454 141,305 133,575
Occupancy 26,629 25,868 88,099 84,127 Depreciation and amortization
21,819 21,258 73,335 70,475 General and administrative 16,763
18,562 65,752 71,402 Selling 12,017 15,152 44,963 46,563
Pre-opening costs 387 1,503 2,093 4,735 Other charges 520 —
17,422 1,584 Total costs and expenses 293,072
301,644 1,027,174 1,012,759 Income from
operations 1,805 4,056 4,610 30,880 Other expense: Interest
expense, net and other 2,295 2,032 8,087 7,469
Income (loss) before income taxes (490 ) 2,024 (3,477 )
23,411 Income tax (benefit) provision (2,199 ) (690 ) (7,692 )
2,199 Net income $ 1,709 $ 2,714 $ 4,215 $
21,212 Earnings per share: Basic $ 0.13 $ 0.21 $ 0.32
$ 1.65 Diluted $ 0.13 $ 0.21 $ 0.32 $
1.63 Weighted average shares outstanding: Basic 12,994
12,927 12,977 12,888 Diluted 13,054 13,023
13,064 12,986
RED ROBIN GOURMET
BURGERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
(Unaudited) October 7,
2018 December 31, 2017 Assets: Current Assets:
Cash and cash equivalents $ 20,368 $ 17,714 Accounts receivable,
net 12,801 26,499 Inventories 29,197 29,553 Prepaid expenses and
other current assets 21,503 31,038 Total current
assets 83,869 104,804 Property and equipment,
net 595,429 638,151 Goodwill 96,548 96,979 Intangible assets, net
35,632 38,273 Other assets, net 43,337 32,408 Total
assets $ 854,815 $ 910,615
Liabilities and
Stockholders’ Equity: Current Liabilities: Accounts payable $
28,161 $ 35,347 Accrued payroll and payroll related liabilities
35,248 32,777 Unearned revenue 38,237 55,915 Accrued liabilities
and other 40,579 36,300 Total current liabilities
142,225 160,339 Deferred rent 77,234 74,980
Long-term debt 220,875 266,375 Long-term portion of capital lease
obligations 9,611 10,197 Other non-current liabilities 10,698
11,289 Total liabilities 460,643 523,180
Stockholders’ Equity: Common stock; $0.001 par value:
45,000 shares authorized; 17,851 and 17,851 shares issued; 12,996
and 12,954 shares outstanding 18 18 Preferred stock, $0.001 par
value: 3,000 shares authorized; no shares issued and outstanding —
— Treasury stock 4,855 and 4,897 shares, at cost (200,748 )
(202,485 ) Paid-in capital 212,002 210,708 Accumulated other loss,
net of tax (4,075 ) (3,566 ) Retained earnings 386,975
382,760 Total stockholders’ equity 394,172 387,435
Total liabilities and stockholders’ equity $ 854,815
$ 910,615
Schedule I
Reconciliation of Non-GAAP Results to GAAP
Results(In thousands, except per share data)
In addition to the results provided in accordance with Generally
Accepted Accounting Principles (“GAAP”) throughout this press
release, the Company has provided non-GAAP measurements which
present the 12 and 40 weeks ended October 7, 2018 and October 1,
2017, net income and basic and diluted earnings per share,
excluding the effects of litigation contingencies, reorganization
costs, and the related income tax effects. The Company believes the
presentation of net income and earnings per share exclusive of the
identified item gives the reader additional insight into the
ongoing operational results of the Company. This supplemental
information will assist with comparisons of past and future
financial results against the present financial results presented
herein. Income tax effect of reconciling items was calculated based
on the change in the total tax provision calculation after
adjusting for the identified item. The non-GAAP measurements are
intended to supplement the presentation of the Company’s financial
results in accordance with GAAP.
Twelve Weeks Ended Forty
Weeks Ended
October 7,2018
October 1,2017
October 7,2018
October 1,2017
Net income as reported $ 1,709 $ 2,714 $ 4,215 $ 21,212 Asset
impairment — — 9,643 1,584 Litigation contingencies — — 4,000 —
Spiral menu disposal — — 506 — Reorganization costs 520 — 3,273 —
Income tax effect of reconciling items (135 ) — (4,529 )
(618 ) Adjusted net income $ 2,094 $ 2,714 $ 17,108
$ 22,178 Basic net income per share: Net
income as reported $ 0.13 $ 0.21 $ 0.32 $ 1.65 Asset Impairment — —
0.74 0.12 Litigation contingencies — — 0.31 — Spiral menu disposal
— — 0.04 — Reorganization costs 0.04 — 0.25 — Income tax effect of
reconciling items (0.01 ) — (0.35 ) (0.05 ) Adjusted
earnings per share - basic $ 0.16 $ 0.21 $ 1.31
$ 1.72 Diluted net income per share (1): Net
income as reported $ 0.13 $ 0.21 $ 0.32 $ 1.63 Asset Impairment — —
0.74 0.12 Litigation contingencies — — 0.31 — Spiral menu disposal
— — 0.04 — Reorganization costs 0.04 — 0.25 — Income tax effect of
reconciling items (0.01 ) — (0.35 ) (0.04 ) Adjusted
earnings per share - diluted $ 0.16 $ 0.21 $ 1.31
$ 1.71 Weighted average shares outstanding
Basic 12,994 12,927 12,977 12,888 Diluted 13,054 13,023 13,064
12,986
Schedule II
Reconciliation of Non-GAAP Restaurant-Level
Operating Profit to Incomefrom Operations and Net
Income(In thousands)
The Company believes that restaurant-level operating profit is
an important measure for management and investors because it is
widely regarded in the restaurant industry as a useful metric by
which to evaluate restaurant-level operating efficiency and
performance. The Company defines restaurant-level operating profit
to be restaurant revenue minus restaurant-level operating costs,
excluding restaurant impairment and closure costs. The measure
includes restaurant-level occupancy costs, which include fixed
rents, percentage rents, common area maintenance charges, real
estate and personal property taxes, general liability insurance,
and other property costs, but excludes depreciation related to
restaurant buildings and leasehold improvements. The measure
excludes depreciation and amortization expense, substantially all
of which is related to restaurant-level assets, because such
expenses represent historical sunk costs which do not reflect
current cash outlay for the restaurants. The measure also excludes
selling, general, and administrative costs, and therefore excludes
occupancy costs associated with selling, general, and
administrative functions, and pre-opening costs. The Company
excludes restaurant closure costs as they do not represent a
component of the efficiency of continuing operations. Restaurant
impairment costs are excluded, because, similar to depreciation and
amortization, they represent a non-cash charge for the Company’s
investment in its restaurants and not a component of the efficiency
of restaurant operations. Restaurant-level operating profit is not
a measurement determined in accordance with GAAP and should not be
considered in isolation, or as an alternative, to income from
operations or net income as indicators of financial performance.
Restaurant-level operating profit as presented may not be
comparable to other similarly titled measures of other companies in
our industry. The table below sets forth certain unaudited
information for the 12 and 40 weeks ended October 7, 2018 and
October 1, 2017, expressed as a percentage of total revenues,
except for the components of restaurant-level operating profit,
which are expressed as a percentage of restaurant revenue.
Twelve Weeks Ended Forty Weeks
Ended October 7, 2018 October 1, 2017
October 7, 2018 October 1, 2017 Restaurant
revenue $ 290,218 98.4 % $ 301,100 98.5 % $ 1,015,312
98.4 % $ 1,026,902 98.4 % Restaurant operating costs
(1): Cost of sales 69,003 23.8 % 71,642 23.8 % 242,392 23.9 %
240,152 23.4 % Labor 102,322 35.3 % 106,205 35.3 % 351,813 34.7 %
360,146 35.1 % Other operating 43,612 15.0 % 41,454 13.8 % 141,305
13.9 % 133,575 13.0 % Occupancy 26,629 9.2 % 25,868
8.6 % 88,099 8.7 % 84,127 8.2 % Restaurant-level operating
profit 48,652 16.8 % 55,931 18.6 % 191,703
18.9 % 208,902 20.3 % Add – Franchise and other revenue
4,659 1.6 % 4,600 1.5 % 16,472 1.6 % 16,737 1.6 % Deduct – other
operating: Depreciation and amortization 21,819 7.4 % 21,258 7.0 %
73,335 7.1 % 70,475 6.8 % General and administrative expenses
16,763 5.7 % 18,562 6.1 % 65,752 6.4 % 71,402 6.8 % Selling 12,017
4.1 % 15,152 5.0 % 44,963 4.4 % 46,563 4.5 % Pre-opening costs 387
0.1 % 1,503 0.5 % 2,093 0.2 % 4,735 0.5 % Other charges 520
0.2 % — 0.0 % 17,422 1.7 % 1,584 0.2 % Total other
operating 51,506 17.5 % 56,475 18.5 % 203,565
19.7 % 194,759 18.7 % Income from operations 1,805 0.6 %
4,056 1.3 % 4,610 0.4 % 30,880 3.0 % Interest expense, net
and other 2,295 0.8 % 2,032 0.7 % 8,087 0.8 % 7,469 0.7 % Income
tax (benefit) provision (2,199 ) (0.7 )% (690 ) (0.2 )% (7,692 )
(0.7 )% 2,199 0.2 % Total other 96 — % 1,342 0.4 %
395 0.0 % 9,668 0.9 % Net income $ 1,709 0.6 %
$ 2,714 0.9 % $ 4,215 0.4 % $ 21,212 2.0 %
(1) Excluding depreciation and
amortization, which is shown separately.
Certain percentage amounts in the table above do not total due
to rounding as well as the fact that components of restaurant-level
operating profit are expressed as a percentage of restaurant
revenue and not total revenues.
Schedule III
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA(In thousands, unaudited)
The Company defines EBITDA as net income before interest
expense, provision (benefit) for income taxes, and depreciation and
amortization. EBITDA and adjusted EBITDA are presented because the
Company believes investors’ understanding of our performance is
enhanced by including these non-GAAP financial measures as a
reasonable basis for evaluating our ongoing results of operations
without the effect of non-cash charges such as depreciation and
amortization expenses, asset disposals, and asset impairment and
restaurant closure charges. EBITDA and adjusted EBITDA are
supplemental measures of operating performance that do not
represent and should not be considered as alternatives to net
income or cash flow from operations, as determined by GAAP, and our
calculation thereof may not be comparable to that reported by other
companies in our industry or otherwise. Adjusted EBITDA further
adjusts EBITDA to reflect the additions and eliminations shown in
the table below. The use of adjusted EBITDA as a performance
measure permits a comparative assessment of our operating
performance relative to our performance based on our GAAP results,
while isolating the effects of some items that vary from period to
period without any correlation to core operating performance.
Adjusted EBITDA as presented may not be comparable to other
similarly-titled measures of other companies, and our presentation
of adjusted EBITDA should not be construed as an inference that our
future results will be unaffected by excluded or unusual items. We
have not provided a reconciliation of our adjusted EBITDA outlook
to the most comparable GAAP measure of net income. Providing net
income guidance is potentially misleading and not practical given
the difficulty of projecting event-driven transactional and other
non-core operating items that are included in net income, including
asset impairments and income tax valuation adjustments. The
reconciliations of adjusted EBITDA to net income for the historical
periods presented below are indicative of the reconciliations that
will be prepared upon completion of the periods covered by the
non-GAAP guidance.
Twelve Weeks Ended Forty
Weeks Ended October 7, 2018 October 1,
2017 October 7, 2018 October 1,
2017 Net income as reported $ 1,709 $ 2,714 $ 4,215 $ 21,212
Interest expense, net 2,390 2,222 8,125 8,097 Income tax (benefit)
provision (2,199 ) (690 ) (7,692 ) 2,199 Depreciation and
amortization 21,819 21,258 73,335 70,475
EBITDA 23,719 25,504 77,983 101,983
Asset Impairment — — 9,643 1,584 Litigation contingencies — — 4,000
— Spiral menu disposal — — 506 — Reorganization costs 520 —
3,273 — Adjusted EBITDA $ 24,239 $ 25,504
$ 95,405 $ 103,567
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version on businesswire.com: https://www.businesswire.com/news/home/20181106005888/en/
For media relations questions contact:Coyne PRBrian
Farley, 973-588-2000orFor investor relations questions
contact:Red Robin Investor RelationsPJ Adler, 303-846-5040
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