Current Report Filing (8-k)
January 11 2021 - 08:00AM
Edgar (US Regulatory)
false Ruths Hospitality Group, Inc.
0001324272 0001324272 2021-01-11 2021-01-11
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): January 11,
2021
RUTH’S HOSPITALITY GROUP, INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware
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000-51485
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72-1060618
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(State or Other Jurisdiction
of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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1030 W. Canton Avenue, Ste. 100
Winter Park, FL
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32789
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s Telephone Number, Including Area Code: (407)
333-7440
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instructions
A.2. below):
☐
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share
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RUTH
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Nasdaq
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Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§ 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Item 7.01. Regulation FD Disclosure
Ruth’s Hospitality Group, Inc. will meet with investors and
analysts at the virtual ICR Conference on January 11,
2021. During these meetings, management will provide a
business update for its fourth quarter of fiscal year 2020.
Fourth Quarter 2020 Update:
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During the month of October 2020, the
Company operated with 94% (72 of 77) of its Company-owned and managed restaurants open, which
included 71 restaurants
offering limited capacity dining service and one restaurant
offering to-go and delivery service only.
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•
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Beginning in the second half of
November, the Company faced an increasing number of local COVID-19
pandemic-related governmental restrictions, including all 14 of the
Company’s California restaurants being limited to
to-go and delivery service
only. At the end of
the fourth quarter, 91% (70 of 77) of Company-owned and managed
restaurants were open, which included 48 restaurants offering limited capacity dining
service, three restaurants offering outdoor seating only, and 19
restaurants offering to-go and delivery service
only.
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•
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93% (67 of 72) of the Company’s
franchisee-owned restaurants were open as of the end of the fourth
quarter, which included 60 restaurants offering limited capacity dining
service, two restaurants offering outdoor seating only, and five
restaurants offering to-go and delivery service
only.
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As of January 7, 2021, the Company’s cash balance was approximately
$103.0 million, which includes a $20.2 million debt repayment
during the fourth quarter. The Company has $115.0
million of debt outstanding under its senior credit facility and
outstanding letters of credit of $4.8 million.
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The information in this
Item 7.01 of this Current Report on Form 8-K shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section. The information in this Item 7.01
of this Current Report on Form 8-K shall not be deemed to be
incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as expressly set
forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
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RUTH’S HOSPITALITY GROUP, INC.
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Date: January 11, 2021
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By:
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/s/ Kristy Chipman
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Kristy Chipman
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Executive Vice President and Chief Financial Officer
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