- Same-Restaurant Sales increased
0.6%
- Adjusted EBITDA of $15.0
million
- Fiscal 2016 Guidance
reaffirmed
Ruby Tuesday, Inc. (NYSE: RT) today reported financial results
for the fiscal first quarter ended September 1, 2015.
First Quarter Financial Performance
Highlights
- Total revenue was $279.5 million, a
decrease from last year of $1.7 million, or 0.6%, primarily due to
a net reduction of 11 Company-owned restaurants compared to the
first quarter last year, partially offset by a same-restaurant
sales increase of 0.6% at Company-owned Ruby Tuesday
restaurants.
- First quarter same-restaurant sales of
0.6% were negatively impacted by approximately 30 basis points due
to the Labor Day holiday being reported in our first quarter last
year versus being reported in our second quarter this year.
Year-over-year guest counts were down 2.9% for the quarter.
- Adjusted EBITDA* was $15.0 million
compared to $20.1 million in the same quarter last year.
- Net Loss was $4.2 million or ($0.07)
per share. Adjusted Net Loss* was $1.6 million or ($0.03) per
share.
- During the quarter, the Company prepaid
and retired ten mortgage loan obligations with a June 2, 2015
outstanding balance of $8.3 million using cash on hand.
- As of September 1, 2015, the Company
had cash on hand of $56.9 million.
*A reconciliation of non-GAAP information is
included in the schedules accompanying the financial statements in
this release.
Comments on First Quarter
Results
JJ Buettgen, Chairman of the Board, President, and CEO,
commented, “We were pleased with positive same-restaurant sales in
the quarter, on top of a relatively strong sales performance in the
first quarter of last year. Our same-restaurant sales gain
reflected check growth partially offset by a decline in guest
counts during the quarter.
“Year-over-year first quarter restaurant-level margins and
profitability contracted primarily due to an increase in other
restaurant operating costs, mainly repair and maintenance expense
and other restaurant supplies. We accelerated spending in these
critical areas to ensure our restaurant facilities support the
delivery of a consistently great guest experience. These were
necessary investments that will support positive results in the
future. Further, we expect our inventory management system, which
was fully rolled out in the first quarter, will benefit restaurant
level margins in the back-half of this fiscal year and expect
restaurant level margins to be in-line with guidance for the
year.”
Buettgen continued, “We made progress in the quarter on our four
key brand transformation pillars – menu, service, communication and
atmosphere. As a result of these efforts, we are excited about our
product innovation pipeline, have broadened our communication
strategies to include digital and social platforms, have improved
guest satisfaction metrics on quality, taste, pace of meal, and
server attentiveness, and have positive early feedback from guests
on certain remodel elements.”
Buettgen concluded, “Our entire team is committed to executing
our long-term brand transformation strategies which should produce
sustainable same-restaurant sales growth, improve long-term
profitability, and maximize value for our shareholders.”
Fiscal 2016 Outlook
The Company is reaffirming its full-year Adjusted Net Income per
diluted share guidance of $0.12 to $0.17, based on the following
assumptions:
- Same-Restaurant Sales – Fiscal
2016 same-restaurant sales to be in the range of flat to up 2%.
Second quarter-to-date same-restaurant sales support this
range.
- Unit Development – A net
reduction of 11-14 Company-owned Ruby Tuesday restaurants.
- Restaurant Level Margins –
Fiscal 2016 Restaurant Level Margins ranging from 17.0% to 17.5% of
restaurant sales and operating revenue which compares to 16.9% in
fiscal 2015.
- Selling, General, and Administrative
Expense – Fiscal 2016 SG&A ranging from $116 to $120
million, compared to $115.3 million in fiscal 2015.
- Tax Rate – Adjusted Net Income
is calculated using the statutory tax rate of 39.69%. This provides
a more consistent tax rate to facilitate review and analysis of the
Company’s financial performance. The Company is limited in the
amount of tax credits that can be utilized each year based upon
taxable income for that year and cannot recognize a full benefit of
any year’s currently generated tax credits or tax credit
carry-forwards due to the Company’s tax valuation allowance.
- Capital Expenditures – Fiscal
2016 capital expenditures ranging from $34 to $38 million.
Reclassification of Amortization of
Intangible Assets
Beginning in the first quarter of 2016, the Company reclassified
its Amortization of intangible assets from “Other restaurant
operating costs” to “Depreciation and amortization.” The Company
believes this reclassification better aligns the Company with its
peers and increased both current and prior period Restaurant-Level
Margins by approximately 20 basis points. The schedule accompanying
the condensed unaudited consolidated financial statements has been
revised to reflect the reclassification of Amortization of
intangible assets for the preceding eight quarters.
*Non-GAAP
Reconciliations
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 EBITDA, Adjusted EBITDA, Adjusted Net (Loss)/
Income and Adjusted Net (Loss)/ Income 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 United States
Generally Accepted Accounting Principles (GAAP). We also believe
that securities analysts, investors and other interested parties
frequently use EBITDA, Adjusted EBITDA, Adjusted Net (Loss)/ Income
and Adjusted Net (Loss)/ Income per share in evaluating issuers.
Because other companies in some cases calculate EBITDA, Adjusted
EBITDA, Adjusted Net (Loss)/ Income, or Adjusted Net (Loss)/ Income
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.
The following table shows the reconciliation of Net (Loss)/
Income, the most directly comparable GAAP measure, to EBITDA,
Adjusted EBITDA, Adjusted Net (Loss)/ Income and Adjusted Net
(Loss)/ Income per share, all of which are non-GAAP financial
measures. The Company defines EBITDA as income before interest,
taxes, and depreciation and amortization and Adjusted EBITDA as
EBITDA, excluding certain non-cash and/or non-recurring expenses
including, but not limited to, Closures and Impairments and
Executive Transition. Adjusted Net (Loss)/ Income is defined as Net
(Loss)/ Income, excluding certain non-cash and/or non-recurring
expenses/(income) as detailed in Adjusted EBITDA, net of tax as
well as adjustments related to Debt Prepayment Penalties, Deferred
Financing Fees, and Income Tax (Benefit)/Provision Adjusted to the
Statutory Rate. Adjusted Net (Loss)/ Income per share is defined as
Adjusted Net (Loss)/ Income divided by diluted shares
outstanding.
Non-GAAP Reconciliation Table Reconciliation of
EBITDA, Adjusted EBITDA, Adjusted Net (Loss)/ Income, and Adjusted
Net (Loss)/ Income Per Share (Amounts in thousands except
per share amounts) (Unaudited) 13 Weeks
13 Weeks Ended Ended September 1, September 2, 2015 2014
Net (Loss)/Income $ (4,194 )
$ 2,565 Depreciation and Amortization 12,806
13,239 Interest Expense, Net 6,000 5,422 Benefit for Income Taxes
(1,023 ) (2,634 )
EBITDA $
13,589 $ 18,592 Closures and Impairments(1)
2,712 1,482 Executive Transition (2) (1,274 ) -
Adjusted EBITDA $ 15,027 $
20,074 Net (Loss)/Income $
(4,194 ) $ 2,565 Closures and
Impairments (net of tax) (1)(4) 1,636 894 Executive Transition (net
of tax) (2)(4) (768 ) - Debt Prepayment Penalties & Deferred
Financing Fees (net of tax) (3)(4) 654 - Income Tax
(Benefit)/Provision Adjusted to Statutory Rate (5) 1,048
(2,607 )
Adjusted Net (Loss)/Income $
(1,624 ) $ 852
Net (Loss)/Income Per Share
(6) $ (0.07 ) $ 0.04
Adjusted Net (Loss)/Income Per
Share (6)
$ (0.03 ) $ 0.01 Basic
Shares Outstanding 61,344 60,419
Diluted Shares Outstanding 61,344 61,053
(1) Includes impairments, lease reserves,
and closing cost adjustments.
(2) On July 25, 2015, our then President
Ruby Tuesday Concept and Chief Operations Officer left the Company.
Accordingly, included within our share-based compensation expense
for the current quarter is a forfeiture credit of $1.3 million in
connection with the forfeiture of 333,000 unvested stock options
and 137,000 unvested shares of restricted stock.
(3) Debt prepayment penalties and the
write-off of deferred financing fees are classified within Interest
expense and included in EBITDA calculation and therefore not a
separate add-back for Adjusted EBITDA.
(4) Adjusted for income taxes based on a
statutory tax rate of 39.69%.
(5) Represents the difference between the
benefit for Taxes at the quarterly effective tax rate versus the
statutory tax rate of 39.69%. Adjusted Net (Loss)/Income per share
applies the statutory rate to pre-tax income and adjustments to
income.
(6) Net Income and Adjusted Net Income per
share figures are calculated based on diluted shares outstanding
whereas Net Loss and Adjusted Net Loss per share figures are
calculated based on basic shares outstanding.
ABOUT RUBY TUESDAY
Ruby Tuesday, Inc. owns and franchises Ruby Tuesday and Lime
Fresh brand restaurants. As of September 1, 2015, there were 734
Ruby Tuesday restaurants in 44 states, 12 countries, and Guam, and
there were 27 Lime Fresh restaurants in six states and the District
of Columbia. Of those restaurants, we owned and operated 656 Ruby
Tuesday restaurants and franchised 78 Ruby Tuesday restaurants,
comprised of 28 domestic and 50 international restaurants. We also
owned and operated 19 Lime Fresh restaurants and franchised eight
Lime Fresh domestic 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.
Ruby Tuesday, Inc. is traded on the New York Stock Exchange
(Symbol: RT).
The Company will host a conference call, which will be a live
web-cast, this afternoon at 5:00 p.m. Eastern Time. The call will
be available live at the following website: http://www.rubytuesday.com
Special Note Regarding Forward-Looking Information
This press release contains various forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements represent our expectations or
beliefs concerning future events, including one or more of the
following: future financial performance (including our estimates of
growth in same-restaurant sales, average unit volumes, operating
margins, expenses, and other items), future capital expenditures,
the effect of strategic initiatives (including statements relating
to cost savings initiatives and the benefits of our marketing), the
opening or closing of restaurants by us or our franchisees, sales
of our real estate or purchases of new real estate, future
borrowings and repayments of debt, availability of financing on
terms attractive to the Company, compliance with financial
covenants in our debt instruments, payment of dividends, stock and
bond repurchases, restaurant acquisitions, and changes in senior
management and in the Board of Directors. We caution the reader
that a number of important factors and uncertainties could,
individually or in the aggregate, cause our actual results to
differ materially from those included in the forward-looking
statements, including, without limitation, the risks and
uncertainties described in the Risk Factors included in Part I,
Item A of our Annual Report on Form 10-K for the year ended June 2,
2015.
Ruby Tuesday, Inc. Number of
Restaurants at end of period
September 1, September 2, 2015 2014
Ruby
Tuesday: Company-Owned 656 666 Domestic Franchised 28 31
International Franchised 50 52 Total 734 749
Lime
Fresh: Company-Owned 19 20 Domestic Franchised 8 7 Total 27 27
Total Restaurants: Company-Owned 675 686 Domestic
Franchised 36 38 International Franchised 50 52
System-wide
total 761 776
Financial Results For the First Quarter of Fiscal Year 2016
(Amounts in thousands) (Unaudited)
September 1, June 2,
CONDENSED BALANCE SHEETS 2015 2015 Assets (as adjusted)
Cash and Cash Equivalents $ 56,938 $ 75,331 Accounts
Receivable 6,001 5,287 Inventories 22,783 20,411 Income Tax
Receivable 432 - Prepaid Rent and Other Expenses 13,816 12,398
Assets Held for Sale 3,574 5,453 Total Current
Assets 103,544 118,880 Property and Equipment, Net 746,667
752,174 Deferred Income Taxes, Net 1,794 - Other Assets
51,876 54,398 Total Assets $ 903,881 $ 925,452
Liabilities
Current Portion of Long Term Debt,
including Capital Leases
$ 1,828 $ 10,078 Income Tax Payable - 1,069 Deferred Income Taxes,
Net 1,982 7 Other Current Liabilities 90,556 99,227
Total Current Liabilities 94,366 110,381 Long-Term
Debt, including Capital Leases 230,557 231,017 Deferred Income
Taxes, Net - 1,442 Deferred Escalating Minimum Rents 51,713 50,768
Other Deferred Liabilities 66,185 66,261 Total
Liabilities 442,821 459,869 Shareholders' Equity
461,060 465,583 Total Liabilities and Shareholders'
Equity $ 903,881 $ 925,452
Financial Results For the First Quarter of Fiscal Year 2016
(Amounts in thousands except per share amounts)
(Unaudited) CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
13 Weeks
13 Weeks
Ended Ended September 1, Percent September 2, Percent 2015 of
Revenue 2014 of Revenue (as adjusted)
Revenue: Restaurant
sales and operating revenue $ 277,907 99.4 $ 279,457 99.4 Franchise
revenue 1,573 0.6 1,725 0.6
Total
Revenue 279,480 100.0
281,182 100.0 Operating Costs and Expenses:
(as a percent of Restaurant sales and operating revenue) Cost of
goods sold 76,241 27.4 75,147 26.9 Payroll and related costs 95,335
34.3 95,842 34.3 Other restaurant operating costs (1) 62,207 22.4
59,218 21.2
Restaurant Level Margin (excludes
franchise revenue) (1)
44,124 15.9
49,250 17.6
Depreciation and amortization (1) 12,806 4.6 13,239 4.7 (as
a percent of Total revenue) Selling, general and administrative,
net 29,396 10.5 30,901 11.0 Closures and impairments, net
2,712 1.0 1,482 0.5 Total operating costs and
expenses 278,697 275,829
Earnings From Operations 783 0.3
5,353 1.9
Interest expense, net 6,000 2.1 5,422
1.9 Loss before income taxes (5,217 ) (1.9 ) (69 ) -
Benefit for income taxes (1,023 ) (0.4 ) (2,634 )
(0.9 )
Net (Loss)/Income $ (4,194
) (1.5 ) $ 2,565
0.9 Net (Loss)/Income Per Share: Basic
$ (0.07 ) $ 0.04 Diluted $ (0.07 ) $ 0.04
Shares:
Basic
61,344 60,419
Diluted
61,344 61,053
(1) Beginning in the first quarter of
2016, the Company reclassified its Amortization of intangible
assets from Other restaurant operating costs to Depreciation and
amortization. While the reclassification had no impact on net
(loss)/income, it did impact the Company's Other restaurant
operating costs and Restaurant-level margin. Reference the attached
table in this presentation for the impact of this reclassification
on the Company's prior period financial results.
Financial Results For the
First Quarter of Fiscal Year 2016 and All Quarters of Fiscal Years
2015 and 2014 Reclassification of Amortization of Intangible
Assets (1) (Amounts in thousands except per share
amounts) (Unaudited) CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
13 Weeks 13
Weeks 13 Weeks 13 Weeks 13 Weeks Ended Ended Ended Ended Ended
September 1, Percent June 2, Percent March 3, Percent December 2,
Percent September 2, Percent 2015 of Revenue
2015 of Revenue 2015 of
Revenue 2014 of Revenue 2014
of Revenue (as adjusted)
Revenue: Restaurant sales
and operating revenue $ 277,907 99.4 $ 295,087 99.4 $ 284,392 99.5
$ 261,206 99.4 $ 279,457 99.4 Franchise revenue 1,573
0.6 1,725 0.6 1,521 0.5 1,453
0.6 1,725 0.6
Total Revenue 279,480
100.0
296,812 100.0
285,913 100.0
262,659
100.0
281,182 100.0 Operating Costs and Expenses: (as
a percent of Restaurant sales and operating revenue) Cost of goods
sold 76,241 27.4 80,717 27.4 77,796 27.4 71,646 27.4 75,147 26.9
Payroll and related costs 95,335 34.3 96,775 32.8 96,680 34.0
93,964 36.0 95,842 34.3
Other restaurant operating costs (1)
62,207 22.4 62,403 21.1 60,972 21.4 59,516 22.8 59,218 21.2
Restaurant Level Margin
(1) 44,124 15.9
55,192
18.7
48,944 17.2
36,080
13.8
49,250 17.6 (excludes franchise revenue)
Depreciation and amortization (1) 12,806 4.6 13,072 4.4 12,961 4.6
13,119 5.0 13,239 4.7 (as a percent of Total revenue) Selling,
general and administrative, net 29,396 10.5 28,186 9.5 28,948 10.1
27,292 10.4 30,901 11.0 Closures and impairments, net 2,712 1.0
3,994 1.3 3,991 1.4 1,075 0.4 1,482 0.5 Trademark impairments
- - - - - - - -
- - Total operating costs and expenses 278,697
285,147 281,348 266,612
275,829
Earnings/(Loss) From Operations
783 0.3
11,665 3.9
4,565 1.6
(3,953
) (1.5 )
5,353 1.9 Interest expense, net 6,000
2.1 5,952 2.0 5,446 1.9 5,915 2.3 5,422 1.9 Loss on
extinguishment of debt - - - - -
- - - - - (Loss)/income from
continuing operations before income taxes (5,217 ) (1.9 ) 5,713 1.9
(881 ) (0.3 ) (9,868 ) (3.8 ) (69 ) - (Benefit)/provision for
income taxes from continuing operations (1,023 ) (0.4 )
1,430 0.5 (112 ) - (595 ) (0.2 ) (2,634
) (0.9 )
Net (Loss)/income from Continuing Operations
(4,194 ) (1.5 )
4,283 1.4
(769 )
(0.3 )
(9,273 ) (3.5 ) 2,565 0.9 Income/(Loss)
from discontinued operations, net of tax - - -
- - - - - - -
Net (Loss)/Income $ (4,194 )
(1.5 ) $ 4,283 1.4 $
(769 ) (0.3 ) $ (9,273
) (3.5 ) $ 2,565
0.9 Basic (Loss)/Income Per Share:
(Loss)/income from continuing operations $ (0.07 ) $ 0.07 $ (0.01 )
$ (0.15 ) $ 0.04 Income from discontinued operations -
- - - -
Basic Net (Loss)/Income Per Share $ (0.07
) $ 0.07 $ (0.01 )
$ (0.15 ) $ 0.04
Diluted (Loss)/Income Per Share: (Loss)/income from
continuing operations $ (0.07 ) $ 0.07 $ (0.01 ) $ (0.15 ) $ 0.04
Income from discontinued operations - -
- - -
Diluted Net
(Loss)/Income Per Share $ (0.07 ) $
0.07 $ (0.01 ) $ (0.15
) $ 0.04 Shares: Basic
61,344 60,725
60,643 60,534
60,419 Diluted
61,344
61,709 60,643 60,534
61,053 (1) Beginning in the
first quarter of 2016, the Company reclassified its Amortization of
Intangible Assets from Other restaurant operating costs to
Depreciation and Amortization. While the reclassification had no
impact on net (loss)/income, it did impact the Company's Other
restaurant operating costs and Restaurant-level margin as follows:
Other restaurant operating costs as previously stated $
62,928 21.3 $ 61,528 21.6 $ 60,097 23.0 $ 59,799 21.4 Less:
Amortization of Intangible Assets 525
0.2
556
0.2 581
0.2 581
0.2
Other restaurant operating costs as reclassified $
62,403 21.1 $ 60,972 21.4
$ 59,516 22.8 $ 59,218
21.2 Restaurant-Level Margin, as previously stated $
54,667 18.5 $ 48,388 17.0 $ 35,499 13.6 $ 48,669 17.4 add back:
Amortization of Intangible Assets 525
0.2
556
0.2 581
0.2 581
0.2
Restaurant-Level Margin as reclassified $
55,192 18.7 $ 48,944 17.2
$ 36,080 13.8 $ 49,250
17.6 Financial Results
For the First Quarter of Fiscal Year 2016 and All Quarters of
Fiscal Years 2015 and 2014 Reclassification of Amortization
of Intangible Assets (1) (Amounts in thousands except
per share amounts) (Unaudited)
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (Continued) 13 Weeks 13
Weeks 13 Weeks 13 Weeks Ended Ended Ended Ended June 3, Percent
March 4, Percent December 3, Percent September 3, Percent 2014
of Revenue 2014 of
Revenue 2013 of Revenue 2013
of Revenue (as adjusted)
Revenue: Restaurant sales
and operating revenue $ 305,648 99.5 $ 293,964 99.5 $ 274,719 99.5
$ 288,092 99.5 Franchise revenue 1,663 0.5
1,588 0.5 1,490 0.5 1,582 0.5
Total Revenue 307,311 100.0
295,552 100.0
276,209 100.0
289,674 100.0 Operating Costs
and Expenses: (as a percent of Restaurant sales and operating
revenue) Cost of goods sold 82,934 27.1 80,980 27.5 77,669 28.3
79,938 27.7 Payroll and related costs 102,778 33.6 101,351 34.5
97,517 35.5 102,733 35.7 Other restaurant operating costs (1)
62,877 20.6 63,576 21.6 64,606 23.5 66,869 23.2
Restaurant Level Margin (1)
57,059 18.7
48,057 16.3
34,927 12.7
38,552 13.4
(excludes franchise revenue) Depreciation and amortization (1)
13,963 4.6 13,912 4.7 14,598 5.3 14,874 5.2 (as a percent of Total
revenue) Selling, general and administrative, net 29,765 9.7 33,340
11.3 37,031 13.4 37,015 12.8 Closures and impairments, net 6,884
2.2 3,771 1.3 14,143 5.1 8,033 2.8 Trademark impairments -
- 855 0.3 - - - -
Total operating costs and expenses 299,201
297,785 305,564 309,462
Earnings/(Loss) From Operations 8,110 2.6
(2,233 ) (0.8 )
(29,355 ) (10.6 )
(19,788 ) (6.8 ) Interest expense, net 5,605
1.8 5,967 2.0 6,620 2.4 6,753 2.3 Loss on extinguishment of
debt 181 0.1 - - 672 0.2
511 0.2 (Loss)/income from continuing
operations before income taxes 2,324 0.8 (8,200 ) (2.8 ) (36,647 )
(13.3 ) (27,052 ) (9.3 ) (Benefit)/provision for income taxes from
continuing operations 3,205 1.0 (807 ) (0.3 )
(1,910 ) (0.7 ) (5,153 ) (1.8 )
Net (Loss)/income
from Continuing Operations (881 ) (0.3 )
(7,393 ) (2.5 )
(34,737 ) (12.6 )
(21,899 ) (7.6 ) Income/(Loss) from
discontinued operations, net of tax 467 0.2 86
- 354 0.1 (343 ) (0.1 )
Net
(Loss)/Income $ (414 ) (0.1
) $ (7,307 ) (2.5 )
$ (34,383 ) (12.4 ) $
(22,242 ) (7.7 ) Basic
(Loss)/Income Per Share: (Loss)/income from continuing
operations $ (0.01 ) $ (0.12 ) $ (0.58 ) $ (0.36 ) Income from
discontinued operations - - 0.01
(0.01 )
Basic Net (Loss)/Income Per Share
$ (0.01 ) $ (0.12 )
$ (0.57 ) $ (0.37 )
Diluted (Loss)/Income Per Share: (Loss)/income from
continuing operations $ (0.01 ) $ (0.12 ) $ (0.58 ) $ (0.36 )
Income from discontinued operations - -
0.01 (0.01 )
Diluted Net (Loss)/Income Per
Share $ (0.01 ) $ (0.12
) $ (0.57 ) $ (0.37
) Shares: Basic
60,353
60,351 60,196
60,026 Diluted
60,353
60,351 60,196
60,026 (1) Beginning in the first quarter of
2016, the Company reclassified its Amortization of Intangible
Assets from Other restaurant operating costs to Depreciation and
Amortization. While the reclassification had no impact on net
(loss)/income, it did impact the Company's Other restaurant
operating costs and Restaurant-level margin as follows:
Other restaurant operating costs as previously stated $ 63,463 20.8
$ 64,161 21.8 $ 65,289 23.7 $ 67,534 23.4 Less: Amortization of
Intangible Assets 586
0.2
585
0.2 683
0.2 665
0.2
Other restaurant operating costs as reclassified $
62,877 20.6 $ 63,576 21.6
$ 64,606 23.5 $ 66,869
23.2 Restaurant-Level Margin, as previously stated $
56,473 18.5 $ 47,472 16.1 $ 34,244 12.5 $ 37,887 13.2 add back:
Amortization of Intangible Assets 586
0.2 585
0.2
683
0.2 665
0.2 Restaurant-Level Margin as
reclassified $ 57,059 18.7 $
48,057 16.3 $ 34,927 12.7
$ 38,552 13.4
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151008006345/en/
Ruby Tuesday, Inc.Jill Golder, 865-379-5700EVP & Chief
Financial Officer
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