Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) today reported a revision to its unaudited financial results for the first quarter ended March 28, 2010. The Company updated its earnings release dated April 30, 2010 to include a pre-tax $0.6 million reduction to interest expense which increased net income available to preferred and common shareholders to $6.5 million for the period. This change is related to the treatment of deferred financing costs associated with the Company’s recent debt amendment.

The Company has filed its Form 10-Q with the Securities and Exchange Commission today.

About Ruth’s Hospitality Group, Inc.

Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) is a leading restaurant company focused exclusively on the upscale dining segment. The Company owns the Ruth’s Chris Steak House, Mitchell’s Fish Market, Mitchell’s Steakhouse and Cameron’s Steakhouse concepts. With more than 150 Company- and franchisee-owned locations worldwide, Ruth’s Hospitality Group, Inc. was founded in 1965 and is headquartered in Heathrow, Fla.

For further information about our restaurants, to make reservations, or to purchase gift cards, please visit: www.RuthsChris.com, www.MitchellsFishMarket.com, www.MitchellsSteakhouse.com and www.Camerons-Steakhouse.com. For more information about Ruth’s Hospitality Group, Inc., please visit www.rhgi.com.
 
RUTH'S HOSPITALITY GROUP, INC
Consolidated Statements of Income - Unaudited
(dollar amounts in thousands, except share and per share data)
   
 
13 Weeks Ending
March 29, March 28,
2009 2010
Revenues:
Restaurant sales $ 91,419 $ 91,166
Franchise income 2,704 2,929
Other operating income   605     614  
Total revenues 94,728 94,709
Costs and expenses:
Food and beverage costs 27,528 26,749
Restaurant operating expenses 47,699 46,780
Marketing and advertising 2,818 2,524
General and administrative costs 5,536 5,566
Depreciation and amortization expenses 4,095 3,887
Pre-opening costs 16 4
Loss on impairment 136 -
Restructuring benefit - (562 )
Loss on the disposal of property and equipment, net   8     -  
Operating income 6,892 9,761
Other income (expense):
Interest expense (2,284 ) (1,330 )
Other   152     (100 )
Income from continuing operations before income tax 4,760 8,331
Income tax expense   962     1,407  
Income from continuing operations 3,798 6,924
Discontinued operations, net of income tax benefit   53     165  
Net income $ 3,745   $ 6,759  
Preferred stock dividends   -     308  
Net income available to preferred and common shareholders $ 3,745   $ 6,451  
Basic earnings per share:
Continuing operations $ 0.16 $ 0.20
Discontinued operations   -     -  
Basic earnings per share $ 0.16   $ 0.20  
Diluted earnings per share:
Continuing operations $ 0.16 $ 0.20
Discontinued operations   -     -  
Diluted earnings per share $ 0.16   $ 0.20  
Shares used in computing net income per common share:
Basic   23,484,200     28,156,360  
Diluted   23,558,433     32,502,898  
 
RUTH'S HOSPITALITY GROUP, INC
Selected Balance Sheet Data - Unaudited
(dollar amounts in thousands)
   
December 27, March 28,
2009 2010
Cash and cash equivalents 1,681 4,289
Total assets 254,415 254,481
Long-term debt 125,500 74,000
Total shareholders' equity 41,765 71,839

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